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Vodafone Group Plc

Annual Report 2025

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Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Welcome to our 2025 Annual Report

Helping you get the most from our 2025 reporting suite

You’ll find the fundamentals of our business within our annual report, for greater detail

on the topics that matter to you, please refer to our cross-referencing table. We continue

to move our future reporting under the Corporate Sustainability Reporting Directive (‘CSRD’).

Our reporting suite

Vodafone

Annual Report

ESG Addendum

& Methodology

Climate

Transition Plan

Modern

Slavery

Statement

Human Rights

Pay Gap

Reporting Site

Code of

Conduct

Transparency

Report

Strategy

Financial Performance

Stakeholder Engagement

People Strategy

GHG Emissions & Net Zero

Human Rights

Modern Slavery

Privacy & Cyber Security

Climate Related Risk

Our Governance Structure

Pay Gap

Key:

Detailed information available

High level information available

Visit our corporate website and investor site to see the full

reporting suite:

investors.vodafone.com/esga-z

New shape of the Group

Following the announced sale of Vodafone Spain and Vodafone Italy as part of right-sizing our portfolio for growth, both businesses are now treated as discontinued operations,

and therefore excluded from Group results for continuing operations. Prior periods have also been restated to reflect the new shape of the Group.

Environmental, Social and Governance (‘ESG’) reporting

This year we have simplified our ESG reporting in the Annual Report as we have focused on embedding our purpose strategy across the business. We also report against

a number of voluntary reporting frameworks to help our stakeholders understand our sustainable business performance. Disclosures prepared in accordance with the

Global Reporting Initiative (‘GRI’) and Sustainability Accounting Standards Board (‘SASB’) guidance can be found in our ESG Addendum and on our website.

A richer, digital experience awaits online

The investor story, digitally told

Head to our investor site for more content

aligned to our performance this year.

Corporate website

vodafone.com

Video content for every topic

Choose from a wide array of investor-related

video content on our library, including: FY25

performance, technology, ESG and governance.

This document is the Group’s UK Annual Report and is not the

Group’s Annual Report on Form 20-F that will be filed separately with

the US SEC. This report contains references to Vodafone’s website,

and other supporting disclosures located thereon such as videos,

our ESG Addendum and Methodology document, and our cyber

security factsheet, amongst others. These references are for readers’

convenience only and information included on Vodafone’s website

is not incorporated in, and does not form part of, this Annual Report.

References

We have cross-referenced

relevant material

and included the

navigation icons.

Read more in the report

Click to see related content online

Click to watch related content

Scan QR code

In this report

Strategic report

1

FY25 highlights

2

About Vodafone

3

Business model

6

Key performance indicators

8

Chair’s message

9

Chief Executive’s statement and strategic roadmap

10

Mega trends

11

Stakeholder engagement

14

Our people strategy

19

Our financial performance

30

Purpose, sustainability and responsible business

31

ESG governance structure and reporting

34

Protecting the Planet

39

Empowering people

42

Maintaining trust

44

– Human rights

46

– Privacy, security and resilience

53

Non-financial information

55

Our principle risks and uncertainties

60

Risk management

61

Climate-related risk

Governance

67

Governance at a glance

68

Chair’s governance statement

70

Our governance structure and responsibilities

73

Our Board

77

Our Executive Committee

78

Culture and the Board

79

Board activities and effectiveness

83

Nominations and Governance Committee

86

Audit and Risk Committee

92

Technology Committee

93

ESG Committee

94

Remuneration Committee

97

Annual Report on Remuneration

107

Remuneration Policy

113

US listing requirements

114

Directors’ report

Financials

116

Reporting on our financial performance

117

Directors’ statement of responsibility

119

Auditor’s report

127

Consolidated financial statements and notes

206

Company financial statements and notes

Other information

213

Non-GAAP measures

223 Shareholder information

229

History and development, and regulation

236

Form 20-F cross reference guide

240

Forward-looking statements

241

Definition of terms

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Vodafone Group Plc

Annual Report 2025

1

Strategic report

Governance

Financials

Other information

FY25 highlights

Vodafone has changed

Over the last two years, we have made good

progress against our strategic priorities, which

are focused on Customers, Simplicity and

Growth. We have reshaped our European

footprint, reset our capital structure, improves

customer satisfaction, simplified our

operations and grown digital services.

€13.3bn

of cash proceeds from Spain,

Italy & Vantage disposals.

Our UK merger

completed on 31 May 2025

Customers

Consumer

NPS

Detractors

Revenue

market share

Germany

UK

Other Europe

South Africa

Key:

Improved

Deteriorated

Stable

Network quality

‘Very good reliability’ in all European markets.

German cable network quality recognised

in 4 independent tests.

Simplicity

Europe opex savings

1

€0.4bn

(FY23–FY25)

Productivity

(role reductions)

7.7k

(up to FY25 vs. 10k in 3-year plan)

Shared operations NPS

+81%

(May’24: 85%)

Employee engagement

3,5

+75%

(May’24: 75%)

Growth

Organic service revenue growth

2,4

+5.1%

(FY24:+6.3%)

Reported service revenue growth

+2.8%

(FY24: -1.3%)

Adjusted free cash flow

2

€2.5bn

(FY24: €2.6bn)

Net cash inflow/(outflow) for the year

€4.9bn

(FY24: €(5.4)bn)

FY25 results

Our financial performance was in line

with expectations for the year.

Highlights

€4.5c

Full year dividend per share

Read more about our financial performance in FY25

on pages

19

to

29

Organic service revenue growth

2

–

Decline in Germany more than offset by growth

across rest of Europe, Africa & Türkiye

–

Vodafone Business accelerating throughout

the year (Q4: +5.1%)

Q4 FY25

Q3 FY25

Q2 FY25

Q1 FY25

5.4%

5.2%

4.2%

5.4%

Group

Adjusted EBITDAaL

2

–

On a like-for-like basis +2.5% growth in FY25

–

Revenue growth and lower energy costs,

offset by MDU impact and higher investment

in Germany, CX and Business.

Organic

Growth

+2.5%

FY25 EBITDAaL

(reported)

FY24 EBITDAaL

(reported)

€10.9bn

€11.0bn

Return on capital employed (‘ROCE’)

2

–

Pre-tax ROCE broadly unchanged year-on-year

–

Post-tax ROCE +4.4%, FY24: +4.4%

FY25

Other

markets

Underlying

Germany

FY24

MDU Impact

7.0%

7.2%

5

0.9pp

(0.3)pp

(0.8)pp

Pre-tax ROCE

Notes:

1.

Opex and productivity targets have been restated to reflect the

disposals of Vodafone Italy and Vodafone Spain.

2. This is a non-GAAP measures. See page

213

for more information.

3.

As at October 2024.

4.

Organic growth. See page

214

for more information.

5.

The employee engagement index is based on an average index of

responses to three questions: satisfaction working at Vodafone;

experiencing positive emotions at work; and recommending us

as an employer.

6.

Updated methodology reflecting average monthly capital

employed throughout the year.

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2

Vodafone Group Plc

Annual Report 2025

Governance

Financials

Other information

Strategic report

About Vodafone

We are a leading European and African telecommunications company transforming the way

our customers live and work through our technology, platforms, products and services.

Where we operate

We provide mobile and fixed services to over 275 million customers in 15 countries and have over

51 million FinTech users. Through our joint ventures and associates we serve a further 66 million

customers and 37 million FinTech users, across five countries. We also partner with mobile networks

in over 40 countries outside our footprint. Our portfolio of local markets is supported by corporate

services and shared operations, which deliver benefits through scale and standardisation.

How we are structured and what we sell

Our business comprises of infrastructure assets, shared operations, growth platforms, and retail

and service operations. Our retail and service operations are split across three broad business lines:

Vodafone Business, Europe Consumer and Africa Consumer.

Core connectivity products and services in fixed and mobile account for the majority of our revenue.

However, our portfolio also includes high return growth areas that leverage and complement our

core connectivity business, such as digital services, the Internet of Things (‘IoT’) and financial services.

We market and sell through digital and physical channels.

Consumer

Controlled operations

Non-controlled operations

Europe

1

9

countries

96m

mobile

customers

17m

fixed

customers

Note:

1. Includes Türkiye

Africa

6

countries

161m

mobile

customers

51m

FinTech

users

Vodafone Business

Operating across all markets

4.7m

customers

205m

IoT connections

€144bn

addressable market

26%

of Group service revenue

Strategic

partnerships

Microsoft, Google

and Accenture

Investments

Operations

Infrastructure

Innovation

Partner

markets

40+

countries

Shared Operations

Shared

operations

Procurement &

roaming services

Network

services

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Vodafone Group Plc

Annual Report 2025

3

Strategic report

Governance

Financials

Other information

Business model

We operate in growing markets, where we hold strong positions with good local scale. We have a sustainable and predictable

financial profile, and have compelling structural drivers in Vodafone Business, Africa and in our portfolio of investments.

Strong positions in growing markets

1

Attractive markets

Germany

€57bn

(market size +1.7%)

1

Other Europe

€23bn

(market size +1.6%)

1

Africa

€17bn

(market size +10.2%)

1

UK

€50bn

(market size +2.7%)

1

Türkiye

€9bn

(market size +16.9%)

1

Solid financial position

Leverage position

2

2.0x

(target range of 2.25–2.75x)

Share buyback

3

€2.0bn

(target of €4bn in total)

Dividend per share

4.5 eurocents

(for FY25, payable in two tranches)

Notes:

1.

Growth rates over a two-year period from 2022–2024

2.

Net debt to adjusted EBITDAaL leverage ratio

3.

As of 19 May 2025

4.

As of 31 March 2025 (incl VodafoneZiggo and Safaricom)

5.

FY24

Focus on driving operational excellence

Clear and consistent strategic priorities

To drive operational excellence across the Group.

Customers

–

Delivering the simple and

predictable experience

our customers expect

–

Getting the basics right and

refocusing our resources

towards improving

customer experience

9 of 15

markets

lead/co-lead

NPS

6%

reduction in

deep detractors

Simplicity

–

Become a simpler and

faster business

–

Simplify our operations

and executing on our

cost programmes to

improve profitability

7.7k

role reductions

81%

shared

operations NPS

Growth

–

Right-sizing the portfolio

for growth

–

Significant opportunity

to grow in:

–

Business

–

Africa

–

Vodafone Investments

5.1%

organic service

revenue growth

7.0%

pre-tax return

on capital

employment

Well positioned to take advantage of the

key mega trends shaping our industry

Read more on page

5

Creating value

Creating long-term value for our stakeholders

We are committed to delivering value and building

strong relationships with all of our stakeholders.

Our customers

4

310m

mobile customers

15m

TV customers

22m

broadband

customers

Our suppliers

8,500

number of suppliers

€6.9bn

capital additions

€21bn

spend

Our people

92,000

employees and

contractors

75%

employee

engagement index

37%

women in senior

leadership positions

Our local communities and non-governmental

organisations (‘NGOs’)

€40m

donated in contributions and in-kind services, combined

with our technology, to improve health and education,

and provide emergency response across 24 countries.

Government and regulators

5

€2.3bn

total direct

contribution

across

€8.0bn

total tax and

economic

contribution

45

markets

Our investors

–

Secure and growing dividend

–

Sustainable returns

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4

Vodafone Group Plc

Annual Report 2025

Governance

Financials

Other information

Strategic report

At Vodafone our purpose is to connect everyone

We are a leading European and African telecoms company. We provide mobile and fixed services to over 340 million

customers, partner with mobile networks in over 40 more and have one of the world’s largest IoT platforms.

We have reshaped

our business

through our

strategic

priorities…

Our focus on

Customers, Simplicity,

and Growth, continues

to drive the strategic

shifts to:

–

Focus on the basics to

deliver the simple &

predictable experience

our customers expect

–

Rebalance the

organisation,

maximising the

growth potential

of our business

–

Become a leaner and

simpler organisation

to increase our

commercial agility and

free up resources

9 of 15

markets lead/co-lead

in Net Promoter Score

(‘NPS’) rankings

Read more about our strategy

and transformation on page

9

…aligning to key

megatrends

driving growth

opportunities…

We operate in growing

markets, where we hold

strong positions with good

local scale. There are four

megatrends that we

believe will continue

to shape our industry

and the key areas of

focus in our strategy

for the years ahead:

–

Connected devices

–

Generative artificial

intelligence (‘AI’)

–

Digital payments

–

Adoption of

cloud technology

205m

Internet of Things (IoT)

connections

Read more about megatrends

on page

5

and page

10

…achieving our

long-term

ambition…

Our strategic roadmap

aims to transform

Vodafone to be:

–

The best-in-class telco

in Europe & Africa

–

Europe’s leading

platform for Business

340m

people put their trust

in us every day

Read more about our

Business model on page

2

…which is enabled

by our people

and culture…

The Spirit of Vodafone

outlines the beliefs we

stand for and the key

behaviours that help us to

make our strategy and

purpose reality. This is

reinforced by our strong

governance and risk

management framework.

93%

of our employees completed

‘Doing What’s Right’

employee training as

of 31 March 2025

Read more around our people

and culture on pages

14

to

18

…our commitments

to sustainability…

We aim to build an

inclusive, sustainable and

trusted digital society

where all individuals and

businesses can thrive.

Maintaining trust with our

customers, employees,

suppliers and the societies

we serve is at the heart

of everything we do.

77m

customers are connected

to our financial

inclusion services

Read more about our Purpose

on pages

30

to

52

…and driven by a

clear capital

allocation

framework…

We will continue our

disciplined investment

approach, supporting our

network, strategy and

growth levers and have

adopted a new lower

target leverage range

with built-in flexibility.

2.0x

net debt to Adjusted

EBITDAaL leverage ratio

with a target range of

2.25x – 2.75x

Read more about our solid

financial position on page

3

…delivering

shareholder

returns and

sustainable

value.

We have a sustainable

and predictable financial

profile. We re-based the

FY25 dividend to 4.5

eurocents per share

to reflect the reshaped

Group, with the intention

to grow over time; and

return surplus capital

to shareholders through

share buybacks.

€4bn

total share buyback

programme with proceeds

from the sales of Vodafone

Italy and Vodafone Spain

Read more about our

investment case on

investors.vodafone.com

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Vodafone Group Plc

Annual Report 2025

5

Governance

Financials

Other information

Strategic report

Operating in a rapidly changing industry

Our governance

Governance

The Board held seven scheduled meetings this

year. Discussion focused on strategy, including

the turnaround plan in Germany, business

developments and financial performance, purpose

and culture, our people and stakeholder interests,

in view of our three strategic priorities.

The

Nominations and Governance Committee

monitors the composition, size and structure of

the Board and its Committee to ensure that there

is an appropriate balance of skills, knowledge,

experience and diversity so that responsibilities

can be discharged effectively.

The

Audit and Risk Committee

oversees the

governance of the Group’s risk management

system, financial reporting, the external audit process,

internal control and related assurance processes.

The

Technology Committee

supports the Board

with fulfilling the technology strategy for the

Group, including assessing risks and exploring

new innovations for future growth.

The

ESG Committee

oversees our Environmental,

Social and Governance (‘ESG’) programme, including

our purpose, sustainability and responsible business

practices, and our contribution to the societies we

operate in under our social contract.

The

Remuneration Committee

advises the Board

on policies for executive remuneration and reward

packages for the Chair, executives and senior

management team.

Read more on pages

67

to

93

Watch our Non-Executive Directors speak about their roles

in short video interviews:

investors.vodafone.com/videos

Principal risks and uncertainties

Risks are not static and as the environment

changes, so do risks – some diminish or increase,

while new risks appear. We continuously review

and improve our risk processes in order to ensure

that the Company has the appropriate level of

support in meeting its strategic objectives.

Our risk framework

clearly defines roles and

responsibilities, and sets out a consistent end-to-

end process for identifying and managing risks.

We have embedded the risk framework across the

Group as this allows us to take a holistic approach

and to make meaningful comparisons. Our

approach is continuously enhanced, enabling more

dynamic risk detection and use of data, all of which

are improving our risk visibility and our responses.

Our Board oversees principal and emerging

risks

, which are reported to the various

management committees and the Board

throughout the year. Additionally, risk owners are

invited to present in-depth reviews to ensure that

risks are continuously monitored, and appropriate

treatment plans are implemented to bring each

risk within an acceptable tolerance level.

Read more on pages

55

to

60

Watch our privacy and cyber experts explain

how we protect customer data and our networks:

investors.vodafone.com/videos

This has been another good year for

innovation at Vodafone

with 161 new patent

applications, bringing the size of our patent

portfolio to over 3,200. Our research teams in

Düsseldorf and Newbury have developed

telecommunications standards and new solutions

to improve our network. Our R&D hubs in Malaga

and Dresden have further developed our

technology in Open RAN, IoT, and AI solutions.

Mega trends

Connected devices

–

The world is becoming more connected,

driven by new devices across all sectors. This

connectivity extends beyond smartphones

to various IoT devices

–

IoT devices are increasingly used in consumer

and business applications. As their number

grows, physical assets communicate in

real-time, establishing new digital markets

–

This leads to the Economy of Things, where

devices trade securely on a user’s behalf without

human intervention, offering businesses

opportunities to transform goods into tradeable

digital assets for new online markets

Read more about our partnership with Microsoft:

investors.vodafone.com/microsoft-strategic-

partnership

Watch our Vodafone Business investor briefing:

investors.vodafone.com/vbbriefing

Generative artificial intelligence (‘Gen AI’)

–

Gen AI adoption has surged, with 65% of

organisations using it in at least one business

function, nearly double from the previous year

–

Common use cases include AI-generated

recommendations, hyper-personalised

marketing content, and software development.

Enterprises are investing in Gen AI for customer

service chatbots, automated IT testing,

and content generation

–

These applications are expected to drive

efficiency and profitability, enhancing customer

interactions and operational processes.

The technology is poised to create disruptive

changes across industries, boosting productivity

and opening new business opportunities

Learn more about how Vodafone

works with artificial intelligence (‘AI’):

investors.vodafone.com/artificial-intelligence

Digital payments

–

Businesses in Europe are migrating sales

channels online, driving demand for mobile

enabled payment services and reliable

connectivity. Consumers are shifting from

cash to digital payments via mobile phones

and smartwatches

–

In Africa, digital payments are primarily

conducted via mobile phones through

networks owned by operators

–

Rising smartphone penetration drives mobile

payment adoption, enabling operators and

FinTech start-ups to offer services like insurance,

loans, and e-commerce, improving financial

inclusion in underserved areas

Watch our Digital Services investor briefing:

investors.vodafone.com/digital-services

Adoption of cloud technology

–

Significant investment in cloud technology

by large tech companies has led to advanced

centralised data storage and remote

processing capabilities

–

Corporates are adopting multi-cloud solutions

for more flexibility and reduced risk. Smaller

businesses are transitioning too, often needing

network operator assistance

–

Demand for fast, secure connectivity with low

latency is driving cloud adoption. AI and edge

computing will enhance cloud capabilities,

crucial for digital transformation

Watch our Vodafone Technology investor briefing:

investors.vodafone.com/vtbriefing

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6

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Financial and non-financial performance

Key Performance Indicators

2025 Performance against our

strategic priorities

1

We measure our success by tracking

key performance indicators that

reflect our strategic, operational and

financial progress and performance.

Customers

Consumer

NPS

Detractors

Revenue

market share

Germany

UK

Other Europe

South Africa

Key:

Improved

Deteriorated

Stable

Network quality

‘Very good reliability’ in all European markets.

German cable network quality recognised in

4 independent tests.

Simplicity

1

Europe opex savings

3

€0.4bn

(FY23–FY25)

Productivity

(role reductions)

7.7k

(up to FY25 vs. 10k in 3-year plan)

Shared operations NPS

+81%

(May’24: 85%)

Employee engagement

4,5

75%

(May’24: 75%)

Growth

2

Organic service revenue growth

+5.1%

(FY24: +6.3%)

Organic adjusted EBITDAal growth

+2.5%

(FY24: +2.2%)

Adjusted free cash flow

€2.5bn

(FY24: €2.6bn)

Pre-tax ROCE

+7.0%

(FY24: +7.2%)

6

Financial results summary

1

2025

2024

2023

Group revenue

€m

37,448

36,717

37,672

Group service revenue

€m

30,758

29,912

30,318

Operating (loss)/profit

€m

(411)

3,665

14,451

Adjusted EBITDAaL

2

€m

10,932

11,019

12,424

(Loss)/Profit for the financial year – continuing operations

€m

(3,724)

1,570

12,582

Basic (loss)/earnings per share – continuing operations

€c

(15.86)

4.45

43.66

Adjusted basic earnings per share

2

€c

7.87

7.47

11.28

Cash inflow from operating activities

€m

15,373

16,557

18,054

Adjusted free cash flow

2

€m

2,548

2,600

4,139

Net debt

2

€m

(22,397)

(33,242)

(33,250)

Total dividends per share

€c

4.5

9.00

9.00

Notes:

1.

The results for the year ended 31 March 2025 exclude Vodafone

Spain and Vodafone Italy and therefore, except as otherwise

described, the results for the year ended 31 March 2024

and 31 March 2023 have been re-presented to reflect that.

2.

Non-GAAP measure. See page

213

for more information.

3.

Opex and productivity targets have been restated to reflect the

disposals of Vodafone Italy and Vodafone Spain.

4.

As at October 2024.

5.

The employee engagement index is based on an average index of

responses to three questions: satisfaction working at Vodafone;

experiencing positive emotions at work; and recommending us

as an employer.

6.

Updated methodology reflecting average monthly capital

employed throughout the year

![](data:image/svg+xml;base64,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)

Vodafone Group Plc

Annual Report 2025

7

Strategic report

Governance

Financials

Other information

Financial and non-financial performance

continued

A purpose-led, sustainable and responsible business

We want to enable a digital, inclusive and sustainable society. To underpin the delivery of our purpose, we ensure

that we operate in a responsible way. Acting lawfully and with integrity is critical to our long-term success.

Empowering People

1

2025

2024

2023

5G population coverage (outdoor 1Mbps) – Europe

%

75

71

62

4G population coverage (outdoor 1Mbps) – Africa

%

76

74

70

4G population coverage (outdoor 1Mbps) – Türkiye

%

97

97

97

Customers connected to our financial inclusion services

2

million

77.1

66.2

60.7

Smartphone penetration – Africa

%

62

–

–

Protecting our Planet

1

2025

2024

2023

Energy use

Total energy use

GWh

5,453

5,271

5,107

Mobile and fixed access network and technology centres

energy use

%

94

93

93

Percentage of purchased electricity from renewable sources

3

%

100

84

75

Greenhouse gas emissions (‘GHGWs’)

Total Scope 1 and Scope 2 GHG emissions (market-based method)

m tonnes CO

2

e

0.27

0.69

0.92

Total Scope 3 GHG emissions

4

m tonnes CO

2

e

6.61

7.17

8.21

Waste

Total network waste (including hazardous waste)

metric tonnes

6,679

6,205

7,716

Network waste reused or recycled

%

100

96

95

Maintaining Trust

1

2025

2024

2023

Our people

Average number of employees and contractors

thousand

92

93

91

Employee turnover rate (voluntary)

%

8

9

12

Women on the Board

%

38

42

54

Women in management and senior leadership roles

%

36

35

33

Women as a percentage of employees

%

39

39

39

Health & safety

Number of lost-time incidents – employees and contractors

#

23

18

13

Total Recordable Incident Rate per 200,000 hours

5

#

0.02

0.02

0.01

Code of Conduct

Completed ‘Doing What’s Right’ employee training

%

93

94

92

Number of ‘Speak Up’ reports

#

684

649

505

Tax and economic contribution

Total tax and economic contributions

6

€bn

–

8.0

9.3

Responsible supply chain

Total spend

8

€bn

21

19

21

Number of direct suppliers

7,8

thousand

9

8

9

Number of site assessments conducted collectively

by JAC

9

initiative members

#

150

150

83

Notes:

1.

Information on our discontinued operations in Italy is reported in our ESG Addendum and has been re-baselined for all comparative

periods to exclude Spain in accordance with our re-baselining policy.

2.

Includes 100% of data relating to Safaricom.

3. Correct to zero decimal places. Less than 0.2% of electricity we use is not matched with renewable sources because credible

renewable electricity purchasing mechanisms are currently unavailable in the locations where this electricity is used and these

locations are not grid-connected.

4.

All information for comparative periods have been restated to reflect changes to our methodology for calculating Scope 3 GHG emissions.

See our ESG Addendum Methodology (investors.vodafone.com/esgmethodology) for more information on our approach to calculating

Scope 3 GHG emissions.

5.

Total Recordable Incident Rate (‘TRIR’) is an industry-standard calculation that is based on the assumption that 100 employees work

a combined 200,000 hours p.a (equivalent to 40 hours per week, for 50 weeks of the year per employee).

6.

Includes direct taxes, non-taxation based revenue mechanisms, such as payments for the right to use spectrum, and indirect taxes

collected on behalf of governments around the world, excludes joint ventures and associates. The FY25 figure will be finalised during FY26.

For more information, refer to our Tax and Economic Contribution reports, available at: vodafone.com/tax.

7.

Unique suppliers based on suppliers’ ultimate parent company.

8. Excludes Vodafone Automotive.

9.

Joint Alliance for CSR.

![](data:image/svg+xml;base64,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)

8

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Chair’s message

Reshaping Vodafone for growth

Two years ago, Margherita outlined her

transformation roadmap for the Group,

highlighting that Vodafone must

change. We have since made

considerable progress. We have

successfully reshaped our footprint,

reset our capital allocation framework

and fundamentally redesigned our

operating model. Vodafone is now

well placed for sustainable growth.

Jean-François van Boxmeer

Chair

This year we have made further progress

against our strategic priorities. Our portfolio

transformation is now complete, customer

satisfaction is improving, and our balance sheet

position is stronger. The Board and I have been

pleased with both the pace of delivery and the

progress made by Margherita and her team

in transforming the business.

As we move to the next phase in our strategy,

we must now focus our efforts on driving growth

across the Group. This will be underpinned by our

continued focus on operational excellence across

our three key strategic priorities of Customers,

Simplicity and Growth.

Portfolio transformation complete

Over the last two years we have taken significant

steps to reshape our European footprint to focus

on growth markets, where we have strong

positions and good local scale. In May 2024,

we completed the sale of Vodafone Spain for

€4.1 billion in cash and €0.9 billion in redeemable

preference shares, and in December we finalised

the sale of Vodafone Italy for €7.9 billion in cash.

Proceeds from these disposals as well as

€1.3 billion from the stake reduction in Vantage

have been used to lower our net debt and to

support a €4.0 billion share buyback programme,

which we are now halfway though.

The completion of our merger with Three UK will

enable us to become a scaled operator in the UK,

with a clear pathway to driving good returns and a

firm commitment to build a leading 5G standalone

network. This will benefit the country, our

customers and our shareholders.

In Africa, Vodacom has continued to build on its

market leading position. In February, the local

management team upgraded their medium-term

growth expectations for the business to 2030,

highlighting the clear growth opportunities that

exist across these markets.

Board composition

In January 2025, I was pleased to announce that

Simon Dingemans had been appointed as a

Non-Executive Director to the Board. Simon brings

with him a wealth of financial, operational and

strategic experience and has also delivered

extensive transformation and restructuring

programmes. Simon has been appointed as Chair

of the Audit and Risk Committee, taking over from

David Nish, who after nine years on the Board

will not be seeking re-election at our next AGM.

I would like to thank David for his outstanding

service and commitment to the Company.

In April, we also announced that Anne-Françoise

Nesmes will be appointed as a Non-Executive

Director and join the Audit and Risk and ESG

Committees from the conclusion of our AGM.

Anne-Françoise is highly experienced and brings

a strong focus on strategy, IT, regulation and

shared services.

We announced on 7 May 2025 that Luka Mucic

would step down as Chief Financial Officer and as a

Director of the Company, no later than early 2026

to pursue an external opportunity in Germany.

I would like to thank Luka for his commitment to

Vodafone as we progressed our transformation

programme. A rigorous search is being conducted

to find a suitable successor.

FY25 financial performance

Our financial results for FY25 were in line with our

expectations and we achieved our financial

guidance for the year. Total revenue grew 2.0%

to €37.4 billion, with Group organic service

revenue growing by 5.1% this year. Our reported

financials were also impacted by adverse

currency movements.

Adjusted EBITDAaL increased by 2.5% on an

organic basis, as solid growth across the majority

of our footprint was offset by a decline in Germany,

which was largely driven by a change in TV

regulation. Adjusted free cash flow was

€2.5 billion. We reported a Group operating loss

of €0.4 billion in FY25, primarily impacted by

goodwill impairments in Germany and Romania,

totalling €4.5 billion. The disposals of Vodafone

Italy and Spain, as well as an incremental sell down

of our Vantage Towers stake, drove an improvement

in reported leverage. We ended the year with net

debt of €22.4 billion and Group leverage of 2.0x.

The Board has declared a total dividend per share

of 4.5 eurocents for the year, including a final

dividend per share of 2.25 eurocents, which will be

paid in August following shareholder approval at

our AGM. Our returns to shareholders are

complemented by our share buyback program.

We successfully completed the first €2.0 billion

programme, while the second €2.0 billion

programme commenced in May 2025.

Digital connectivity is core to the

development of societies

Our digital services help to improve lives,

transform industrial productivity, drive growth

and secure infrastructure. At Vodafone, we remain

firmly committed to supporting Europe and

Africa’s digital ambitions for the benefit of their

citizens and businesses.

In this context, policymakers are also shifting

their priorities. With structurally low returns on

capital in European markets and its wider

importance to competitiveness, connectivity

investment must be a priority to reverse

the continent’s declining productivity and share

of global output. If Europe is to achieve a

globally competitive digital infrastructure, the

‘connectivity’ chasm with North America and Asia

must be reversed. While some progress has been

achieved by European policymakers, the urgency

of the situation must be appreciated.

I believe Europe can draw on the lessons of the

Competition and Mergers Authority (‘CMA’) decision

in the UK. The CMA has demonstrated that

in-market consolidation can be pro-competitive as

well as supportive of investment, without the need

for structural remedies. If a similar approach were

adopted by the EU, it would enable operators to

deliver Europe’s digital decade targets and support

the competitiveness of the European economy.

The year ahead

On behalf of the Board, I would like to thank all our

colleagues across the Group who have continued

to work tirelessly to support our transformation

as we focus on our customers, become a simpler

business, and accelerate growth. For FY26, I am

confident that Margherita and her management

team will continue to take the actions needed to

drive further change, growth and operational

excellence across the Group.

Jean-François van Boxmeer,

Chair

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Vodafone Group Plc

Annual Report 2025

9

Strategic report

Governance

Financials

Other information

Chief Executive’s statement and strategic roadmap

Transformation gaining momentum

Since I set out my plans to transform

Vodafone two years ago, Vodafone has

changed. We have reshaped Europe, we

are seeing the positive impact of our

drive for customer satisfaction in all our

markets – most noticeably in the UK

and Germany – and we have delivered

strong operational improvements

across the business. Clearly there is

much more to do, but this period of

transition has repositioned Vodafone

for multi-year growth.

Looking ahead, we expect to see

broad-based momentum across Europe

and Africa, and for Germany to return to

top-line growth during this year. This is

reflected in our guidance for profit and

cash flow for the year ahead.

Margherita Della Valle

Group Chief Executive

In May 2023, we set out a new roadmap to

transform Vodafone along three strategic

priorities: Customers, Simplicity, and Growth. We

measure our operational progress in these areas

through a consistent scorecard summarised below.

Over the past two years, Vodafone has changed.

We have reshaped our operating footprint, reset

our capital structure, whilst simplifying our

operations and improving customer experience.

Within all markets, we continue to make progress

across our priorities of Customers, Simplicity and

Growth. We have improved customer satisfaction

across our markets, with both UK and Germany

achieving their best ever results and the UK now

leading in the market.

Customers

–

Customer detractors have reduced in most markets, and we

now have leading or co-leading net promotor scores in 9 out

of our 15 markets.

–

In Germany, we have stabilised our customer base, the core of

our transformation will be building on the step-change of our

NPS to achieve customer experience excellence, supported by

our ability to offer our customers the largest gigabit footprint in

the country.

–

In the UK we have delivered significant improvements in

customer experience this year and now have our lowest ever

share of detractors in our base.

Consumer NPS

Detractors

Revenue market share

Germany

UK

Other Europe

South Africa

Key:

Improved

Deteriorated

Stable

Network quality

‘Very good reliability’ in all European markets. German cable

network quality recognised in 4 independent tests.

Simplicity

–

Simplified our operations with a leaner HQ, commercial

decisions delegated to our markets, competitive commercial

shared operations and 7,700 role reductions delivered by FY25.

–

Reset our capital structure maintaining a strong balance sheet,

disciplined capital investment, rebased dividend and executing

a €4.0 billion share buyback programme.

Europe opex savings

1

€0.4bn

(FY23–FY25)

+81%

shared operations NPS

Productivity

7.7k

role reductions

+75%

employee engagement

2,3

Growth

4

–

Reshaped our operating footprint focused on growing telco

markets with strong positions and local scale.

–

We have grown digital services which are now c.10% of our

Group service revenue, with B2B digital up 26.1% over the last

2 years and financial services customers reaching 88 million

–

Organic service revenue growth of Vodafone Business of

4.0% in FY25; with a sequential improvement throughout

the year, as expected.

+5.1%

organic service

revenue growth

€2.5bn

adjusted free

cash flow

+2.5%

organic adjusted

EBITDAal growth

+7.0%

pre-tax ROCE

Notes:

1. Opex and productivity targets have been restated to reflect the disposals of Vodafone Italy and Vodafone Spain.

2. As at October 2024

3.

The employee engagement index is based on an average index of responses to three questions: satisfaction working at Vodafone; experiencing positive emotions at work; and recommending us as an employer.

4. Organic growth, and non-GAAP measures. See page

213–214

for more information.

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10

Vodafone Group Plc

Annual Report 2025

Mega trends

Strategic report

Governance

Financials

Other information

Long-term trends shaping our industry

Digital services and next generation connectivity are increasingly central to everything we do. They will be the driving forces that redefine relationships between

sectors, employers, employees, customers, and friends and family. There are four ‘mega trends’ that we believe will continue to shape our industry in the years ahead.

Connected devices

–

The world is becoming more connected,

driven by new devices across all sectors. This

connectivity extends beyond smartphones

to various Internet of Things (‘IoT’) devices

–

IoT devices are increasingly used in consumer

and business applications. As their number

grows, physical assets communicate in

real-time, establishing new digital markets

–

This leads to the Economy of Things, where

devices trade securely on a user’s behalf

without human intervention, offering

businesses opportunities to transform

goods into tradeable digital assets for

new online markets

7.3 billion

Forecast for the number of connected devices

by 2032, increasing from 2.9 billion in 2022.

The opportunity for Vodafone

Vodafone is a global leader in managed IoT

connectivity services, recognised for its extensive

reach and innovative solutions. Vodafone has helped

thousands of companies achieve their transformation

goals. This ranges from enabling smart production

lines to identifying leaking waterpipes, from

optimising supply chains to creating more efficient

farming methods. We are now ready to hyperscale

IoT. We are bringing together partners, and

technology to create the IoT eco-system for the next

decade. Vodafone’s partnership with Microsoft

further gives us the potential to access new

technologies such as Generative Artificial Intelligence

(‘Gen AI’) and to deploy these at scale for IoT.

Read more about our partnership with Microsoft:

investors.vodafone.com/microsoft-strategic-partnership

Watch our Vodafone Business investor briefing:

investors.vodafone.com/vbbriefing

Digital payments

–

Businesses in Europe are migrating sales

channels online, driving demand for mobile-

enabled payment services and reliable

connectivity. Consumers are shifting from

cash to digital payments via mobile phones

and smartwatches

–

In Africa, digital payments are primarily

conducted via mobile phones through networks

owned by operators

–

Rising smartphone penetration drives mobile

payment adoption, enabling operators and

FinTech start-ups to offer services like insurance,

loans, and e-commerce, improving financial

inclusion in underserved areas

$1.4 trillion

The annual value of mobile money transactions

reached globally in 2024, up 14% versus the

previous year.

The opportunity for Vodafone

M-Pesa is Africa’s leading mobile money service

and largest FinTech platform, offering secure and

affordable money transfers, airtime top-ups, bill

payments, salaries, and short-term loans.

Businesses increasingly rely on operator-owned

payment infrastructure for consumer and business

transactions, driving scale benefits and attracting

customers to secure networks. Vodacom’s

VodaPay super app enables users to manage

money through a digital wallet and make

payments for various products and services

via partner businesses.

Read more about how we build platforms for financial inclusion

on pages

39

to

41

Watch our digital services and experiences investor briefing:

investors.vodafone.com/digital-services

Adoption of cloud technology

–

Significant investment in cloud technology

by large tech companies has led to advanced

centralised data storage and remote

processing capabilities

–

Corporates are adopting multi-cloud solutions

for more flexibility and reduced risk. Smaller

businesses are transitioning too, often needing

network operator assistance

–

Demand for fast, secure connectivity with low

latency is driving cloud adoption. AI and edge

computing will enhance cloud capabilities,

which is crucial for digital transformation

€84 billion

The expected total addressable market

in business-to-business cloud and security

by 2028, compared to €49 billion in 2024.

The opportunity for Vodafone

Our strong relationship with the existing

customers presents a great opportunity to assist

our smaller business customers in navigating their

move to the cloud and offering multi-cloud

solutions to larger corporates. By partnering with

cloud providers to develop edge computing

solutions, we can deliver reduced latency and

robust, secure connectivity services. This will

drive higher demand and corporate agility,

thus playing a key role in the evolving cloud

technology landscape.

Read more about our six-year strategic partnership with Google:

investors.vodafone.com/google-strategic-partnership

Learn more about our cloud technology in our technology

investor briefing:

investors.vodafone.com/vtbriefing

Generative artificial intelligence (‘Gen AI’)

–

Gen AI adoption has surged, with 65% of

organisations using it in at least one business

function, nearly double from the previous year

–

Common use cases include AI-generated

recommendations, hyper-personalised

marketing content, and software development.

Enterprises are investing in Gen AI for customer

service chatbots, automated IT testing, and

content generation

–

These applications are expected to drive

efficiency and profitability, enhancing customer

interactions and operational processes. The

technology is poised to create disruptive

changes across industries, boosting productivity

and opening new business opportunities

65%

The percentage of organisations regularly using

Gen AI in at least one business function, nearly

double the percentage in 2024 vs. 2023.

The opportunity for Vodafone

Vodafone is strategically positioned to deploy

Gen AI at industry-leading speed and scale. By

leveraging deep partnerships with Google and

Microsoft, Vodafone can enhance customer

satisfaction through hyper-personalised

experiences across all customer touch points,

including its digital assistant TOBi. Additionally,

Vodafone employees can utilise Gen AI capabilities

to transform working practices, boost productivity,

and improve digital efficiency.

Read more about Vodafone’s approach to responsible AI

on page

49

Learn more about how Vodafone is working with AI:

investors.vodafone.com/artificial-intelligence

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Vodafone Group Plc

Annual Report 2025

11

Strategic report

Governance

Financials

Other information

Stakeholder engagement

Engaging regularly with our stakeholders

is fundamental to the way we do business

Regular engagement ensures we

operate in a balanced and responsible

way, in both the short and longer term.

We are committed to maintaining good

communications and building positive relationships

with all of our stakeholders, as we see this as

essential to strengthening our sustainable business.

Vodafone is required to provide information on

how the Directors have performed their duty

under section 172 of the Companies Act 2006

to promote the success of Vodafone, and these

matters are covered throughout this Annual

Report and summarised in the table to the right.

This includes how those matters and the interests

of Vodafone’s key stakeholders have been taken

into account by the Directors.

We have also summarised our interactions with

key stakeholders during the year in this section.

The engagement mechanisms directly involving

the Directors are indicated below with a

symbol.

Factors considered by Directors when promoting the success of the Company

Disclosure

Location

The likely consequences of any decision

in the long term

Business model

page

3

Key performance indicators

pages

6–7

Stakeholder engagement

pages

11–13

Our Purpose

pages

30–41

Maintaining Trust

pages

42–52

Principle risks and uncertainties, and risk management

pages

55–60

Governance

pages

67–93

The interests of the Company’s employees

Key performance indicators

pages

6–7

Stakeholder engagement

pages

11–13

Our people strategy

pages

14 –18

Our Purpose

pages

30–41

Maintaining Trust

pages

42–52

Culture and the Board

page

78

Remuneration Committee, Remuneration Policy and Annual Report on Remuneration

pages

94 –112

The need to foster the Company’s business

relationships with suppliers, customers and others

Business model

page

3

Stakeholder engagement

pages

11–13

Chief Executive’s statement and strategic roadmap

pages

8–9

Our Purpose

pages

30–41

Maintaining Trust

pages

42–52

Principle risks and uncertainties, and risk management

pages

55–60

Board activities and principal decisions

pages

79–81

Supplier financing arrangements

page

165

The impact of the Company’s operations on the

community and the environment

Stakeholder engagement

pages

11–13

Our Purpose

pages

30–41

Climate-related risk

pages

61–66

Maintaining Trust

pages

42–52

ESG Committee

page

93

The desirability of the Company maintaining a

reputation for high standards of business conduct

Stakeholder engagement

pages

11 to 13

Maintaining Trust

pages

42–52

Governance

pages

67–93

The need to act fairly as between members of

the Company

Stakeholder engagement

pages

11–13

Governance

pages

67–93

Shareholder information

pages

223–228

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12

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Stakeholder engagement

continued

Our customers

We are committed to deepening engagement with our customers

to develop long-term, valuable and sustainable relationships. We have

hundreds of millions of customers across our global footprint, from

individual consumers to large multinationals.

How did we engage with them?

–

Digital channels, call centres and branded retail stores.

–

Account managers, solution specialists and, for large accounts,

executive level engagement.

What were the key topics raised?

–

Fast and reliable fixed internet, wider mobile coverage and

strong connectivity.

–

Easy access to empowered, high-quality support and reduced

resolution times for customer problems and queries.

–

Better value for long-term customers and ensuring greater

transparency around price changes.

–

Connectivity with digital services, such as security and cloud,

–

Understanding the potential benefits, and how SMEs can make

the best use of the latest digital products and services.

How did we respond?

–

Held Customer Experience (‘CX’) as our top priority, with

our ‘Ask Once’ programme being rolled out across markets to

deliver seamless service guarantee and access to help customers.

–

Set up CX boards to regularly review customer pain points, and

implement action plans with dedicated investment and senior

management visibility.

–

Conducted initiatives such as Spirit surveys and site visits

to call centres in key regions.

–

Used Gen AI for more personalised and comprehensive

interactions through digital self-service and to enhance frontline

digital experiences.

–

Used integrated trade-in, flexible financing and second-life

refurbished devices, increasing trade-in volumes and second-life

refurbished devices, generating significant savings for customers.

–

Offered support such as free data to customers in the Czech

Republic affected by major Central European flooding.

–

Continued progress towards closing the digital divide for people

across Europe and Africa, prioritising the affordability of data for all.

–

Partnered with AST SpaceMobile to make the world’s first space

video call on a standard smartphone from a remote area in UK

without coverage.

–

Focused on understanding and improving business CX, including

the needs and engagement preferences across customer segments

and sales channels.

–

Deployed and optimised digital channels for business customers

enabling self-serve, seamless experience.

Our people

Our people are critical to the successful delivery of our strategy. It is

essential that they are engaged and embrace our purpose and values.

Throughout the year we focused on a number of areas to ensure that

everyone is highly motivated, and we remained focused on wellbeing,

diversity and inclusion, and employee engagement.

How did we engage with them?

–

Regular meetings with managers.

–

European Employee Consultative Committee.

–

Vodacom Group Employee Engagement Forum.

–

Executive Committee discussions.

–

Internal website, live webinars, newsletters and other

communications posted on our internal digital platform

c

alled ‘Viva Engage’.

–

Employee Speak Up channel.

–

Global employee surveys, including onboarding and exit surveys.

What were the key topics raised?

–

Changes to our commercial portfolio.

–

Company strategy.

–

Generative AI.

–

Results of employee listening and Spirit Beat survey.

–

Hybrid working.

–

Ownership and active engagement around safety, health and

wellbeing, including mental health.

–

Diversity and inclusion.

–

Employee experience and engagement.

How did we respond?

–

Updated employees on business and trading performance, regularly.

–

Launched foundational Generative AI training for all employees.

–

Delivered leadership training to support our Company transformation.

–

Embedded our hybrid working policy.

–

Continued to focus on opportunities identified in employee surveys.

–

Developed a three-year global capability plan.

–

Remained committed to safety, health and wellbeing.

–

Continued to embed diversity and inclusion through attraction,

retention, development, allyship and education.

Our suppliers

We partner with over 8,000 suppliers to deliver the products

and services that we need to deliver our strategy and connect

our customers around the globe. These range from start-ups

and small businesses to large multinational companies.

How did we engage with them?

–

Regular collaborative performance review meetings with

strategic suppliers.

–

Forums, events, conferences, and site visits.

–

ESG criteria incorporated into tender process, supplier selection

and performance management.

–

Supplier audits and assessments.

What were the key topics raised?

–

Strategic and commercial delivery and performance.

–

Supplier and product innovation.

–

Human rights in the supply chain.

–

Driving health and safety standards.

–

Diversity and inclusion.

How did we respond?

–

Collaborated with industry peers and supplier through the Joint

Alliance for CSR (‘JAC’).

–

Supply Chain Sustainability Finance Programme for driving

environmental progress.

–

Quarterly supplier safety forums.

–

Identification of Corrective Action Plans (‘CAP’)s to protect human

rights at supplier sites.

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Vodafone Group Plc

Annual Report 2025

13

Strategic report

Governance

Financials

Other information

Stakeholder engagement

continued

Our local communities and non-governmental

organisations (‘NGOs’)

We believe that the long-term success of our business is closely tied

to the success of the communities in which we operate. To achieve

this, we engage with local communities and international NGOs across

our markets.

How did we engage with them?

–

Participation in industry working groups, such as those organised

by the GSMA, on policy issues at national and international level

(including digital inclusion, biodiversity, net zero).

–

Participation in global multi-stakeholder coalitions established by

the United Nations including the UN Broadband Commission for

Sustainable Development and the ITU Partner2Connect alliance.

–

Locally led direct NGO engagements and partnerships.

What were the key topics raised?

–

Increasing access to connectivity and digital services, by closing

the digital divide.

–

Environmental topics including net zero, biodiversity and the

circular economy.

–

Human rights topics.

–

Delivery of global and national development goals including the

UN Sustainable Development Goals (‘SDGs’).

How did we respond?

–

Provided affordable and accessible services, technology, and

connectivity, through our everyone.connected campaign.

–

Provided leadership in respect of closing the digital divide at the

International Telecommunication Union’s SDG Digital event during

the UNGA79.

–

Partnered with industry working groups including Trussell, NSPCC

and Good Things Foundation to help provide essential digital skills,

connectivity and deliver social value.

–

Engaged with industry working groups covering human rights,

network access and digital inclusion.

Governments and regulators

As a heavily regulated industry and part of Critical National

Infrastructure, our relationships with governments and regulators

are crucial. We aim to collaborate on policies that impact our industry

and service to customers, while fostering a deeper understanding

among governments and regulators of our positive contributions

to customers, the economy, the environment, and communities.

How did we engage with them?

–

Held meetings with EU institutions, national, regional and local

governments, regulators and international organisations.

–

Participated in industry bodies, consumer alliances, and

pu

Hosted and attended workshops and events to enhance sector

blic-private initiatives.

–

understanding of key issues.

–

Sponsored the NATO Public Forum in Washington DC.

–

Our Chair leads the European Round Table for Industrialists,

engaging with European and global institutions and governments.

What were the key topics raised?

–

The EU regulatory and policy environment, including a review

of the Single Market. Spectrum and licensing, including prolongation

of existing licence holdings.

–

Security of critical infrastructure and supply chain resilience, from

subsea cables to satellites.

–

Protection of investments abroad and inward investment screening.

–

Vodafone UK and Three merger approval.

How did we respond?

–

Contributed to the Commission’s White Paper on EU Connectivity.

–

Participated in three European Commission studies.

–

Contributed to EU consultations.

–

Responded to the 2025 Single Market Strategy Call for Evidence.

–

Submitted policy responses to trade questions from the UK’s

Department for Business and Trade.

Click to read more about our social contract in our investor briefing.

The materials set out the importance of a reset of the European regulatory

framework; how through our social contract we have taken a leadership role

in improving our relationship with governments and policymakers; and what is

needed in terms of policy reform:

investors.vodafone.com/social-contract

Our investors

Our investors include individual and institutional shareholders as well

as debt investors. We maintain an active dialogue with our investors

through our extensive investor relations programme.

How did we engage with them?

–

Personal meetings, roadshows, conferences.

–

Annual and interim reports and presentations.

–

Our investor relations website is used as our primary digital

communications tool and is available to all shareholders, including

11 hours of dedicated video content covering investor events

and interviews with Board Directors.

–

Re

gulatory News Service (‘RNS’) announcements.

–

Annual General Meeting (‘AGM’).

–

Investor perception study and regular feedback survey.

–

Online presentations aimed at retail investors, in our ’Investor

Meet Company’ in FY25.

–

Our Registrar operates a portfolio service which provides

shareholders with the ability to manage their holdings.

What were the key topics raised?

–

Our strategic roadmap and strategic priorities of Customers,

Simplicity and Growth.

–

Allocation of capital, including capital investment, leverage

and shareholder returns.

–

Portfolio right-sizing for growth, market performance, and

trading outlook.

–

Corporate governance practices.

–

Environmental, Social and Governance (‘ESG’) strategy,

targets and reporting.

How did we respond?

–

We conducted over 1,000 investor interactions through

meetings with major institutional shareholders, debt investors,

individual shareholder groups and financial analysts, and

attended conferences.

–

Meetings were attended by Directors and senior management,

including our Chair, Group Chief Executive, Chief Financial Officer,

and Executive Committee members.

–

Provided comprehensive reports and transparency disclosures

on ESG matters.

Click to read more on our investor website:

investors.vodafone.com

![](data:image/svg+xml;base64,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)

14

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Our people strategy

Our people strategy

Our Company is changing and this year

we have invested in our leadership

population to own and implement

our strategy. We have strengthened

our skills development, simplified

our ways of working, and embedded

a performance culture.

People Engagement

We are developing a diverse and inclusive

global workforce that reflects the customers

and societies we serve.

Key information

Measurement

2025

2024

Average number of employees

1

87,205

85,887

Average number of contractors

1

5,196

6,848

Number of markets where we operate

2

15

15

Employee nationalities

141

146

Footprint: Operating segments

Germany

16%

17%

UK

11%

11%

Other Europe

3

13%

13%

Türkiye

4%

4%

Africa

3

16%

16%

Corporate Services

4

1%

1%

Shared Operations

5

40%

39%

Employee experience

Employee engagement index

6

75

75

Alignment to purpose

6

89%

88%

Voluntary turnover rate

7

8%

9%

Involuntary turnover rate

7

4%

3%

Notes:

1.

All headcount figures exclude non-controlled operations such as

those in the Netherlands, Kenya, Australia and India. Further

information on how headcount is defined and calculated

can be found in the ESG Addendum Methodology document:

investors.vodafone.com/esgmethodology

. Calculation

considers prorated headcount.

2.

This includes countries where we have commercial operations,

excluding Vodafone Italy and Vodafone Spain

3. Other Europe reflects employees based in Albania, Czech

Republic, Greece, Ireland, Portugal, and Romania. Africa reflects

employees based in Vodacom Group, including Egypt.

4. Corporate Services reflects corporate support activities across

Finance, HR, Legal & Business Integrity, External Affairs, in

addition to Brand & Technology Strategy.

5. Shared Operations constitute a significant number of employees.

The figures presented above include Shared Operations

headcount across our footprint (Albania, Egypt, Hungary, India,

Portugal, Romania, Türkiye and Spain) and reflects other shared

operational capabilities across revenue generation, product

development, technology and network operations, and

back-office operations.

6.

Further detail on this score is found under the ‘Spirit Beat surveys’

sub-heading of this page. The employee engagement index is

based on an average index of responses to three questions:

satisfaction working at Vodafone; experiencing positive emotions

at work; and recommending us as an employer. Alignment to

purpose is based on one question that asks whether employees

feel their daily work contributes significantly to Vodafone’s

purpose. Employee engagement index and purpose alignment

scores reflect October 2024 and April 2024 data, excluding

Vodafone Italy and Vodafone Spain.

7.

Voluntary turnover rate includes retirements and death in service.

Further information on how voluntary and involuntary turnover

has been calculated is in the ESG Addendum Methodology

document:

investors.vodafone.com/esgmethodology.

Employee engagement

We have a number of employee forums where

elected employee delegates represent the views

of their colleagues. During the year, the Board’s

Workforce Engagement Leads, Delphine Ernotte

Cunci and Christine Ramon, attended the

European Employee Consultative Committee and

the Vodacom Employee Engagement Forum to

gather employee views. Key topics included our

commercial portfolio, Gen AI strategy, hybrid

working policy, and employee engagement plans.

The Group Chief Executive updates employees

regularly on how we are progressing our strategy

through a wide variety of digital and face-to-face

channels, including market townhalls, employee

conferences, and monthly leadership meetings.

These are complemented by group-wide updates

on Microsoft Viva Engage on topics such as

financial results, business strategy, portfolio

progress, and company achievements.

Read more about the Board’s engagement with the employee

voice on pages

73

to

76

and

81

Workers’ councils and union engagement

We respect freedom of association and recognise the

rights of employees to join trade unions and engage

in collective bargaining in accordance with local law.

We continue to maintain strong relationships with

workers’ councils and unions through their

representatives, and we have 13,039 people covered

by collective bargaining agreements across our

global footprint. Vodafone Germany employees, all

covered by collective agreements signed with Works

Council organisations and/or unions, can register and

participate in trade union and/or Works Council

activities which are funded by the Company and

colleagues can elect or be elected into various

Works Council and/or union roles at a local or

national level. Across FY25, Vodafone Germany

completed more than 123 agreements across all

levels, with a focus on reorganisation, employee

working conditions, and various technology tools.

The ‘Spirit of Vodafone’

Our culture – the ‘Spirit of Vodafone’ – outlines

the beliefs we stand for and the behaviours that

enable our strategy and purpose.

We foster our culture by developing behaviours

that reinforce our Spirit, investing in leadership

development to role-model our beliefs, and

ensuring systems, processes and milestone

activities are aligned with the ‘Spirit of Vodafone’.

We measure our progress and identify where to

take action via a bi-annual employee survey called

‘Spirit Beat’. In our latest Spirit Beat survey in

October 2024, we had an 89% response rate (April

2024: 88%) and strong scores in engagement,

connection to purpose, and Spirit.

Spirit Beat surveys

Measurement

1

October

2024

April

2024

Engagement

75

75

Purpose

89

88

Team Spirit Index

2

85

85

Response rates

89

88

Notes:

1.

Average percentage of favourable scores

2.

The Team Spirit Index represents an overall view of how people are

doing on the ‘Spirit of Vodafone’ and takes into account each of our

Spirit Behaviours. It allows us to understand how successful we

have been in embedding these behaviours when working with each

other, our customers, and the communities in which we operate.

The ‘Spirit Beat’ survey measures our progress on

culture change with a focus on supporting

employees to deliver our priorities of Customers,

Simplicity and Growth through Spirit. The ‘Spirit

Beat’ results show that engagement is 75 and

teams are connected to our strategy and have

clarity on their goals. We support our managers to

lead with Spirit and continue to take action on

survey results through development programmes,

coaching, training and resources. To develop the

leadership behaviours required to deliver our

strategy, 10,000 people leaders have attended

training, known as the ‘Vodafone Leader Labs’, to

support them with the tools and standards to lead

our culture change and transformation. Managers

who demonstrate Spirit Behaviours continue to

outperform those who do not by 20 points on

Team Spirit Index and 25 points on Engagement.

We continue to evolve our employee listening

strategy to inform work that enhances the

employee experience. Candidates have rated the

candidate experience as 79, new joiners are

positive about their onboarding experience, and

when employees leave Vodafone, 68% would

recommend Vodafone as a great place to work.

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Vodafone Group Plc

Annual Report 2025

15

Strategic report

Governance

Financials

Other information

Our people strategy

continued

To transform our customer experience and embed

a customer-first culture, we continue to take

actions to improve the experience of our front line.

Spirit Beat results of frontline colleagues from the

October 2024 survey show the Engagement score

as 74% and Team Spirit Index as 84%. Outsourced

contractors who serve our customers also

participate in ‘Spirit Beat’: 75% responded, an

increase of 3% from April 2024. Insights have been

used to inform our overall customer action plan,

with improvements to systems, processes and

streamlining operations to impact the frontline

and customer experience.

‘Spirit of Vodafone Day’ takes place once a quarter

with employees dedicating time to focus on

connecting to the customer experience through

local activities, including learning, team

connection and wellbeing. During these days,

learning hours increased on average by three

times compared to other days in the year.

Workplace equality

As part of our purpose, we empower people by

seeking to connect everyone, regardless of who

they are or where they live. We are passionate

about making the world more connected,

inclusive, sustainable and a place where everyone

can truly be themselves and belong.

Diversity and inclusion

Our aim is to create an inclusive and equitable

workplace for all. This year we have continued

progression on gender equality, accelerated focus

on LGBT+, race and ethnicity, and implemented

actions to create an accessible and inclusive

workplace for our disabled colleagues. Our focus

on inclusion supports our ambition to create

a global workforce that reflects the customers,

communities and colleagues we serve, and the

wider societies in which we operate. We believe

that embedding equity and inclusion to enable

diversity is important to achieving these goals in

a sustainable way.

Embedding inclusion

Multiple employee networks operate across

Vodafone which all employees can join. These

include networks for women, disability, LGBT+,

parents and carers and multicultural inclusion. We

actively support them, and this year we provided

14 network chairs with leadership training focused

on how to effectively create and assess a network’s

strategy, as well as help five network communication

leads with how to effectively build a brand. Global

withstander training, which upskills employees on

how to become active allies by challenging

negative and inappropriate behaviours when they

witness them, continues to be delivered in 11

languages. Over 65% of employees and 88%

of managers completed the training in FY25.

This year we have launched four new allyship

programmes for LGBT+, Race, Ethnicity and

Cultural Heritage (‘REACH’), gender, and disability.

These programmes encourage colleagues to

continue their journey of active allyship through

participating in community and network events

and learning. We continued to engage with

colleagues and raise awareness of why inclusion

matters through celebrating cultural moments

such as Pride, International Day for Persons

with Disabilities, International Women’s Day

and the International Day for the Elimination

of Racial Discrimination.

During the year, we held webinars and virtual

training sessions globally on diversity and

inclusion topics and these received over 59,000

viewers across all markets.

Gender diversity

Goal: We aim to have 40% women in management

roles by 2030.

We have reached 36%, which is on track

towards our ambition. We continue to drive

progress through programmes, policies and

leadership incentives.

2025

2

2024

Women on the Board

38%

42%

Women on the Executive

Committee

45%

33%

Women in senior leadership

positions

1

37%

37%

Women in management and

senior leadership roles

3

36%

35%

Women as a percentage of

external hires

44%

44%

Women as a percentage

of graduates

55%

53%

Women as a percentage

of employees

4

39%

39%

Notes:

1.

Percentage of senior women in our top 147 positions includes the

Executive Committee and Senior Leadership Team (FY24: 135).

2.

Excluding discontinued operations such as Vodafone Italy and

Vodafone Spain

3.

Percentage of women in our 5,676 management and leadership

roles (FY24: 6,350).

4.

Percentage of women based on 86,702 total employees

(FY24: 85,225). The total number of employees represents

the position on 31 March for the applicable year and

excludes employees that left the Company after this

date. The numbers do not represent prorated headcount.

Further information on how employees are defined and

calculated can be found in the ESG Addendum Methodology

document:

investors.vodafone.com/esgmethodology

.

We work to achieve gender diversity when

resourcing for senior leadership roles, and our

leadership team is accountable for maintaining

diversity and inclusion in their teams. Women

in management targets are also included in

our long-term incentive plans.

Across early careers programmes, 50% of hires

were women. We have also now connected with

over 20,000 girls via the digital skills programme

‘Code Like a Girl’ since 2017. We support managers

on inclusive hiring practices through training and

by embedding inclusion in our talent acquisition

systems. This includes the introduction of blind

CVs, which exclude personal details such as the

candidate’s gender and age.

LGBT+

We accelerated our focus on supporting our LGBT+

community with 3,257 allies and active support from

senior executive sponsors. We include the question

‘Are you out at work?’ as part of our Spirit Beat survey

to better understand experiences of our LGBT+

employees in the workplace

1

. 48% of our LGBT+

community are out at work. To further support them,

we upskilled 48 mental health first aiders across four

markets in how to support LGBT+ colleagues that

may face challenges specific to their identity. In

addition, we launched the ability for colleagues

to display their pronouns across our HR system.

Note:

1.

Markets not asking LGBT+ questions include: DRC, Tanzania,

Türkiye, and Egypt.

Disability and accessibility

Our work on disability inclusion focuses on creating

an accessible digital and physical workplace to

support colleagues to be at their best. We published

application adjustments on our careers site to

remove barriers for candidates during the selection

process and our recruiters have been trained on how

to implement these adjustments. We introduced

more in-depth disability and accessibility training for

hiring managers and recruiters and to support the

progression of disabled talent, we provide managers

guidance on reasonable adjustments for our

performance development processes.

Click to read more about our application adjustments at Vodafone:

careers.vodafone.com/application-adjustments

During the year, we educated our people about

accessibility features available in our core tools

by the introduction of Microsoft Copilot. We adhere

to global standards, such as Web Content

Accessibility Guidelines (‘WCAG’) 2.1, through

establishing and training developers on our

accessibility design guidelines.

Informed by the insights from the #ChangeTheFace

neurodiversity research, we built a neurodiversity

website to support recruiters and managers to take

proactive action on disability inclusion. We hosted

training for our mental health first aiders and we

piloted quiet spaces in our UK offices.

![](data:image/svg+xml;base64,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)

16

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Our people strategy

continued

We hosted a series of global events from October

to December to increase disability awareness and

allyship as well as promote technologies that improve

disability inclusion. In December we launched the

disability allyship programme which includes learnings

and actions colleagues can take to become allies.

To further inform our work on disability inclusion

we asked, ‘Are your colleagues aware of your

disability at work?’ in our Spirit Beat survey. 60%

of our disabled community have made colleagues

aware of their disability.

Race, ethnicity and cultural heritage (‘REACH’)

We continue to promote greater workplace

inclusion through allyship and anti-racism. This year

we also voluntarily integrated an ethnicity pay gap

calculation into our UK pay gap report. This report

calculates the pay gap in our UK companies with

250 or more employees. Details of the ethnicity pay

gap can be found in our UK Pay Gap Report.

Click to read more about our UK pay gap report:

vodafone.com/uk-pay-gap

This year 331 colleagues attended the McKinsey

Black, Asian and Hispanic/Latino Connected

Leaders Academy to grow their leadership skills

and potential. In 2020, we set ethnic diversity

targets at leadership level, presented below.

Ethnic category

31 March

2025

Long-term

ambition

Population

Global

Ethnically

diverse

background

24%

31 Mar

2030:

25%

Global Senior

Leadership

Team

(127 positions)

1

UK

Black, Asian,

other diverse

ethnicities

17%

31 Dec

2025:

20%

UK-based senior

leadership and

management

(1,787 positions)

UK

Black

2%

31 Dec

2025:

4%

Note:

1.

Excludes Mozambique and Egypt as markets do not ask ethnicity

questions

Leadership Diversity

To better understand representation across the

organisation and inform our diversity and inclusion

programmes, we use ‘#CountMeIn’, an initiative that

supports employees to voluntarily share their

diversity demographics. This includes race, ethnicity,

disability, sexual orientation, gender identity, and

caring responsibilities, in line with local privacy and

legal requirements

1

. 70% of our senior leadership

have shared diversity data and this enables

transparency on diversity at senior leadership.

Read more about the Board’s engagement with the

employee voice on pages

73

to

76

and

81

Sexual

orientation

2

Ethnic

diversity

3

Disability

4

Representation in senior

leadership positions

2%

24%

4%

Notes:

1.

Excludes Mozambique and Egypt as markets do not ask ethnicity

questions

2. Lesbian, gay, bisexual, and other sexual orientations, excluding

heterosexual

3. Asian, Arab, Black/African/Caribbean, Latin, mixed ethnic groups,

and ‘other’ identities.

4. Self-identification of disability, including long-term conditions

and visible and non-visible disabilities.

Policies, initiatives and targets

Our commitment to diversity and inclusion is

reflected across our global policies and principles,

such as our code of conduct and fair pay principles.

We continue to apply fair pay principles across

all markets, working with the WageIndicator

Foundation to ensure a good standard of living in

each market. In the UK, our commitment to these

principles is reflected in being an Accredited Living

Wage employer.

Click to read more about Fair Pay at Vodafone:

vodafone.com/fair-pay

The achievement of our diversity targets is

dependent on the attraction, engagement and

retention of diverse talent and skills. To support

this, we have inclusive initiatives such as: hybrid

and flexible working, parental leave, a mental

health toolkit, learning and development

programmes, allyship training, and menopause

and domestic abuse support. Programmes are

designed to help employees through all life

stages and challenge societal norms to create

an environment where everyone can contribute

at their best and thrive.

People development

The Vodafone Learning Organisation operates

across all entities to deliver high-quality learning

that supports diverse talent and develops the skills

and capabilities required to deliver our strategy.

This year our three-year capability plan was

refreshed, considering external trends and changes

to Vodafone’s strategy. Five key capabilities were

identified to accelerate the delivery of our strategy:

‘Customer Experience’, ‘Operational Intensity’,

‘Business to Business’ (‘B2B’), ‘Commercial P&L

Ownership’, and ‘AI/GenAI’.

In September we refreshed our global Employee

Value Proposition (‘EVP’) formed of four principles,

underpinned by the Spirit of Vodafone and

realigned to the Vodafone strategy. This outlines

what we stand for as an employer and captures

the most compelling reasons to work at Vodafone.

Talent and leadership

To accelerate the development of high potential

talent, this year we launched the ‘Talent Deal’, an

agreed set of expectations for both colleagues and

their managers. It offers support, resources, and

development opportunities to those with the

highest potential. We made coaching available to

all colleagues either through our global coaching

partner or an internal network of trained coaches.

We continued to review our succession and talent

development plans for senior leaders identified as

key talent. Talents in our two key succession pools,

which comprises of 30% women, received support

through leadership assessment, development

planning, and coaching. To support the

development of key groups we launched specific

leadership interventions to accelerate their

development to our most senior positions.

We also scaled our leadership programme, the

‘Vodafone Leader Labs’, to 10,000 leaders globally

to deliver our strategy, embed leadership shifts

and standards, and equip them with tools to

be successful.

Performance

Underpinning all our activities, has been an

ongoing focus on raising the bar on performance

through our performance management framework

‘Grow my Impact’. Employee goals are aligned to

strategic priorities and performance is assessed

based on individual impact. This framework

recognises individuals with differentiated

performance and reward. Our financial recognition

programme ‘Vodafone Stars’ and our peer-to-peer

recognition programme ‘Vodafone Thank You’

continued to celebrate colleagues during the year

for their impact and display of the ‘Spirit of

Vodafone’ behaviours. For instance, 23,120

peer-to-peer ‘Thank You’s’ and 61,364 ‘Vodafone

Star’ awards were delivered during the year.

Skills

We support professional growth of our colleagues

by providing online learning through our platform

‘Grow with Vodafone’ and continued to deliver our

‘Skill Accelerators and Labs’, with over 17,000

colleagues completing them this year. Across all

activities, our colleagues spent 2.9 million hours

on learning, with an average of 240,500 hours per

month, an increase of 3% since FY24. We invested

an average of €180 in both mandatory and

non-mandatory training for each employee to

build future capabilities.

To support our focus on B2B, we trained our sales

population on new capabilities, developed a new

skills framework, launched a skills self-check tool,

developed new learning, facilitated skills labs and

issued 23 external sales certifications. Over 800

![](data:image/svg+xml;base64,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)

Vodafone Group Plc

Annual Report 2025

17

Strategic report

Governance

Financials

Other information

Our people strategy

continued

colleagues participated in the training programme.

A total of 925 colleagues identified development

opportunities through the skills check tool. Our

Go-To-Market learning programme is supporting

colleagues in sales to develop across our ‘Beyond

Connectivity’ portfolios and have access to

learning content at the point of need.

This year we trained colleagues on using GenAI

tools. In June we launched the ‘GenAI Empowering

You’ learning campaign. This comprises a

foundational course which 40,000 colleagues

completed this year, and a longer advanced

module which 1,000 colleagues completed.

People experience

In November 2024 we started a global market-by-

market rollout of Copilot for Microsoft 365. This tool

uses GenAI to make daily tasks such as drafting

emails, creating presentations and summarising

meetings easier, boosting productivity. By January

2025, over 50,000 colleagues had access to Copilot.

To support its launch, we delivered 20 skill labs to

13,000 colleagues, focused on prompt engineering

and real-life application in the workplace.

To further simplify how we work to accelerate

performance, we streamlined our HR processes by

conducting ongoing pilots to explore the use of GenAI

and removing high-touch channels to create a single

entry point for HR queries. We transformed our AskHR

TOBi chatbot, simplifying how colleagues manage

their HR questions and requests. This first launched

in October 2024 and is now live in all markets

(excluding Germany). The bot handles 65% of all HR

questions with an average first-time resolution rate of

74%. We continued to leverage people analytics to

ensure effective people decisions and launched our

first global HR dashboard, hosted through the Google

Cloud Platform, to provide simple access to people

insights for our HR community.

Safety, health and wellbeing

Nothing is more important to us than the safety,

health, and wellbeing (‘SHW’) of our customers,

communities, employees, and partners. We have

a simple global commitment: no one gets hurt.

If an incident does occur, we take steps aimed

to prevent reoccurrence. This has been captured

in our Global Commitment Statement which is

supported by a video message from our Group

Chief Executive.

Our SHW framework provides a consistent

approach to leadership, planning, performance

monitoring, governance, and assurance.

Risks

We continue to focus on our key risks, which account

for the majority of reported incidents and remain

amongst our top priorities: occupational road risk, falls

from height, working with electricity, and civil works.

In recognition of our key risks, we continue to use the

‘Vodafone Absolute Rules’. These rules focus on risks

that present the greatest potential for harm for

anyone working for or on behalf of Vodafone. The

Absolute Rules apply everywhere we work and

provide clear expectations for safe behaviour for

everyone to follow. The Absolute Rules must be

followed by all Vodafone employees and contractors,

as well as our suppliers’ employees and contractors.

Where this requirement is not met, we take

appropriate management action. In the October 2024

Spirit Beat survey 94% of employees agreed that the

Absolute Rules are taken seriously at Vodafone.

Leadership engagement

Our Group Executive Committee (‘ExCo’) and

operating company ExCo’s provide visible and clear

leadership in SHW. Our senior leaders are actively

engaged and carry out regular face-to-face safety

engagement throughout the year. Our leaders

recognise the importance of connecting with teams

and frontline workers as they continue to maintain

our networks and work in our retail stores and on

customer sites. We encourage our people to raise

any concerns or ideas for improvements in SHW and

ensure the support of our leaders when they do so.

We continue to mandate our ‘Leading for Health &

Safety at Work’ e-learning module. This module

sets out the specific impact we expect our leaders

to have. On 31 March 2025, 98% of assigned

leaders had completed the module.

Supplier engagement

Most of our high-risk work and most of the significant

incidents we report are as a result of work carried out

by suppliers on our behalf. Engagement and

collaboration is essential to achieve our common

goal of no one gets hurt. We have held quarterly

forums with our global suppliers and this year we

celebrated a decade of collaboration to develop

common ways of working and share best practice to

improve workplace safety. This year we held four

in-person safety forums in London, Dublin, Düsseldorf

and Lisbon together with our larger global suppliers.

We also held an awards ceremony in Germany

recognising our global suppliers that have supported

us on our 10-year safety journey. In Tanzania, our

Vodacom operation held an in-person forum bringing

together partners from the African continent.

Community engagement

We strive to play an active role in the communities

where we conduct our business and as a result

we have various community-focused safety

programmes.

In Vodafone Intelligent Solutions (‘VOIS’), we

introduced the ‘Visit VOIS’ programme, an initiative

that reached more than 700 community

participants. The programme focused on mental

health, particularly its impact on younger

generations, and road safety.

In Greece, road safety events were held in April in

collaboration with the Road Safety Institute and

the Road Safety for Motorcycles Institute, with

over 100 participants receiving safety training.

Throughout the year, employees were trained on

Basic Life Support (BLS) and Automated External

Defibrillator (AED) usage. Additionally, awareness

events on bone marrow transplantation and donor

registration were conducted, with over 150

participants and 45 individuals giving samples for

the international donor bank, alongside four blood

donation drives supported by over 300 employees.

In Albania, the ‘Before I Start Work-Conference’

brought together various industry sectors,

contractors, suppliers, and safety experts to

enhance safety management practices. The

conference focused on sharing experiences with

local companies to create safer work places.

In South Africa, community safety sessions were

conducted at schools, emphasising responsible

behaviour to reduce road accidents during the

holiday season. In Tanzania, road safety education

was provided to thousands of students with the

help of the traffic police. In Lesotho, a campaign

was organised in collaboration with local

authorities on tyre safety and driving under the

influence of alcohol and/or drugs. In Mozambique,

there was a focus on emergency response and

preparedness during natural disasters and civil

unrest, collaborating with the police and army. In

Egypt, SMS alerts and social media ads were used

to promote road safety, along with training for

students. In the DRC, road risk campaigns were

held in partnership with the local Road Risk

Agency, utilising billboards, radio, TV, and digital

platforms to reach a national audience.

Governance

We use a global framework to manage SHW. This

includes the monitoring and assessing of risks,

setting targets, reviewing progress, and reporting

performance. Our framework is based on the

international standard ISO 45001 for occupational

health and safety and always meets or exceeds

local requirements. In addition, five European

markets, Egypt, six VOIS locations and Vodafone

Business Technology Solutions have independent

external certification to ISO 45001.

All incidents relating to key risks or breaches of the

Vodafone Absolute Rules that are reported are

investigated. We ensure that incidents are

investigated in accordance with their severity, and

appropriate remedial actions and improvements are

identified and implemented. We strongly believe in

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18

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

the importance of prevention and we also believe

that every incident should be treated as an

opportunity for learning and improvement.

SHW is a global policy and is included within our

global risk and compliance governance

programme. This year we completed 14 audits

focused on the control of contractors, laying

cables, lifting operations, occupational road risk

and incident reporting and investigation in Europe

and Africa. Nine additional visits were made to our

European, African and Asian markets to focus on

engagement and communication. They included a

combination of team meetings, site visits with

contractors and suppliers and, where applicable,

verification checks following any serious incidents.

Training

We continue to include a health and safety module

as part of our mandatory ‘Doing What’s Right’

training. All employees are required to complete

the training within six weeks of joining and then

follow our learning cycle. During FY25, 93% of

assigned Vodafone employees completed the

health and safety module.

Each local market is also responsible for delivering

training that supports the development of appropriate

leadership skills, behaviours, and identification of

risks. Additional training is specific to an individual’s

role and aligned to each market’s local legislation.

Key performance indicators

We have a global set of key performance indicators

which are reported monthly to the Group ExCo and

bi-annually to the Board:

–

Number of fatalities;

–

Number of employee lost-time incidents (‘LTIs’);

and

–

Near misses.

All fatalities that may be connected with our

activities in any way, including those affecting

employees, suppliers and members of the public,

are formally reported to the Group’s ExCo and to

the Board by the Head of SHW.

Each incident is investigated to determine the

facts and any actions required to prevent

recurrence. The investigation’s findings are

reviewed by the Chief Human Resources Officer

at a formal review meeting to consider the

thoroughness of the investigation, the suitability

of corrective and preventive actions, and to

determine whether the fatal accident was within

Vodafone’s control or not. All fatalities determined

to be within Vodafone’s control are considered

‘recordable’ and are publicly reported.

Our aim is to ensure no one gets hurt. Any loss of life

related to our operations is unacceptable. It is therefore

with great regret that we record one fatal accident this

year that resulted in the deaths of three people.

In Türkiye on 16 July 2024 there was a fatal road traffic

accident reported. Two call centre contractor

employees and two Vodafone employees were in a car

returning from a business dinner at around 22:40 when

their car collided with a truck. One of the call centre

employees and two Vodafone employees were killed.

The remaining call centre employee was discharged

from hospital and has made a full physical recovery.

We have shared the learnings from this incident across

the business to aim to prevent recurrence. Employee

fatalities remain rare at Vodafone with the last reported

Vodafone employee fatality in August 2015.

LTI is the term we use when a work-related injury

or illness results in one or more days away from

work. During the year, 23 employee and contractor

LTIs were reported. In total these incidents account

for 172 lost workdays.

Key performance indicators

2025

2024

Work-related injuries or ill health

(excluding fatalities)

Employees and contractors

23

18

Suppliers’ employees and contractors

22

8

Lost-time incidents (‘LTI’)

Number of lost-time employee and

contractor incidents

23

18

Lost-time incident rate per 1,000

employees and contractors

0.25

0.19

Total recordable fatalities

Employees and contractors

2

0

Suppliers’ employees and contractors

1

1

Members of the public

0

1

Wellbeing

We remain focused on mental health and

wellbeing. Mental and wellbeing training and

services are available in each market, including

the provision of employee assistance and

psychological support services.

Our global wellbeing framework includes mental

health, physical health, and financial management.

The framework is a guide to help our people

achieve optimal wellbeing and to ensure we all

have access to the best possible wellbeing

resources across Vodafone.

In Vodacom, our wellbeing programmes are across

all markets in Africa. Highlights include Basic Life

Support Training by Vodacom Group, which will

now be part of our annual Community Safety

initiatives, and Vodafone Egypt’s silver award from

the Society for Human Resource Management for

outstanding wellbeing management. To support

our employees through challenges like political

unrest and cyclone Chido, Vodacom Mozambique

implemented a work-from home strategy, virtual

check-ins and mental wellbeing webinars. In South

Africa, we promoted early detection of breast

cancer and men’s health awareness. In DRC, drivers

received cardiovascular health education, while

Vodacom Tanzania and Vodacom Lesotho

organised events to promote physical wellbeing

and productivity.

In Türkiye, initiatives included local wellbeing

challenges. We also held a ‘Health Week’, offering

various health services such as hearing tests, eye

examinations, HPV vaccinations, and a seminar on

office ergonomics.

In Greece, we hosted various sessions on mental

health empowerment, parent support, nutrition,

and first aid, aiming to foster a healthier and

inclusive work environment.

VOIS awareness programmes in India, Spain and

Egypt included promoting wellbeing services,

personal support for employees affected by

natural disasters and personal resilience.

Click to read more about mental health and wellbeing:

vodafone.com/wellbeing

Our people strategy

continued

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Vodafone Group Plc

Annual Report 2025

19

Strategic report

Governance

Financials

Other information

Our financial performance

Results in-line with expectations

–

Total revenue:

Increased by 2.0% to €37.4 billion (FY24: €36.7 billion) as strong service revenue

growth was partially offset by adverse foreign exchange movements.

–

Service revenue:

Increased by 5.1% on an organic basis, and by 2.8% on a reported basis to

€30.8 billion (FY24: €29.9 billion). An anticipated slowdown in Germany was more than offset by

growth across the rest of Europe, Africa and Türkiye. Vodafone Business continued to grow, by

4.0% during the year, supported by strong demand for digital services,

–

Adjusted EBITDAaL:

Increased by 2.5% on an organic basis, supported by service revenue growth.

Adjusted EBITDAaL in Germany declined 12.6%, including a 7.5 percentage point impact related to the

MDU TV law change, offset by good performance across the rest of Europe, Africa and Türkiye.

–

Operating loss/profit:

Reversed to a loss of €0.4 billion (FY24: profit of €3.7 billion), due to non-cash

impairment charges for Germany and Romania totalling €4.5 billion. See note 4 ‘Impairment losses’ in

the consolidated financial statements for more information.

–

Earnings per share:

Basic loss per share from continuing operations was 15.86 eurocents in FY25,

compared to earnings per share of 4.45 eurocents in the prior year, the decrease primarily due to

impairment charges in Germany and Romania. Adjusted basic earnings per share was 7.87 eurocents

compared to 7.47 eurocents in the prior year.

–

Discontinued operations:

The results of Vodafone Spain and Vodafone Italy are reported as

discontinued operations and are therefore excluded from continuing operations and the Group’s

segment reporting. The disposals completed on 31 May 2024 and 31 December 2024, respectively.

See note 7 ‘Discontinued operations and assets for sale’ in the consolidated financial statements for

more information.

Group financial performance

FY25

1

€m

FY24

€m

Reported

change %

Revenue

37,448

36,717

2.0

– Service revenue

30,758

29,912

2.8

– Other revenue

6,690

6,805

Adjusted EBITDAaL

2,3

10,932

11,019

(0.8)

Restructuring costs

(164)

(703)

Interest on lease liabilities

4

488

440

Loss on disposal of property, plant and equipment and intangible assets

(25)

(34)

Depreciation and amortisation of owned assets

(7,569)

(7,397)

Share of results of equity accounted associates and joint ventures

(123)

(96)

Impairment (charge)/reversal

(4,515)

64

Other income

565

372

Operating (loss)/profit

(411)

3,665

(111.2)

Investment income

864

581

Financing costs

(1,931)

(2,626)

(Loss)/profit before taxation

(1,478)

1,620

Income tax expense

(2,246)

(50)

(Loss)/profit for the financial year – Continuing operations

(3,724)

1,570

Loss for the financial year – Discontinued operations

(22)

(65)

(Loss)/profit/(loss) for the financial year

(3,746)

1,505

Attributable to:

–

Owners of the parent

(4,169)

1,140

–

Non-controlling interests

423

365

(Loss)/profit for the financial year

(3,746)

1,505

Basic (loss)/earnings per share – Continuing operations

(15.86)c

4.45c

Basic (loss)/earnings per share – Total Group

(15.94)c

4.21c

Adjusted basic earnings per share

2

7.87c

7.47c

Notes:

1.

The FY25 results reflect average foreign exchange rates of €1:£0.84, €1:INR 90.79, €1:ZAR 19.58, €1:TRY 36.71 and €1: EGP 52.56.

2.

Adjusted EBITDAaL and Adjusted basic earnings per share are non-GAAP measures. See page

213

for more information.

3.

Includes depreciation on leased assets of €3,205 million (FY24: €3,003 million).

4.

Reversal of interest on lease liabilities included within Adjusted EBITDAaL under the Group’s definition of that metric, for re-presentation in

financing costs.

Find out more

Click or scan to watch our Group Chief

Executive, Margherita Della Valle and

Group Chief Financial Officer, Luka Mucic,

talk about our financial performance:

investors.vodafone.com/videos

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20

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Our financial performance

continued

Geographic performance summary

Vodafone Spain and Vodafone Italy are reported as discontinued operations in accordance with

International Financial Reporting Standards (‘IFRS’). Accordingly, Vodafone Spain and Vodafone Italy are

excluded from the results of continuing operations and are instead presented as a single amount as a loss

after tax from discontinued operations in the Group’s Consolidated income statement. Discontinued

operations are also excluded from the Group’s segment reporting. The disposals of Vodafone Spain and

Vodafone Italy completed on 31 May 2024 and 31 December 2024, respectively.

Total revenue

Service revenue

Adjusted EBITDAaL

1

Adjusted EBITDAaL

margin

1

Capital additions

Segment results

FY25

€m

FY24

€m

FY25

€m

FY24

€m

FY25

€m

FY24

€m

FY25

%

FY24

%

FY25

€m

FY24

€m

Germany

12,180

12,957

10,876

11,453

4,384

5,017

36.0

38.7

2,482

2,515

UK

7,069

6,837

5,887

5,631

1,558

1,408

22.0

20.6

897

866

Other Europe

2

5,694

5,504

4,805

4,722

1,510

1,516

26.5

27.5

856

845

Türkiye

3,086

2,362

2,484

1,746

842

510

27.3

21.6

447

319

Africa

7,791

7,420

6,172

5,951

2,593

2,539

33.3

34.2

1,038

1,005

Common Functions

3

1,817

1,864

663

559

45

29

1,142

781

Eliminations

(189)

(227)

(129)

(150)

–

–

–

–

Group

37,448

36,717

30,758

29,912

10,932

11,019

29.2

30.0

6,862

6,331

FY24

FY25

Segment service revenue growth

Q4

%

H2

%

Total

%

Q1

%

Q2

%

H1

%

Q3

%

Q4

%

H2

%

Total

%

Germany

0.6

0.5

0.2

(1.5)

(6.2)

(3.9)

(6.4)

(6.0)

(6.2)

(5.0)

UK

6.8

6.2

5.1

2.0

2.9

2.4

7.6

5.7

6.7

4.5

Other Europe

2

0.3

(4.0)

(5.7)

1.6

2.1

1.9

2.2

1.1

1.7

1.8

Türkiye

15.6

11.7

9.6

54.7

18.8

33.2

97.5

15.2

50.4

42.3

Africa

1.2

(3.4)

(9.2)

1.6

0.3

0.9

4.1

8.8

6.4

3.7

Group

2.9

0.7

(1.3)

3.2

0.2

1.7

5.6

2.3

4.0

2.8

FY24

FY25

Segment organic

service revenue growth

1

Q4

%

H2

%

Total

%

Q1

%

Q2

%

H1

%

Q3

%

Q4

%

H2

%

Total

%

Germany

0.6

0.5

0.2

(1.5)

(6.2)

(3.9)

(6.4)

(6.0)

(6.2)

(5.0)

UK

3.6

4.4

5.0

–

1.2

0.6

3.3

3.1

3.2

1.9

Other Europe

2

5.5

4.6

4.2

2.3

2.6

2.5

2.6

0.8

1.7

2.1

Türkiye

105.6

97.8

88.5

91.9

89.1

90.3

83.4

73.2

78.1

83.4

Africa

10.0

9.4

9.2

10.0

9.7

9.9

11.6

13.5

12.6

11.3

Group

7.1

6.7

6.3

5.4

4.2

4.8

5.2

5.4

5.3

5.1

Group profitability

FY24

FY25

Q4

H2

Total

Q1

Q2

H1

Q3

Q4

H2

Total

Operating profit/

(loss)

€m

556

1,808

3,665

1,545

837

2,382

1,022

(3,815)

(2,793)

(411)

Adjusted EBITDAaL

1

€m

2,797

5,592

11,019

2,681

2,730

5,411

2,828

2,693

5,521

10,932

Adjusted EBITDAaL

margin

1

%

29.8

29.8

30.0

29.7

29.5

29.6

28.8

28.8

28.8

29.2

Organic Adjusted

EBITDAaL growth

1

%

1.2

2.2

5.1

2.5

3.8

2.2

0.3

1.3

2.5

Notes:

1.

Organic service revenue growth, Group Adjusted EBITDAaL and Group Adjusted EBITDAaL margin are non-GAAP measures. See page

213

for more information.

2.

Other Europe markets comprise Portugal, Ireland, Greece, Romania, Czech Republic and Albania.

3.

Capital additions in FY25 includes software arrangements managed centrally on behalf of the Group.

Fixed service revenue declined by 8.1% (Q3:

-10.7%; Q4: -9.7%) due to the cumulative impact of

TV and broadband customer losses. The MDU

transition had a 5.5 percentage point impact (Q3:

-6.8 percentage points; Q4: -5.9 percentage points)

on fixed service revenue growth. Excluding this

impact, Q4 trends were broadly stable. Mobile

service revenue declined by 1.2% (Q3: -1.0%; Q4:

-1.2%) as ARPU pressure, due to higher

competitive intensity in the market and lower

mobile termination rates, was only partially offset

by higher wholesale revenue. 1&1 began migrating

their customers onto our network in the second

half of the year as a part of our long-term national

roaming agreement and we continue to expect the

migration to reach a full run-rate during H2 FY26.

Vodafone Business service revenue declined by

2.3% (Q3: -3.0%; Q4: -2.8%) as price pressure in the

mobile segment, in particular from SoHo

customers and large corporates optimising spend,

as well as lower roaming revenue, was only

partially offset by good growth in digital services.

Digital services revenue continued to grow

strongly, supported by strong demand for our

Cloud services which grew by 15.1% in FY25. In

March 2025, we announced the launch of our new

Cyber Security Centre in Düsseldorf which aims to

support SMEs through monitoring and resolving

cyber security threats.

Germany: Turnaround continuing through

challenging market conditions

FY25

€m

FY24

€m

Reported

change

%

Organic

change

1

%

Total revenue

12,180

12,957

(6.0)

Service revenue

10,876

11,453

(5.0)

(5.0)

Other revenue

1,304

1,504

Adjusted EBITDAaL

4,384

5,017

(12.6)

(12.6)

Adjusted EBITDAaL

margin

36.0%

38.7%

Note:

1.

Organic growth is a non-GAAP measure. See page

213

for more

information.

Growth

Total revenue decreased by 6.0% to €12.2 billion as

a result of lower service revenue and equipment

revenue. As anticipated, service revenue declined

by 5.0% (Q3: -6.4%; Q4: -6.0%), primarily due to a

3.0 percentage point negative impact (Q3: -3.8

percentage points; Q4: -3.3 percentage points)

from the end of bulk TV contracting in multi

dwelling units (‘MDU’), which came into full effect

from July 2024, as well as a lower broadband

customer base following the price increases in the

prior year. The small improvement in quarterly

trends was driven by the lower impact of the TV

law change and higher wholesale service revenue,

partially offset by lower mobile ARPU.

![](data:image/svg+xml;base64,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)

Vodafone Group Plc

Annual Report 2025

21

Strategic report

Governance

Financials

Other information

Our financial performance

continued

Adjusted EBITDAaL declined by 12.6%, primarily

due to a 7.5 percentage point impact related to the

MDU transition (H1: -7.0 percentage points; H2: -8.0

percentage points). Excluding this impact, the

decline in Adjusted EBITDAaL was largely driven by

lower service revenue and increased investment in

the customer experience, our brand and Vodafone

Business as we have chosen to prioritise investment

to support the turnaround of Vodafone Germany,

as well as higher customer costs in the more

intense competitive environment. A 2.4 percentage

point benefit from lower energy costs was offset

by higher inflation across the cost base. The

Adjusted EBITDAaL margin was 2.7 percentage

points lower year-on-year at 36.0%.

Customers

Our broadband customer base declined by

102,000 in FY25, including the loss of 43,000

customers on our gigabit-capable network. During

the year, customer additions on our gigabit-

capable broadband footprint gradually improved

and, as we had anticipated, in the second half

of the year we stabilised our gigabit customer

base. This was supported by the improved

customer experience, as we have achieved the

lowest ever share of detractors in our base. We

are now the largest provider of fixed line gigabit

connectivity in Germany, supported by our

wholesale agreements with Deutsche Telekom

and Deutsche Glasfaser. We can now market

gigabit speeds to almost 75% of German homes

with 5 million fibre households beyond our own

cable footprint of 25 million households.

During the year, we completed the migration of

our MDU TV customer base following the change

in TV law that came into effect in July 2024. By the

end of March 2025, we had retained 4.2 million

households under new commercial terms, which

is in line with our initial expectation that we

would retain around 50% of the 8.5 million MDU

TV households.

Despite higher competitive intensity in the mobile

market, our Consumer mobile contract customer

base increased by 90,000. Our increased focus on

higher value branded and direct sales channels

was partially offset by the anticipated loss of

low-margin customers through reseller channels

and 65,000 net disconnections from business

accounts, partially driven by some large contract

tenders in the prior year. We added a further

6.4 million IoT connections, driven by demand

from the automotive sector.

UK: Strong customer experience & Adj.

EBITDAaL performance

FY25

€m

FY24

€m

Reported

change

%

Organic

change

1

%

Total revenue

7,069

6,837

3.4

Service revenue

5,887

5,631

4.5

1.9

Other revenue

1,182

1,206

Adjusted EBITDAaL

1,558

1,408

10.7

7.9

Adjusted EBITDAaL

margin

22.0%

20.6%

Note:

1.

Organic growth is a non-GAAP measure. See page

213

for

more information.

Growth

Total revenue increased by 3.4% to €7.1 billion due

to service revenue growth and the appreciation of

GBP:EUR. Service revenue increased by 4.5% (Q3:

7.6%; Q4: 5.7%) due to foreign exchange

movements and organic growth in service revenue

which increased by 1.9% (Q3: 3.3%; Q4: 3.1%),

as growth in Consumer was offset by a decline

in Business.

Mobile service revenue grew by 2.9% (Q3: 6.0%,

Q4: 4.4%), as broadly stable organic mobile service

revenue of 0.3% (Q3: 1.8%, Q4: 1.8%) was

supported by the appreciation of GBP:EUR. The

organic performance was primarily driven by

Consumer customer base growth and the delivery

of project milestones in Business. This was partially

offset by the significantly lower level of inflation-

linked price rises compared to the prior year and

the ongoing dilution of the back book from front

book pricing in mobile. Fixed service revenue grew

by 9.2% (Q3: 12.3%, Q4: 8.8%) and organic growth

in fixed service revenue was 6.5% (Q3 7.6%, Q4:

6.4%). Growth was supported by foreign exchange

movements, continued growth in our customer

base and ARPU growth in Consumer. The slowdown

in quarterly trends was driven by Business due to

some managed services contract losses.

Vodafone Business service revenue increased by

1.6% (Q3: 3.7%, Q4: 3.7%) and organic growth in

Vodafone Business service revenue declined by

0.9% (Q3: -0.4%, Q4: 1.3%). Growth in fixed due to

strong commercial performance, and business

demand for our digital services and project work,

was offset by a decline in mobile, primarily driven

by lower inflation-linked price increases and ARPU

pressure. The improvement in quarterly growth

trends was driven by project activity.

Adjusted EBITDAaL increased by 10.7% in the

period, and on an organic basis, Adjusted EBITDAaL

increased by 7.9%. The increase in Adjusted

EBITDAaL was primarily driven by service revenue

growth, a 2.7 percentage point benefit from lower

energy costs and other cost efficiencies. The

Adjusted EBITDAaL margin improved by 1.4

percentage points year-on-year to 22.0%.

Customers

We have delivered significant improvements in

customer experience this year and now have a

market leading NPS position and lowest ever share

of detractors in our base. This is reflected in Ofcom

mobile complaints, which are down 30% year-on-

year. These achievements supported our record

level customer loyalty, and an increase in our

mobile Consumer contract customer base of

117,000. This was partially offset by large

low-value contract disconnections in Business and

a reclassification of part of the mobile customer

base to IoT, with our total contract customer base

increasing by 7,000 in FY25.

In fixed, we continue to be one of the fastest

growing broadband providers in the UK and our

customer base increased by 227,000 during the

year. This was supported by the launch of the new

‘One Touch Switching’ service in September 2024,

making it even easier for customers to join us. We

now cover 19.4 million households with gigabit

speeds, and in July, we announced that we now

offer faster speeds of up to 2.2Gbps in more

locations than any other provider.

Portfolio

In June 2023, we announced a binding agreement

to combine our UK business with Three UK to

create a sustainable and competitive third scaled

network operator in the UK. In December 2024, the

UK’s Competition and Markets Authority (‘CMA’)

approved the combination of Vodafone and Three

in the UK. Following the merger, which we expect

to complete in the first half of 2025. Vodafone and

CK Hutchison will own 51% and 49% of the

combined business, respectively. This combination

will provide customers with greater choice and

more value, drive greater competition, and enable

increased investment with a clear £11 billion

plan to create one of Europe’s most advanced

5G networks.

![](data:image/svg+xml;base64,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)

22

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Our financial performance

continued

Other Europe

1

: Continued service

revenue growth

FY25

€m

FY24

€m

Reported

change

%

Organic

change

2

%

Total revenue

5,694

5,504

3.5

Service revenue

4,805

4,722

1.8

2.1

Other revenue

889

782

Adjusted EBITDAaL

1,510

1,516

(0.4)

–

Adjusted EBITDAaL

margin

26.5%

27.5%

Notes:

1.

Other Europe markets comprise Portugal, Ireland, Greece,

Romania, Czech Republic and Albania.

2.

Organic growth is a non-GAAP measure. See page

213

for

more information.

Growth

Total revenue grew by 3.5% to €5.7 billion as

higher service and equipment revenue was

partially offset by the depreciation of local

currencies versus the euro. Service revenue

increased by 1.8% (Q3: 2.2%, Q4: 1.1%) as adverse

foreign exchange movements were offset by

organic growth in service revenue of 2.1% (Q3:

2.6%, Q4: 0.8%), driven by a higher contract

customer base in mobile and broadband, and by

price actions in most markets, partly offset by

lower mobile termination rates. The slowdown

in quarterly trends was due to the exceptionally

high growth in Q4 the prior year driven by public

sector projects.

In Portugal, both our Consumer and Business

segments continued to perform well during the

year. In November 2024 we launched our new

second brand, Amigo, to compete effectively

across all segments of the market following the

launch of a fourth player. In Ireland, service

revenue grew due to higher broadband customer

base supported by improved customer loyalty,

partially offset by lower mobile termination rates.

Service revenue in Greece increased, particularly

due to growth in the public sector and a higher

mobile contract customer base.

Vodafone Business service revenue increased by

3.9% (Q3: 5.3%, Q4: 1.5%), as organic growth in

Vodafone Business service revenue of 4.4% (Q3:

5.8%, Q4: 1.2%) was offset by adverse foreign

exchange movements. Organic growth was mainly

driven by digital services, as well as public sector

project work in Portugal, Greece and Romania.

Adjusted EBITDAaL declined by 0.4% in the period

and was stable on an organic basis, as service

revenue growth and ongoing cost control was

offset by a deferral of income recognition relating

to certain Business contracts and a one-off

provision. The Adjusted EBITDAaL margin

decreased by 1.0 percentage points year-on-year

to 26.5%.

Customers

We won 462,000 new mobile contract customers

across our six markets, mainly driven by Portugal

and Greece. In Portugal, we won 170,000 new

contract customers in mobile and 23,000 in fixed

broadband. In Greece, the mobile contract base

grew by 149,000, though fixed broadband

customers declined by 17,000. In Ireland, our

mobile contract customer base increased by

18,000 and the broadband customer base by

22,000. Through our fixed wholesale network

access partnerships, including our fibre joint

venture, SIRO, we now cover 1.7 million

households in Ireland with FTTH.

Portfolio

In October 2024, we announced that, along with

Digi Romania, we have signed a memorandum of

understanding with Hellenic Telecommunications

in relation to a potential acquisition of separate

parts of its subsidiary Telekom Romania. The

discussions are at an advanced stage with the

regulatory approval process ongoing.

Türkiye: Strong growth in real terms and

on a euro basis

FY25

€m

FY24

€m

Reported

change

%

Organic

change

1

%

Total revenue

3,086

2,362

30.7

Service revenue

2,484

1,746

42.3

83.4

Other revenue

602

616

Adjusted EBITDAaL

842

510

65.1

110.5

Adjusted EBITDAaL

margin

27.3%

21.6%

Note:

1. Organic growth is a non-GAAP measure. See page

213

for more

information.

Hyperinflationary accounting in Türkiye

Türkiye was designated as a hyperinflationary

economy on 1 April 2022 in line with IAS 29

‘Financial Reporting in Hyperinflationary

Economies’. See note 1 ‘Basis of preparation’

in the consolidated financial statements for

further information.

Organic growth metrics exclude the impact

of the hyperinflation adjustment and foreign

exchange translation in Türkiye. See page

214

for more information.

Growth

Total revenue increased by 30.7% to €3.1 billion,

with service revenue growth partly offset by

depreciation of the local currency versus the euro.

Service revenue increased by 83.4% (Q3: 83.4%,

Q4: 73.2%) on an organic basis. Service revenue

growth in euro terms was 42.3% (Q3: 97.5%, Q4:

15.2%) as reported under IAS 29. Excluding the

impact of hyperinflationary accounting

adjustments, service revenue increased by 45.2%

in euro terms (Q3: 53.1%; Q4: 52.3%). Growth in

Türkiye was primarily driven by ongoing price

actions, value accretive base management and

continued customer base growth, partially offset

by adverse foreign exchange movements.

Vodafone Business service revenue increased by

107.1% (Q3: 102.8%, Q4: 105.1%) on an organic

basis in FY25, with growth supported by business

demand for our digital services, as well as

inflationary mobile price actions. In euro terms,

Business service revenue increased by 60.9% (Q3:

117.0%, Q4: 38.0%) as reported under IAS 29.

Adjusted EBITDAaL increased by 110.5% on an

organic basis, supported by service revenue

growth, ongoing digitalisation and our continued

focus on cost efficiency. Adjusted EBITDAaL

continued to grow in euro terms and increased

by 65.1% during the year. The Adjusted EBITDAaL

margin increased by 5.7 percentage points

year-on-year (6.7 percentage points on an organic

basis) to 27.3%.

Customers

We won 952,000 new mobile contract

customers during the year, including migrations

of prepaid customers.

![](data:image/svg+xml;base64,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)

Vodafone Group Plc

Annual Report 2025

23

Strategic report

Governance

Financials

Other information

Our financial performance

continued

Africa: Accelerating growth supporting

upgraded mid-term guidance

FY25

€m

FY24

€m

Reported

change

%

Organic

change

1

%

Total revenue

7,791

7,420

5.0

Service revenue

6,172

5,951

3.7

11.3

Other revenue

1,619

1,469

Adjusted EBITDAaL

2,593

2,539

2.1

10.2

Adjusted EBITDAaL

margin

33.3%

34.2%

Note:

1.

Organic growth is a non-GAAP measure. See page

213

for more

information.

Growth

Total revenue increased by 5.0% to €7.8 billion as

higher service and equipment revenue was

partially offset by the depreciation of the Egyptian

pound versus the euro. Service revenue increased

by 3.7% (Q3: 4.1%, Q4: 8.8%) and organic growth in

service revenue was 11.3% (Q3: 11.6%, Q4: 13.5%)

with growth in South Africa, Egypt and all of

Vodacom’s international markets, apart from

Mozambique. The improvement in quarterly trends

reflect an acceleration in growth across all

Vodacom segments.

In South Africa, service revenue growth was

supported by good demand for fixed connectivity,

an acceleration in the Consumer prepaid segment

and strong growth in the mobile contract

segment, which benefited from price increases.

Financial services revenue grew by 12.1% to

€176 million, supported by growth in our

insurance services.

Service revenue in Egypt grew well above inflation

during the year and accelerated in Q4. The

performance was supported by price actions,

sustained customer base growth and demand

for data. Our financial services product,

‘Vodafone Cash’ revenue increased by 18.8% to

€113.7 million and now represents 8.0% of Egypt’s

service revenue.

In Vodacom’s international markets, service

revenue growth was supported by a higher

customer base and strong M-Pesa and data

revenue growth. M-Pesa revenue grew by

10.0% to €427.9 million, and now represents

27.6% of service revenue.

Vodacom Business service revenue grew by

5.4% (Q3: 6.6%; Q4: 9.6%) and organic growth

in Vodacom Business service revenue was

10.0% (Q3: 10.8%; Q4: 11.5%), with South Africa

supported by strong demand for digital services

and fixed connectivity.

Adjusted EBITDAaL increased by 2.1% as the

depreciation of local currencies versus the euro

was more than offset by organic growth. On an

organic basis, adjusted EBITDAaL increased by

10.2% due to service revenue growth, cost

initiatives and the base effect of the Egyptian

pound devaluation in the prior year. The Adjusted

EBITDAaL margin decreased by 0.9 percentage

points year-on-year (-0.2 percentage points on

an organic basis) to 33.3%.

Customers

In South Africa, we won 152,000 new contract

customers in FY25, and now have a mobile

contract base of 7.0 million. Across our active

customer base, 78.9% of our mobile customers use

data services. Our ‘VodaPay’ super-app continued

to gain traction with 11.9 million registered users.

In Egypt, we won 656,000 new contract customers

and 2.5 million prepaid mobile customers during

the year, and we now have 51.5 million customers.

‘Vodafone Cash’ reached 11.4 million active users

with 3.2 million users added during the year.

In Vodacom’s international markets, we won

5.9 million new mobile customers in FY25, and our

mobile customer base is now 60.0 million, with

67.3% of active customers using our data services.

Our M-Pesa customer base now totals 25.2 million.

Investor Briefing

Vodacom Group hosted an investor briefing

in February 2025, which encompassed a series

of presentations and showcases covering the

Vodacom Group’s medium-term strategy and the

key growth opportunities across its markets and

products. As part of this update, Vodacom

communicated an ambition to accelerate Group

EBITDA growth into double-digit. This represents

an upgrade from the existing medium-term target

framework of high single-digit EBITDA growth.

Click or scan to watch Vodacom presentations:

vodacom.com/presentations

Click to see further information on our operations in Africa:

vodacom.com

![](data:image/svg+xml;base64,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)

24

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Our financial performance

continued

Vodafone Investments

FY25

€m

FY24

€m

Vantage Towers

(Oak Holdings 1 GmbH)

(74)

(85)

VodafoneZiggo Group Holding B.V.

(125)

(177)

Safaricom Limited

201

159

Indus Towers Limited

55

140

Other

1

(including TPG Telecom

Limited)

(180)

(133)

Share of results of equity

accounted associates and

joint ventures

(123)

(96)

Note:

1. The Group’s investment in Vodafone Idea Limited (‘VIL’) was

reduced to €nil in the year ended 31 March 2020 and the Group

has not recorded any profit or loss in respect of its share of VIL’s

results since that date.

Vantage Towers – 44.7% ownership

In March 2023, we announced the completion of

Oak Holdings GmbH, our co-control partnership

for Vantage Towers with a consortium of long-term

infrastructure investors led by Global

Infrastructure Partners and KKR. We received initial

net proceeds of €4.9 billion in March 2023,

followed by a further €500 million in July 2023

and €1.3 billion in August 2024, taking total net

proceeds to €6.6 billion and the Consortium’s

ownership in Oak Holdings GmbH to 50%. Our

effective stake in Vantage Towers is 44.7%. During

the year, total revenue increased by 6.9% to

€1.2 billion, supported by 2,020 net new tenancies

and 839 new macro sites. As a result, the tenancy

ratio increased to 1.53x (31 March 2024: 1.50x).

Vodafone’s share of results in the period reflects

the amortisation of intangible assets arising from

the completion of the co-control partnership for

Vantage Towers. During the year, Vantage Towers

distributed €307 million in dividends to Vodafone.

VodafoneZiggo Joint Venture (Netherlands)

– 50.0% ownership

The results of VodafoneZiggo are prepared under

US GAAP, which is broadly consistent with

Vodafone’s IFRS basis of reporting. Total revenue

decreased 1.1% to €4.1 billion, as a decline in the

fixed customer base was only partially offset by

contractual price increases. In FY25,

VodafoneZiggo’s mobile contract customer base

increased by 14,000 driven by growth in the

Consumer segment. VodafoneZiggo’s broadband

customer base declined by 105,000 customers

due to the competitive price environment.

VodafoneZiggo offers gigabit speeds to 7.6 million

homes, providing nationwide coverage. During the

year, VodafoneZiggo successfully acquired a

100 MHz spectrum license in the 3.5 GHz band.

Vodafone’s share of net loss for the year decreased,

driven by higher gains on derivative financial

instruments and tax, partially offset by lower

operating income. During the year, Vodafone

received €63 million in dividends and €51 million

in interest payments from the joint venture.

Safaricom Associate (Kenya) – 27.8%

ownership

Safaricom service revenue grew by 26.3% to

€2.7 billion, driven by organic growth of 11.2% and

favourable foreign exchange movements of the

Kenyan shilling versus the euro. Vodafone’s higher

share of results was due to a strong result in Kenya.

During the period, Vodafone received €136 million

in dividends from Safaricom.

TPG Telecom Limited Joint Venture (Australia)

– 25.1% ownership

TPG Telecom Limited (‘TPG’) is a fully integrated

telecommunications operator in Australia and is

listed on the Australian stock exchange. The Group

owns an equivalent economic interest of 25.1%, via

an 11% direct stake in TPG and a 14% indirect

stake, held through a 50:50 joint venture with CK

Hutchison. During the year, the Group received

€24 million in dividends from its direct stake in

TPG. The Group provides guarantees amounting to

$1.0 billion and €0.6 billion (2024: $1.0 billion and

€0.6 billion) in relation to its 50% share in a

multicurrency loan facility held by the joint

venture. In October 2024, TPG announced the sale

of its fixed network infrastructure assets and

enterprise, government and wholesale fixed

telecommunications services business for

AU$5.25 billion. The transaction is subject to

regulatory approval and other customary

conditions precedent.

Vodafone Idea Limited Joint Venture (India)

– 24.4% ownership

After undertaking equity fund-raisings and

allotments to vendors since March 2024, the

Group’s shareholding in Vodafone Idea Limited has

reduced to 24.4%. See note 29 ‘Contingent

liabilities and legal proceedings’ in the

consolidated financial statements for

more information.

On 30 March 2025, Vodafone Idea announced

that the government had agreed to convert

US$4.3 billion of its outstanding spectrum dues

to equity. The Group’s shareholding in Vodafone

Idea Limited was subsequently diluted to 16.1%

in April 2025.

Indus Towers Limited (India)

The Group disposed of its investment in Indus

Towers Limited in two tranches during June and

December 2024. See note 29 ‘Contingent liabilities

and legal proceedings’ in the consolidated

financial statements for more information.

Net financing costs

FY25

€m

FY24

€m

Reported

change

%

Investment income

864

581

Financing costs

(1,931)

(2,626)

Net financing costs

(1.067)

(2,045)

47.8

Adjustments for:

Mark-to-market

(gains)/losses

(2)

97

Foreign exchange

losses

1

173

Fair value gains on

Other Investments

through profit and loss

(247)

–

Adjusted net

financing costs

1

(1,315)

(1,775)

25.9

Note:

1. Adjusted net financing costs is a non-GAAP measure. See page

213

for more information.

Net financing costs decreased by €978 million and

include a gain of €253 million on certain bonds

bought back prior to their maturity dates; a

revaluation gain of €247 million from Other

investments classified at fair value through profit

and mark-to-market and foreign exchange gains in

the current year, combined with lower interest paid

on loans and collateral balances.

Adjusted net financing costs decreased by

€460 million, mainly as a result of the gain of

€253 million from the early redemption of the

bonds bought back in the period as well as lower

interest costs mainly due to repayment of the

borrowings secured against the Group’s

shareholdings in Indus Towers and Vodafone Idea.

![](data:image/svg+xml;base64,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)

Vodafone Group Plc

Annual Report 2025

25

Strategic report

Governance

Financials

Other information

Our financial performance

continued

Taxation

FY25

%

FY24

%

Reported

change

pps

Effective tax rate

(152.0)

3.1

(155.1)

Adjusted effective

tax rate

1

25.3

24.5

0.8

Note:

1. Adjusted effective tax rate is a non-GAAP measure. See page

213

for more information.

The Group’s Effective tax rate (‘ETR’) for the year

ended 31 March 2025 was (152.0)% (FY24: 3.1%).

The negative ETR is driven by the €4,515 million

impairments of Germany and Romania that are

permanently non-deductible for tax. Excluding

these the ETR would be positive 74.0%. This rate

is high due to one-off items including a charge

of €718 million on remeasurement of the

Luxembourg deferred tax asset following a

1% corporate tax rate reduction, a €185 million tax

charge on the settlement of the VISPL tax cases

in India, a €164 million tax charge arising on the

€26 million net gain on the disposal of a 10% stake

in Oak Holdings GmbH, a net €128 million tax

charge as an effect of hyper-inflation tax and

accounting adjustments in Türkiye, offset by a net

€(53)m credit in relation to the disposal of Indus

Towers and settlement of the secondary pledge.

The Group’s Adjusted ETR (‘AETR’) for the year

ended 31 March 2025 was 25.3% (FY24: 24.5%).

This eliminates the above stated significant one-off

items, as well as the €423 million deferred tax

charge for utilisation of recognised tax losses

in Luxembourg.

The BEPS Pillar Two Minimum Tax legislation was

enacted in July 2023 in the UK with effect from

2024. The Group has applied the temporary

exception under IAS 12 in relation to the

accounting for deferred taxes arising from the

implementation of the Pillar Two rules. The tax

charge for the year ended 31 March 2025 includes

a current tax charge of €7 million relating to Pillar

2 income taxes

Earnings per share

FY25

eurocent

FY24

eurocents

Reported

change

eurocents

Basic (loss)/earnings

per share – Continuing

operations

(15.86)

4.45

(20.31)

Basic (loss)/earnings per

share – Total Group

(15.94)

4.21

(20.15)

Adjusted basic earnings

per share

1

7.87

7.47

0.40

Note:

1. Adjusted basic earnings per share is a non-GAAP measure. See

page

213

for more information.

Basic loss per share from continuing operations

was 15.86 eurocents, compared to earnings per

share of 4.45 eurocents in FY24. The decrease was

primarily due to impairment losses in respect of

Germany and Romania, together with a higher

income tax expense, which outweighed lower net

financing costs.

Adjusted basic earnings per share was

7.87 eurocents, compared to 7.47 eurocents in

FY24. The increase was primarily due to higher

adjusted earnings, primarily from lower adjusted

net financing costs, together with a lower number

of shares outstanding resulting from the share

buyback programme.

Consolidated statement

of financial position

The consolidated statement of financial position

is set out on page

128

. Details on the major

movements of both our assets and liabilities in

the year are set out below.

In accordance with IFRS requirements, Vodafone

Spain and Vodafone Italy are reported as

discontinued operations in the consolidated

financial statements. Assets and liabilities held for

sale as at 31 March 2024 were €19.0 billion and

€6.9 billion, respectively, and comprised Vodafone

Spain and Vodafone Italy. The disposal of Vodafone

Spain completed on 31 May 2024 and the disposal

of Vodafone Italy completed on 31 December

2024. There were no assets and liabilities held for

sale at 31 March 2025. See note 7 ‘Discontinued

operations and assets held for sale’ in the

consolidated financial statements for more

information.

Assets

Non-current assets

Intangible assets decreased by €5.4 billion between

31 March 2024 and 31 March 2025 to €33.4 billion.

This primarily reflects: (i) non-cash impairment

charges for Vodafone Germany and Vodafone

Romania totalling €4.5 billion, and (ii) amortisation

exceeding additions by €1.0 billion in the year.

Property, plant and equipment increased by

€2.2 billion between 31 March 2024 and 31 March

2025 to €30.7 billion. This reflects an increase of

€1.0 billion in owned assets and an increase of

€1.2 billion in right-of-use assets.

Investments in associates and joint ventures

decreased by €3.1 billion between 31 March 2024

and 31 March 2025 to €6.9 billion, primarily

attributable to the sale of a further 10% in Oak

Holdings 1 GmbH (Vantage Towers) and the sale

of the Group’s stake in Indus Towers. See note 12

‘Associates and joint arrangements’ in the

consolidated financial statements for

more information.

Other investments increased by €2.1 billion

between 31 March 2024 and 31 March 2025 to

€3.2 billion, due to an increase of €1.2 billion in

equity securities and an increase of €0.9 billion in

bond and debt securities held by the Group.

Deferred tax assets decreased by €1.1 billion

between 31 March 2024 and 31 March 2025

to €19.0 billion. See note 6 ‘Taxation’ in the

consolidated financial statements for

more information.

Trade and other receivables increased by

€0.5 billion between 31 March 2024 and 31 March

2025 to €6.4 billion.

Current assets

Current assets increased by €8.1 billion between

31 March 2024 and 31 March 2025 to €28.6 billion.

This was primarily due to an increase in cash and

cash equivalents of €4.8 billion, an increase of

€0.8 billion in Trade and other receivables and

an increase of €2.3 billion in Other investments.

Total equity and liabilities

Equity

Total equity decreased by €7.1 billion between

31 March 2024 and 31 March 2025 to €53.9 billion,

primarily due to comprehensive expense in the

period of €3.2 billion, €2.0 billion of dividends paid

to the Group’s shareholders and a €2.0 billion

decrease attributable to the purchase of

Treasury shares.

Non-current liabilities

Non-current liabilities decreased by €2.2 billion

between 31 March 2024 and 31 March 2025 to

€51.9 billion, primarily due to a decrease in

Borrowings of €3.2 billion, offset by an increase

in Trade and other payables of €0.8 billion.

![](data:image/svg+xml;base64,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)

26

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Our financial performance

continued

Current liabilities

Current liabilities increased by €0.4 billion between

31 March 2024 and 31 March 2025 to €22.8 billion,

primarily due to an increase of €0.7 billion in Trade

and other payables, an increase of €0.2 billion in

Provisions and an increase of €0.2 billion in

Taxation liabilities, partially offset by a decrease

in borrowings of €0.7 billion.

Inflation

The Group continues to apply hyperinflationary

accounting, as specified in IAS 29, at its Turkish

operations where the functional currency is the

Turkish lira and to Safaricom’s operations in

Ethiopia where the Ethiopian birr is the functional

currency. See note 1 ‘Basis of preparation’ in the

consolidated financial statements for more

information and for a summary of the impact on

the financial results of the Group for the year

ended 31 March 2025.

Cash flow and funding

Analysis of cash flow

FY25

€m

FY24

€m

Reported

change

%

Inflow from

operating activities

15,373

16,557

(7.2)

Inflow/(outflow) from

investing activities

4,759

(6,122)

177.7

Outflow from

financing activities

(15,278)

(15,855)

3.6

Net cash inflow/

(outflow)

4,854

(5,420)

189.6

Cash and cash

equivalents at the

beginning of the

financial year

6,114

11,628

Exchange loss on cash

and cash equivalents

(75)

(94)

Cash and cash

equivalents at the end

of the financial year

10,893

6,114

Cash inflow from operating activities decreased

to €15,373 million, primarily due to lower inflows

from discontinued operations.

Inflow from investing activities increased by

€10,881 million to €4,759 million, primarily driven

by the disposals of Vodafone Spain and Vodafone

Italy and the proceeds received from the disposal

of 10% of Oak Holdings 1 GmBH (€1,336 million)

and the disposal of 18% of Indus Towers Limited

(€1,684 million). The Group disposed of Vodafone

Spain to Zegona Communications plc (‘Zegona’)

for total cash consideration of €4,069 million

(subject to closing accounts adjustments), of

which €3,669 million is included in this line, and

Vodafone Italy to Swisscom AG (‘Swisscom’)

for total cash consideration of €7,885 million

(after closing accounts adjustments), of which

€7,707 million is included in this line. The

remaining €400 million and €178 million

respectively relates to the future use of the

Vodafone brand by Zegona and Swisscom, and to

certain procurement services to be provided by

the Group to Zegona and is included in Inflow from

operating activities. This was offset by a higher

outflow in relation to the purchase of investments.

Outflows from financing activities decreased by

€577 million to €15,278 million, as lower net cash

outflows in respect of borrowings, dividends and

discontinued operations were partly offset by

higher interest paid arising from the repayment

of borrowings secured against Indian assets and

higher payments in respect of the purchase

of treasury shares.

FY25

€m

FY24

€m

Reported

change

%

Adjusted EBITDAaL

1

10,932

11,019

(0.8)

Capital additions

2

(6,862)

(6,331)

Working capital

3

53

(309)

Disposal of property, plant and equipment and intangible assets

9

14

Integration capital additions

(31)

(81)

Restructuring costs including working capital movements

4

(246)

(254)

Licences and spectrum

(421)

(454)

Interest received and paid

5

(1,147)

(1,279)

Taxation

(728)

(724)

Dividends received from associates and joint ventures

530

442

Dividends paid to non-controlling shareholders in subsidiaries

(249)

(260)

Other

10

–

Free cash flow

1

1,850

1,783

3.8

Acquisitions and disposals

13,917

(346)

Equity dividends paid

(1,787)

(2,430)

Share buybacks

(1,868)

–

Foreign exchange (loss)/gain

(182)

(64)

Other movements in net debt

6,7

(1,085)

1,065

Net debt decrease/(increase)

1

10,845

8

Opening net debt

1

(33,242)

(33,250)

Closing net debt

1

(22,397)

(33,242)

32.6

Net debt of Vodafone Spain and Vodafone Italy

1

–

(107)

Closing net debt incl. Vodafone Spain and Vodafone Italy

1

(22,397)

(33,349)

32.8

Free cash flow

1

1,850

1,783

Adjustments:

–

Licences and spectrum

421

454

–

Restructuring costs including working capital movements

4

246

254

–

Integration capital additions

31

81

–

Other adjustments

–

28

Adjusted free cash flow

1

2,548

2,600

Notes:

1. Adjusted EBITDAaL, Free cash flow, Adjusted free cash flow and Net debt are non-GAAP measures. See page

213

for more information.

2. See page

222

for an analysis of tangible and intangible additions in the year.

3. Includes the impact of €148 million of Trade payables for which the Group has extended payment terms from 30 to 90 days through the use

of reverse factoring at 31 March 2025 (31 March 2024: €nil).

4. Includes working capital in respect of integration capital additions.

5.

Interest received and paid excludes €451 million outflow (FY24: €406 million) in relation to the cash portion of interest on lease liabilities

included within Adjusted EBITDAaL.

6. Other movements in net debt for FY25 includes a net outflow from discontinued operations of €120 million (FY24: €455 million inflow) and

the repayment of borrowings secured against Indian assets of €1,794 million (including €547 million of accrued interest) following the

disposal of the Group’s interest in Indus Towers, offset by payments from Swisscom and Zegona in respect of the future use of the Vodafone

brand of €491 million and €328 million in respect of proceeds from the disposal of the Group’s residual 3% interest in Indus Towers, which

was classified as an Other investment. The amount for FY24 includes mark-to-market losses recognised in the income statement of

€97 million and €185 million for the repayment of debt in relation to licences and spectrum.

![](data:image/svg+xml;base64,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)

Vodafone Group Plc

Annual Report 2025

27

Strategic report

Governance

Financials

Other information

Our financial performance

continued

Acquisitions and disposals includes the disposal of

10% of Oak Holdings 1 GmbH (€1,336 million) and

the disposal of 18% of Indus Towers Limited

(€1,684 million). Additionally, the Group disposed

of Vodafone Spain to Zegona Communications plc

(‘Zegona’) for total cash consideration of

€4,069 million (subject to closing accounts

adjustments), of which €3,669 million is included

in this line, and Vodafone Italy to Swisscom

AG (‘Swisscom’) for total cash consideration

of €7,885 million (after closing accounts

adjustments), of which €7,707 million is included

in this line. The remaining €400 million and

€178 million respectively relates to the future

use of the Vodafone brand by Zegona and

Swisscom and to certain procurement services

to be provided by the Group to Zegona.

Adjusted free cash flow was an inflow of

€2,548 million in the period, representing a

decline of €52 million compared to the

comparative period.

Borrowings and cash position

FY25

€m

Re-presented

1

FY24

€m

Reported

change

%

Non-current borrowings

(46,096) (49,259)

Current borrowings

(7,047)

(7,728)

Borrowings

(53,143)(56,987)

Cash and cash

equivalents

11,001

6,183

Borrowings less cash

and cash equivalents

(42,142)(50,804)

17.0

Note:

1. On 1 April 2024, the Group adopted amendments to IAS 1

‘Presentation of Financial Statements’ which has impacted the

classification of certain bonds between current borrowings and

non-current borrowings. See note 1 ‘Basis of preparation’ in the

consolidated financial statements for more information.

Borrowings principally includes bonds of

€36,402 million (31 March 2024: €40,743 million),

lease liabilities of €10,826 million (31 March 2024:

€9,672 million), cash collateral liabilities of

€2,357 million (31 March 2024: €2,628 million)

and €nil (31 March 2024: €1,720 million) of bank

borrowings that are secured against the Group’s

shareholdings in Indus Towers and Vodafone Idea.

The decrease in borrowings of €3,844 million was

primarily driven by the repayment of the bank

borrowings that are secured against the Group’s

shareholdings in Indus Towers and Vodafone Idea

assets of €1,794 million, repayment of bonds of

€7,408 million and a net reduction in collateral

liabilities of €271 million, partially offset by the

issue of new bonds of €3,358 million, an increase in

lease liabilities of €1,154 million and an increase in

bank loans and other borrowings of €1,335 million.

Funding position

FY25

€m

FY24

€m

Reported

change

%

Bonds

(36,402)

(40,743)

Bank loans

(1,213)

(767)

Other borrowings

including spectrum

(2,345)

(1,457)

Gross debt

1

(39,960) (42,967)

7.0

Cash and cash

equivalents

11,001

6,183

Non-current investments

in sovereign securities

913

–

Short-term investments

2

5,280

3,225

Derivative financial

instruments

3

1,716

2,204

Net collateral liabilities

4

(1,347)

(1,887)

Net debt

1

(22,397)(33,242)

32.6

Notes:

1. Gross debt and Net debt are non-GAAP measures. See page

213

for more information.

2. Short-term investments include €2,139 million (31 March 2024:

€1,201 million) of highly liquid government and government-

backed securities and managed investment funds of €3,141

million (31 March 2024: €2,024 million) that are in highly rated

and liquid money market investments with liquidity of up to

90 days.

3. Derivative financial instruments exclude derivative movements in

cash flow hedging reserves of €574 million gain (31 March 2024:

€498 million gain).

4. Collateral arrangements on derivative financial instruments result

in cash being held as security. This is repayable when derivatives

are settled and is therefore deducted from liquidity.

Net debt decreased by €10,845 million to

€22,397 million. This was driven by cash proceeds

from acquisitions and disposals (€13,917 million)

and a free cash inflow of €1,850 million, partially

offset by equity dividends of €1,787 million, share

buybacks of €1,868 million and €1,794 million in

relation to the repayment of borrowings secured

against Indian assets.

Other funding considerations include:

FY25

€m

FY24

€m

Lease liabilities

(10,826)

(9,672)

Pension fund liabilities

(187)

(181)

Guarantees over loan issued by

Australia joint venture

(1,479)

(1,479)

Equity characteristic of 50%

attributed by credit rating

agencies to ‘Hybrid bonds’

included in net debt, EUR swapped

value of €8,162 million (€8,993

million as at 31 March 2024)

4,081

4,497

The Group’s borrowings, which mainly include

certain bonds that have been designated in hedge

relationships, are carried at €899 million (2024:

€1,229 million) higher than their euro equivalent

redemption value. In addition, where bonds are

issued in currencies other than euros, the Group

has entered into foreign currency swaps to fix

the euro cash outflows on redemption. The

impact of these swaps is not reflected in gross

debt and would decrease the euro equivalent

redemption value of the bonds by €1,132 million

(2024: €1,559 million).

![](data:image/svg+xml;base64,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)

28

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Our financial performance

continued

Return on capital employed

Return on capital employed (‘ROCE’) reflects how

efficiently we are generating profit with the capital

we deploy. We calculate two ROCE measures:

i) Pre-tax ROCE for controlled operations only

and ii) Post-tax ROCE including associates and

joint ventures.

ROCE calculated using GAAP measures for the

year ended 31 March 2025 was -0.4% (FY24: 3.4%),

impacted by impairment losses in respect of

Germany and Romania and a higher income

tax expense, which outweighed lower net

financing cost.

The table below presents adjusted ROCE metrics.

FY25

€m

FY24

%

Change

pps

Pre-tax ROCE

(controlled)

1

7.0%

7.2%

(0.2)

Post-tax ROCE

(controlled and

associates/joint

ventures)

1

4.4%

4.4%

–

Note:

1. ROCE is calculated by dividing Operating profit by the average of

capital employed as reported in the consolidated statement of

financial position. Pre-tax ROCE (controlled) and Post-tax ROCE

(controlled and associates/joint ventures) are non-GAAP

measures. See page

213

for more information.

Acquisitions and disposals

See note 27 ‘Acquisitions and disposals’ in the

consolidated financial statements for details

of acquisition and disposal transactions during

the years ended 31 March 2025 and 2024.

Acquisitions and disposals in the year ended

31 March 2023 are summarised below.

Acquisitions

On 13 November 2022, the Group completed the

purchase of 4.2% of Vantage Towers A.G. for cash

consideration of €667 million.

Disposals

On 22 March 2023, the Group completed the

disposal of its interest in Vantage Towers A.G. to

Oak Holdings 1 GmbH, the co-control partnership

of Vodafone, GIP and KKR, resulting in a net gain

on disposal of €8,607 million.

On 21 February 2023, the Group completed the

sale of its 70% shareholding in Vodafone

Telecommunications Company Limited (‘Vodafone

Ghana’) to Telecel Group, resulting in a net gain on

disposal of €689 million.

On 31 January 2023, the Group completed the sale

of Vodafone Magyarország Zrt (‘Vodafone

Hungary’) to 4iG Public Limited Company and

Corvinus Zrt, resulting in a loss on disposal of

€69 million.

On 13 December 2022, the Group completed the

transfer of its 55% shareholding in Vodafone Egypt

to its subsidiary, Vodacom Group Limited.

Share buybacks

In May 2024, the Group started a series of irrevocable and non-discretionary share buyback programmes,

announced on 15 May 2024, 7 August 2024, 14 November 2024 and 4 February 2025, in order to return

€2 billion of the proceeds from the sale of Vodafone Spain. The final tranche of that series of programmes

completed on 19 May 2025.

A new share buyback programme of up to €2.0 billion of the proceeds from the sale of Vodafone Italy was

announced on 20 May 2025.

Details of the shares purchased under these programmes are shown below.

Date of share purchase

Number of shares

purchased

1,2

000s

Average price paid

per share inclusive

of transaction costs

Pence

Total number of shares

purchased under

publicly announced share

buyback programmes

3,4,5,6

000s

Total consideration of shares

purchased under

the programmes

€000

May 2024

134,665

75.85

134,665

119,682

June 2024

267,498

71.44

402,163

345,402

July 2024

155,255

70.21

557,418

474,641

August 2024

331,325

74.05

888,743

760,541

September 2024

132,247

76.81

1,020,990

881,174

October 2024

85,489

73.46

1,106,479

956,336

November 2024

286,834

70.89

1,393,313

1,198,036

December 2024

272,687

69.46

1,666,000

1,426,808

January 2025

121,566

68.36

1,787,566

1,519,747

February 2025

341,289

67.90

2,128,855

1,798,163

March 2025

86,000

72.64

2,214,855

1,872,760

April 2025

74,663

69.90

2,289,518

1,933,891

May 2025 (to 27 May)

104,907

72.13

2,394,425

2,023,532

Total

5

2,394,425

71.41

2,394,425

2,023,532

Notes:

1.

The nominal value of shares purchased is 20

21/22

pence each.

2.

Settlement date is two days after shares purchased.

3.

No shares were purchased outside the publicly announced share buyback programmes.

4.

In accordance with shareholder authority granted at the 2023 and 2024 Annual General Meetings.

5.

The total shares repurchased under each programme were: 591,127,316 shares completed on 6 August 2024: 592,618,008 shares

completed on 13 November 2024: 603,820,024 shares completed on 22 January 2025 and 549,968,714 shares completed on 19 May 2025.

6.

The total number of shares repurchased represented 9.6% of our issued share capital, excluding Treasury shares, at 27 May 2025.

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Vodafone Group Plc

Annual Report 2025

29

Strategic report

Governance

Financials

Other information

Our financial performance

continued

Section 219 SEC filings of interest

Vodafone Group Plc (‘Vodafone’) does not have

any subsidiaries, other equity investments, assets,

facilities or employees located in Iran, and

Vodafone has made no capital investment in Iran.

To the best of its knowledge, no U.S. persons,

including any U.S. affiliates of Vodafone, are

involved in the activities described below. Except

as specified below, to the best of Vodafone’s

knowledge, neither Vodafone, its subsidiaries, nor

its affiliates have engaged in any conduct needing

to be disclosed under Section 13(r) of the

Securities Exchange Act of 1934.

Vodafone has wholesale roaming and interconnect

arrangements (including voice and data) with

mobile and fixed line operators in Iran. Vodafone

has, or has had, relationships with

telecommunications operators in Iran in

connection with such roaming and interconnect

arrangements, some of which it believes are

or may be government-controlled entities.

Approximate gross revenue and costs attributable

to the roaming and interconnect arrangements

were €218,902.13 and €601,250.63, respectively,

for the financial year ended 31 March 2025.

Vodafone has certain embassy and enterprise

relationships with Iranian entities for which it also

expects small future revenues. During the financial

year ended 31 March 2025, Vodafone provided

telecommunications services to three Iranian

national embassies and consulates globally and

two Iranian majority-government-owned or

controlled entities in Germany. The approximate

gross revenue attributable to these relationships

during the financial year was €8,796.95.

During the financial year ended 31 March 2025,

Vodafone Global Network Limited (VGN) continued

to be a member of a consortium made up of the

Telecommunication Infrastructure Company of

Iran (‘TIC’) (an entity controlled by the government

of Iran), Rostelecom and Omantel, that has built

a high-speed cable network from a landing point

in Oman to Germany.

Each member of the consortium is responsible for

funding, building and maintaining its section of the

cable, with VGN owning and being responsible for

the segment from the Ukrainian border with Russia

to Frankfurt, Germany. No consortium transactions

or purchase of capacity took place during the

financial year ended 31 March 2025 for which

Vodafone was due any revenues. Netting

arrangements are in place for the settlement

of any such transactions which arise.

Vodafone, through one of its subsidiaries, also

makes insignificant payments to Iran in order to

register and renew certain domain names and

certain trademarks, and to protect its brand

globally. Payments are made by the Dr Laghaee

Law Firm in Tehran to The Domain Registry at the

Institute for Studies in Theoretical Physics

Mathematics organisation, which is the domain

name registry and therefore the ultimate

beneficiary. The costs of the registration and

renewal of the domain names for the financial year

ended 31 March 2025, including the professional

fees associated therewith, were approximately

€2,464.88 paid via the law firm Al Tamimi &

Company. Vodafone continues to maintain Iranian

trademarks in Iran. No fees were due to the Iranian

trademarks office during the financial year ended

31 March 2025.

Dividends

The Board is recommending total dividends per

share of 4.5 eurocents for the year. This includes

a final dividend of 2.25 eurocents compared to

4.5 eurocents in the prior year.

This year’s report contains the Strategic

Report on pages

1

to

66

, which includes an

analysis of our performance and position, a

review of the business during the year, and

outlines the principal risks and uncertainties

we face. The Strategic Report was approved

by the Board and signed on its behalf by the

Group Chief Executive and Group Chief

Financial Officer.

Margherita Della Valle

Group Chief Executive

3 June 2025

Luka Mucic

Group Chief Financial Officer

3 June 2025

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</svg>)

30

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Purpose, sustainability and responsible business

Everyone.Connected

We address Environmental, Social

and Governance (‘ESG’) topics through

our purpose strategy, with the goal

of enabling an inclusive, sustainable

and trusted digital society.

This year we continued to simplify, evolve and

embed our purpose strategy across our business,

with a focus on ‘Protecting the Planet’ and

‘Empowering People’ in a digital society. These

pillars are underpinned by our commitment

of ‘Maintaining Trust’ in everything we do.

ESG highlights

1

76%

4G population

coverage (outdoor

1Mbps) in Africa

77.1m

customers

connected to

our financial

inclusion services

75%

5G population

coverage (outdoor

1Mbps) in Europe

100%

network equipment

e-waste reused,

resold or sent

for recycling

100%

grid electricity

purchased and

used globally

matched with

renewable sources

2

84%

reduction in Scope 1

and 2 GHG emissions

since 2020

Our purpose is to connect everyone.

We aim to build an inclusive, sustainable and trusted digital society where individuals and businesses can thrive.

Protecting the Planet

We help to protect the planet by reducing our environmental

impact and helping society decarbonise.

Tackling carbon emissions

We are working to reach net zero GHG emissions across our

full value chain by 2040.

Promoting circularity

We are striving to ensure that our network equipment and

device e-waste is reused, resold or sent for recycling.

Enabling the clean industrial transition

3

We aim to provide technology and connectivity that help to

enable society to transition to a more sustainable future.

Read more on pages

34

to

38

Empowering People

We want everyone to fully benefit from the digital society,

regardless of who they are or where they live.

Closing the digital divide

We are working to expand rural network coverage and address

issues of affordability to increase smartphone and data access.

Empowering customers

We strive to provide relevant products and services to support

our customers and businesses to thrive in a digital world.

Supporting communities

We seek to provide connectivity and support for vulnerable

communities, including those affected by natural disasters.

Read more on pages

39

to

41

Maintaining Trust

Maintaining trust with our customers, employees, suppliers and the societies we serve is at the heart of everything we do.

Business integrity

We aim to ensure that our

business operates ethically,

lawfully and with integrity

in everything we do.

Human rights

We seek to contribute to the

protection and promotion of

human rights and freedoms.

Health and safety

Creating a safe working

environment for everyone

working for, and on behalf

of Vodafone.

Security and resilience

As a provider of critical national

infrastructure and connectivity, we

prioritise data privacy, cyber and

asset security in everything we do.

Anti-bribery, corruption

and fraud

We have a policy of zero tolerance

towards bribery, corruption

and fraud.

Responsible supply chain

We manage relationships with our

direct suppliers and evaluate their

commitments to diversity,

inclusion and the environment.

Workplace equality

We seek to develop a diverse and

inclusive global workforce that

reflects the customers and

societies we serve.

Tax and economic

contribution

As a major investor, taxpayer and

employer, we make a significant

contribution to the economies of

the countries in which we operate.

2.

Correct to zero decimal places. Less than 0.2% of electricity we use

is not matched with renewable sources because credible renewable

electricity purchasing mechanisms are currently unavailable

in the locations where this electricity is used and these locations

are not grid-connected to any markets where such mechanisms

are available.

Read more on pages

42

to

52

Notes:

1.

Continuing operations only.

3.

We previously referred to this as ‘Carbon Enablement’.

![](data:image/svg+xml;base64,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)

Vodafone Group Plc

Annual Report 2025

31

Strategic report

Governance

Financials

Other information

Our ESG governance structure

ESG is integral to Vodafone’s

operations, reinforced by our ESG

governance framework. We continue

to enhance this framework to drive the

effective delivery of our ESG initiatives

while meeting evolving regulatory and

reporting requirements.

Our ESG strategy is overseen by the Board ESG

Committee, and implemented through the ESG

and Reputation Committee (‘ESGR’). Actions and

initiatives under our ESG strategy are assigned to

individual senior managers within a range of

relevant business functions across Vodafone’s

global business, such as our networks and

technology operations, commercial and enterprise

business units, procurement, external affairs and

property teams. Accountable delivery functions

report quarterly to the ESGR, including escalating

risks to the delivery of our strategy.

Read more about the ESG Committee on page

93

Read more about the ARC on pages

86

to

91

Read more about remuneration on pages

94

to

112

Board

The Board is responsible for the overall conduct of the Group’s business. It has the powers, authorities and duties vested in it by, and pursuant to,

the relevant laws of England and Wales and the Articles of Association of Vodafone Group Plc.

The Board delegates responsibility for oversight of our ESG programme to the ESG Committee, supported by the Audit and Risk Committee for

ESG regulatory requirements.

ESG Committee

In 2021, the Board of Directors approved the formation of the ESG

Committee, which provides oversight of Vodafone’s ESG programme and

monitors the company’s purpose agenda. Its key responsibilities

encompass reviewing the ESG strategy, monitoring progress against key

ESG objectives, external ESG indices and collaboration with the ARC.

Audit and Risk Committee (‘ARC’)

The ARC have joint responsibility for the adequacy of related disclosures

and oversight of the Group’s systems, control points, business risks and

related compliance activities. In FY26, we aim to increase the frequency

of joint meetings to bi-annual. This change signifies the importance of

joining together compliance with strategy, as we look to meet evolving

requirements and embed ESG more widely across the business.

Executive Committee

The Executive Committee has overall accountability to the Board for our purpose and ESG programme. We continue to include ESG measures in the

long-term incentive plan for our senior leaders; both our purpose targets and activities have executive (‘ExCo’) level ownership.

ESG and Reputation Committee

Selected members of the ExCo meet monthly at the ESGR with the responsibility to drive Purpose activities and review the submissions to the Board ESG

Committee. We have three strategic purpose pillars: Empowering People, Protecting the Planet, and Maintaining Trust, each of which has clearly defined

priorities and accountable owners to seek to achieve our objectives and targets. In recent years, we have spread responsibility further across the ExCo to

embed accountability for ESG more widely across the business.

Protecting the Planet

We seek to protect the planet and enable our customers to do the

same. Our Protecting the Planet pillar consists of three key areas:

tackling carbon emissions, promoting circularity, and enabling the

clean industrial transition.

Empowering People

We seek to connect everyone, regardless of who they are or

where they live. Our Empowering People pillar consists of three

key areas: closing the digital divide, empowering customers,

and supporting communities.

Maintaining Trust

We strive to deliver our services securely and responsibly and earn the trust of our customers through everything we do, by protecting data,

protecting people and responsible business practices. Maintaining Trust is broken down further into subtopics such as business integrity,

human rights, responsible supply chain, and tax and economic contribution.

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32

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Our ESG disclosures

Vodafone reports on a broad range of ESG topics, against a number of frameworks,

to help stakeholders understand our sustainable business performance:

Topic

Vodafone

Annual Report

Vodafone website

ESG Strategy and Reporting

page

33

vodafone.com/sustainable-business

ESG Governance

page

31

investors.vodafone.com/esg/governance

Compliance Reporting

pages

53

to

54

vodafone.com/sustainability-reports

Climate-related risk report (TCFD)

pages

61 – 66

investors.vodafone.com/tcfd

ESG assurance table

page

53

UK SECR

page

53

ESG cautionary statement

page

53

Non-financial sustainability statement

page

54

Modern slavery statement

vodafone.com/modern-slavery-statement

Responsible minerals report

vodafone.com/responsibleminerals

Voluntary Reporting

vodafone.com/sustainability-reports

GRI

investors.vodafone.com/esgaddendum

SASB

investors.vodafone.com/sasb

CDP

vodafone.com/cdp

UNGC CoP

investors.vodafone.com/esgaddendum

SDGs

vodafone.com/sdgs

Topic

Vodafone

Annual Report

Vodafone website

Protecting the Planet

pages

34–38

vodafone.com/protecting-the-planet

Climate change

pages

34–36

vodafone.com/climate-change

Network equipment e-waste and circularity

pages

37–38

vodafone.com/promoting-network-circularity

Device e-waste and circularity

page

38

vodafone.com/promoting-device-circularity

Enabling the clean industrial transition

vodafone.com/enablement

Nature and biodiversity

vodafone.com/nature-and-biodiversity

Empowering People

pages

39–41

vodafone.com/empowering-people

Network coverage and deployment

pages

39–40

vodafone.com/network-coverage

Smartphone and data accessibility

page

40

vodafone.com/smartphone-accessibility

Affordable tariffs

page

40

vodafone.com/affordable-tarriffs

Financial inclusion services

pages

40–41

vodafone.com/financial-inclusion

SME services

page

41

vodafone.com/smes

Public sector services

page

41

vodafone.com/public-sector

Promoting diversity and inclusion

vodafone.com/diversity-and-inclusion

Supporting vulnerable communities

vodafone.com/supporting-communities

Maintaining Trust

pages

42–52

vodafone.com/maintaining-trust

Code of Conduct

page

42

vodafone.com/code-of-conduct

Speak Up

page

42–43

vodafone.com/speak-up

Anti-bribery, corruption and fraud

page

43

vodafone.com/anti-bribery

Human rights

pages

44–45

vodafone.com/human-rights

Responsible supply chain

page

45

vodafone.com/responsible-supply-chain

Privacy

pages

46–47

vodafone.com/privacy

Cyber security

pages

48–52

investors.vodafone.com/cyber

Workplace equality

pages

15 –16

vodafone.com/workplace-equality

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Vodafone Group Plc

Annual Report 2025

33

Strategic report

Governance

Financials

Other information

Our approach to ESG strategy and reporting

ESG practices are embedded into

Vodafone’s business from our purpose

framework to our well-established

sustainability strategies and practices.

We have been on a transformation journey in

recent years to strengthen our approach to ESG,

driving alignment with commercial strategies and

developing strong governance at the most senior

level. This approach is designed to support our

future reporting under the Corporate Sustainability

Reporting Directive (‘CSRD’), the European

Directive which will require us to disclose the

material environmental and societal impact of

our business activities.

Materiality assessment

We have conducted an extensive and in-depth

materiality assessment based on the requirements

of CSRD in force as at the date of this report. We

are continuing to review our processes and intend

to publish the results in our future reporting. The

materiality assessment was conducted at Group

level to align with the highest reporting entity,

incorporating deep dives into our operating

companies to ensure a comprehensive view

across our Group. Multiple internal and external

stakeholder groups were engaged for input

which were scored using pre-defined criteria to

determine the key material topics for Vodafone.

The work completed to date has identified various

material topics spanning ESG matters, which are

summarised in ’Our material topics’ table to the

right. Details on topics that are strategically

important to our business but have not been

deemed material by the double materiality process

to date have been removed from this report;

supplementary information on these topics

is signposted on page

32

.

Accountability for each material topic is embedded

throughout our business. Each material topic

is sponsored by a member of the Executive

Committee (‘ExCo’), who is ultimately accountable

for its development; their responsibilities include

overseeing the material topic’s progress

and delivery against future commitments.

The Board receives regular updates on progress

across our material topics through our ESG

Governance structure.

Read more about our ESG governance structure on page

31

Responsibility to develop and implement a

strategy to manage each material topic is assigned

to a senior leader within the ExCo sponsor’s

business function. The senior leader works with

relevant teams and subject matter experts on

the material topic, cross-functionally if required,

to deliver activities in line with the strategy agreed

by ExCo. Delivery teams are supported by our

reporting function, who take a compliance lens to

their undertakings. An update on our programmes

in each of these areas is available in this report.

Our materiality assessment process

Phase 1

Desk-based

research

Phase 2

Consolidation

of potential

material topics

Phase 3

Stakeholder

engagement

Phase 4

Scoring

Our material topics

1

1.

This table is an indicative list of Vodafone’s material topics.

Material topic

Subtopic

Link to Vodafone strategy

Read more

Climate change

Scope 1 and 2 GHG emissions

page

34

Scope 3 GHG emissions

page

35

Waste and circularity

Network equipment e-waste and circularity

page

37

Device e-waste and circularity

page

38

Digital inclusion

Network coverage

page

39

Smartphone and data accessibility

page

40

Affordable tariffs

page

40

Financial inclusion services

page

40

SME services

page

41

Public sector services

page

41

Business integrity

Code of Conduct

page

42

Speak Up

pages

42–43

Anti-bribery, corruption and fraud

pages

43–44

Human rights

Freedom of expression

page

44

Law enforcement assistance

page

44

Network shutdowns

page

45

Responsible supply chain

page

45

Security and resilience

Data privacy

pages

46–47

Cyber security

pages

48–52

Asset resilience

page

52

Key

Protecting The Planet

Empowering People

Maintaining Trust

Note:

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34

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Protecting the Planet

We provide connectivity and digital

solutions that help to enable the

climate transition and aim to

empower others to reduce GHG

emissions, by improving the

efficiency of resource use.

We are working to minimise the

environmental footprint of our

operations, our value chain and our

products and services – through

reaching net zero and improving

the circularity of the technology

we use and sell. This year,

we continued to embed our

Protect the Planet strategy

across our business.

100%

grid electricity purchased and

used globally matched with

renewable sources

1

84%

reduction in Scope 1 and 2

GHG emissions since 2020

Climate change

The telecommunications sector is estimated to

contribute between 1.8% and 2.8% of global

greenhouse gas (‘GHG’) emissions

2

. At Vodafone,

we are committed to minimising the impact that

activities within our business and across our value

chain have on the environment. Reducing the

GHG emissions from activities in our value chain is

a key part of Vodafone’s purpose strategy and our

commitments to help protect the planet.

Scope 1 and 2 GHG emissions

Vodafone’s Scope 1 and 2 GHG emissions come

directly from continuing operations under our

operational control and indirectly from the energy

we purchase and use in those operations. These

emissions contribute towards climate change.

The largest driver of our operational emissions

is the burning of fossil fuels to generate the energy

needed to run our networks.

Our climate transition plan outlines the actions we

aim to take during the period FY25 to FY27 to reduce

emissions in line with our climate targets and to build

climate resilience into our business.

This year, we continued to reduce GHG emissions

from our operations and the energy we purchased

and used in those operations, with a continued

focus on driving energy efficiency across our

mobile and fixed-line networks, phasing out the

use of fossil fuels and increasing renewable

sources of energy for both our stationary

equipment and vehicle fleet.

Key actions undertaken to improve energy

efficiency included the deployment of the latest

generation radio hardware, the activation of smart

power-saving features, the use of artificial

intelligence in energy management, the

introduction of flexible storage, and incentives

to move towards smart metering in our operating

companies. We are also working with partners to

drive innovation in this space with a particular

focus on energy flexibility solutions that can help

us balance fluctuating energy demand and supply.

To progress the phase-out of fossil fuels in our

operations, this year we installed microturbine

technology in Romania and progressed a proof-of-

concept trial of a metal hydride hydrogen energy

storage system in South Africa. These trials seek to

develop solutions that will help us transition towards

low or zero-carbon alternative fuels, such as

hydrogen, in the future. We also commenced studies

to assess the feasibility of using biofuel-diesel blends

to power off-grid network assets in Egypt and have

begun deploying hydrotreated vegetable oil (‘HVO’)

biofuel to power parts of our network in the UK.

Biofuels offer a renewable fuel that can be used to

reduce our diesel consumption and associated

emissions as we transition away from diesel.

To improve energy storage and flexibility at our

sites, we identified sodium-ion batteries as a

potentially suitable and cost-effective technology.

This year, we commenced trials of sodium-ion

batteries at two European sites and in South Africa.

Following positive preliminary results, we are

looking to extend the trial to involve suppliers

that are bringing new commercial products to

this market.

We continued to electrify our fleet by introducing a

new policy to transition to battery Electric Vehicles

(‘EVs’) for company cars in Germany and centralise

the management of our European vehicle fleet.

This year, we are proud to have matched 100% of

the grid electricity purchased

1

and used in our

global operations with electricity added to the grid

from renewable sources. We have achieved this

through increasing use of power purchase

agreements (‘PPAs’) and purchasing renewable

energy certificates (‘RECs’) in markets where they

are available.

Our approach to reducing our Scope 1 and 2

emissions comprises six priority areas of action:

1.

Energy efficiency:

We improve energy

efficiency and optimise energy use across our

infrastructure assets and estate by modernising

our networks, reducing electricity consumption,

making improvements in network configuration,

consolidating parts of our fixed network

and data centre estate, and implementing

ISO 50001 certified energy management

systems across our markets.

2.

Alternative fuels:

We connect our base

stations to the electricity grid where

economically feasible, so that we can rely less

on power generators. We develop proof of

concepts and conduct research to find

alternative low- or zero-carbon sources of

power to help find cleaner energy solutions.

3. On-site renewables:

We increase the number

of sites across our mobile access and fixed

line networks and property estate with

on-site renewable electricity generation

and power storage where technically and

economically feasible.

4.

Fluorinated gas (‘F-gas’) strategy:

We seek

to reduce the accidental release of F-gases by

improving the maintenance and operation of

our cooling and fire suppression systems. We

are also transitioning to lower global warming

potential (‘GWP’) gases where possible.

5.

EV fleet:

We increase the use of EVs powered

by electricity from renewable sources in our

fleet in Europe through fleet electrification,

installation of EV infrastructure and employee

engagement to increase EV adoption.

6. Renewable electricity purchasing:

We

aim to match the grid electricity we use with

RECs, including through PPAs. In markets where

RECs are not yet available, we seek to innovate

and establish new ways of purchasing

renewable grid electricity.

Notes:

1.

Correct to zero decimal places. Less than 0.2% of electricity we

use is not matched with renewable sources because credible

renewable electricity purchasing mechanisms are currently

unavailable in the locations where this electricity is used and

these locations are not grid-connected to any markets where

such mechanisms are available.

2.

World Bank and ITU, 2024.

![](data:image/svg+xml;base64,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)

Vodafone Group Plc

Annual Report 2025

35

Strategic report

Governance

Financials

Other information

Protecting the Planet

continued

We have successfully engaged with governments

and utility providers to establish innovative

agreements and market mechanisms, such as our

virtual wheeling trial in South Africa and our

renewable electricity agreement in Egypt. These

agreements are supporting the development of

nascent renewable electricity markets in Africa.

In some markets (namely Mozambique, Lesotho,

Tanzania, Romania and Albania), RECs or similar

energy attribute tracking systems are not available

for corporate buyers. This continues to limit the

ability of corporates to signal market demand for

renewable electricity. In the markets where we

face such constraints, we support renewable

purchasing in nearby grid-connected countries to

support the energy transition in the wider region.

There is one location (North Cyprus) where we

operate where it is not feasible to match our

electricity use with renewable sources, because

there is no energy attribute tracking system in

place and no grid connection to a market where

such a mechanism exists. This location constitutes

less than 0.2% of our global grid electricity use.

Reducing the emissions from our own operations

(Scope 1 and 2 GHG emissions) by at least 90%

globally by 2030, in line with the pathway required

to limit global warming to 1.5°C by 2100, is part

of Vodafone’s near-term target, which has been

validated by the Science Based Targets initiative

(‘SBTi’).

To support this ambition, we have set two

pathways towards net zero operations, specific to

the regions where we operate. In Europe, we aim

for net zero emissions from our operations no later

than 2028. In Africa, we aim for net zero emissions

from our operations no later than 2035. These

goals include a minimum 90% emissions

reduction, with any remaining emissions

neutralised through carbon offsetting in line

with the Integrity Council for the Voluntary

Carbon Market’s Core Carbon Principles from

the net zero target year.

Where local market conditions and capabilities

allow, we will endeavour to stretch our ambition

to reach net zero ahead of our regional targets.

For example, Vodafone Germany is striving to

achieve net zero operations by the end of 2025,

three years ahead of our 2028 European regional

target. In addition, we set targets related to our

transition towards renewable energy to support

our net zero ambitions. These regional targets are

underpinned by action plans to support our

transition towards renewable energy. For example,

by aiming to electrify our fleet of company

vehicles in Europe through phasing out internal

combustion engine vehicles by the end of 2028.

This year we’ve introduced new metrics to measure

our progress against our climate transition plan,

including the amount of energy procured through

PPAs and the percentage of EVs in our fleet.

Scope 3 GHG emissions

Vodafone’s Scope 3 GHG emissions are an indirect

result of the Company’s activities or business

model. Our Scope 3 GHG emissions originate from

the production of goods and services that we buy

(upstream GHG emissions, Scope 3 categories

1–8), the use of our products or services by our

customers (downstream GHG emissions, Scope 3

categories 9–13) and the activities that we finance

through our investments (Scope 3 category 15).

Although these activities are not within Vodafone’s

direct operational control, we recognise that they

are essential to our business model and that we

can play a role (as a customer, supplier and/or

investor) to influence our value chain partners to

reduce their GHG emissions.

Our climate transition plan outlines actions we are

taking during the period FY25 to FY27 to reduce

our GHG emissions (including Scope 3 GHG

emissions) in line with our net zero pathway and

build resilience into our business in response to

climate change.

Our approach to Scope 3 emission reduction

comprises seven priority areas of action:

1.

Carbon data analytics:

We seek to improve

the availability, accessibility and consistency

of our Scope 3 data through industry

collaboration and the development

of internal organisational processes and

systems capability.

2.

Key supplier engagement:

We aim to engage

with our key suppliers to align their climate

ambitions with ours and accelerate the

implementation of their decarbonisation plans.

We also seek to consider supplier climate

ambitions, plans and performance during the

procurement and supplier selection process.

3.

Investment company engagement:

We

seek to support the companies we invest

in to develop, implement and, if possible,

accelerate the decarbonisation of their

networks and operations.

4.

Longer lifetime devices:

We establish

services that extend the lifecycle of devices,

such as repair, insurance and trade-in.

5.

Lower-carbon devices:

We aim to make

lower-carbon, more circular choices more

widely available and attractive to consumers.

6.

Device manufacturer engagement:

We

engage with original equipment manufacturers

through industry forums and seek to align

with them on climate ambitions and plans.

7.

Raising consumer awareness:

We

communicate with our customers to encourage

them to choose lower-carbon and more energy

efficient devices, and to use them in ways that

reduce emissions during the use phase.

Achieving our 2030 target to halve emissions from

our full value chain has dependencies. These

include improving data sharing with our suppliers

and across industry.

Click to read more at:

vodafone.com/ctp

In the current climate transition planning period

(FY25 to FY27), our focus is on laying the essential

foundations for future Scope 3 emission reduction

by engaging in cross-industry collaboration,

aligning objectives with our value chain partners,

and establishing robust data to support

management decision-making.

Currently, one of the key drivers of year-to-year

trends in our Scope 3 emissions is improvements

in the quality of data inputs, emission factors and/

or calculation methods. We continue to invest in

improving the quality, accessibility and availability

of carbon footprint data to enable better

measurement and reduction of Scope 3 emissions

across our industry.

In parallel, we are engaging with strategic

stakeholders to encourage GHG emission

reductions in our value chain. This year, we actively

engaged with our key suppliers to accelerate action

to decarbonise the telecommunications value chain

through industry initiatives such as the Joint

Alliance for Corporate Social Responsibility (‘JAC

for CSR’), an association aiming to develop CSR

practices across the industry. We also developed

guidelines for device manufacturers on designing

more sustainable products through the Eco Rating

consortium, an initiative to evaluate the

environmental impact of mobile phones and

communicate this to consumers at the point of sale.

Furthermore, we continue to introduce sustainable

procurement practices for specific product

categories. This year, we conducted a large-scale

procurement tender for network equipment, which

included consideration of suppliers’ climate

performance. We also introduced new global

guidelines for media buying, which led to a 34%

reduction in the carbon footprint of our global

media and advertising activities.

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36

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Protecting the Planet

continued

Our performance

1,2

Unit

2025

2024

Total Scope 1, Scope 2 and Scope 3 GHG emissions (market-based method) from continuing operations

Million tonnes CO

2

e

6.88

7.86

Total Scope 1 and Scope 2 GHG emissions (market-based method) from continuing operations

Million tonnes CO

2

e

0.27

0.69

of which: Europe Scope 1 and Scope 2 GHG emissions (market-based method)

3

Million tonnes CO

2

e

0.04

0.04

of which: Africa Scope 1 and Scope 2 GHG emissions (market-based method)

4

Million tonnes CO

2

e

0.20

0.62

of which: Other Scope 1 and Scope 2 GHG emissions (market-based method)

5

Million tonnes CO

2

e

0.03

0.03

Scope 1 GHG emissions from continuing operations

Million tonnes CO

2

e

0.26

0.26

Scope 2 GHG emissions (market-based method) from continuing operations

Million tonnes CO

2

e

0.01

0.43

Scope 3 GHG emissions from continuing operations

6

Million tonnes CO

2

e

6.61

7.17

Total Scope 1, Scope 2 and Scope 3 GHG emissions (market-based method) from discontinued operations

6

Million tonnes CO

2

e

0.49

0.51

Total Scope 1 and Scope 2 GHG emissions (market-based method) from discontinued operations

Million tonnes CO

2

e

0.01

0.00

Scope 1 GHG emissions from discontinued operations

Million tonnes CO

2

e

0.01

0.00

Scope 2 GHG emissions (market-based method) from discontinued operations

Million tonnes CO

2

e

0.00

0.00

Scope 3 GHG emissions from discontinued operations

6

Million tonnes CO

2

e

0.48

0.51

Total Scope 1 and Scope 2 GHG emissions (location-based method)

Million tonnes CO

2

e

2.34

2.27

from continuing operations

Million tonnes CO

2

e

2.17

2.02

from discontinued operations

Million tonnes CO

2

e

0.17

0.25

Renewable electricity from continuing operations

Percentage of purchased grid electricity used and matched with renewable sources from continuing operations

7

%

100

84

Vodafone total energy use from continuing operations

Gigawatt hours

5,453

5,271

Notes:

1.

Data is calculated using local market actual or estimated data sources from invoices, purchasing requisitions, direct data measurement and estimations. Carbon emissions are calculated in line with the

GHG Protocol standards. Scope 2 market-based emissions are reported using the market-based methodology in effect as at the date of this report. For full methodology see our FY25 ESG Addendum Methodology

document: investors.vodafone.com/esgmethodology.

2.

Information relating to prior years has been re-baselined to reflect the disposal of Vodafone Spain on 31 May 2024. See our ESG Addendum Methodology for more information on portfolio changes.

3.

Includes operating companies in Albania, Czech Republic, Germany, Greece, Ireland, Portugal and the UK.

4.

Includes operating companies in Vodacom.

5.

Includes our operating company in Türkiye and our shared operations.

6.

All information for comparative periods have been restated to reflect changes to our methodology for calculating Scope 3 GHG emissions. See our ESG Addendum Methodology (investors.vodafone.com/

esgmethodology) for more information on our approach to calculating Scope 3 GHG emissions.

7.

Correct to zero decimal places.

Additionally, we are continuing to reduce our

downstream GHG emissions through our efforts to

drive awareness among consumers and enterprise

customers of the environmental impact of product

use. This year, Vodafone Business launched a

carbon calculator in the UK to provide business

customers with data on the GHG emissions impact

of our key products and services. We continue to

offer our own branded energy-efficient products to

customers, such as Vodafone’s TV 3 (Giga TV Home)

and TV PLAY (GigaTV Home Sound) Set Top Boxes,

which this year were the first products worldwide to

obtain the Green Product Mark by TÜV Rheinland.

Another important area for reducing our value chain

emissions relates to the business operations of

companies we invest in. This is highly dependent on

the energy transition in the countries where these

companies operate, which in turn is dependent on

government policy. We acknowledge that we have

limited influence over such external factors.

Nevertheless, we have continued to focus our effort

on engaging our value chain partners through

knowledge-sharing interactions and advocating

for the clean energy transition globally.

Vodafone’s long-term SBTi-validated science-based

target is to achieve net zero emissions across our

full value chain globally by 2040. This includes the

absolute reduction of our Scope 1, 2 and 3

emissions by at least 90% by 2040. To support this

ambition, we have set a target to halve the

emissions from our full value chain by 2030.

In FY25, we implemented a major change in

methodology for calculating our Scope 3 emissions,

moving to a new software platform. This has led to

an improvement in data quality, enabled by greater

granularity of the region-specific emission factors

underlying the calculation of spend-based

emissions categories (particularly categories 1

and 2, which relate to goods and services that we

purchase). We have restated prior years’ Scope 3

emissions results in line with this methodology.

In FY25, our Scope 3 GHG emissions decreased by

8% to 6.61 million tCO

2

e (tonnes of carbon dioxide

equivalent), compared to the previous year. This is

an 8% decrease, compared to our FY20 baseline

year, primarily driven by a reduction of equity stake

in our investments. Our total Scope 3 emissions

fluctuate with the level of our equity investment in

other companies, particularly those in regions

where the energy transition remains challenging,

such as in India. With 23% of our Scope 3 emissions

attributable to investments (category 15), our total

Scope 3 emissions performance remains sensitive

to changes in the equity stake in these companies.

This fluctuation was the main driver of emission

reduction in FY25 compared to our baseline.

Other Scope 3 category emissions increased by

10%, compared to the previous year. This is a 6%

decrease, compared to our FY20 baseline year. This

increase was driven by purchasing more devices to

sell to customers, with a higher proportion of sales

coming from carbon-intensive devices like

smartphones instead of feature phones. Our total

procurement spend also increased this year, partly

due to a higher volume of goods and services

purchased, and partly influenced by factors like the

price of goods, inflation, and exchange rates.

Over the coming years, we intend to track and

report our progress in addressing the external

dependencies for our Scope 3 emissions

performance to monitor the continuing risk

to our 2030 target.

The calculation of our annual Scope 3 emissions

(and its comparison to FY20 base year) remains

sensitive to changes in modeling methodologies,

which we seek to continuously improve as better

data becomes available. The accuracy and

completeness of the underlying data used to

calculate the emissions has improved since FY24,

leading to increased reports of emissions in some

Scope 3 categories.

![](data:image/svg+xml;base64,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)

Vodafone Group Plc

Annual Report 2025

37

Strategic report

Governance

Financials

Other information

Protecting the Planet

continued

Waste and circularity

The UN estimates that as much as 50 million tonnes

of electrical waste (‘e-waste’) is produced globally

each year, with only 20% being formally recycled.

Vodafone has a goal to minimise the generation of

e-waste from our business operations and from the

devices we sell by implementing our waste and

circularity strategy, a key part of our purpose

strategy. Our waste and circularity strategy focuses

on two areas of e-waste: the network equipment

used to run our fixed and mobile access networks

and the electronic devices that we provide or sell

to customers.

Network equipment e-waste and circularity

At Vodafone, we maintain and enhance our

network to provide connectivity. Improper

disposal of our network equipment can contribute

to environmental pollution.

In FY25, we conducted a major capital expenditure

project to procure the next generation of radio

equipment for our network. Our tender

specification and supplier evaluation processes

included specific ESG criteria that improve energy

efficiency over the five-year lifecycle and ensure

effective end of life management. Integrating

circularity into our procurement practices helps us

move towards a future network that generates less

equipment e-waste.

For the equipment that is already part of our

existing network, the most significant driver of

preventing e-waste is the reuse of network

equipment within our operating companies. This

year, we continued to use our asset management

systems and processes to redeploy

decommissioned equipment to other parts of our

network, where feasible. Reusing equipment helps

reduce e-waste and generates cost savings. In

addition, we continue to operate our asset

marketplace. This is a platform that enables used

network equipment from one of our operating

companies to be reused by another; or resold to

resellers, ultimately for reuse by third-parties.

Our network equipment circularity strategy

comprises three priority areas of action:

1.

Sustainable procurement:

We seek to engage

with suppliers who share our ambition of

building a more circular economy for network

equipment. We plan to increasingly source

equipment with circular design features when

replacing or upgrading our network infrastructure.

2.

Network planning, operations and asset

management:

Where possible, we reuse or resell

network equipment that we have decommissioned

from our network. We seek to manage our

network assets smartly and minimise the

requirement to buy new equipment, by

extending the useful economic life of each asset

and optimising opportunities for its reuse.

3.

End-of-life management:

Where reuse or

resale of decommissioned network equipment is

not possible, we seek to responsibly recycle it.

We have established operational processes to

avoid network e-waste being sent direct to

landfill or incineration without first being sent for

recycling. We seek to partner with recyclers that

maximise the recovery of materials from

e-waste, so that more of the valuable materials

within used network equipment are recovered

as part of a more circular economy.

In FY25, we supported the Global System for

Mobile Communications Association (‘GSMA’)

in scaling this solution into an industry-wide

cloud-based platform that provides a global

view of assets and equipment.

This year, we are proud to announce that we have

achieved our 2025 target to reuse, resell or send

for recycling 100% of our decommissioned

network equipment. To date, we focused our

efforts on ensuring that non-hazardous e-waste is

reused, resold or sent for recycling by third-party

waste management partners. Even where our

network equipment e-waste is sent to our

third-party waste management partners for

recycling, we understand that not all materials are

recovered during the recycling process. Therefore,

although we have reached an important milestone,

we recognise that there is more work to do to build

a fully circular system for network equipment. We

also recognise that further work is needed to

improve circularity for hazardous e-waste, which

requires specialist waste management processes

and has not been included in our targets to date.

Our next step is to consider the role we play in this

transition, working with others across the e-waste

management system, which will inform how we set

our future targets.

To meet our target to reuse, resell or send for

recycling 100% of our network equipment e-waste

by 2025, we scrutinised our network e-waste data

to identify instances where equipment was not

being reused, resold or sent for recycling. Our

investigations led to improvements in operational

and data reporting processes, enabling us to

achieve our target. However, they also provided

further insights into some of the barriers we

continue to face when reusing and recycling

electronic and electrical equipment. For example,

the complexities of waste transfer regulations

constrain the extent to which we can scale up

global reuse of network equipment via our asset

marketplace. Similarly, in some countries where

we operate, limited capabilities in e-waste

recycling at a national and industry level continue

to constrain the ultimate rate of material recovery

from e-waste recycling. This year, we actively

engaged with some of our strategic suppliers

to improve data insights into their e-waste

management processes and deepen our

understanding of how network equipment e-waste

is managed after it leaves our own operations.

These insights will shape the next stage of our

journey as we strive to influence action beyond

our own operations, working with others in the

electronics value chain, towards a more circular

system for network equipment.

This year, we generated an estimated 6,679 metric

tonnes of e-waste from network equipment or

components needed to operate our network

(including hazardous e-waste) (FY24: 6,205 metric

tonnes), of which 3,258 metric tonnes was

non-hazardous e-waste. Of the non-hazardous

e-waste, 100 % from our network operations was

reused (via resale between our markets or via

resale to external third-parties) or sent to an

authorised third-party waste management

partners for recycling.

FY25 network e-waste equipment

management (excluding hazardous e-waste)

1

2025

2024

Reused

2

4%

2%

Recycled

3

96%

94%

Disposed

4

0%

4%

Total network equipment e-waste

(metric tonnes)

3,258

3,831

Notes:

1.

Excludes our discontinued operations in Italy.

2.

Includes network equipment resold between markets

where we operate, or to external third parties, for reuse for

the same purpose.

3.

Includes network equipment sent to third-party waste

management partners for recycling (rather than landfill

or incineration).

4.

Disposed network equipment e-waste includes used network

equipment that is disposed to landfill or incineration.

Device e-waste and circularity

Vodafone retails mobile devices and Customer

Premise Equipment (‘CPE’) devices to consumers

and enterprise customers. The production of these

electronic devices requires the extraction and use

of natural resources, such as tin, tungsten,

tantalum and gold. Improper disposal of these

devices can contribute to environmental pollution.

Vodafone’s circularity strategy aims to minimise

electronic waste generated from the mobile

devices (including mobile handsets, electrical

mobile accessories, IoT devices and other mobile

devices) and CPE devices (routers, TVs, set-top

boxes) that Vodafone sells, and promote a circular

economy model for our customers. When devices

reach the end-of-life, our aim is for them to be

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38

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Protecting the Planet

continued

responsibly recycled instead of being sent to

landfill or incineration. Propositions that help our

customers improve circularity can also offer a

potential commercial opportunity by contributing

to customer retention and revenue generation.

This strategy is also supported by engagement

with suppliers, consumers and enterprise

customers to raise awareness of the environmental

impacts of electronic waste, and encourage

responsible management of mobile and/or

CPE devices.

We are committed to helping more of our

customers bring their used electronic devices

back to us. We do so by providing channels

and attractive propositions for product

take-back and raising awareness to encourage

greater participation.

This year, we continued our efforts to enable our

customers to keep their devices in use for longer

by offering services that extend the lifecycle of

devices, such as repair, insurance and trade-in.

We are developing propositions to give more used

devices a chance at a second life through re-use,

repair, refurbishment, and resale where it is

commercially viable. We have already started

to offer these propositions in our markets,

embedding them in our commercial strategy

growth ambitions. Our second life proposition

is available in six markets, trade-in is available

in eight markets, and device care insurance

is available in eight markets.

We also continued to raise awareness of our

circularity commitments among our customers.

This year, we scaled our global consumer

campaign with the World Wildlife Fund (‘WWF’) in

markets offering trade-in, donation and recycling

programmes for mobile phones, to encourage

consumers to return their mobile phones and

adopt more circular behaviours. We also raised

awareness among enterprise customers through

our active engagement in Greentech Festival

in Berlin, London and Singapore.

Our approach to device circularity comprises

six priority areas of action:

1.

Trade-in:

We encourage consumers to extend

the lifetime of their mobile device by trading it

in to be refurbished and resold.

2.

Refurbished devices:

We encourage and

enable consumers and enterprise customers to

purchase second-hand mobile and CPE devices.

3.

Device care:

We encourage customers to

repair their devices instead of replacing them

when faced with damage or technical issues

through our after-sales services and our

Vodafone Insurance programme.

4.

Long-term financing:

We offer financing

options for customers, which encourage them

to keep their mobile devices for longer, thus

helping to extend the device lifecycle.

5.

Sustainability by design:

We aim to integrate

environmental criteria into the product design

and development process for our own CPE and

TV set-top box devices.

6.

Waste management:

We encourage

customers to return end-of-life mobile

and CPE devices, so that they can be

responsibly recycled.

Additionally, Vodafone Business ran multiple

spotlights to encourage enterprise customers to

procure handsets, tablets and laptops through the

Device Lifecycle Management (‘DLM’) programme,

our device as a service option. DLM ensures the

redeployment, refurbishment or recycling of

devices at the end of contracts, leading to

emissions savings of up to approximately 44

kgCO

2

e per phone and 82 kgCO

2

e per tablet by

extending devices’ lifetime and avoiding the

production of new devices. Furthermore, for each

leased device, an equivalent number of scrap

devices destined for landfill in Africa are collected

and sent for recycling, ensuring minerals go back

into the value chain and e-waste is reduced.

We collaborated with others across our value chain

and wider ecosystem to build a more circular

economy. This year, we actively engaged in several

industry-wide initiatives to accelerate the

industry’s transformation towards circularity; we

contributed to a circularity working group hosted

by the GSMA Climate Change Taskforce, helping

to develop industry thought leadership on the

business case for circularity.

We also continued our active involvement in the

EcoRating consortium and assessed the

environmental characteristics and performance

of 43 new device models this year.

We aim to collect 1 million used mobile phone

devices for reuse, recycling or donation. This target

relates to our campaign to collect ‘1 million

phones for the Planet’, which was launched in

November 2022 in partnership with the WWF.

Since the start of the campaign, we have collected

an estimated 700,000 used phones for

refurbishment and reuse, recycling or donation

to social causes.

![](data:image/svg+xml;base64,PHN2ZyB2aWV3Qm94PSIwIDAgMTI4NiA5MDkiIHZlcnNpb249IjEuMSIgeG1sbnM9Imh0dHA6Ly93d3cudzMub3JnLzIwMDAvc3ZnIj4KPGRlZnM+CjxjbGlwUGF0aCBpZD0iYzBfNDEiPjxwYXRoIGQ9Ik0tLjIgOTA5LjhWLS4ySDEyODYuNXY5MTBaIi8+PC9jbGlwUGF0aD4KPGNsaXBQYXRoIGlkPSJjMV80MSI+PHBhdGggZD0iTTExMC4zIDE5Ny4yYy0xMC44IDAtMTkuNi04LjktMTkuNi0xOS43YzAtMTAuOSA4LjgtMTkuNyAxOS42LTE5LjdjMTAuOSAwIDE5LjcgOC44IDE5LjcgMTkuN2MwIDEwLjgtOC44IDE5LjctMTkuNyAxOS43WiIvPjwvY2xpcFBhdGg+CjxjbGlwUGF0aCBpZD0iYzJfNDEiPjxwYXRoIGQ9Ik0xMTAuMyAyMDEuMmMtMTMuMSAwLTIzLjctMTAuNi0yMy43LTIzLjdjMC0xMy4xIDEwLjYtMjMuOCAyMy43LTIzLjhjMTMuMSAwIDIzLjggMTAuNyAyMy44IDIzLjhjMCAxMy4xLTEwLjcgMjMuNy0yMy44IDIzLjdaIi8+PC9jbGlwUGF0aD4KPHN0eWxlPgouZzBfNDF7ZmlsbDojRTlFQUVBO30KLmcxXzQxe2ZpbGw6I0ZGRjt9Ci5nMl80MXtmaWxsOm5vbmU7c3Ryb2tlOiNBNEE2QTc7c3Ryb2tlLXdpZHRoOjAuNDU4O3N0cm9rZS1taXRlcmxpbWl0OjEwO30KLmczXzQxe2ZpbGw6I0U2MDAwMDt9Ci5nNF80MXtmaWxsOm5vbmU7c3Ryb2tlOiNGRkY7c3Ryb2tlLXdpZHRoOjAuOTM4O3N0cm9rZS1saW5lY2FwOnJvdW5kO30KLmc1XzQxe2ZpbGw6bm9uZTtzdHJva2U6I0U2MDAwMDtzdHJva2Utd2lkdGg6MC40NTg7fQouZzZfNDF7ZmlsbDpub25lO3N0cm9rZTojRTYwMDAwO3N0cm9rZS13aWR0aDoxLjE5NDtzdHJva2UtbGluZWNhcDpyb3VuZDtzdHJva2UtbWl0ZXJsaW1pdDoyO30KLmc3XzQxe2ZpbGw6bm9uZTtzdHJva2U6I0U2MDAwMDtzdHJva2Utd2lkdGg6MC42MjE7c3Ryb2tlLW1pdGVybGltaXQ6MTA7fQo8L3N0eWxlPgo8L2RlZnM+CjxwYXRoIGQ9Ik03My45IDM4LjVIMjc3LjRWMEg3My45VjM4LjVaIiBjbGFzcz0iZzBfNDEiLz4KPHBhdGggZD0iTTExNjUuMiAzOC41aDQ3LjZWMGgtNDcuNlYzOC41Wk04ODggMzguNWgyNzcuMlYwSDg4OFYzOC41Wm0tMjAzLjUgMEg4ODhWMEg2ODQuNVYzOC41Wm0tMjAzLjYgMEg2ODQuNVYwSDQ4MC45VjM4LjVabS0yMDMuNSAwSDQ4MC45VjBIMjc3LjRWMzguNVoiIGNsYXNzPSJnMV80MSIvPgo8cGF0aCBkPSJNMTE2NS4yIDM4LjVoNDcuOU04ODggMzguNWgyNzcuMiIgY2xhc3M9ImcyXzQxIi8+CjxwYXRoIGNsaXAtcGF0aD0idXJsKCNjMF80MSkiIGQ9Ik03My45IDM4LjJWLTEyLjkiIGNsYXNzPSJnMl80MSIvPgo8cGF0aCBkPSJNNzMuNiAzOC41SDI3Ny40bTIwMy41IDBINjg0LjUiIGNsYXNzPSJnMl80MSIvPgo8cGF0aCBjbGlwLXBhdGg9InVybCgjYzBfNDEpIiBkPSJNNjg0LjUgMzguMlYtMTIuOSIgY2xhc3M9ImcyXzQxIi8+CjxwYXRoIGQ9Ik02ODQuNSAzOC41SDg4OCIgY2xhc3M9ImcyXzQxIi8+CjxwYXRoIGNsaXAtcGF0aD0idXJsKCNjMF80MSkiIGQ9Ik0yNzcuNCAzOC4yVi0xMi45IiBjbGFzcz0iZzJfNDEiLz4KPHBhdGggZD0iTTI3Ny40IDM4LjVINDgwLjkiIGNsYXNzPSJnMl80MSIvPgo8cGF0aCBjbGlwLXBhdGg9InVybCgjYzBfNDEpIiBkPSJNNDgwLjkgMzguMlYtMTIuOU04ODggMzguMlYtMTIuOW0zMjQuOCA1MS4xVi0xMi45IiBjbGFzcz0iZzJfNDEiLz4KPHBhdGggZD0iTTczLjYgNTcxLjNIMzQ1LjRWMTczLjJINzMuNlY1NzEuM1oiIGNsYXNzPSJnM180MSIvPgo8cGF0aCBkPSJNMzYyLjcgNDY3LjdoMTMuNFY0NTQuM0gzNjIuN3YxMy40WiIgY2xhc3M9ImczXzQxIi8+CjxwYXRoIGQ9Ik0zNzMuMiA0NjFoLTcuNW0zLjctMy44djcuNSIgY2xhc3M9Imc0XzQxIi8+CjxwYXRoIGQ9Ik03My45IDcyMS4xVjU5Ny4zIiBjbGFzcz0iZzVfNDEiLz4KPHBhdGggZD0iTTExMC4zIDIwMS4yYzEzLjEgMCAyMy44LTEwLjYgMjMuOC0yMy43YzAtMTMuMS0xMC43LTIzLjgtMjMuOC0yMy44Yy0xMy4xIDAtMjMuNyAxMC43LTIzLjcgMjMuOGMwIDEzLjEgMTAuNiAyMy43IDIzLjcgMjMuN1oiIGNsYXNzPSJnMV80MSIvPgo8cGF0aCBjbGlwLXBhdGg9InVybCgjYzFfNDEpIiBkPSJNMTA1LjYgMTY3LjloNS4ydjVjMCAyLjgtMi4zIDUtNS4yIDVjLTIuOSAwLTUuMy0yLjItNS4zLTVjMC0yLjcgMi40LTUgNS4zLTVabTExLjkgMy4xaDMuOHYzLjZjMCAyLTEuNyAzLjYtMy44IDMuNmMtMi4xIDAtMy43LTEuNi0zLjctMy42YzAtMiAxLjYtMy42IDMuNy0zLjZabTYgMTMuMmMtLjYtMy43LTMtNi02LTZjLTIuMSAwLTQgMS4yLTUuMSAzLjNNOTcuMSAxODdjMS01LjIgNC4zLTguNCA4LjUtOC40YzQuMSAwIDcuNSAzLjIgOC40IDguNCIgY2xhc3M9Imc2XzQxIi8+CjxwYXRoIGNsaXAtcGF0aD0idXJsKCNjMl80MSkiIGQ9Ik0xMzAgMTc3LjVjMCAxMC44LTguOCAxOS43LTE5LjcgMTkuN2MtMTAuOCAwLTE5LjYtOC45LTE5LjYtMTkuN2MwLTEwLjkgOC44LTE5LjcgMTkuNi0xOS43YzEwLjkgMCAxOS43IDguOCAxOS43IDE5LjdaIiBjbGFzcz0iZzdfNDEiLz4KPC9zdmc+)

Vodafone Group Plc

Annual Report 2025

39

Strategic report

Governance

Financials

Other information

Empowering People

Globally, approximately

4.6 billion people access the

internet daily through mobile

broadband networks, representing

around 57% of the world’s

population. Despite this,

2.6 billion people remain entirely

unconnected, of which 1.8 billion

people are living in rural areas

1

.

We seek to democratise access to

the internet and help get everyone

connected regardless of who they

are or where they live, to build

universal access and help our

customers and communities

benefit from digitalisation.

76%

4G population coverage

(outdoor 1Mbps) in Africa

75%

5G population coverage

(outdoor 1Mbps) in Europe

2

Digital inclusion

Getting online is a part of everyday life. It is key to

unlocking the opportunities of the digital world.

Globally, 3 billion people use mobile connectivity

to access financial services, alleviating poverty and

fostering economic prosperity. There are 2.4 billion

people accessing educational content, with

2.3 billion people using mobile to access vital

healthcare services and resources

3

.

Our strategy focuses on three key aims: closing

the digital divide by increasing mobile broadband

coverage and improving access to devices and

data, empowering customers through the

digitalisation of key services, and supporting

vulnerable communities through the

Vodafone Foundation.

Click to read more at:

vodafone.com/foundation

Reducing the coverage gap

Whilst 83% of people living in towns and cities are

using the internet, just 48% of those in rural areas

do so

4

. The gap is even more pronounced between

Europe and Africa: 86% of Europeans living in rural

areas are online, whereas in remote and rural

Africa, just 23% have internet access

5

. We recognise

the importance of expanding our mobile

broadband networks into rural regions. We

continue to invest in technology to expand

networks and address challenges that limit

access to remote areas, where difficult terrain

and dispersed populations often make network

deployment challenging for a single mobile

network operator.

The use of network sharing is one strategy

considered to extend 4G and 5G coverage.

An example of this is the Shared Rural Network

in UK, a collaboration between the industry and

government, with the aim to provide 4G coverage

to 95% of the UK land mass by 2025–26,

benefiting an additional 280,000 premises and

16,000km of roads. By November 2024, all four UK

mobile network operators had met their June 2024

targets, and the goal of covering 95% of the

UK was achieved a year ahead of schedule.

In Germany, where Vodafone already covers more

than 99% of the population with 4G, Vodafone has

4G active sharing agreements with Telefonica and

Deutsche Telekom to remove rural ‘grey spots’,

areas where only one provider offers mobile

network access. To further enhance mobile

coverage, the German regulator has imposed

coverage obligations to the Mobile Network

Operators (‘MNOs’) to address so called ‘white

spots’, i.e. rural areas with no mobile coverage,

by establishing passive sharing agreements.

Another coverage obligation is set to cover

railways and streets, where technical realisation

is shared jointly among the MNOs. Finally, in

Romania, Vodafone and Orange have a sharing

agreement to increase 4G coverage, including

‘white spot’ areas. Furthermore, in Romania,

Vodafone and Orange are piloting a common Open

RAN network (shared RAN) in certain rural areas.

This year we have increased 5G network coverage

in Europe, to cover 75% of the population and

4G coverage in Africa, to an additional 2% (see

FY25 network deployment table on page

40

).

We continue to expand our Gigabit fixed broadband

coverage for the benefit of our customers and

our ambition also aligns with the European

Commission’s 1Gbps target for 2030. We are

achieving this expanded Gigabit coverage via three

approaches: enhancements to our own Fibre to

the Home (‘FTTH’) and cable networks, working

with our Joint Venture (‘JV’) partners such as OXG

in Germany, SIRO in Ireland and Fiber2All in

Greece, and new FTTH wholesale partnerships,

such as with Deutsche Glasfaser and Deutsche

Telekom in Germany.

In March 2022, we joined the UN Partner2Connect

digital coalition and pledged to bring 4G to an

additional 70 million people in sub-Saharan Africa.

This targeted intervention includes four of the

least developed countries – Mozambique,

Tanzania, Lesotho, and the Democratic Republic

of the Congo (‘DRC’), and will help to close

a particular gap in internet usage between urban

and rural communities. Since March 2022, we have

added 4G technology to 3,930 sites across these

countries, providing 4G access to millions more

people in Africa

6

.

Closing the coverage gap requires bold, innovative

solutions beyond increasing terrestrial networks.

One key opportunity lies in the convergence of

the satellite and mobile industries. By deploying

Low Earth Orbit (‘LEO’) satellites, we can deliver

high-speed, low-latency broadband to both

unserved and underserved communities,

unlocking access to education, healthcare

and economic opportunities. In January 2025,

we completed the world’s first space video call

using normal 4G/5G smartphones and satellites.

Adoption of this will allow multiple users in areas

of no mobile coverage to make and receive

video calls, access the internet and use online

messaging services. It is the only satellite

technology of its kind built to offer a full mobile

broadband experience and paves the way for

universal digital connectivity and the closure

of mobile coverage gaps.

Notes:

1. ITU, 2024.

2. Continuing operations only.

3. GSMA, 2024.

4. ITU, 2024.

5. Statista, 2024.

6.

Cumulative figure from 31 March 2022 to 31 March 2025.

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40

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Empowering People

continued

FY25 network deployment

Sites deployed

(000s)

Population

coverage (%)

4G (outdoor 1Mbps)

Africa

35,753

76

Türkiye

28,015

97

5G (outdoor 1Mbps)

Europe

1

41,050

75

Note:

1.

Continuing operations only.

Smartphone access in Africa

Once people live within range of mobile

broadband networks, there are still several barriers

preventing the universal use of mobile internet,

including lack of awareness, low literacy and

digital skills and device affordability. Smartphone

ownership is lowest in emerging markets.

Approximately 62% of Vodacom’s customers have

access to a smartphone. Given that smartphones

are increasingly the main gateway to digital

services, and that entry-level smartphones in

sub-Saharan Africa cost 99% of the average

monthly income for the poorest 20%

2

, we

recognise the urgent need to make smartphones

more accessible.

Our goal is to increase smartphone penetration

in our African markets. By making smartphones

more accessible, we can help customers move to

mobile internet services that can support their

education, access to employment and financial

inclusion whilst driving the growth of our 4G

customer segment.

To address this, our strategy is to increase

smartphone penetration through three

key actions:

1. Low-cost sourcing:

We offer entry-level

4G devices to seek to address the affordability

challenge. This year, we introduced a new

cloud-based phone in South Africa which

comes with popular applications such as

YouTube, TikTok and Facebook as standard,

all accessed via cloud, and retails at R249

(US$13.93).

2. Device financing:

We have a range of

device finance schemes enabling customers

to purchase a smartphone with a one-off

deposit, completing their purchase through

affordable daily, weekly or monthly payments.

One example of a device financing scheme

is Easy2Own in South Africa.

3. Local assembly:

By assembling

smartphones within countries in Africa,

import duties can be reduced. These import

duties often make up a significant proportion

of the device cost. An example of where

Vodafone has invested in device assembly

is the EADAK plant in Kenya.

Data democratisation in Africa

For many of our poorest customers, the cost of

data is a barrier to accessing the internet. This is

apparent in Africa which has the least affordable

data compared with income

3

.

We are focused on reducing data costs to better

support our customers. Once a consumer is

empowered with a smartphone, we have two key

initiatives to make data affordable and offer value

for money propositions based on consumer usage

and spend. Our strategy centres around expanding

two programmes – ConnectU and Just4U – into all

Vodacom markets. ConnectU, already live in South

Africa, DRC and Mozambique, provides free to use

access to basic internet and essential services and

resources including education, health services,

jobs boards, and social networks aimed towards

those less able to afford data. Just4U propositions

are product recommendations that are

personalised at a customer level. These are further

structured at a geography level (i.e. Just4U Towns).

Through Just4U Towns (part of Just4U), we use

census data to identify towns with low-to

middle-income populations, offering customised

voice and data packages based on consumer

behaviours and preferences to help to lower their

costs. We offer these solutions in line with local

price floor regulations designed to balance

consumer interest with the sustainability and

health of the sector.

Affordable mobile tariffs in Europe

Affordability is also a challenge in Europe, where

the cost-of-living crisis and soaring energy prices

have placed a significant strain on households.

As of 2022, about 10% of the EU population lacked

regular internet access, hindering their ability

to work remotely, pursue online education and

access essential services

4

.

Our aim is to address digital inequality by

connecting all segments of society, including

those on a low-income. To achieve this, we have

developed a minimum standard for affordable data

access (based on a minimum of 6GB per month),

priced at less than 2% of the average income of

the bottom 40% of the population in each market.

This standard is aligned with data from the World

Bank and the UN ITU’s Aspirational Targets. As at

the end of March 2025, five of our eight European

markets had an affordable tariff in place, which are

available for our customers online.

Our affordable tariffs policy provides guidance to

markets to ensure a consistent approach across

our European footprint so that our mobile

customers can remain connected to the internet.

To achieve this, all European markets should offer

either an affordable mobile tariff or a mobile social

tariff specifically targeted to those facing financial

hardship. This policy supports our ambition for an

affordable tariff to be offered in every European

market. The Group commercial management team

and sustainable business team review the

affordable tariffs policy at least annually to ensure

they continue to meet the needs of customers.

Our target is to have affordable tariffs in place

across the majority of our other European markets

by the end of FY26.

Financial inclusion in Africa

Globally, 1.4 billion adults do not have a bank

account, but among them, an estimated 1.1 billion

have a mobile phone

5

. Financial inclusion is the

extension of financial services to underserved

populations, ensuring accessibility and

affordability. Financial inclusion is essential to

support the reduction of extreme poverty and

delivers significant social benefits and economic

opportunities, with digital technology playing

a key role in providing access to safe, secure

financial services.

Notes:

2. GSMA, 2024.

3. ITU, 2024.

4. Eurostat, 2023.

5. World Bank, 2021.

![](data:image/svg+xml;base64,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)

Vodafone Group Plc

Annual Report 2025

41

Strategic report

Governance

Financials

Other information

Empowering People

continued

In our African markets, our financial inclusion

solutions create opportunities for individuals,

collectives, and enterprises to actively participate

in the economy through access to financial

products and services, available via multiple

channels. Services include money transfers, bill

payments, and e-commerce, amongst others.

In partnership with licensed financial institutions,

customers can also access savings, investments,

lending, and insurance.

We have built an extensive and diverse financial

services business, developing products that cut

across consumer segments and geographies and

unlock strategic opportunities with our key

partners. Our financial services diversify and

enhance the Group’s growth and returns profile.

We differentiate the Group by leveraging global

technology partnerships and our centres of

excellence to deliver attractive returns for our

shareholders while creating exciting propositions

for our customers.

Our financial inclusion strategy draws on a

dual-sided ecosystem, bringing consumers and

merchants together, allowing our merchants to

expand their addressable markets while creating

an appealing ecosystem for our customers. In

2025, we have 1.2 million merchants with whom

our customers can transact.

Consumers and merchants are provided with

personalised propositions driven by Big Data

insights. Our super-apps – VodaPay, Vodafone Cash

and M-Pesa – combine our strengths in financial,

digital and telecommunications services, and

integrate different products and services from

our partners.

As our strategy progresses, we are seeking to

unlock economic growth across our markets

through fostering a savings culture for customers

and enabling SMEs to thrive. In FY25, we continued

to deepen financial inclusion across our M-Pesa

markets, rolling out growth drivers such as youth

accounts and international money transfers. In

South Africa, beyond building payments and

acquiring solutions for merchants, we have grown

our enterprise ecosystem to include value-added

services, vending and lending solutions.

In 2025, we continued to drive financial inclusion

across Africa, reaching 77 million customers, up

from 66 million in the previous year. Egypt and

Tanzania achieved high growth rates in FY25

delivering better than anticipated performance,

enabling us to surpass our financial inclusion

target of connecting 75 million customers to

these services by 31 March 2026. These efforts

are helping customers, their families, and

communities to build greater economic prosperity

1

.

Mobile money customers

Financial

inclusion

customers

(million)

% of

service

revenue

% of

penetration

base

South Africa

3.7

–

–

Tanzania

11.5

39%

63%

Egypt

11.4

8%

28%

Mozambique

6.0

24%

73%

Democratic Republic

of the Congo

6.6

21%

49%

Lesotho

0.9

20%

75%

Vodafone Group

40.1

–

–

Safaricom (Kenya and Ethiopia)

37.0

43%

83%

Supporting our customers to digitalise

Supporting SMEs to digitalise

SMEs are pivotal to both European and African

economies. In the EU, SMEs represent over 99% of

all businesses

2

. Collectively, these SMEs contribute

approximately €5.4 trillion to the EU economy,

with micro-sized enterprises accounting for around

€1.8 trillion of this value

3

. In Africa, SMEs account

for approximately 90% of all registered businesses

and contribute approximately 50% to the total

GDP of sub-Saharan African countries

4

. However,

it is important to note that these figures can vary

across different African nations.

Despite their economic significance, many SMEs

face challenges in accessing the digital tools,

skills, and resources needed to compete in an

increasingly digital marketplace. Digital

advancements like AI present a major opportunity

for SMEs to enhance decision-making, automate

processes and compete more effectively with

larger enterprises. However, barriers such as

limited resources and digital skills gaps continue

to slow adoption.

We are committed to supporting SMEs in their

digital transformation by providing tailored

services and expertise. Through initiatives such

as V-Hub, we offer essential online resources and

one-to-one guidance, helping SMEs improve

efficiency, enhance customer engagement, and

drive innovation. In Europe, we actively track the

number of SMEs receiving digitalisation support

from Vodafone, providing measurable impact.

In Africa, we focus on delivering dedicated value

propositions designed to meet the unique needs of

SMEs, enabling them to leverage digital solutions

for growth and resilience.

By equipping SMEs with the tools, knowledge, and

support necessary to navigate the digital

landscape, we help drive economic sustainability,

strengthen local economies, and ensure that SMEs

remain competitive in an evolving digital world.

Supporting public sector services to digitalise

Digital government services are essential for

building more inclusive and safer societies.

In Europe, our extensive infrastructure enables us

to collaborate effectively with central governments,

local authorities, and healthcare organisations

to deliver large-scale digital solutions across

the public sector – a key pillar of Vodafone’s

commercial strategy.

One example of the benefits of large-scale digital

solutions can be seen with Vodafone Egypt’s

partnership with the government to transform

the healthcare sector through digitalisation.

As the primary technology partner for Egypt’s

comprehensive health insurance project, Vodafone

Egypt’s digital solutions have been implemented in

314 hospitals, benefiting over six million patients.

This initiative aims to extend services to more than

26 million citizens, approximately 22% of Egypt’s

population, in the coming years.

Notably, at Ain Shams University, one of the

teaching hospitals reduced its average patient

waiting times by 32% and cut re-admission rates

by nearly 63% after adopting Vodafone’s digital

solutions. The hospital also transitioned to nearly

100% paperless operations and saved over

50 million Egyptian pounds by integrating

digital services into daily processes.

Investing in digitalisation is crucial for enhancing

public services globally. Vodafone is actively

developing methods to measure the scale and

impact of its contributions across public sector

organisations in our operating markets.

Notes:

1. GSMA, 2023.

2

WEF, 2023.

3. Statista, 2024.

4. WEF, 2023.

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)

42

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Our approach

Maintaining Trust

This section of the strategic report

covers the elements that underpin

our responsible business strategy

that includes our approach to

protecting people and data,

as well as how we act ethically,

lawfully and with integrity

wherever we operate.

93%

employees completed ‘Doing

What’s Right’ training in FY25

684

‘Speak Up’ reports in FY25

Code of Conduct

Our Code of Conduct sets out what we expect from

every single person working for Vodafone,

regardless of location. We also expect our suppliers

and business partners to uphold the same standards

as set out in our Code of Ethical Purchasing.

Click to read our Code of Conduct:

vodafone.com/code-of-conduct

Our Doing What’s Right (‘DWR’) training and

communication programme is key to embedding a

shared understanding of the Code of Conduct

across Vodafone. Throughout the year, the DWR

communication programme promoted different

areas of our Code of Conduct, including Speak Up,

anti-bribery, privacy, competition law, security, and

health and safety. This year we shared a message

that featured our leadership members, graduates,

and other staff members reminding everyone to

keep our business safe from the risks of bribery

and corruption, and to always act ethically.

Training on our Code of Conduct is included in

our standard induction process for new

employees. We expect every employee

1

to

complete refresher training when assigned,

and this is typically every two years.

Of those assigned induction or refresher DWR

training during FY25, 93% had completed the

training as at 31 March 2025

1

.

To keep the knowledge of our Code of Conduct

fresh, we continued to assign assessment tests this

year across areas such as the Code of Conduct,

anti-bribery, health and safety, privacy and security.

These refresher assessments have helped us to test

and refresh knowledge of key concepts. These tests

have continued to receive a high Net Promoter

Score of 85–89%. Those who do not pass the

assessment are required to complete learning in the

relevant subject area. These assessment tests have

been launched across rest of our markets in FY25

1

.

The upgraded Competition Law learning module

launched in the previous year continues to have a

high completion rate of 92% as at 31 March 2025

2

.

We also strive to make compliance easy for our

employees and continue to improve our digital

Code of Conduct and Global Policy Portal, the

internal platform where employees can find

information about our policies and procedures.

A programme is underway to enhance our policy

environment and optimise the focus of policies

so that we can effectively address our material

risk environment.

The digital Code of Conduct and global policy

portal continue to be accessed widely by users

across the Group with nearly 192,000 visits to the

global policy portal in the last quarter of FY25.

Our Code of Conduct is well understood

throughout Vodafone. In the recent Spirit Beat

employee survey, 95% of respondents agreed

with the statement, ‘Our team lives by the Code

of Conduct’.

Speak Up

Everyone who works for or on behalf of Vodafone

has a responsibility to report any behaviour at work

that may be unlawful, criminal, or could amount to

an abuse of our policies, systems, or processes,

and would therefore be a breach of our Code of

Conduct. Speak Up is owned by the Chief Human

Resources Officer and overseen by the Group Risk

and Compliance Committee.

Employees can raise concerns through our

whistleblowing programme, Speak Up. These

concerns may involve unlawful behaviour or

integrity issues, such as bribery, fraud, price fixing,

conflicts of interest, or breaches of data privacy.

Reports may also address people issues such as

discrimination, bullying, harassment, health and

safety dangers for employees or the public, or

potential human rights abuses. Employees can

report concerns to a line manager, a human

resources colleague, or through our anonymous

confidential third-party hotline, which is accessible

online or by telephone in local languages.

This service is available to contractors, suppliers,

business partners, and joint venture partners.

This year, 684 (FY24: 649) separate concerns were

reported using Speak Up.

Speak Up reports are confidentially investigated by

local specialist teams. A committee is in place,

comprised of senior team members, to act as the

decision-making authority. Following an initial

assessment of the report, if an investigation is

required, a corporate security investigator or a

member of HR will confidentially investigate the

matter, notifying the person who raised the

concern. Where reports made to Speak Up require

remedial action, this could include individual

consequences or changes to internal processes

and procedures.

Each report is monitored to verify that any

corrective action plan or remediation has been

conducted. Our Group Risk and Compliance

Committee reviews the effectiveness of the Speak

Up process and trends once a year, and the Group

Audit and Risk Committee receives an annual

update, with additional ad hoc reviews carried

out where appropriate.

We have a non-retaliation policy when a concern

has been reported. Everyone who raises a concern

in good faith is treated fairly, with no negative

consequences for their employment with

Vodafone, regardless of the outcome of any

subsequent investigation. This policy is reinforced

through local communication.

Notes:

1.

Excludes employees in Germany.

2.

Includes Group, Ireland, Portugal, South Africa and Egypt.

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Vodafone Group Plc

Annual Report 2025

43

Strategic report

Governance

Financials

Other information

Our approach

continued

Our employees trust our Speak Up process, as

evidenced by our October 2024 Spirit Beat survey,

with 86% of respondents agreeing that they

believe appropriate action would be taken as a

result of using the process. We also track the

proportion of ‘named’ versus ‘anonymous’ reports

as a higher number of named reports suggests

higher levels of trust in the Speak Up process.

During the year, 49% (FY24: 52%) of reports were

‘named’ and this was 3% higher than available

industry benchmarks.

Speak Up is available to our suppliers and is

communicated through our Code of Ethical

Purchasing. For suppliers that decide to maintain

their own grievance mechanisms, we require that

they inform us of any grievances raised relating

to work done on behalf of Vodafone.

Speak Up topics raised during the year

Topic

1

Speak Up

reports

Requiring

remedial

action

People issues

2

75%

31%

Integrity

22%

51%

Other

2%

36%

Health and safety

1%

50%

Notes:

1.

There were no reports relating to modern slavery concerns

reported during the period (FY24: one report).

2.

Diversity, equity and inclusion topics accounted for 2% of the

People issues reported.

Anti-bribery, corruption and fraud

At Vodafone, we support and foster a culture of

zero tolerance towards bribery, corruption or fraud

in all our activities.

Our Anti-bribery policy

Our policy on this issue is summarised in our Code

of Conduct and states that employees or others

working on our behalf must never offer or accept

any kind of bribe. Our Anti-bribery Policy is

consistent with the UK Bribery Act and the

US Foreign Corrupt Practices Act and provides

guidance about what constitutes a bribe and

prohibits giving or receiving any excessive or

improper gifts and hospitality. Any policy breaches

can lead to dismissal or termination of contract.

Click to read our Code of Conduct:

vodafone.com/code-of-conduct

Click to read more about our approach to Anti-bribery

and corruption:

vodafone.com/anti-bribery

Facilitation payments are strictly prohibited, and

our employees are provided with training and

guidance on how to respond to demands for

facilitation payments. The only exception is when

an employee’s personal safety is at risk. In such

circumstances, when a payment under duress

is made, the incident must be reported as soon

as possible afterwards.

We consistently evaluate our anti-bribery

programme by conducting periodic monitoring

activities, risk assessments, policy compliance

reviews and internal audits to ensure

effective implementation.

To support our approach, we are also a member

of Transparency International UK’s Business

Integrity Forum.

Governance and risk assessment

Our Group Chief Executive and Executive

Committee oversee our efforts to prevent bribery.

They are supported by local market CEOs, who are

responsible for ensuring that our anti-bribery

programme is implemented effectively in their

local market. They are, in turn, supported by local

specialists and a dedicated Group team that

is solely focused on Anti-bribery Policy

and compliance.

The Group Risk and Compliance Committee assists

the Executive Committee in fulfilling duties with

regards to risk management and policy

compliance and anti-bribery mitigation oversight.

Our minimum anti-bribery standards for every

Vodafone business include:

–

Conducting a comprehensive anti-bribery

risk assessment;

–

Ensuring there is a due diligence process for

suppliers and business partners at the start

of the business relationship;

–

Completion of the global e-learning training

for all employees

1

, as well as tailored training

for higher-risk teams; and

–

Registering gifts and hospitality in a designated

platform in line with relevant policy

requirements, as well as ensuring there is a

process for approving local sponsorships and

charitable contributions.

The risks we face evolve constantly but broadly

fall into the areas summarised in the table below,

which outlines the key risks and the mitigation

measures adopted.

Engaging employees to raise awareness

of bribery risk

We run a multi-channel, high-profile global

communications programme, ‘Doing What’s Right’,

to engage with employees and raise awareness

and understanding of the Anti-bribery Policy.

The ‘Doing What’s Right’ programme features

e-learning training, including a specific anti-bribery

module. As at 31 March 2025, 94% of training

assigned during the reporting period had been

completed. For higher-risk employees, additional

tailored training programmes are used to cover

relevant scenarios for those employees. We also

conduct internal communication campaigns using

a range of materials to highlight some of the key

messages around our zero tolerance to bribery

and corruption, including communications from

senior management.

Risk

Response

Operating in high-

risk markets

We undertake biennial risk assessments in each of our local operating companies and at Group

level, so we can understand and limit our exposure to risk.

Business

acquisition and

integration

Proportionate anti-bribery pre- and post acquisition due diligence are carried out on a target

company. Red flags identified during the due diligence process are reviewed and assessed.

Following acquisition, we implement our anti-bribery programme.

Spectrum

licensing

To reduce the risk of attempted bribery, a specialist spectrum policy team oversees our

participation in all negotiations and auctions. We provide appropriate training and guidance for

employees who interact with government officials on spectrum matters.

Building and

upgrading

networks

Our anti-bribery policy makes it clear that we never offer any form of inducement to secure

a permit, lease or access to a site. We regularly remind all employees in network roles of this

prohibition, through tailored training sessions and communications.

Working with

third parties

Third-party due diligence is completed at the start of our business relationship with suppliers,

other third parties and partners. Through their contracts with us, our suppliers, partners,

and other third parties make a commitment to implement and maintain proportionate and

effective anti-bribery compliance measures.

We regularly remind current suppliers of our policy requirements and complete detailed

compliance assessments across a sample of higher-risk and higher-value suppliers. Selected

high-risk third parties are trained to ensure awareness of our zero-tolerance policy.

Winning and

retaining business

We provide tailored training for our Vodafone Business and Partner Markets sales teams.

In addition, we also maintain and monitor an online register of gifts and hospitality to ensure

that inappropriate offers are not accepted or extended by our employees.

Note:

1.

Exceptions apply for employees in Germany.

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44

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Our approach

continued

Assurance

The implementation of our anti-bribery policy is

monitored regularly in all markets and entities as

part of the annual assurance process, which

reviews key anti-bribery controls. During FY25, we

completed an on-site policy compliance review

in Albania. Further to this, a cross-entity review

was performed on selected key controls. The

evaluation of the controls demonstrated good

levels of implementation. Some improvement

areas were identified in tailored training and third

party risk management which continues to be

a key focus area, with appropriate enhancement

measures put in place. To strengthen our

anti-bribery programme, we are investing further

in data analytics solutions, to identify and mitigate

bribery and corruption risks, leveraging artificial

intelligence technology.

Fraud

Fraud is a significant threat, impacting our

customers, employees, reputation, and financial

performance. The Executive Committee and Audit

and Risk Committee recognise this through

ongoing focus on the development of

management capability to mitigate risks and

protect our customers and employees. Vodafone

delivers fraud management through a global

organisation and operating model, utilising a

combination of global (Fraud Centre of Excellence),

central (VOIS) and local (dedicated fraud teams in

each market and Group entities) resource. This

approach enables a timely and effective local

response whilst also identifying best practice and

intelligence to be shared across the organisation.

We continuously evolve our fraud technology and

ways of working, adapting to the tactics used by

fraudsters, and aligning with key partner teams

such as Cyber Security and Privacy to leverage our

strengths and establish a robust, layered defence.

The protection of customers and support for

victims of fraud is a key pillar of our global fraud

strategy. We continue to enhance our capability

in these regards through a combination of

technical solutions, operational processes and

raising awareness.

Human rights

We want to have a positive impact on people and

society, which includes respecting human rights

in all our operations. As well as the positive

opportunities we create, we are also conscious

of the human rights risks associated with our

operations. We aim to ensure that we are not

directly or indirectly, in any way complicit in

human rights abuses. We are a long-standing

member of the United Nations Global Compact

(‘UNGC’), and our approach is guided by the United

Nations Guiding Principles on Business and Human

Rights (‘UNGPs’).

Freedom of expression

Vodafone connects people – to each other, to

information, services and opportunities. Mobile

internet enables unique ways to create, share and

access information. It can allow users to access

information when they need it most, to upload and

share content almost instantaneously, to discuss

and document events and experiences in real time,

and to effectively advocate and organise.

Freedom of expression is enshrined in international

law and enacted through national legislation. It is

linked to social cohesion and inclusion: important

factors in determining the extent to which a

community or nation will experience enduring

prosperity and growth. However, freedom of

expression in the online world can be exercised

only with the means to connect. In the markets

in which we operate, Vodafone seeks to connect

everyone and to provide the tools by which

societies can exercise their rights to freedom

of opinion and expression and more fully benefit

from other digital, cultural and economic rights.

Law enforcement assistance

Vodafone holds customer information needed to

provide our services. We are open about the data

collected and are committed to keeping it secure

and only using it for its stated purpose. We always

seek to respect and protect the right to privacy,

including our customers’ lawful rights to hold and

express opinions, as well as share information and

ideas without interference. Nonetheless, as a

licensed national operator, we are legally obliged

to comply with local law and therefore lawful

orders from local law enforcement, such as police

intelligence agencies and courts.

Law enforcement can help ensure the rights

of the many are not undermined by the unlawful

acts of the few, protecting life and property and

maintaining trust in the community. Law

enforcement agencies use communications data

and lawful intercept to investigate serious crimes

and to tackle national security threats. Data that

Vodafone discloses under applicable local legal

frameworks can provide valuable insights to

investigators working to prevent major national

incidents, save lives, and uphold the rule of law.

When disclosed in a timely manner,

communications data can also support law

enforcement to apprehend dangerous suspects

and disrupt crimes in progress. We use specialist

and security cleared teams to handle law

enforcement assistance requests; they are

available 24 hours a day, 365 days a year, so they

can respond to time critical incidents, such as

kidnap or armed robbery, without delay. Our data

can also be used in criminal prosecutions, ensuring

that victims see justice done.

While law enforcement assistance activities can

benefit communities, we recognise the risk that

certain individuals’ human rights may be breached

by authorities exercising their power to require the

disclosure of communications data – even where

such requirements are domestically lawful. The

impacts may include targeted attempts to

intimidate or suppress political opponents,

minorities, or human rights activists. At the same

time, refusal to comply may put our employees

at risk of physical harm and legal censure.

Our processes seek to minimise the risk of

this happening.

Our due diligence process for potential new

markets includes evaluating the country’s respect

for human rights, how local law would affect our

ability to comply with our human rights (including

Child Rights) policy, and how we can mitigate the

risk of negative human rights impacts. These

are complex evaluations. In some countries,

where telecommunications infrastructure is

underdeveloped and/or dominated by a state

operator, the introduction of our services can

improve the lives and human rights of citizens.

Vodafone’s human rights (including child rights)

policy provides clear rules and guidance which

seek to prevent direct and indirect human rights

risks from materialising in our operations. It

requires that we seek ways to honour the

principles of internationally recognised human

rights, even when faced with conflicting

requirements. Vodafone’s law enforcement

assistance policy creates the specific governance

and safeguards which seek to ensure that we

provide law enforcement securely, effectively, in

line with legal due process, and in a way that seeks

to balance our respect for customer privacy

(including the human rights and civil liberties of

our customers). It sets out common mandatory

requirements for all operating companies

regarding the circumstances in which Vodafone

will provide law enforcement assistance.

The policy asks that we scrutinise all law

enforcement assistance requests, requires all

agencies to comply with legal due process, and

establishes that we will challenge demands that

we consider overly broad, insufficiently targeted

or disproportionate.

![](data:image/svg+xml;base64,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)

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Our approach

continued

In each operating company, the local External

Affairs Director, Legal Director or equivalent is

responsible for implementing and operating the

policy, including ensuring that all employees

involved in law enforcement assistance are

appropriately trained and supported to conduct

their duties. Law enforcement assistance is

supervised at a more operational level by each

operating company’s Head of Legal or Head of

Corporate Security, and is overseen by both

Vodafone’s ExCo and sub-committees of the

Board: the ESG Committee and the Audit and

Risk Committee.

Vodafone is committed to transparency regarding

our role in law enforcement assistance; this is

essential for customer trust and to enable

evaluation of our respect for human rights. Our

annual transparency report shares data on the law

enforcement activity of Vodafone operating

companies, except where local laws prevent

disclosure. In our stakeholder engagement, we

continue to call for governments to publish

meaningful data on their use of law enforcement

assistance demands, and we advocate for

transparent, rights-respecting law enforcement

assistance frameworks.

Click to read our transparency report:

vodafone.com/law-enforcement-assistance

Network shutdowns

Network shutdowns (‘shutdowns’) refer to the

intentional disruption of electronic

communications mandated by a government.

These can be geographically targeted and

therefore affect specific communities, or be

implemented nationally and apply to all

communications and/or specific platforms. Under

its operating licences, Vodafone must comply with

shutdown orders when compelled to do so in

accordance with local law. Shutdowns do limit

citizens’ freedom of expression and may block

journalism, potentially shielding governments

from scrutiny and often isolating vulnerable

communities at times of their greatest need.

They prevent citizens from accessing emergency

services and services that are essential to everyday

life, such as mobile money and online education,

and in times of crisis they can restrict access to

critical assistance such as humanitarian relief.

Vodafone’s human rights (including child rights)

policy is informed by the UNGPs on Business and

Human Rights, the United Nations Global Compact

Principles, and the Global Network Initiative

Principles. Our policy identifies network

shutdowns as one of our salient human rights

impacts. The policy requires that we seek ways

to respect human rights, even when faced with

conflicting requirements, and that we give special

consideration to the rights of vulnerable groups.

Shutdowns are also governed by our law

enforcement assistance policy, which requires that

when we assist law enforcement authorities, we

do so only under certain carefully prescribed

circumstances. All shutdown demands must be

evaluated by an appropriately qualified and senior

solicitor of the operating company to determine

whether the demand has been issued in

accordance with local law, and whether the

operating company has a legal obligation to

comply. Our operating companies interpret

shutdown demands as narrowly as is lawfully

possible, to mitigate the impact on rights holders.

If a shutdown demand appears overly broad,

unlawful or otherwise inconsistent with applicable

law, the operating company will seek clarification

or modification from authorised officials. Vodafone

advocates for governments to end the

indiscriminate use of shutdowns.

Responsible supply chain

At Vodafone, we rely on complex international

supply chains. We collaborate with our suppliers,

partners and peers to promote responsible and

ethical behaviour and high standards across our

supply chain. Our goal is to keep everyone in our

operations safe from harm, which is integral to our

commitment to operate ethically, lawfully, and

with integrity.

We recognise that modern slavery is a growing

issue, exacerbated by global crises. The potential

for human rights abuses in the supply chain is one

of our salient human rights issues. We

acknowledge the potential for supplier failure to

adhere to Vodafone’s code of ethical purchasing

and contractual commitments, which could harm

workers’ human rights, including through failure to

provide a safe and healthy working environment,

forced labour, child labour, and discrimination.

Vodafone’s Chief External and Corporate Affairs

Officer oversees our approach to human rights.

Our supply chain human rights programme is

delivered by subject matter experts, including our

Human Rights Manager and our Senior Supply

Chain Sustainability Lead. Together, they strive to

ensure that we are not, directly or indirectly, in any

way complicit in human rights abuses.

Vodafone does not tolerate forced, bonded or

compulsory labour, human trafficking, child labour

or discrimination in our operations or supply chain.

Vodafone Procure & Connect (‘VPC’) drives

consistency in supplier management. We aim to

identify modern slavery risks before engaging new

suppliers and monitor their compliance with our

code of ethical purchasing during the contract.

When tendering, new suppliers must demonstrate

policies and procedures that support matters

including safe working, diversity and inclusion.

Vodafone’s code of ethical purchasing sets out the

minimum ethical behaviours we require of

suppliers. It is based on international standards,

including the Universal Declaration of Human

Rights and the International Labour Organisation

Declaration on Fundamental Principles and Rights

at Work, addressing topics including forced labour,

child labour, discrimination and the responsible

sourcing of minerals. Suppliers must operate

safely, under the ‘Vodafone absolute rules’,

which take a zero-tolerance approach to

unsafe behaviours.

We collaborate externally to identify risks,

including through the Joint Alliance for Corporate

Social Responsibility (‘JAC for CSR’) – an

association of telecommunications operators

working to improve ethical, labour and

environmental standards in the information and

communication sector supply chain. JAC members

undertake regular audits of common suppliers.

Completed audits are shared with members on a

shared audit platform. The decision to use or stop

using certain suppliers is always decided on

by each individual JAC member independently.

Vodafone uses these assessments, in addition

to our own, to identify and manage risks in our

supply chain. Audits include offsite worker surveys.

Our anonymous, non-retaliatory grievance

mechanism, ‘Speak Up’, is accessible to all

individuals in our workforce or supply chain.

Where breaches are identified, we work with

suppliers on remediation plans.

The Chief Financial Officer oversees our supply

chain, while the External Affairs Director owns the

human rights policy. The Chief Executive Officer of

the VPC reports to the Chief Financial Officer, and

is responsible for the implementation of the code

of ethical purchasing. They are both members of

the ExCo and Board.

Click to read our Code of Ethical Purchasing:

vodafone.com/code-of-ethical-purchasing

Click to read our Conflict Minerals Reports and Statement:

vodafone.com/responsibleminerals

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Financials

Other information

Our approach

continued

Privacy, Security, and Resilience

Millions of people communicate and share

information over our networks, supporting them to

connect, innovate and prosper. Customers trust us

with their data and maintaining this trust is critical.

Our security and resilience strategy is centred

around three key pillars: data privacy,

cybersecurity, and asset resilience.

Our global privacy programme seeks to manage

our customers’ personal data in a way that

respects their rights and ensures they can make

informed decisions regarding the use of the

personal data. We regularly engage with industry

and policymakers to help shape privacy standards.

Under our cyber security pillar, we continuously

monitor and defend our systems against evolving

threats. Our security framework follows industry

good practices, focusing on risk management,

real-time threat detection, and incident response

rates to keep our customers and services safe.

Furthermore, as a provider of critical infrastructure,

we invest in securing our network, including

mobile towers, data centres, and subsea cables.

To enhance resilience of our physical assets, we

deploy backup power solutions and strengthen

our systems against potential disruptions, aiming

to ensure uninterrupted connectivity.

Data privacy

We believe that everyone has a right to privacy

wherever they live in the world, and our

commitment to our customers’ privacy goes

beyond legal compliance. As a result, our privacy

programme applies globally, irrespective of whether

there are local data protection or privacy laws.

Click to watch our privacy experts summarise our approach to

data privacy

investors.vodafone.com/videos

Privacy risks and impacts

As data volumes continue to grow and regulatory

and customer scrutiny increases, it is important to

be clear on the privacy risks we face, as well as

how our policies and programmes can mitigate

these. We categorise data privacy risk into three

main areas:

–

Collection

: collection of personal data without

permissions, or excessive collection of data;

–

Access and use

: use of personal data for

unauthorised purposes, excessive data

retention, or poor data quality; and

–

Sharing

: unauthorised disclosure of personal

data, including supplier non-compliance with

the law or our own policies.

To help us identify and manage the increasing

privacy risk landscape we regularly evaluate our

business strategy, new technologies, products and

services as well as government policies and

regulation. We also evaluate operational controls

to determine improvements to mitigate risk.

Policies

Our privacy management policy is based on

the European Union General Data Protection

Regulation (‘GDPR’) and this is applied across

Vodafone markets both inside and outside the

European Economic Area. Our privacy management

policy establishes a framework within which local

data protection and privacy laws are respected

and sets a baseline for those markets where there

are no equivalent legal requirements.

Using customer data

We want to enable our customers to get the most

out of our products and services. To provide these

services, we need to use our customers’ personal

information. We aim to protect our customers’ data

and only to use it for a stated and specific purpose.

We are always open about what customer data we

collect, and why we collect it.

Our privacy programme governs how we collect,

use and manage our customers’ personal data

to ensure we respect the confidentiality of their

communications and any choices that they have

made regarding the use of their data. Our privacy

programme is based on the following principles:

accountability, fairness and lawfulness, choice and

access, security safeguards, privacy by design,

openness and honesty, responsible data

management, and balance.

Each local market publishes a privacy statement to

provide clear, transparent and relevant information

on how we collect and use personal data, what

choices are available regarding its use and how

customers can exercise their rights. Our product

specific privacy notices include details relating

to a particular product. These statements and

notices are available to customers online, in the

MyVodafone app and in our retail stores.

We provide our customers with access to their data

through online and physical channels. These

channels can be used to request deletion of data

that is no longer necessary, or for correcting

outdated or incorrect data, or for data portability.

Our customer privacy statements and other

customer-facing documents provide

comprehensive information on how these rights

can be exercised and how to raise complaints or

contact the relevant data protection authority.

Our frontline retail and customer support staff

are trained to respond to customer requests.

Click to read more about our privacy policies

vodafone.com/privacy

Governance

The General Counsel and Company Secretary, a

member of the Executive Committee, oversees the

global privacy programme. The Group Privacy

Officer reports to the Global Compliance and

Business Integrity Director, an independent second

line function responsible for monitoring Group

compliance. The Group Privacy Officer is

responsible for monitoring the Group privacy

programme compliance across markets and

provides regular reports to the General Counsel

and Company Secretary, and an annual update to

the Audit and Risk Committee on the adequacy of

our Privacy programme. During the year, the Group

Privacy Officer conducted regular compliance

reviews to ensure markets were adhering to the

Group’s policies and procedures. This included

oversight of our privacy programme.

Whilst each employee is responsible for protecting

personal data they are trusted with, accountability

for compliance sits with each operating company.

A member of the local executive committee

oversees the local implementation of our privacy

programme. Each operating company also has a

dedicated privacy officer, privacy legal counsel and

other privacy specialists. Local privacy officers report

to the Group Privacy Officer throughout the year

on the adequacy of privacy risk management for

their market.

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Our approach

continued

The privacy leadership team approves new

standards and guidelines and monitors the

implementation of global privacy plans. Operating

companies also maintain Privacy Steering

Committees that bring together privacy and

security teams and senior management from

relevant business functions.

Enabling customers to control their data

Our state-of-the-art, multi-channel permission

management approach has been deployed across

our channels (MyVodafone app, website, call

centres and retail stores) since 2018. This approach

allows our customers to control how we use their

data for marketing and other purposes at any time

and the permissions are synchronised across our

channels. For example, customers can:

–

Opt in for the processing of special categories

of data;

–

Choose what data we collect through the

MyVodafone app and how it is used;

–

Opt out from marketing across different

channels (call, SMS, notifications), or opt-in to

the use of their communications metadata for

marketing purposes or for receiving third-party

marketing messages; and

–

Opt out from the use of anonymised network

and location data (‘Vodafone Analytics’).

Click to read more about uses of customer data:

investors.vodafone.com/sasb

Privacy compliance

We have an experienced team of privacy specialists

dedicated to ensuring compliance with data

protection laws and our policies in the countries

where we operate.

Our privacy controls frameworks are subject to

periodic review and risk based evaluation to identify

and implement areas for improvement. In addition

to introducing updates to our global privacy

controls, we also require every employee, and

where possible contractors, to complete our Doing

What’s Right (‘DWR’) privacy training within six

weeks of joining. In addition, they need to complete

refresher courses in line with our annual learning

intervention cycle. We also have targeted training

for high-risk teams with a key role in personal

data processing.

We have a clear process for managing privacy risks

across the data life cycle, and teams from across

Vodafone ensure end-to-end coverage. Dedicated

security teams are tasked with applying appropriate

technical and organisational information security

measures to protect personal data against

unauthorised access, disclosure, loss or use during

transit and at rest.

Read more about cyber security on pages

48

to

52

All products, services and processes are subject

to privacy impact assessments as part of their

development and throughout their life cycle.

We maintain personal data processing records,

supplier privacy compliance, data breach

management and individual rights processes,

and internal and international data transfer

compliance frameworks, as well as training

and awareness programmes.

In our supply chain, privacy and security

requirements form a key part of our supplier

management processes. All suppliers go through

a thorough onboarding process to verify their

adherence to these requirements, with appropriate

data protection measures and continuous

monitoring agreed.

Our teams monitor and influence regulatory as

well as industry developments and work to build

and maintain relationships with local data

protection authorities and other key stakeholders.

The effectiveness of control implementation is

subject to quarterly reporting and annual

evidence-based testing by the privacy teams, as

well as internal audit. Control implementation is

also reviewed by local market CEOs, the Group Risk

and Compliance Committee and the Audit and Risk

Committee. Any findings are subject to remedial

actions by the responsible control operator, and

their completion is monitored.

Responding to privacy incidents

We have dedicated standards and monitoring

(covering both internal process implementation

effectiveness and reference external cases) to

prevent, identify, contain, and report incidents with

lessons learnt to all internal and external

stakeholders as necessary.

Our performance

We aim to achieve a 90% completion rate on both

generic (DWR) and specific (high risk role) trainings

for all target groups across our global footprint. In

FY25, 89% of assigned employees completed DWR

or more specific privacy training.

We aim to avoid any data breach or data misuse

resulting in material impacts. We have a strong

culture of data privacy, and our assurance and

monitoring activities are designed to identify

potential issues before they materialise and as

a result Vodafone did not receive material fine

during the financial year.

Vodafone’s approach to responsible

artificial intelligence (‘AI’)

Vodafone’s AI governance approach demonstrates

our desire to engage with AI in an ethical and

responsible manner for the benefit of customers,

employees, and society. We first released our

ethical AI framework in 2019. We have further

formalised our governance of AI. The AI

Governance Board is a senior steering group that

defines strategy and policy for AI and monitors its

execution. The board is chaired by the Vodafone

Chief Technology Officer and is attended by the

CEO of Vodafone Business, Group Commercial

Function Director, Chief HR Officer, General

Counsel, and Company Secretary.

The AI Governance Board is supported by the

following functions: the Global AI Data and

Analytics function leads the deployment of the

AI initiatives. The AI innovation team drives AI

innovation. HR is responsible for upskilling our

workforce, and the Responsible AI Office ensures

compliance with and ethical use of AI, together

with our Secure and Privacy by Design and

External Affairs teams. Recently, we have rolled

out an internal risk assessment for AI applications

to continue managing the ever-increasing risk for

AI. Additionally, we have implemented a set of

responsible AI guardrails to our internal AI

development platforms making sure that there is

a set of controls mitigating known risk domains

for generative AI applications.

On the external front, Vodafone contributed to the

development and launch of the GSMA Responsible

AI Maturity Roadmap and is a standing member of

the GSMA Responsible AI working group. We have

also signed up to the AI Pact operated by the AI

Office in the form of a voluntary pledge.

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)

48

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Our approach

continued

Cyber security

Strategy

Our cyber security strategy

Our vision is a secure connected future for our

customers and society. We are motivated by a clear

purpose to inspire customer trust and loyalty

through providing sustained cyber security,

ultimately contributing to a secure society and

an inclusive future for all.

Our cyber security strategy and operating model

support our vision and goals, and form part of our

wider Company strategy.

Our strategy is based on core principles, including:

–

Act as an enabler for the business;

–

Be proactive, risk and threat-led, supported

by data-driven decisions, automation and

digitalisation;

–

Build and assure security in all products and

services; and

–

Simplify architecture though partnership

with key suppliers.

In the past year we have been redeveloping the

strategy based on changes in the internal and

external environment. This takes account of future

threats and changes in technology so it remains fit

for purpose over the next five years and beyond.

The updated strategy consists of five main areas:

Dynamic Trust, Identity and Insider.

Through robust tooling and processes, we aim to

make sure the right people can access the right

information at the right time.

Proactive Health and Real-time Response.

The next generation of our detection and response

capability, using advanced analytics and

automation to expand our capabilities.

Cyber Health and Adaptive Risk Method

(‘CHARM’).

We provide a view of our security risk which

adapts to change and is quantified to make better

risk decisions.

Securing Networks, Products & Services.

New technologies are harnessed securely and

products and solutions are designed with security

in mind. We enable secure connectivity through an

end-to-end operating model for telecoms security.

Supplier and Society Ecosystem.

We embed and seek to drive good security

practice across our suppliers. We partner and

collaborate widely to achieve good security

outcomes for our customers and society.

Each year we define and communicate priorities

for a three-year period, so all areas of our business

are clear on the investment priorities for security.

We track progress against these priorities

throughout the year.

Year ahead

We have started work on five transformations

aligned with the updated strategy. These include:

–

Design and development of a new security

operations platform;

–

Further strengthening multi-factor

authentication;

–

Enhancing end-to-end security of our

telecommunications networks;

–

Transforming how we manage the security of

our third parties; and

–

Implementation of CHARM.

Alongside these priorities, we continue to focus

on security control improvement, efficiency

and automation.

Click to read our cyber security factsheet:

investors.vodafone.com/cyber

Find out more

Click to listen to our experts

summarise our approach to cyber security:

investors.vodafone.com/videos

New technologies and industry collaboration

We adopt new technologies to better serve our

customers and gain operational efficiency. For

every technology programme we follow our

Secure by Design process, evaluating suppliers’

hardware and software, modelling threats and

understanding the risks before designing,

implementing and testing the necessary

security controls and procedures.

Mobile networks

Every new mobile network generation has brought

increased performance and capability, along with

new opportunities in security. As we deploy 5G

core networks alongside our 5G radio networks,

often described as 5G Standalone, we have

updated our security standards to implement the

latest 5G features in our core networks. We also

test security in our radio networks using

independent third-party testing companies.

Open RAN is a new way of building and managing

radio access network (‘RAN’) components within

telecommunication infrastructure. Instead of

purchasing all the components from one supplier,

we use hardware and software components from

multiple vendors and integrate these via open

interfaces. Over time, this will create a more

competitive landscape for telecommunications

equipment. We continue to collaborate with other

players in the Open RAN ecosystem to improve

security. This includes adding requirements to the

Open RAN specification, publishing internal

security standards, and benchmarking vendors

against these. The first Open RAN sites are now

live in the UK and Romania.

Quantum computing

We are preparing for a time when quantum

computers able to break certain cryptography are

available at scale. Through our joint research with

IBM, we have developed a risk-based approach to

mitigate the risks of existing cryptography. We are

identifying where we are using cryptography that

is potentially vulnerable to attack from quantum

computers, defining supplier requirements and

developing the ability to update our cryptography

when new threats emerge. We have set up a

long-term Quantum Safe programme, and plan

to pilot migration activities in the next year in

collaboration with IBM and telecom vendors.

Vodafone co-chairs the telecommunications

industry-wide task force on this issue.

Artificial intelligence (‘AI’)

We take the responsible use of AI seriously and

seek to balance the opportunities and security

risks associated with AI. Security teams from

across the business are collaborating under the

governance of a global responsible AI committee

which agrees policy, mitigates threats, identifies

and selects use cases for implementation.

Read more about AI governance on page

47

To deliver secure and responsible AI, we integrate

secure AI lifecycle practice, requirements and

tools into strategic AI platforms and internally

developed AI applications. To reduce the risks of

misuse, we limit access to public AI applications.

We have developed an awareness programme

and updated our policies to make it clear to our

employees what data must not be shared with

public AI applications.

We have defined requirements for internal

AI application development including risk

assessment, designing for transparency, lack of

bias and providing the right degree of human

oversight of results. If the AI model could have

a high impact on people, we require a human

to have input on the final decision.

We are also experimenting with AI to augment our

cyber security processes. The first application is a

chatbot which can answer employee questions on

cyber policies and standards. We are also engaged

in cross-industry forums that collaborate on

telecommunication-specific AI use cases, including

threat detection, investigation and response.

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Vodafone Group Plc

Annual Report 2025

49

Strategic report

Governance

Financials

Other information

Our approach

continued

Industry collaboration

We actively engage with stakeholders across

industry, including regulators, standard-setting

bodies and governments. Collaboration is vital to

respond to threats, protect our organisation and

workforce, and build safe online and digital spaces

for customers and society. We use our expertise

and experience to engage with a wide range of

organisations to help improve the understanding

of cyber security thinking and practice, and

contribute to public policy, technical standards,

information sharing, risk assessment, and

governance. For example, we have engaged in

cross-industry collaboration through the European

Round Table, where we chair the CISO committee.

We have an appointed member on the National

Cyber Advisory Board in the UK. We also

collaborate with other telecommunication

companies, and actively engage in security

standards working groups such as ENISA 5G Cyber

Security Certification, O-RAN Alliance WG11 and

GSMA Fraud and Security Group. We have a

research programme working on security topics

with the German Federal Ministry of Education &

Research, for example on securing future

generations of mobile technology.

Risk management

Identification of vulnerabilities and risks

Cyber attacks are part of the technology

landscape today and will be in the future. All

organisations, governments and people are

subject to cyber attacks and some will be

successful. The telecommunications industry is

faced with a unique set of risks as we provide

connectivity services and handle private

communication data.

A successful cyber attack could cause serious

harm to ourselves or our customers, including

unavailability of services or a data breach leading

to disclosure or misuse of customer personal data.

The consequences could include, but are not

limited to, exposure to contractual liability,

litigation, regulatory action, or damage to the

company’s reputation and brand and loss of

market share. In the worst case, the cyber security

incident could cause material financial impact

to us.

There is increasing regulatory focus on cyber

security and requirements for telecommunications

providers to improve their cyber security practices.

We are subject to GDPR and equivalent legislation

in many countries in which we operate. In addition,

there are local and regional laws and regulations

which impact cyber security, for example the

Telecommunications Security Act in the UK and

Network & Information Security 2 (‘NIS2’) and the

Digital Operational Resilience Act (‘DORA’) in the

EU. A cyber incident may lead to regulatory fines

and other enforcement activities if deemed to be

due to inadequate security. Measures to meet

these laws and regulations will also result in

increased compliance costs.

We dedicate significant resources to reducing

cyber security risks, however due to the nature of

the threats, we cannot provide absolute security

and some cyber security incidents will occur.

Risk and threat management are fundamental to

maintaining the security of our services across

every aspect of our business. We separate cyber

security risk into three main areas of risk:

–

External:

A wide variety of attackers, including

criminals and state-backed groups, target our

networks, systems and people using a range of

techniques. They seek to gain unauthorised

access to steal or manipulate data or disrupt our

services. Geopolitical factors also increase the

threat of an external attack;

–

Insider:

Our employees may accidentally leak

information or maliciously misuse their

privileges to steal confidential data or to cause

disruption; and

–

Supply chain:

We only have indirect control

over the cyber security of third-party service

providers, limiting our ability to defend against

cyber threats to these third parties. Such

attacks, if successful, could cause services to be

unavailable or enable a data breach to occur.

To help us identify and manage emerging and

evolving risks, we constantly evaluate and

challenge our business strategy, new technologies,

government policies and regulation, and

cyber threats.

We conduct regular reviews of the most significant

security risks affecting our business and develop

strategies and policies to detect, prevent and

respond to them. Our cyber security strategy

focuses on minimising the risk of cyber incidents

that affect our networks and services. When

incidents do occur, we identify the root causes and

use them to improve our controls and procedures.

Cyber security risk is aligned with Vodafone’s

enterprise risk framework. The most important

risks to the company are referred to as Principal

risks, of which Cyber risk is one. The risk owner

produces a formal Line of Sight document that

describes the risk, the risk tolerance, current

position against tolerance, controls and actions

to move to tolerance if required. Second and

third line assurance information is also included

in the document.

Risk and control approach

The global Cyber and Information Security policy

applies to all Vodafone-controlled entities. Each

security domain has a supporting policy document

with detailed control objectives. The policies are

underpinned by security standards which provide

relevant technical specifications.

Security controls and procedures define the

requirements which allow our policies to be met.

These controls and procedures are designed to

prevent, detect or respond to threats. Most risks

and threats are prevented from occurring and we

expect most will be detected before they cause

harm and need a response.

Adaptive risk and control methodology (‘CHARM’)

We have launched a new global methodology for

cyber security risk management which we call the

Cyber Health and Adaptive Risk Method or CHARM.

The goals of this approach include:

–

Cyber Health – a continuous view of security

based on automated key risk indicators;

–

Adaptive – responds to changing threats,

technology evolution and regulation;

–

Risk method – quantified risk to provide better

decision-making and prioritisation.

This new approach has a greater focus on risk and

threats but retains the structured control

framework and common targets of the former

Cyber Security Baseline. Initially we are using

the same control set as before under the

new methodology.

To adapt to the changing threat landscape, we

have defined threat and risk scenarios. The threats

and specific attack techniques are mapped to

the controls that most significantly reduce risk,

allowing gaps to be highlighted.

We have set targets for key controls to be effective.

Effectiveness is based on the depth of the control

implementation and coverage of the relevant

assets. Cyber security controls need to be

continuously evolved and enhanced to mitigate

risks and threats. Each year we set new annual

targets, progress against the targets is monitored

and reported quarterly to the senior leadership in

each market and globally.

We update our priorities with changes, including

any necessary new controls. The control

framework will continue to evolve based on

changing threats, technology developments, our

strategic and business priorities, and regulation.

We have begun to automate the capture and

reporting of key risk indicator data from source

systems. This will reduce manual effort, be more

accurate and provide stronger assurance of

effectiveness. We plan to automate all relevant

controls over the next two to three years.

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)

50

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Our approach

continued

To better quantify residual risk, we have created a

risk quantification model based on threats, control

effectiveness and incident data. The model is due

to be launched in early FY26.

In addition to this top-down process of risk

identification and mitigation, we identify individual

cyber risks at the product or system level, for

example through our Secure by Design process,

operational activities, scanning and monitoring,

or through an incident. Risks are evaluated on a

common impact and likelihood scale, mitigating

actions are agreed and captured in a risk register.

Any high risks identified through these processes

require senior management oversight and

agreement of mitigating actions.

Assurance

A dedicated technology assurance team reviews

and validates the effectiveness of our cyber

security controls, and our control environment

is subject to regular internal audit. We test the

security of our mobile networks every year using

a specialist testing company, they also benchmark

our security against other telecommunications

operators. This provides assurance that we are

maintaining the highest standards and our

telecommunications controls are operating

effectively. We have also appointed external

specialists to perform testing on our security

controls (‘red teaming’) to uncover any areas for

improvement. We maintain externally audited

information security certifications, including ISO

27001, which cover our global technology

function and 9 local markets. In addition, our

markets comply with national information security

requirements where applicable. All systems

going live and those undergoing change are

independently penetration tested. An internal

team performs some testing, and we engage third

party testers where appropriate. Across Vodafone,

we complete over 1,000 penetration tests every

year. We also perform adversary testing exercises.

Supply chain

As well as monitoring control effectiveness within

Vodafone, we oversee the cyber security of our

suppliers and third parties. Controls and

procedures are embedded in the supplier lifecycle

to set requirements, assess risk and monitor each

supplier’s security performance. At supplier

onboarding, minimum security requirements are

written into contracts, and we determine the

inherent risk of the supplier based on the service

they are providing. We then assess their controls

using a questionnaire to understand the residual

risk, which informs the frequency of review from

annual to every three years. We follow up on open

actions and ensure any security incidents are

tracked and managed.

Regulatory landscape

We are seeing an increase in new security

regulation as governments respond to the

heightened cyber threat landscape, recognising

that telecommunications operators provide critical

national infrastructure. We engage directly with

governments and industry partners to promote

proportionate, risk-based and cost-effective

solutions to security threats. We look to establish

shared approaches to reinforce standardisation

and regulatory frameworks that apply equally

to all market participants.

In the UK, we are implementing the provisions of

the Telecommunications Security Act which sets

enhanced security requirements for UK network

operators and their suppliers. In Europe, we are

planning implementation of the NIS2 and DORA

requirements. We continue to monitor the

forthcoming EU Cyber Resilience Act which aims

to ensure that all digital products and services

fulfil basic security requirements.

The US Securities and Exchange Commission

(‘SEC’) introduced cyber security incident

disclosure and reporting requirements in

December 2023. We updated our incident

management process to include the relevant

disclosure steps should a material incident occur;

this is described in the Cyber Operations and

Incidents section. Where applicable we have

expanded these cyber security disclosures in

response to the new reporting requirements.

Operating model

Our approach to cyber security

We have implemented a globally consistent cyber

security operating model that is based on the

leading industry security standards published

by the US National Institute of Standards and

Technology (‘NIST’). The model is designed to

reduce risk by constantly identifying threats,

protecting, defending and improving our security.

We operate cyber capabilities with an in-house

international team of over 900 employees.

We augment our internal capabilities where

necessary with third-party specialist technical

expertise, such as digital forensics, red teaming

and penetration testing. We use specialist

resources to perform testing of our

telecommunications networks. We also use

qualified external resources to help during the

implementation of change and improvement

projects. Our scale means we benefit from global

collaboration, technology sharing and deep

expertise, and ultimately have greater visibility of

emerging threats. An example would be our global

security operations centre which takes inputs and

telemetry from all the markets where we operate.

Our cyber security approach, explained by our

experts, covers the lifecycle: identify, protect,

detect, respond, recover and govern. This is

summarised in the video linked below.

Find out more

Click or scan for more information:

– Our cyber security experts summarise

our approach to cyber security

investors.vodafone.com/videos

Cyber security function

Team

Responsibilities

Governance, Risk and

Control

–

Cyber risk framework and management across the Group.

–

Define and track adoption of controls and procedures, and measure effectiveness.

Strategy and Secure

by Design

–

Define cyber strategy aligned to technology and Company strategies.

–

Products, services and internal systems are secure by design.

Cyber Prevent

–

Engineer, deliver and operate global security platforms, driving

continuous improvement.

Cyber Defence

–

Perform threat intelligence & security testing. Detect events and attacks

through 24/7 monitoring.

–

Respond to events and incidents to minimise the impact to business and customers.

Investments &

Supplier

–

Manage cyber risk in Vodafone investments portfolio, partner markets, acquisitions

and divestments.

–

Identify and reduce supplier risk.

Local Market Teams

–

Responsible for managing and embedding cyber security in our local markets,

including meeting local cyber regulatory and compliance requirements.

![](data:image/svg+xml;base64,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)

Vodafone Group Plc

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Strategic report

Governance

Financials

Other information

Our approach

continued

Governance

Management

The Chief Technology Officer (‘CTO’) and Chief

Network Officer (‘CNO’)are the Executive

Committee members accountable for managing

the risks associated with cyber threats and

information security. The Cyber Security and

Technology Strategy & Governance (‘Cyber’)

Director is responsible for managing and

overseeing cyber security across Vodafone

and reports to the CTO.

Within the cyber security organisation, led by the

Cyber Director, we have heads of global cyber

security functions, local markets and regional

cyber security leaders. This global leadership team

is responsible for directing, managing and reducing

cyber risk across Vodafone. Market and regional

cyber security leaders are also part of their local

management teams, with a dotted matrix reporting

line to local chief information officers.

The Cyber Director has led cyber security in

Vodafone since 2015. Prior to joining Vodafone, the

Cyber Director was chief security officer at a large

UK bank, after previously holding security and

technology audit leadership roles in financial

services and the UK postal service. The Cyber

Director is an independent advisor for a large UK

retail company, a member of the UK Cabinet Office

National Cyber Advisory Board and holds several

other industry advisory and committee roles.

Our broader cyber leadership team has significant

cyber security and technology risk experience

across business sectors including

telecommunications, financial services and

professional services.

The cyber security leadership team reviews

detailed metrics monthly covering security

controls status, updates about the threat

landscape, and specific key risk indicators (‘KRIs’)

for our most important controls. Examples of KRIs

include results of independent network testing by

third parties, vulnerability management, patching,

hardening and endpoint security status, and

incident metrics. Internal reporting provides

a detailed view of progress and risk reduction.

If markets are consistently not achieving

targets, they are expected to have plans in

place to recover.

Quarterly summary management reporting is

provided to the technology leadership team and

Executive Committee. This is supplemented by

monthly control status reports which track targets

and are discussed in regular meetings with local

market leadership teams.

The top level Cyber and Information Security

policy is approved annually by the CTO. Risk

governance is provided by a quarterly Cyber Risk

Council meeting, chaired by the Head of Cyber

Governance Risk and Control, and attended by the

Cyber Director, the Cyber leadership team and

cyber security leaders from each market. The

meeting reviews and approves detailed cyber

policies and standards, monitors cyber risk and

threat, and oversees key strategic programmes.

Cyber security risk is also reported to and

monitored by more senior committees including

the Technology Audit and Risk Committee, chaired

by Internal Audit and the Vodafone Group Risk

and Compliance committee, chaired by the Chief

Financial Officer (‘CFO’). The Cyber Director

attends both of those committees to provide

updates as required.

Board

The Group Audit and Risk Committee (‘ARC’) is the

responsible committee for the oversight of risks

from cyber security threats. The Committee

receives updates from Internal Audit throughout

the year. The ARC reviews the risk tolerance, risk

position and mitigating actions for each principal

risk of the company, including cyber threat.

In addition, the Committee reviews cyber risk

based on papers and presentation from the CTO

and Cyber Director. The report collates the data

that covers all local markets’ security status. The

paper also typically includes threat landscape,

incidents, security position, residual risk, strategy

and programme progress across the Company.

The Chair of the Board’s Audit and Risk Committee

is the Senior Independent Director of the Board.

A former CEO at a UK financial services company,

he has significant experience of overseeing

technology and cyber issues.

Cyber security is also discussed at the Board

Technology Committee which assists the Board by

overseeing how technology underpins company

strategy. In total, Cyber topics were covered three

times at Board-level committees in FY25.

Read more about the Audit and Risk Committee’s oversight

of cyber security on pages

86

to

91

Culture, training and awareness

Training and awareness

Our cyber security awareness approach is to

educate our employees to protect themselves and

our customers from cyber threats. Cyber security

training is mandatory as part of our Doing What’s

Right programme. The training module is designed

by the cyber security team to inform employees

of key threats and how to avoid them. The cyber

leadership team are actively involved in shaping

the approach and in specific employee

communication. The corporate security function

lead on all employee security training and they

deliver the programme and materials. If the

employee fails the knowledge check which is part

of the training, they are required to retake the full

cyber security training module. A training manual

Find out more

Click or scan for more information:

–

Watch our Chair of the Technology Committee

talk more about his role

investors.vodafone.com/videos

has been produced for non-employees, so they

also receive the same level of awareness. Training

on cyber security is also included in our induction

process for new employees. We track completion

rates to ensure every employee completes the

mandatory training.

Read more about our approach to mandatory

Doing What’s Right training on page

42

Cyber security training is reinforced by regular

digital communications delivered via our internal

social media platform, through videos and

webinars. When new threats arise or become more

prevalent we provide targeted advice. Examples

include reminders on the use of multi-factor

authentication and not to share credentials.

We perform phishing simulations across all

markets and functions to raise awareness and train

employees. We target at least two exercises per

market or function per year. We also run multi-

market simulations to allow us to compare

responses consistently – these simulations

cover European and African markets and Group

functions. Those who click on the link in the

phishing message or share their credentials

receive immediate training.

We have continued to undertake incident

simulations for local executive committees.

In the last year we have covered seven markets

including the UK, Albania, Czechia, Ireland,

Romania, Portugal and Türkiye. The simulations

provide CEOs and their teams a realistic and

tailored experience of managing a cyber incident

and exercising their responsibilities in accordance

with our common approach.

Growing our skills

We enable employees in our cyber teams to

maintain and grow their skills to better protect our

customers. Our company learning platform hosts

cyber training on technical topics, platforms and

frameworks. Employees can study towards

recognised information security and cyber

certifications aligned to their learning plans.

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52

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Our approach

continued

Since 2020 we have organised twice yearly

Cyber Connect events for our entire global

cyber security team. The events include a recap

of our strategy and achievements, messages from

senior leadership, external industry speakers,

collaborative breakout groups and technical track

sessions to learn about cyber topics and best

practice. We use technology to enable a hybrid

experience with some attending in offices and

some remote.

The Cyber Code

The Vodafone Cyber Code has been designed to

simplify and explain basic security controls and

procedures to all employees. The Cyber Code is

embedded in our Code of Conduct and is the

cornerstone of how we expect all employees to

behave when it comes to best practice in cyber

security. It consists of seven areas where

employees must follow good security practice.

Click to read more about Vodafone’s Cyber Code in

our Code of Conduct:

vodafone.com/code-of-conduct

Threats and incidents

Threat landscape and intelligence

An important part of our operating model is

to gather intelligence and insights in order to

assess threats and drive action. The cyber threat

landscape continues to be volatile across all

sectors, with wide-ranging threat actors. Our cyber

security team use industry and external analysis to

help shape our controls and procedures, and drive

actions. When specific vendor or new high impact

vulnerabilities are reported, we drive global

remediation across Vodafone.

Geopolitical instability, conflict and tensions are

leading to an increase in cyber threats from

state-backed and criminal threat actors.

Telecommunications companies continue to be

the target of state-backed actors, often to conduct

government oriented or general espionage.

Cross-industry and government collaboration is a

key part of mitigating the evolving cyber threats.

Ransomware and data extortion attacks are

common to companies of all sizes. Based on

public reporting, some companies are paying

ransoms, perpetuating the threat.

Attackers are increasingly trying to log in, rather

than hack in. Living off the land attacks rely on the

same techniques used to manage access systems

that are used widely by everyone. Detection

of these attacks is more challenging. Social

engineering methods are a common means for

attackers to gain access. New technologies such

as AI are enhancing techniques such as voice

phishing and deep fakes. Harvested credentials

continue to be sought and shared by threat actors.

Attackers can target executives following media

announcements and public reporting.

The speed of vulnerability exploitation is very fast

and common. We have seen continued attacks

against our suppliers, and we expect this trend

will continue.

Cyber operations and incidents

As a global connectivity provider, we see a range

of cyber threats. We use our layers of controls to

identify and mitigate threats in order to reduce

business or customer impact. Our global security

operations capability handles billions of events

and logs from sensors across our footprint,

detecting potential threats and events. Low

severity issues are dealt with quickly, for example

by malware containment or isolating an individual

device. More significant events are triaged to our

24/7 incident management and response team.

We operate a single global team and capability.

Where a security incident occurs, we have a

consistent incident management framework to

manage our response and recovery. The focus

of our incident responders is always fast risk

mitigation and customer security.

In the event of a cyber breach we disclose it to the

relevant authorities according to local or global

regulations and laws. This may include law

enforcement as well as regulators. Risk

assessment of the threat actor, incident nature

and potential impact to customers is important

to determine the approach to disclosure. The

European Union’s GDPR provides a framework for

notifying customers in the event there is a loss of

customer data because of a data breach, and this

framework is a baseline across all our markets.

Our data privacy officers are a key part of the

response where incidents impact personal data.

We will also make a market disclosure according

to SEC requirements if the relevant materiality

threshold is met.

We classify security incidents on a scale according

to severity, measured by potential business and

customer impact. The highest severity category

of event is called Severity 0 down to the lowest

Severity 4. Severity 0 corresponds to a potentially

significant data breach or loss of service caused

by the incident. If a Severity 0 incident occurs, we

notify the Executive Committee, the Board and

external auditors and provide regular updates.

A crisis group is formed composed of relevant

senior management who oversee the response.

SEC requirements have been incorporated into our

incident management process. In the event of a

Severity 0 incident, the crisis group would decide

whether a recommendation to the Disclosure

Committee (composed of the CFO and General

Counsel, among other functional leaders) is

warranted. The Committee would decide if a market

disclosure is necessary for materiality reasons, that

would also trigger disclosure to the SEC.

Our total S1 and S2 incident volumes in FY25 were

down by 29%, of which 9% is due to not reporting

Spain and Italy incidents post divestment. Last

year, we reported on the proportion of incidents at

suppliers and third parties. In FY25, this proportion

incidents were attackers exploiting weak

credentials, social engineering, denial of service

events and vulnerabilities being rapidly exploited.

When incidents are closed, we complete a

post-incident review to learn the lessons from

the incident, including the root cause and any

improvements needed.

Cyber insurance is an important part of our risk

management and mitigation approach. Vodafone

holds cyber liability insurance alongside business

interruption and professional indemnity policies.

Should a serious cyber event occur, we could

recover the costs in whole or in part through

these policies.

Click to read more about how we manage risks

from technology disruptions in our SASB disclosure:

investors.vodafone.com/sasb

Asset resilience

In the context of international networks, current

geopolitical instability poses significant challenges

to network stability. Telecommunications

networks face bottlenecks, such as the Red Sea,

where multiple cables converge. As the frequency

of cable cuts increases, whether due to accident or

acts of sabotage, a greater level of resilience is

required. To mitigate these risks, Vodafone is

committed to collaborating with partners to

develop and implement new systems and increase

diverse routes that enhance resilience. Combined

with robust disaster recovery processes and our

Instant Network solution from Vodafone

Foundation, we aim to minimise the loss of

essential telecommunications services even

during crises such as the recent adverse weather

events in Europe.

In Africa, vandalism and theft are prevalent issues

impacting how we service our customers. The

resale value of copper, batteries, and fuel drives

much of the theft. These thefts and acts of

vandalism hinder our ability to effectively roll out

decarbonisation solutions. To manage this risk,

Vodacom has deployed advanced surveillance

systems and is working with private security

companies to mitigate the impact.

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Vodafone Group Plc

Annual Report 2025

53

Strategic report

Governance

Financials

Other information

Non-financial information

External ESG assurance

Ernst & Young LLP has provided independent limited assurance over selected data within our ESG Addendum and this report, using the assurance standards

ISAE (UK) 3000 for selected ESG data. Ernst & Young LLP has issued an unqualified opinion over the selected data and their full assurance statement, along with

the reporting criteria, is available on our website at

investors.vodafone.com/esgaddendum

.

The data subject to Ernst & Young LLP’s assurance is detailed below

Pillar

Metric

Unit

2025

Empowering People

5G population coverage (outdoor 1Mbps) in Europe

%

75

4G population coverage (outdoor 1Mbps) in Africa

%

76

4G population coverage (outdoor 1Mbps) in Türkiye

%

97

Customers connected to our financial inclusion services

million

77.1

Protecting the Planet

Total Scope 1 GHG emissions

million tonnes CO

2

e

0.27

Total Scope 2 GHG emissions (location-based)

million tonnes CO

2

e

2.07

Total Scope 2 GHG emissions (market-based)

million tonnes CO

2

e

0.01

Total GHG emissions: Scope 1 and Scope 2 (location-based)

million tonnes CO

2

e

2.34

Total GHG emissions: Scope 1 and Scope 2 (market-based)

million tonnes CO

2

e

0.28

Total Scope 3 GHG emissions

million tonnes CO

2

e

7.09

Percentage of purchased electricity used and matched with renewable sources

%

100

Maintaining Trust

Percentage of women in management and senior leadership roles

%

36

Notes:

1. Ernst & Young LLP have assured the KPIs listed above for our total operations.

2.

With the exception of the metrics outlined in the assurance table above, the information contained within the Purpose section (pages

30

to

52

) has not been independently verified or assured. While all reasonable care

has been taken to ensure the accuracy of the data, Vodafone has not arranged for independent verification or assurance of the data with respect to its accuracy or completeness. Our FY25 ESG Addendum Methodology

document includes further information with regard to reporting methodologies for certain metrics:

investors.vodafone.com/esgmethodology

.

UK Streamlined Energy and Carbon Reporting (‘SECR’)

In accordance with SECR requirements, the following table provides a summary of GHG emissions and energy data

1

for Vodafone UK, in comparison with

global performance.

ESG Addendum FY25

ESG Addendum FY24/prior year disclosed

2025

2024

Group

(excluding

Vodafone UK)

Vodafone

UK

Group

total

Vodafone

UK as a % of

Group data

Group

(excluding

Vodafone UK)

Vodafone

UK

Group

total

Vodafone

UK as a % of

Group data

Total Scope 1 GHG emissions (million tonnes CO

2

e)

0.26

0.01

0.27

2%

0.26

0.01

0.27

3%

Total Scope 2 market-based GHG emissions (million tonnes CO

2

e)

0.01

–

0.01

0%

0.44

–

0.44

0%

Total Scope 2 location-based GHG emissions (million tonnes CO

2

e)

1.95

0.12

2.07

6%

1.98

0.13

2.11

6%

Total GHG emissions per € million of revenue (tonnes of CO

2

e)

5.83

0.83

6.66

12%

14.90

1.00

15.90

6%

Total energy consumption (GWh)

2

5,346

660

6,006

11%

5,945

664

6,609

10%

Notes:

1.

Data is calculated using local market actual or estimated data sources from invoices, purchasing requisitions, direct data measurement and estimations. Carbon emissions are calculated in line with the GHG Protocol

standards. Scope 2 market-based emissions are reported using the market-based methodology in effect as at the date of this report. For full methodology see our FY25 ESG Addendum Methodology document:

investors.vodafone.com/esgmethodology.

2.

More information on energy efficiency initiatives implemented during the year can be found on pages

34

to

35

and in our disclosures prepared in accordance with the SASB standards. For more information, please visit:

investors.vodafone.com/sasb

.

3.

Information for prior periods is not presented as the organisational boundaries for financial reporting are not consistent with those used in the calculation of GHG emissions. For information about intensity metrics for

prior periods, see our FY25 ESG Addendum:

investors.vodafone.com/esgaddendum

.

ESG cautionary statement

In preparing the ESG-related information

contained in this document, we have made a

number of key judgements, estimations and

assumptions. The processes, methodologies

and issues involved in preparing this

information are complex. The ESG data,

models and methodologies used are often

relatively new, are rapidly evolving and are

not necessarily of the same standard as those

available in the context of financial and other

information, nor are they subject to the same

or equivalent disclosure standards, historical

reference points, benchmarks or globally

accepted accounting principles. It is not

possible to rely on historical data as a strong

indicator of future trajectories in the case of

climate change and its evolution. Outputs of

models, processed data and methodologies

may be affected by underlying data quality,

which can be hard to assess, and we expect

industry guidance, standards, market practice

and regulations in this field to continue to

evolve. There are also challenges faced in

relation to the ability to access certain data

on a timely basis and the lack of consistency

and comparability between data that is

available. This means the ESG-related

forward-looking statements, information

and targets discussed in this document

carry an additional degree of inherent risk

and uncertainty.

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54

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Non-financial Information

continued

Non-financial and sustainability information statement

The table below outlines where the key content requirements of the non-financial and sustainability

information statement can be found within this document (as required by sections 414CA and 414CB

of the Companies Act 2006).

Vodafone’s sustainable business reporting also considers other international reporting frameworks,

including the Global Reporting Initiative, the SASB Standards, CDP and the GHG Reporting Protocol.

Click to download our ESG Addendum:

investors.vodafone.com/esgaddendum

Click to read our ESG Addendum Methodology document:

investors.vodafone.com/esgmethodology

Click to read our SASB disclosures:

investors.vodafone.com/sasb

Reporting requirement

Vodafone policies and approach

Section within Annual Report

Read more

Environmental matters

Planet performance

Protecting the Planet

pages

34 to 38

Climate change risk

Risk management

pages

65 to 66

Employees

Code of Conduct

Code of Conduct and

anti-bribery, corruption and fraud

page

42

page

43

Occupational health and safety

Health and safety

pages

17 to 18

Diversity and inclusion

Workplace equality

pages

15 to 16

Social and

community matters

Driving positive societal

transformation and performance

Empowering People

pages

39

to

41

Stakeholder engagement

Stakeholder engagement

pages

11

to

13

Mobiles, masts and health

Our ESG disclosures

page

32

Human rights

Human right approach

Human rights

pages

44

to

45

Code of ethical purchasing

Responsible supply chain

page

45

Modern Slavery Statement

Responsible supply chain

page

45

Anti-bribery and

corruption

Code of Conduct

Code of Conduct

page

42

Anti-bribery policy

Anti-bribery, corruption and fraud

page

43

Speak Up

Speak Up

pages

42

to

43

Policy embedding,

due diligence and

outcomes

Purpose, Protecting the Planet,

Empowering People and

Maintaining Trust

pages

30

to

52

Risk management

pages

55

to

60

Description of principal

risks and impact

of business activity

Risk management

pages

55 to 60

Description of business

model and strategy

Business model

page

3

Chief Executive’s statement and

strategic roadmap

pages

4

to

5

Non-financial key

performance indicators

Key performance indicators

pages

6

to

7

Purpose, Protecting the Planet,

Empowering People and

Maintaining Trust

pages

30

to

52

Companies Act (2006) climate-related financial disclosures

Disclosures in compliance with the requirements of the UK Companies Act 2006 (as required by sections

414CA and 414CB) can be found in the Risk Management section of our Strategic Report as follows:

Companies Act climate-related financial disclosure

Location of disclosure in this report

Read more

Governance arrangements for assessing and managing

climate-related risks and opportunities

Governance

page

61

How Vodafone identifies, assesses, and manages

climate-related risks and opportunities

Strategy

pages

62

to

63

Integration of climate-related risk identification,

assessment and management processes into

our overall risk management process

Risk management

pages

64

to

65

Principal climate-related risks and opportunities

arising in connection with our operations

Our priority climate-related

risks and opportunities

page

62

The time periods by reference to which those risks

and opportunities are assessed

Our exposure to risks and

opportunities across a range

of scenarios

page

63

The actual and potential impacts of the principal

climate-related risks and opportunities on the

company’s business model and strategy

Our exposure to risks and

opportunities across a range

of scenarios

page

63

Resilience of our business model and strategy

in different climate-related scenarios

Building climate-related risk

into our business strategy

page

64

Our targets to manage climate-related risks

and to realise climate-related opportunities

and performance against targets

Metrics and targets Purpose,

Protecting the Planet, Our

planet goals

page

66

Key performance indicators for assessing progress

against targets

Metrics and targets

ESG Addendum

pages

30

to

66

![](data:image/svg+xml;base64,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)

Vodafone Group Plc

Annual Report 2025

55

Strategic report

Governance

Financials

Other information

Principal risks and uncertainties

Our principal risks

In today’s uncertain and volatile

environment our business faces

numerous risks. However, through

robust processes and a strong risk

culture, we effectively manage

these challenges to achieve our

strategic objectives.

Governance and identifying our risks

The Board has the overall responsibility for

establishing and maintaining an effective risk

management framework. They also advise on

the level of risk we are willing to take in achieving

our strategic goals.

The Audit and Risk Committee (‘ARC’), on behalf

of the Board, reviews and approves the Group’s

principal and emerging risks. The risk function

aims to integrate risk considerations into strategy

execution, enabling informed decision-making

across our business. See diagram (Overview of the

risk governance structure) for an overview of the

governance structure.

The global risk management framework

standardises the way in which risk is managed

across our operations. Our end-to-end approach

starts with risk identification. As part of this

process, local markets and Group entities identify

and evaluate risks to their local strategy. The

Group risk team centrally assesses and challenges

these risks. A comprehensive list of risks, along

with external risk scanning findings and key risk

drivers, are presented to the Directors and

executives for analysis and identification of

significant risks. The proposed principal (pages

55

to

57

), watchlist, and emerging (page

58

) risks are

agreed by our Risk and Compliance Committee

(‘RCC’) before being submitted to the ARC and the

Board for review and approval.

Key changes to our principal risks:

–

The

Adverse changes in macroeconomic conditions

risk has increased due to the unpredictable nature

of geopolitical events, which impact the global economy.

–

The

Adverse market competition

risk has increased due to the competitive activity in some

European markets.

–

The

Adverse political and policy environment

risk has been replaced. Relevant content on

politics and geopolitics will be reflected in other principal risks and as key risk drivers. A new risk,

Adverse regulatory and policy environment

, has been added to cover policy aspects.

–

The

Disintermediation risk

has decreased as we have strengthened relationships and partnerships

with some large technology companies.

–

The

Technology resilience and future readiness

risk has been split between

IT resilience and

transformation

and

Network resilience and infrastructure competitiveness

to provide better

focus for our resilience and modernisation programmes.

–

As most of our large portfolio transformations are nearing completion, the

Portfolio transformation

and governance of joint ventures

risk was changed to focus on the

Governance and performance

of investments

and moved to the watchlist category.

Board/Audit and Risk Committee

–

Provide oversight for Vodafone Group

–

Discuss, challenge and make a robust assessment of principal and emerging risks

–

Embed appropriate risk culture throughout the organisation

Assurance

functions

Review and

provide assurance

over selected

controls for

the Group and

local markets

Internal audit

Supports the

Audit and Risk

Committee

in reviewing the

effectiveness of

the global risk

management

framework and

management of

individual risks

Risk and Compliance

Committee

–

Reviews principal, watchlist

and emerging risks

–

Reviews effectiveness

of risk management

across the Group

Group risk team

–

Responsible for the

application of the global

risk management

framework

–

Supports the Board/ExCo

by creating programmes to

strengthen our risk culture

Group risk owners

–

ExCo risk owners have

the accountability and

responsibility for the

management of the

risks assigned to them

–

Risk champions identify

and implement

mitigating actions

Local oversight committees

Provide oversight for the local risk management programme

Discuss, challenge, and make a robust assessment of the local risks and significant operational risks

Local market CEOs

Set local objectives, identify local priority risks and align tolerance levels with the

Vodafone Group guidance

Approve and are accountable for the risk treatment options selected for their local risks

Local risk owners

Are responsible for local risks and the local risk programme to manage, measure, monitor,

and report on the risks

Local risk managers

Are the contact point for each market/entity on risk, and facilitate all activities as defined by

the global risk management framework

Vodafone

Group

Local

markets

or Group

entities

Building strong foundations

Managing risk is at the heart of business decision-

making and supports our objective to build a

strong foundation for future success. That is why

we continue to mature our global risk management

framework, promoting consistency across the

markets in which we operate and enhancing our

approach to managing risk across the Group.

Over the course of the past year some of the key

initiatives to evolve our global risk management

framework included:

–

Updating our global risk management framework

to align closer with

international standards

and good practice as well as to reflect the

changes to our risk management process;

–

Review and refresh of our

enterprise risk

strategy

with the aim to set clear future

objectives and to prioritise key initiatives;

–

Conducting a

maturity assessment

of our risk

management framework and processes;

–

Maturing the

risk-based approach to

assurance

across the Group;

–

Enhancing the process for assessing

risk appetite

and tolerance

for the Group principal risks;

–

Further evolving our approach to

operational

risk

management across the Group, building a

consistent framework for comparing risks;

–

Continuing a number of initiatives associated

with

ESG

, including quantitative climate

scenario analysis, materiality assessments

and programmes related to our disclosure

obligations; and

–

Strengthening the

risk community

across

the organisation through a combination of

digital and in-person training as well as risk

awareness events.

Overview of the risk governance structure

![](data:image/svg+xml;base64,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)

56

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Principal risks and uncertainties

continued

Risk factors

Scenario

Emerging factors

Adverse changes in

macroeconomic conditions

Adverse change to macroeconomic conditions could result

in reduced customer spending, higher interest rates, adverse

inflation, or foreign exchange rates. Adverse conditions could

also lead to limited debt refinancing options and/or increase

in costs.

Risk ranking movement:

Increased

Risk owner:

Group Chief Financial Officer

A severe contraction in economic activity leads to lower cash

flow generation for the Group and disruption in global

financial markets, which impact our ability to refinance debt

obligations as they fall due in a cost-effective manner.

This is an externally driven risk, and the threat environment is continually changing. External

factors, such as the conflicts in the Middle East, the ongoing war in Ukraine and the uncertainty

around global trade and tariff policies, could impact the future path of monetary and fiscal

policies, likely affecting economic activity across our global footprint. Additionally, financial

markets are experiencing high levels of volatility, with sovereign debt at record levels. These

factors could lead to a significant change in the availability and cost of capital.

Adverse market competition

Increasing competition could lead to price wars, reduced

margins, loss of market share and/or damage to market value.

Risk ranking movement:

Increased

Risk owner:

Executive Chairman Vodafone Germany and

CEO European Markets

Aggressive pricing, accelerated customer losses to low value

players on mobile and fixed, and disruptive new market

entrants in key European markets could result in greater

customer churn and pricing pressures, impacting our

financial position.

Emerging factors often depend on individual market structures and the competitive landscape.

External factors, such as local and macroeconomic pressures, may impact household and

individual connectivity spend. In addition, continued aggressive penetration pricing by

disruptive low value players across markets on both mobile and fixed could accelerate customer

losses and drive prices in markets.

Adverse regulatory and policy environment

Adverse regulatory measures and policies impacting our strategy

could result in increased costs, create a competitive

disadvantage, or have negative impact on our Return on

Capital Employed.

Risk ranking movement:

New/change in scope

Risk owner:

Chief External and Corporate Affairs Officer

Uncertainty, instability, and the growing complexity of

global, regional, and national political environments may

lead to unexpected political or regulatory interventions that

would adversely affect our operations.

Geopolitical tensions, a re-evaluation of global alliances and international affairs, and ongoing

conflicts amplify the risk of government intervention, which may include both protectionist

interventions and security-related requirements. These could affect our operations, supply

chains and conditions for competition in various ways. The increasing breadth and depth of

external geopolitical challenges mean there is a continuous need to adapt to effectively

mitigate the changing risk environment. Heightened uncertainty following elections in 2024,

challenging fiscal environments in Europe and Africa, and the proliferation of emerging

technologies also contribute to this risk.

Company transformation

Failure to effectively transform Vodafone to adapt to future

challenges and demands could increase operational complexity

and hinder growth.

Risk ranking movement:

No change

Risk owner:

Group Chief Financial Officer/Executive Chairman Vodafone

Germany and CEO European Markets

A significant transformation programme failure, including

the inability to retain contracts for our ‘Business to telco’

offering with partner entities in the disinvested markets,

could lead to a reduction in revenue or necessitate a change

in the business model.

Like most companies, managing multiple large transformation programmes simultaneously

requires careful coordination and consideration to achieve optimal outcomes. Given the current

transformation programmes underway in some of our major European markets, it is essential to

secure stakeholder alignment, efficient resource allocation, and proactive risk management.

Additionally, in markets where we have divested, we enter into contracts to support the divested

company. Once the contractual period ends, there is no obligation for them to continue using

Vodafone services.

Cyber threat

An external attack, insider threat, or supplier breach cause

service interruption or confidential data breaches.

Risk ranking movement:

No change

Risk owner:

Group Chief Technology Officer

Sophisticated threat actors could target mobile network

infrastructure using malware or vulnerability exploitation

to compromise the details of customer call records,

causing customer dissatisfaction, impact on reputation

and potential regulatory sanctions. We model various

scenarios within our framework to identify the areas of

greatest risk for prioritisation.

Cyber risk is constantly evolving and is influenced by economic, technological and geopolitical

developments. We anticipate threats will continue from existing sources as well as evolving

ones based on new technologies such as satellite, Artificial Intelligence (‘AI’) and the future use

of quantum computing.

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Vodafone Group Plc

Annual Report 2025

57

Strategic report

Governance

Financials

Other information

Principal risks and uncertainties

continued

Risk factors

Scenario

Emerging factors

Data management and Privacy

Data breaches, misuse of data, data manipulation, inappropriate

data sharing, poor data quality or data unavailability could lead to

fines, reputational damage, loss of value, loss of business

opportunity, and failure to meet our customer expectations.

Risk ranking movement:

No change

Risk owner:

Group Chief Financial Officer/Group General Counsel and

Company Secretary

An unauthorised change in a business process may result in

the excessive collection and storage of sensitive customer

information without their consent. This could lead to

increased regulatory scrutiny, potential fines, reputational

damage, and significant customer churn.

The proliferation of AI and related regulatory and legislative action across our footprint requires

a robust ethics and compliance approach. Geopoliticisation of data will continue to negatively

impact cross-border data transfers. New European data regulations, such as the Artificial

Intelligence Act and the Cyber Act, will introduce significant new legal requirements around

data management of our business activities.

Disintermediation

Failure to effectively respond to threats from emerging

technology or disruptive business models could lead to

a loss of customer relevance, market share and new/existing

revenue streams.

Risk ranking movement:

Decreased

Risk owner:

Executive Chairman Vodafone Germany and CEO European

Markets/CEO Vodafone Business

Increasing ‘softwareisation’ of connectivity services

combined with the growing ecosystem power of Big Tech

companies could see the emergence of competitors and

distribution channels with the potential to disintermediate

our customer relationships.

In our consumer business, alternative technology solutions may enable new intermediaries to

sell communication propositions, while our TV customers may switch to ‘over-the-top’

video-on-demand services. In our corporate business, the ‘softwareisation’ of services may

enable new competitors in the value chain. In our infrastructure markets, supplier concentration

within the satellite connectivity market and hyperscaler investment in orchestration and

network capabilities may present additional challenges in the future.

IT resilience and transformation

Failure or disruptions of IT systems and infrastructure or the

inability to modernise and manage the IT environment could

negatively impact operations, services, customer experience,

or financial performance.

Risk ranking movement:

New/change in scope

Risk owner:

Group Chief Technology Officer

A major outage in a data centre or cloud provider hosting key

IT systems could severely disrupt our operations.

Additionally, significant delays in resolving incidents due to

the unavailability of end-of-service-life components can

exacerbate the situation. Furthermore, legacy IT systems

that are unable to adapt and provide the features our

customers require can hinder our ability to meet their

expectations and maintain a competitive edge.

As with other companies who rely on global IT services, the impact of any outage could have

wide implications, however, the likelihood of such events are significantly reduced. Additionally,

extreme weather events, such as hurricanes and floods, can disrupt our operations and IT

infrastructure. Deliberate attacks on critical national infrastructure, like power grids and

communication networks, could also increase the risk of disasters.

Network resilience and infrastructure

competitiveness

Major network outages or ineffective execution of the

technology strategy could lead to dissatisfied customers

and/or impact revenue.

Risk ranking movement

: New/change in scope

Risk owner:

Group Chief Network Officer

A major network outage or an uncompetitive infrastructure

could hinder expected network performance and fail to meet

customer expectations. Both issues could negatively affect

market share, revenue, and customer trust.

Extreme weather events and external threats will continue to pose significant risks to our

network resilience, especially with the heightened global security threat to critical infrastructure.

Securing new spectrum for 5G and future technologies before 2030 is crucial for growth and to

prevent customer dissatisfaction. Additionally, Fibre-to-the-Home (‘FTTH’) competitors’

commercial offers threaten our business in the areas where we provide only Digital Subscriber

Line or cable services.

Supply chain disruption

Disruption in our supply chain could mean that we are unable to

execute our strategic plans, resulting in increased cost, reduced

choice, and lower network quality.

Risk ranking movement:

No change

Risk owner:

Group Chief Financial Officer

Political decisions affecting our ability to use equipment

from specific vendors could cause trade and supply

chain disruptions.

Changes in the political landscape outside Vodafone’s control may significantly impact the

upgrade and maintenance of our network. For example, US and China tensions resulting in a

ban of high-risk vendors, long-term impacts from the war in Ukraine, a potential open conflict

between China and Taiwan, the additional tariffs from the new US administration and the

response from other countries, could impact product availability.

Disruption may lead to an increase in our costs in areas such as raw materials, energy,

and shipping, while at the same time triggering shortages or extended lead times for

critical components.

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58

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Principal risks and uncertainties

continued

Watchlist and emerging risks

Watchlist risks

Our watchlist risk process enables us to monitor

material risks to Vodafone Group that fall outside

our principal risks. We review the watchlist risks

as part of the continuous risk management

process. Any watchlist risks that increase in their

significance to the Group are elevated to principal

risks and are treated accordingly. Group watchlist

risks include, but are not limited to:

Environmental, Social and Governance (‘ESG’)

Failure to meet stakeholder expectations on ESG

performance and/or reporting may result in

reputational damage, customer dissatisfaction,

and/or increased cost of capital.

Read more about our approach to ESG on pages

30

to

52

Read more about climate-related risk on pages

61

to

66

Governance and performance of investments

Inadequate oversight, poor decision-making, and

misalignment with strategic objectives, could lead

to suboptimal investment outcomes. This risk

encompasses the possibility of financial losses,

reputational damage, and failure to achieve

desired returns on investments.

Read more about our investments in the ‘Strategic report’

on page

9

Legal compliance

Increased number of legal penalties, fines, and

damage to the Company’s reputation. Additionally,

it includes the risk of losing business and customer

trust due to breaches of legal requirements.

Read more about our anti-bribery, corruption and fraud policy

on pages

43

and

44

Tax

Tax risk covers our management of tax across the

markets in which we operate and how we respond

to changes in tax law, which may have an impact

on the Group.

Read more about our tax risk, our approach to tax,

and our economic contribution at

vodafone.com/tax

The list of watchlist risks is reported to the Group

Risk and Compliance Committee (‘RCC’) and to

the Audit and Risk Committee (‘ARC’) alongside

principal risks.

Emerging risks

Emerging risks are characterised by their uncertain

nature, constant change, and by their potential

to materially affect the achievement of

organisational objectives.

We identify new emerging risk trends using inputs

from the analysis of the external and internal

environments, leveraging both the input from

third-party publications and research as well as the

knowledge and experience of our internal business

experts. Additionally, we consider the time horizon

for the identified emerging risks, allowing us to

provide the appropriate level of focus and to plan

mitigation strategies accordingly.

As the evolution of emerging risks could be

nonlinear and the speed of impact is difficult to

predict, we have established a continuous process

for monitoring emerging risks as an integral part of

the Group’s enterprise risk management

framework. This allows us to be at the forefront of

managing emerging risks, periodically assessing

whether any of these risks have become

material enough to be elevated to the principal

risk category.

We split our emerging risks into five different

categories: technological, political/regulatory,

economic, societal, and business environment, so

that the relevant experts across the business have

visibility of these risks and can assess the potential

impacts and time horizon of these risks.

Additionally, deep-dives and scenario analysis

have been performed for selected emerging risks

with the view to identify potential mitigation

strategies should these risks materialise.

Our emerging risks are provided to the Group RCC

and to the ARC for further scrutiny.

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Vodafone Group Plc

Annual Report 2025

59

Strategic report

Governance

Financials

Other information

Principal risks and uncertainties

continued

Long-term viability statement (‘LTVS’)

The preparation of the LTVS includes an

assessment of the Group’s long-term prospects in

addition to the assessment of its ability to meet

future commitments and liabilities as they fall due

over the three-year review period.

Assessment of viability

The Board has chosen a three-year period to

assess Vodafone Group’s viability. This is the period

in which we believe our principal risks tend to

develop. This time horizon is also in line with the

structure of long-term management incentives

and the outputs from the long-range business-

planning cycle. We continue to conduct financial

stress testing and sensitivity analysis, considering

revenue at risk.

The viability assessment started with the available

headroom as of 31 March 2025 and considered the

plans and projections assembled as part of the

forecasting cycle, which include the Group’s cash

flow, planned commitments, required funding, and

other key financial ratios. We also assumed that

debt refinancing will remain available in all

plausible market conditions.

Finally, we estimated the impact of severe but

plausible scenarios for our principal risks on the

three-year plan. We also stress-tested a combined

scenario taking into account the risk

interdependencies, where the following risks were

modelled as materialising in parallel over the

three-year period:

Adverse changes in macroeconomic

conditions

Adverse changes in the macroeconomic

environment could result in reduced customer

spending, restricted ability to refinance, while

prolonged high inflation rates may lead to

increased interest rates.

Cyber threat

A cyber-attack may exploit vulnerabilities, allowing

unauthorised access to IT and network systems,

leading to a breach of information and a potential

General Data Protection Regulation (‘GDPR’) fine.

Supply chain disruption

The increasingly volatile relationship between the

US and China, along with the latest additional

tariffs, could result in significant supply chain

disruption for essential technology that the

telecom sector relies on to maintain networks

and services.

Legal

Legal disputes and adverse judgements against

the Company resulting in significant financial

liabilities, including increased fines, penalties, or

compensatory payments.

Assessment of long-term prospects

The Board undertakes a robust review and

challenge of the strategy and assumptions.

Each year the Board conducts a strategy session,

reviewing the internal and external environment

as well as significant threats and opportunities

to the sustainable creation of long-term

shareholder value (note that known emerging

factors related to each principal risk are described

on pages

56

and

57

).

As an input to the strategy discussion, the Board

considers the key risks (including the identified

principal and watchlist risks) with the focus on

identifying underlying opportunities and setting

the Group’s future strategy. The output from this

session is reflected in the strategic section of the

Annual Report (page

9

), which provides a view of

the Group’s long-term prospects.

Conclusions

The Board assessed the prospects and viability of

the Group in accordance with provision 31 of the

UK Corporate Governance Code, considering the

Group’s strategy and business model, and the

principal risks to the Group’s future performance,

solvency, liquidity, and reputation. The assessment

took into account possible mitigating actions

available to management were any risk or

combination of risks to materialise.

Cash and cash equivalents available of €10.9

billion (page

131

) at 31 March 2025, along with

options available to reduce cash outgoings over

the period considered, provide the Group with

sufficient positive headroom in all scenarios tested.

Reverse stress testing on revenue and adjusted

EBITDAaL over the review period confirmed that

the Group has sufficient headroom available to

face uncertainty. The Board deemed the stress

test conducted to be adequate, and therefore

confirmed that it has a reasonable expectation

that the Group will remain in operation and be

able to meet its liabilities as they fall due up to

31 March 2028.

Long-term viability statement

Directors confirm that they have a reasonable expectation that the Group will be able to

continue in operation and meet its liabilities as they fall due over the three-year period

Viability results from comparing the cash impact of severe but plausible scenarios to the available headroom,

considering additional liquidity options

Quantification of the cash impact

of combined scenarios where

multiple risks materialise

across one or more markets,

over the three-year period

Combined scenario

Severe but plausible scenarios

modelled to quantify the

cash impact of an individual

principal risk materialising

over the three-year period

Principal risks

Sensitivity analysis to assess

the level of decline in performance

that the Group could withstand,

if a black swan event

were to occur

Sensitivity analysis

Headroom

is calculated using cash, cash equivalents and other available facilities, at year end

Long-Range Plan

is the three-year forecast approved by the Board on an annual basis,

used to calculate cash position and headroom

Assessment of viability

Outlook, strategy and business model

Outlook of possible long-term scenarios expected in the sector and the Group’s current position to face them.

Assessment of the key principal risks that may influence the Group’s long-term prospects.

Articulation of the main levers in the Group’s strategy and business model to sustain value creation

Assessment of prospects

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60

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Risk Management

Mitigating activities

The global risk framework assists in providing a consistent approach to measure and manage our risks by considering the risks’ potential impact, likelihood, and our tolerance.

It is important to establish the context and to understand the environment in which we operate. We categorise our risks into different risk-types (strategic, operational, financial, or legal and regulatory) and

identify whether the source of the threat is internal or external. This helps us effectively treat risks by avoiding, transferring, mitigating, or accepting them. Furthermore, this categorisation allows us to provide

appropriate oversight and assurance for each of our risks.

Each risk is assigned to an executive risk owner, who is responsible for implementing adequate controls and necessary treatment plans to manage risks within acceptable tolerance levels. While risk owners

handle the mitigation implementation, the ARC and RCC provide an oversight over the risk management strategy as well as challenge the tolerance levels of the risks through in-depth risk reviews. Refer to

pages

56

and

57

for more detail on our principal risks.

Read more about the Audit and Risk Committee on pages

86

to

91

Adverse changes in macroeconomic

conditions

We have a resilient business model. We

continue to keep a close eye on the possibility

of recessions, which could manifest differently

across our various jurisdictions. For our

consumers who might be affected by an

economic downturn, we offer competitive

options and social plans in the markets in which

we operate. We have a long average life of debt,

which reduces refinancing requirements, and

all of our bond debt is effectively held at fixed

interest rates.

Adverse market competition

We monitor the competitive environment in all

markets and react accordingly to both

consumer and business needs. We have

initiated Group-wide programmes focused on

the customer pillar of our strategy, increased

investments in brand and customer experience,

as well as launched innovative new products.

We continue to evolve our tariffs and offers to

provide a differentiated customer experience

through benefits, such as flexible contract

terms, refurbished devices, and social tariffs. In

addition, in many markets we utilise ‘second’

brands to compete more effectively and

efficiently in the value segment.

Adverse regulatory and policy environment

Geopolitical tensions and ongoing conflicts

amplify the risk of adverse regulatory action.

We actively monitor the external horizon,

gather intelligence to inform decision-making,

and proactively engage with policymakers,

regulatory authorities, customers, and relevant

stakeholders to find mutually acceptable ways

forward. As a last resort, we uphold our rights

through legal means.

Company transformation

We have governance structures in place,

sponsored by the ExCo, to align on potential

changes. These structures consider

implications, risks, and mitigating actions

across all relevant dimensions.

Cyber threat

Our cyber security strategy has a risk and control

framework to manage cyber risk to our networks

and services. Our framework aims to identify,

protect against, respond to, and recover from

threats. We measure control effectiveness across

all parts of the Company and have an in-house

team of experts in cyber security. We embed

security by design into our products, services, and

internal operations. Protective controls mitigate

the effect of most threats; however, when attacks

are successful, we focus on rapid response to

minimise business and customer impact. Root

cause analysis provides continuous improvement

and drives action.

Click to read more about our approach

to cyber security in our fact sheet:

investors.vodafone.com/cyber

Data management and Privacy

Our data and privacy strategies are designed to

continually reduce the risk. We regularly

conduct reviews of our significant privacy and

data risks. Based on the analysis, we use a

risk-based approach to improve our prevention

and detection strategies. When incidents occur,

we identify the root causes and use these

lessons learned to improve our controls.

Read more about our approach to

data management and privacy on pages

46

and

47

Disintermediation

Our increasingly deep partnerships with Big

Tech companies and the potential to leverage

the new Digital Markets Act have improved our

ability to defend against customer ownership

risks. In addition, we continue to focus

intensively on improving our customers’

experience, strengthening our proposition, and

bundling digital services for consumer and

business markets to enhance customer loyalty.

IT resilience and transformation

Our global policy, supported by Key

Performance Indicators (‘KPIs’), outlines the

steps to quickly recover our most critical

technology assets following a disaster. The

adoption of cloud computing is enhancing the

distribution of our systems. We have prioritised

the delivery of IT transformation and

modernisation programmes, adopting

incremental delivery to improve governance

and to realise benefits sooner.

Network resilience and infrastructure

competitiveness

To reduce the impact of service disruptions, we

have established recovery goals for our critical

assets. A global policy outlines KPIs that underpin

the resilience and security of technology services.

A dedicated assurance programme supports the

implementation of this policy.

We work with mobile industry and regulation

authorities to secure suitable mobile spectrum

to promote the best interests of the mobile

network operators.

Additionally, we are expanding our FTTH footprint,

where feasible, and upgrading our cable networks,

especially in the areas that are underperforming.

Supply chain disruption

We are closely monitoring the evolution of the

geopolitical environment. This enables us to

respond to emerging challenges and to comply

with evolving regulations, economic sanctions,

and trade rulings. We also mitigate our exposure

through multi-year contracts with key suppliers,

demand and inventory planning in anticipation of

extended lead times, and continuing to execute

our optimisation strategy for network

infrastructure logistics.

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Vodafone Group Plc

Annual Report 2025

61

Strategic report

Governance

Financials

Other information

Climate-related risk

We recognise that both physical

changes to the climate and the

transition to a lower-carbon economy

pose risks and opportunities for our

business. This section outlines our

approach to governance, strategy, risk

management, and metrics and targets

in relation to these climate-related

risks and opportunities.

Task Force on Climate-related Financial

Disclosures recommendations

We have considered our obligations under the UK’s

Financial Conduct Authority Listing Rules and have

detailed in the following table the 11 Task Force on

Climate-related Financial Disclosures (‘TCFD’)

recommendations and whether we are fully or

partially consistent. For financial year ended

31 March 2025, our disclosure is consistent with

10 out of 11 TCFD recommendations. Our

disclosure is partially consistent with one

recommendation, related to target-setting,

which we intend to continue progressing in FY26.

This year, we have updated our disclosure to

include that we have conducted a detailed

quantitative scenario analysis of our seven-priority

climate-related physical and transition risks and

opportunities across our global footprint. This

analysis builds on previous assessments and has

enabled us to gain a deeper understanding of our

exposure to the financial impact of climate change

and assess the value at risk.

Governance

Climate-related risks are integrated into our Group

risk management framework and the Audit and

Risk Committee (‘ARC’) executes responsibility for

these risks on behalf of the Board. Vodafone’s

proposed principal risks, watchlist risks and

emerging risks are reviewed and approved

annually by the Group Risk and Compliance

Committee (‘RCC’) on behalf of the Group

Executive Committee (‘ExCo’) before being

submitted to the ARC and the Board. Climate

change, a sub-risk of Environmental, Social and

Governance (‘ESG’), remains on our watchlist risk

register and continues to be reported through our

risk governance structure.

Read more about our risk governance structure on page

55

Our climate-related risk and resilience programme

sits within the Protecting the Planet part of our

purpose strategy. The Board ESG Committee is

responsible for the oversight and approval of

Vodafone’s response to climate change and meets

five times a year. The quarterly ExCo-level ESG and

Reputation (‘ESGR’) Committee is accountable for

the implementation of the purpose strategy and

appoints an executive sponsor (the Chief External

and Corporate Affairs Officer) to oversee

programme implementation, annual risk

identification and assessment, monitoring and

progress tracking, and review of risk management

of climate-related risks and opportunities. The ARC

and ESG Committee meet annually to jointly

review and provide Board oversight of the annual

climate-related risk disclosure.

Read more about the governance of our purpose strategy

on page

31

Vodafone’s Group climate transition plan (‘CTP’),

a cross-functional strategic programme, includes

actions and targets to strengthen our climate

resilience and mitigate climate-related risks and is

overseen by the ESGR. Senior managers in relevant

business functions across Vodafone’s global

operations have delegated accountability for the

design and implementation of these actions and

initiatives and are responsible for reporting

quarterly to senior leadership to raise risks to plan

delivery. Accountabilities for executing strategy

sits within external affairs, networks and

technology operations, products and services,

commercial, brand and marketing and enterprise

business units, procurement, and property.

The ESGR identifies any significant business

decisions (for example, major transactions or

changes to business strategy) that could impact

Vodafone’s climate resilience or change the

severity or likelihood of climate-related risks. Any

risks or issues identified are evaluated by the risk

and sustainable business teams, and if necessary

escalated through the Protecting the Planet and

purpose governance structure to the ESGR.

TCFD recommendations

Governance

Progress

Read more

a. Describe the Board’s oversight of climate-related risks and opportunities

C

page

61

b. Describe management’s role in assessing and managing climate-related risks

and opportunities

C

page

61

Strategy

a. Describe the climate-related risks and opportunities the organisation has

identified over the short, medium and long term

C

page

62

b. Describe the impact of climate-related risks and opportunities on the

organisation’s businesses, strategy and financial planning

C

page

63

c. Describe the resilience of the organisation’s strategy, taking into consideration

different climate-related scenarios, including a 2°C or lower scenario

C

page

63

Risk management

a. Describe the organisation’s processes for identifying and assessing

climate-related risks

C

page

65

b. Describe the organisation’s processes for managing climate-related risks

C

page

65

c. Describe how processes for identifying, assessing and managing climate-related

risks are integrated into the organisation’s overall risk management

C

page

64

Metrics and targets

a. Disclose the metrics used by the organisation to assess climate-related risks

and opportunities in line with its strategy and risk management process

C

page

66

b. Disclose Scope 1, Scope 2 and, if appropriate, Scope 3 emissions,

and the related risks

C

page

66

c. Describe the targets used by the organisation to manage climate-related risks

and opportunities and performance against targets

PC

page

66

Key

C

Consistent with the TCFD recommendations

PC

Partially consistent with the TCFD recommendations

![](data:image/svg+xml;base64,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)

62

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Climate-related risk

continued

Vodafone has an internal global policy, owned by

the Chief External and Corporate Affairs Officer,

that establishes the minimum standards for

environmental management. All Vodafone’s

operating entities, including Vodacom, are

required to adhere to this policy. It requires annual

review of climate-related risks and opportunities in

each market, with significant findings incorporated

into the Group-level climate-related risk

assessment. Additionally, the policy mandates the

implementation of the CTP, assigning

management the responsibility for taking climate

action and building climate resilience, in line with

our strategy across our global business.

Click to read more about our Climate Transition Plan:

vodafone.com/ctp

Strategy

Previously, we conducted several scenario

analyses of physical climate risk across Europe and

Africa as well as a qualitative assessment to

determine priority climate-related risks across our

global footprint. This year, we conducted a detailed

quantitative scenario analysis of our seven-priority

global climate-related physical and transition risks,

which involved climate scenario analysis, empirical

research, internal stakeholder interviews and

economic modelling, to improve the way that we

assess our risks. This analysis has enabled us to

gain a deeper insight into the risks associated

with climate change and to assess the potential

financial value associated with each risk (across

short-, medium- and long-term time horizons),

to consider in our strategy and priorities for

risk management.

However, with rapidly changing policy and

regulatory environments, complexities with

assessing climate-related risks (notably transition

risk), and the uncertainty of long-term planning,

it is not possible to say with certainty whether

these risks may materialise across these time

horizons.

Read more about our approach to climate-related risk

assessment on page

63

Our priority climate-related risks and opportunities

1

Physical risks

(1) Extreme weather (referred to as acute):

Site damage and/or business interruption caused

by extreme weather events, e.g. flooding and

wildfire. Our network infrastructure assets are

already being affected by extreme weather,

although currently at a scale that can be

managed to avoid major operational impact,

asset impairment or cost. Longer term, in

combination with geopolitical risks, extreme

weather could disrupt supply chains, particularly

those that depend on critical regions (such as

China for electronic components) or locations

(such as coastal ports).

Time horizon: Long term

(2) Rising average temperatures (referred to

as chronic):

Business interruption associated with rising

temperatures. We recognise that rising average

temperatures could damage network equipment

and other above-ground infrastructure or cause

operational failure (particularly if located in

exposed outdoor locations, e.g. radio towers), as

well as cause disruption in our supply chain. It

could also lead to increasing consumption of

energy for cooling infrastructure, data centres

and offices, which could increase operating

costs. A higher frequency of hot days could be

more pronounced in our African and southern

European markets (such as Greece and Portugal).

Minimal impact over time horizon

Transition risks

(3) Energy costs:

Increased cost of energy, electricity, and carbon

pricing. Increasingly volatile energy prices and

overall higher energy costs, partially driven by

carbon pricing and demand for renewable

electricity certificates outstripping supply. This

risk is particularly prevalent in markets with high

dependency on fossil fuels (e.g. to operate diesel

generators) and non-renewable energy. However,

carbon pricing will also drive an increase in cost

to procure carbon-intensive products and raw

materials, as third parties upstream in the supply

chain look to pass through higher costs.

Time horizon: Medium term

(4) Regulatory compliance costs:

Increased cost of compliance due to additional

resource requirements. As governments

introduce policies to support the climate

transition, our regulatory corporate sustainability

reporting and disclosure compliance costs are

increased during periods of required

implementation as they are transposed into law

across our markets. These could also impact our

product portfolio (such as energy use of fixed

line or mobile devices), and operations (such as

data centres).

Minimal impact over time horizon

(5) Expectations of business customers:

Risk of market share loss if lagging behind

competitors in decarbonisation activities. We

may be exposed to revenue loss if climate

performance continues to be a differentiator

during supplier selection by business customers,

and Vodafone does not keep pace with the

low-carbon products and services offered by

competitors, or rising business customer

expectations for adhering to climate-related

requirements.

Time horizon: Long term

(6) Greenwashing risk:

Risk of reputational damage, loss of revenue, and

legal costs due to misleading claims. We may be

exposed to litigation and penalties associated

with unintentionally making misleading claims

about the environmental impact of Vodafone (at

a corporate reporting or brand communications

level) or its products and services (at a product

marketing level) or by failing to substantiate

claims, which could lead to reputational damage.

Time horizon: Short term

Transition opportunity

(7) Customer enablement:

Opportunity for revenue growth from the sale of

connectivity and new technology solutions (IoT

and digital platforms) for business customers

from digital connectivity, which is essential for

the decarbonisation of industry across all sectors

of the economy. For example, smart digital

solutions will enable our enterprise customers to

improve operational efficiency, minimise waste

and manage resources.

Time horizon: Inconclusive

Note:

1. As described in the Risk Management section of this report,

these climate-related risks and opportunities have been

prioritised based on their potential severity, likelihood and time

horizon relative to the full range of climate-related risks and

opportunities identified through our risk analyses. Their

prioritisation does not indicate the significance of the risk or

opportunity relative to other risk categories, nor does it indicate

the significance of any impact on Vodafone’s financial position.

We therefore refer to these as our ‘priority’, rather than

‘material’ risks.

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0wIDBINjEyLjhNOTUuMyA3ODguMWg5MC45bTAgMEg0MjguN20wIDBINjEyLjgiIGNsYXNzPSJnM182NSIvPgo8cGF0aCBkPSJNOTUuMyA2NTguNGg5MC45bTAgMEg0MjguN20wIDBINjEyLjhNOTUuMyA3MzguNWg5MC45bTAgMEg0MjguN20wIDBINjEyLjgiIGNsYXNzPSJnNF82NSIvPgo8L3N2Zz4=)

Vodafone Group Plc

Annual Report 2025

63

Strategic report

Governance

Financials

Other information

Climate-related risk

continued

Our scenario analysis

Scenarios

Description

1.5°C Paris-

aligned scenario

–

Global decarbonisation trajectory and policies implemented in line with achieving

1.5°C pathway by 2100.

–

Uses Representation Concentration Pathway (‘RCP’) 2.6 Economic constraints

aligned to Shared Socioeconomic Pathway 2 (‘SSP2’).

2°C scenario

Paris upper limit

scenario

–

Global decarbonisation trajectory to the upper limit of the Paris agreement.

–

Assumes Nationally Determined Contributions (‘NDCs’) are successfully delivered up

to 2030. Post-2030, cost-effective emissions reduction measures are implemented.

–

Uses RCP 4.5 (averaged between RCP 2.6 and RCP 8.5). Economic constraints

aligned to SSP2.

4°C business-as-

usual scenario

–

Emissions continue to increase in line with current business-as-usual pathway, with

no further climate policy intervention.

–

Uses RCP 8.5. Economic constraints aligned to SSP2.

Time horizon

Physical scenarios

Link to business-planning horizons

Short term

0 to 3 years (to 2028)

Aligns with our enterprise risk management framework and

long-range business-planning cycle.

Medium term

3 to 5 years (to 2030)

Aligned with timeframes used for internal planning purposes.

Long term

5 to 25 years (to 2050)

Aligned with planning horizons for long-lived infrastructure

assets, in line with global targets for reaching net zero.

Category

Description

Our scenario analysis approach

Physical risks

Risks related to the physical impacts of climate

change, both event driven (acute) and longer-

term (chronic) shifts in climate patterns,

and which may have financial implications

for companies.

Quantitative scenario analysis

of physical risks to Vodafone

infrastructure assets by region

(2025).

Transition risks

Growing external pressures to transition to a

lower-carbon economy result in changes to the

regulatory or market environment, in ways that

could negatively impact company costs, revenue

or market share.

Quantitative scenario analysis of

transition risks at a global level

(2025).

Opportunities

A shifting business landscape in a net

zero world opens new market and

investment opportunities.

High-level qualitative scenario

analysis only (2024).

Our exposure to risks and opportunities

across a range of scenarios

Our FY25 quantitative scenario analysis examines

our climate risks and opportunities against three

temperature pathways: 1.5°C (Paris-aligned),

2°C (Paris upper limit-aligned) and 4°C (business-

as-usual).

Across the scenarios, our latest climate-related risk

analysis indicates that Vodafone’s physical risk

exposure may be relatively limited at a regional

level across short- and medium-term time

horizons, with the greatest potential exposure

from coastal inundation and riverine flooding

across the long-term time horizon in the 4°C

scenario. At a group-level, in the 1.5°C and 2°C

scenarios, some transition risks (in relation to

energy costs, expectations of business customers

and greenwashing risk) have the potential to be

significant without existing or further mitigation.

Our latest risk analysis (including assessment of

our current and planned mitigation activities) has

identified one climate-related risk associated with

greenwashing that has the potential to result in

a financial impact to Vodafone in the short term.

We have treated the analysis outcome with caution

due to uncertainties in the risk modelling

parameters, the constant developments in

greenwashing legislation, the subjective nature of

potential legal action and challenges in assessing

likelihood. We have taken a conservative approach

by assessing ‘greenwashing’ as having a potential

material impact in the short term. We will

continue to monitor the upcoming regulatory

and policy environment as new information

becomes available.

Our assessment identifies the risks associated with

energy costs and business customer expectation

could be financially material across the medium-

term and long-term time horizons, respectively.

1.5°C Paris-aligned scenario

In the 1.5°C scenario, our exposure to physical

climate risks is limited across the short-, medium-,

and long-term time horizons. The global

implementation of policies to achieve this pathway

could result in higher exposure to energy costs

and carbon pricing in the medium term, especially

in Africa where our dependency on fossil fuels

is currently greatest. In this scenario, the

expectations of our business customers to

decarbonise are highest. Failure to meet these

expectations could put revenue at risk. Within this

year’s assessment, we may see an elevated risk

of penalties for ‘greenwashing’ as regulatory

frameworks become more stringent, and

consumers and other stakeholders demand

greater transparency and substantiation of

environmental claims. There may be market

growth opportunities in this scenario as customers

seek internet-enabled technology solutions to

help adapt to physical changes in the climate.

2°C scenario Paris upper limit scenario

Exposure to both physical and transition risk is

considered to be an average of that experienced

in the 1.5°C and 4°C scenarios. Physical risk is

considered limited across the short-, medium-, and

long-term time horizons. Vodafone faces limited

exposure to transition risk in relation to energy and

carbon costs in the short- and medium-term time

horizons and a limited exposure to business

customer expectation risk across all time horizons.

Transition risk related to ‘greenwashing’ is similar

to that assessed for the 1.5°C scenario.

4°C business-as-usual scenario

In the 4°C scenario, in the short and medium term,

exposure to physical risk remains limited. In the

long term (beyond 2040), in absence of any further

measures being implemented to build climate

resilience, Vodafone could potentially experience

higher levels of site damage from climate hazards,

particularly coastal inundation and riverine

flooding. Since there is no change to business-as-

usual, this scenario results in no exposure to any

transition risk.

![](data:image/svg+xml;base64,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)

64

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Climate-related risk

continued

Building climate resilience into our

business strategy

As a fixed and mobile network operator, we have a

large number of assets and infrastructure spread

over a wide geographical area in all of the markets

in which we operate. This means that our business

is exposed to climate change impacts and

transition risks across Europe and Africa.

However, our analysis indicates that Vodafone’s

underlying business model is relatively resilient to

climate-related risk. Vodafone’s physical risk

exposure is not expected to result in significant

business interruption, cost or asset impairment,

with a relatively limited range of impacts expected

across the range of scenarios analysed, particularly

in Europe. This is partly due to the level of

resilience that is already built into our network

infrastructure and because the majority of our

assets (such as radio equipment) are relatively

short-lived, with opportunity to adapt our network

as part of our routine end-of-life equipment

replacement programme. However, more

widespread operational disruption (within both our

own operations and in our value chain) due to

extreme weather events and extreme heat can be

expected over the medium- to long-term in the no

policy action scenario, particularly in Africa.

Our CTP incorporates the management actions

required to build resilience into our business in

response to Vodafone’s priority climate-related

risks and opportunities. Our latest analyses,

outlined in this report, have informed the CTP

activities that have been integrated into our

long-range business and financial planning cycle.

Governance and accountability have been put in

place to monitor and manage the implementation

of the CTP.

Click to read our Climate Transition Plan:

vodafone.com/ctp

Resilience to physical risks

With regard to physical risk (which our scenario

analysis indicates is relatively limited), Vodafone

has insurance arrangements in place to cover loss

or damage to assets from a range of natural

disasters and weather-related events such as

flooding, fires and storms (although these policies

do not specifically refer to these as climate-related

events). In recent years, we note that insurance

claims have been made to cover damage to

infrastructure. For example, in relation to flooding

in Germany and storms in Italy and UK, these

claims relate mostly to damage to our mobile

access base station network, rather than our

higher-value assets, such as data or technology

centres, and are not considered to be financially

material at this stage. Based on our analyses to

date, we have not identified any material financial

risks relating to the cost or availability of insurance

as a result of climate change.

Protecting our infrastructure assets from being

damaged or disrupted by climate-related weather

events is central to the climate resilience of our

business and network services. Mitigation

measures are built into the key stages of each

asset’s lifecycle, from acquisition to maintenance,

and cover climate adaptation as well as damage

response. During the acquisition of assets,

including buildings and network equipment, we

have policies and guidance in place to incorporate

the assessment of environmental risks. Our

internal technology resilience policy requires each

critical asset to conduct a physical risk assessment

annually, which includes evaluating environmental

risks. Our business continuity procedures are

implemented to minimise service disruption or

operation downtime and limit revenue loss and

damage to brand trust, such as re-routing traffic

through alternative base stations in case an asset is

damaged. We also have reactive measures in place

related to asset maintenance, such as processes

and teams dedicated to disaster recovery. Lastly,

we have insurance policies designed to transfer

any significant financial impact of physical risks,

which cover claims on asset and contents loss

and damage.

Building resilience into our operations and network

infrastructure is a well-established part of our

business-as-usual process, irrespective of whether

climate change has been explicitly named as a

primary risk driver. We intend to continue to build

resilience to the physical risks of climate change

and will continue to integrate any additional

high-priority climate adaptation actions beyond

our current planning, procurement, network

resilience and business continuity practices into

our business plans over the coming years.

Resilience to transition risks

Achieving decarbonisation in line with our

published CTP will enable us to reduce our

exposure to transition risks related to energy

costs and the expectations of business customers,

in both a 2°C and 1.5°C scenario.

Our analysis indicates that Vodafone has several

existing and planned measures in place to manage

transition risks faced by our business in the 2°C

and 1.5°C scenarios. These include the strategic

implementation of our CTP, programmes in

preparation for compliance with forthcoming

climate-related regulations and existing

governance activities related to greenwashing, as

well as other policies, procedures, and monitoring

activities. The implementation of our risk

management activities aims to manage and

reduce the impact of the transition risks associated

with climate change across all scenarios.

Read more about our Protect the Planet goals and strategy on

pages

34

to

38

Realising opportunities

In both the 2°C and 1.5°C scenarios, there is a

potential commercial growth opportunity from the

sale of digital solutions or connectivity services

that could help our customers to decarbonise their

businesses. Digital connectivity can help to tackle

environmental challenges by enabling technology

solutions to support the clean energy transition

and drive energy and resource efficiency across all

sectors of the economy, from energy to transport,

agriculture, buildings and manufacturing.

The 4°C scenario also presents growth

opportunities from the sale of digital solutions

and connectivity services that could help our

customers adapt to more extreme physical

changes in the climate.

However, due to data unavailability and a high

degree of uncertainty in the extent to which the

adoption of digital technology would be

accelerated because of climate-related trends,

our quantitative scenario analysis did not reach

a definitive conclusion on the financial value of

this opportunity.

![](data:image/svg+xml;base64,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)

Vodafone Group Plc

Annual Report 2025

65

Strategic report

Governance

Financials

Other information

Climate-related risk

continued

Risk management

The management of climate-related risks follows

the process defined by our Group risk

management framework, which is defined

centrally and implemented in each of our markets.

At an operational level, the Group Head of Risk and

Head of Sustainable Business jointly coordinate

the annual programme to identify and assess

climate-related risk. Our approach to climate-

related risk assessment is outlined below.

(1) Identify

To identify potential climate-related risks and

opportunities, we review the relevant sources of

information such as media articles, publications,

industry peer disclosures and industry white

papers, in addition to reviewing our previous

analyses. We engage with relevant internal and

external experts to gather views on the evolving

nature of climate-related risks for the

telecommunications sector and examples of any

climate change impacts that might already be

materialising. Through our qualitative analysis

concluded in 2024, we identified seven climate-

related physical and transition risks and

opportunities that we have prioritised for our

quantitative risk assessment and climate scenario

analysis this year.

(2) Measure

Our climate-related risk assessment uses

quantitative scenario analysis to assess the

likelihood and impact severity across our full

suite of physical and transition risks across our

global footprint.

The severity of an impact is considered relative to

the extent of potential financial impact through

business drivers as well as damage to brand and

corporate reputation. This year, we developed a

quantitative model to deepen our understanding

of the potential financial risk exposure over

different time-horizons and temperature

pathways. This risk model incorporates Vodafone’s

greenhouse gas (‘GHG’) emissions data alongside

economic forecasting and modelling, including

sector growth, carbon price, energy mix and sector

decarbonisation rates. It models the

materialisation of potential costs, loss of revenue,

asset impairment and business interruption in

relation to each risk. This assessment provides us

with a potential inherent risk faced by our business.

In assessing the likelihood of an impact, we

consider the potential probability that it will

materialise based on current trends, forecasts and

projections, levels of uncertainty as well as current

or planned mitigations that we have in place. This

assessment provides us with a view of the residual

risk exposure to climate change. Our FY25

scenario analysis process and outcomes are

detailed under the strategy section of this report.

Our latest scenario analysis consolidates previous

qualitative and quantitative analysis performed on

our physical assets, combining into one place the

assessments conducted regionally across Europe

and Africa. We intend to review our scenario

analysis annually to reflect the most up-to-date

data and climate-related information and the

results of our annual assessment will inform how

we prioritise and manage the risks identified.

Read more about our definitions for scenarios

and time horizons on page

63

(3) Manage

As part of our Group risk management framework,

climate change is discussed and prioritised,

relative to other risks, during the principal risk

assessment process. For FY25, climate-related risk

continues to be managed as a sub-risk of ESG risk

because climate change is a key element of ESG

and is managed holistically. In addition, this aligns

with our internal governance structures for ESG,

which encompasses all aspects of our Protecting

the Planet and wider purpose strategy. ESG risk is

considered to be a watchlist risk, partly due to the

time horizon of climate-related risk being mostly

outside the immediate three-year business

planning cycle.

Read more about our ESG governance arrangements

on page

31

We will continue to monitor ESG risk as this agenda

continues to evolve in the coming years. In

addition, due to the nature of the priority

climate-related risks to our business and strategy,

many elements are already captured in existing

principal risks, such as extreme weather events

leading to technology failure, adverse policy

environment resulting in increased costs or

increased energy costs arising due to adverse

changes in macroeconomic conditions. This

approach enables us to capture a more holistic

picture of climate-related risks, both in the short

term and long term.

As required by our Group risk management

framework, once a risk is identified and assessed, a

risk owner is responsible for developing and

implementing the mitigating actions and controls.

As such, we continue to incorporate the key

mitigating actions for our highest priority

climate-related risks and opportunities into our

CTP and assign accountability to leaders in

relevant business functions for risk management

and monitoring.

Click to read our Climate Transition Plan:

vodafone.com/ctp

(4) Assure and monitor

We use a three lines model to manage risks, as

detailed in the Group risk management framework.

Relevant assurance providers, such as control

owners in the first and second line, are responsible

for reviewing the policies, procedures and other

relevant information to check whether the controls

are effective and update them as necessary.

Read more about our Group risk management framework

on pages

55–60

(5) Report

As described in the Governance section of this

report, the reporting of our climate-related risks is

integrated into our Group risk management

framework and processes, which are overseen by

the ARC. The Group risk team reports Vodafone’s

principal risks, watchlist risks and emerging risks to

the ExCo and the Board, including any material

climate-related risks that are identified through

risk analyses. During the year, if climate-related

risks are identified at operational level, they are

reported to the local risk and compliance

committee within each market and escalated

to the Group RCC if required.

Read more about our climate governance arrangements

on pages

61–62

We publish an annual, external disclosure on

Vodafone Group’s climate-related risks and

opportunities, as enclosed within this report. In

addition, Vodacom Group publishes a standalone

report, which also discloses details of our

climate-related risk and opportunity assessment

for our markets in Africa.

Click to read Vodacom Group’s latest TCFD report:

vodacom.com/reporting-centre.php

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66

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Climate-related risk

continued

Metrics and targets

Following completion of our quantitative scenario

analysis of our full suite of priority climate-related

risks and opportunities, we are now able to

estimate and monitor the financial value

associated with both our physical and transition

climate-related risks. This enables us to deepen

our understanding of our exposure to the financial

risks from climate change, using scenario analysis

as a tool for risk management, planning and

decision making.

We have set targets to reduce GHG emissions from

both our own operations and across our full value

chain. In FY24, we set region-specific net zero

targets for our operational emissions (Scope 1 and

2) in recognition that the transition pathway and

challenges are fundamentally different in Europe

and Africa. Although our transition pathways differ

by region, we maintain our overall Science Based

Targets initiative (‘SBTi’)-approved near-term

science-based target

1

to reduce the emissions

from our own operations (Scope 1 and 2) by at

least 90% by 2030 across our global business,

against a FY20 baseline.

Note:

1. Targets set for achievement within 5–10 years, in line with

methodologies defined by the Science Based Targets initiative.

The Protecting the Planet section of our Annual

Report, together with our ESG Addendum and

Methodology document, details our approach to

measuring and reducing GHG emissions. We

measure and report our Scope 1, 2 and 3 emissions

(including all 15 categories of Scope 3).

We also have metrics in place to measure energy

use; one of the key underlying factors in our

exposure to climate-related transition risk. This

year, we defined and put in place additional

metrics to monitor our progress in delivering our

CTP. For example, we began measuring the

proportion of our energy that is contracted from

power purchase agreements, which can help to

mitigate our exposure to rising energy and carbon

costs by providing greater long-term price

certainty.

We report annually on the carbon emissions

avoided using our digital solutions, which relates

to our customer enablement opportunity, as

included within our ESG Addendum.

Read more about our climate metrics and targets in the

Protecting the Planet section on pages

34

to

38

Click to read our ESG Methodology document:

investors.vodafone.com/esgmethodology

Climate-related considerations are factored into

our executive remuneration, by way of an annual

emission reduction target. This is linked to our

near-term science-based target to reduce the

emissions from our own operations (Scope 1 and

2) by at least 90% by 2030 across our global

business, against a FY20 baseline. 5% of the

executive long-term incentive plan is linked to this

climate metric.

We continue to progress with establishing metrics

and targets for all parts of our CTP, including

progress measures for initiatives relating to our full

suite of climate-related physical and transition

risks. Our CTP also outlines the areas of

uncertainty, dependency on key external factors

and risks to the delivery of our targets.

Although we are not yet disclosing metrics and

performance against targets for our full suite of

climate-related risks, this year we have embarked

on establishing definitions for new metrics

identified and have begun to develop data

collection processes and controls, which will

support data quality in any future disclosure of

metrics and associated targets.

Read more about how ESG is incorporated into our

Remuneration Policy on page

105

Click to read more about our ESG Addendum,

including how we measure carbon enablement:

investors.vodafone.com/esgaddendum

Read more about our approach to enablement on our website:

vodafone.com/enablement

Click to read our Climate Transition Plan:

vodafone.com/ctp

Climate-related risk metrics

Climate-related risk metrics

2025

2024

2023

Total Scope 1 and Scope

2 emissions (market-

based) (million tonnes

CO

2

e)

0.27

0.69

0.92

Scope 3 emissions

(million tonnes CO

2

e)

1

6.61

7.17

8.21

Energy use (gigawatt

hours)

5,453

5,271

5,107

Notes:

1. Data for 2024 and 2023 has been restated to reflect changes

to our methodology for calculating Scope 3 emissions, see

our ESG Addendum and Methodology document for more

information:

investors.vodafone.com/esgmethodology.

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Vodafone Group Plc

Annual Report 2025

67

Strategic report

Governance

Financials

Other information

Governance at a glance

Leadership, governance and engagement

The Board continues to champion best practice for independence

and ethnic diversity and keeps the balance of skills, knowledge and

experience on the Board under regular review.

Note: As at 31 March 2025.

0–3 years

4–6 years

7–10 years

Tenure

3

1

9

Independent

Independent NED Chair

Executive

Non-independent

Independence

2

1

9

1

Male

Female

Gender diversity

5

8

Senior Board positions

Chair

Senior Independent Director

Chief Financial Officer

Chief Executive

Male

Female

Skills and expertise of Non-Executive Directors

2

5

6

9

3

7

3

Consumer

goods and

services/

marketing

Environmental,

social and

governance

Political

regulatory

Technology/

telecoms

Media

Emerging

markets

Finance

White

Ethnically diverse

Ethnicity

2024

2025

2023

2022

2021

2020

2019

2017

2016

2018

11

1

11

1

11

1

10

2

2

2

11

1

10

1

10

10

11

1

12

Compliance with the 2018 UK Corporate Governance

Code (the ‘Code’)

In respect of the year ended 31 March 2025, Vodafone Group Plc was

subject to the Code (available from www.frc.org.uk). The Board is pleased

to confirm that Vodafone applied the principles and complied with all

the provisions of the Code throughout the year. Further information

on compliance with the Code can be found as follows:

Board leadership and Company purpose

Read more

Long-term value and sustainability

pages

30–54, 59

Culture

pages

14–18, 42, 78

Board activities and decisions

pages

79–81

Shareholder engagement

pages

11–13, 69, 81

Other stakeholder engagement

pages

11–13, 69, 78, 81

Conflicts of interest

page

84

Role of the Chair

page

72

Division of responsibilities

Read more

Non-Executive Directors

pages

72–76

Independence

pages

67, 84

Composition, succession and evaluation

Read more

Appointments and succession planning

pages

73–74, 83, 84

Skills, experience and knowledge

pages

67, 69, 73–76

Length of service

pages

67, 73–76

Evaluation

pages

69–71, 82

Diversity

pages

14–16, 67, 69, 81, 85

Remuneration

Read more

Policies and practices

pages

94 –112

Alignment with purpose, values and

long-term strategy

pages

94 –112

Independent judgement and discretion

pages

95, 107–108

Disclosure Guidance and Transparency Rules

We comply with the Corporate Governance Statement

requirements pursuant to the FCA’s Disclosure Guidance and

Transparency Rules by virtue of the information included in

this ‘Governance’ section of the Annual Report together with

information contained in the ‘Shareholder information’ section

on pages

223

to

226

.

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68

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Chair’s governance statement

Effective corporate governance is integral to the successful

execution of Vodafone’s strategy and long-term success

Dear shareholders,

On behalf of the Board, I am pleased to present the

Corporate Governance Report for the year ended

31 March 2025.

This report provides details about the Board and an

explanation of our individual roles and

responsibilities. It also provides an insight into the

activities of the Board and Committees over the year

and how we seek to ensure the highest standards of

corporate governance remain embedded throughout

the Company, underpinning and supporting our

business and the decisions we make.

The year in review

This year, we have continued to progress and

implement the strategic transformation plans

focused on three priorities: Customers, Simplicity

and Growth. Vodafone has seen a lot of

transactional activity in the last two years to

right-size our portfolio, and I would like to give

great thanks to my fellow Directors, the executive

team, and the people of Vodafone for their spirit,

ambition and hard work. I’m confident that the

completion of the last step in our portfolio

transformation will help us to move forward with

our roadmap and achieve our vision of becoming

a new generation connectivity and digital services

provider for Europe and Africa.

Strategic activity

Throughout the financial year, strategic activity

remained a key focus for Vodafone. On 31 May

2024, we announced that the sale of Vodafone

Spain to Zegona had completed for €4,069 million

in cash (subject to closing accounts adjustments)

and up to €900 million of non-cash consideration

in the form of redeemable preference shares.

Following which, our new capital allocation

framework was approved and a share buyback

programme commenced to return up to €2 billion

to shareholders.

This year we also announced our expanded

partnership with Google, which will bring new

services, devices and TV experiences to millions of

our customers across Europe and Africa, supported

by Google Cloud and Google’s Gemini models.

In October 2024, in accordance with the strategic

partnership agreement, Accenture invested into

our shared operations business, which will

accelerate growth, enhance customer services and

drive significant efficiencies for Vodafone and our

partner markets.

In December 2024, following constructive

engagement between the parties, we announced

that the UK Competition and Markets Authority

had approved the proposed combination of our

UK telecommunication business with Hutchison

Group Telecom Holdings Limited. The merger of

Vodafone Limited and Hutchinson 3G UK Limited

completed on 31 May 2025. The merger is great

for customers, great for the country and great

for competition.

On 31 December 2024, we were pleased to

announce the completion of the sale of Vodafone

Italy to Swisscom AG for €7.9 billion in cash. The

transaction was the final key step to reshaping our

European footprint and allows us to focus on

growing markets, with strong positions and local

scale. The sale will create significant value for

Vodafone and ensures the business maintains

its leading position in Italy, which has been built

through the dedicated commitment of our

colleagues to serving our customers over

many years.

The completion of these transactions puts us in

a stronger position to grow in all markets in line

with our vision.

The Board has kept the performance in Vodafone

Germany under review throughout the year and

monitored progress against the turnaround plan.

Deep-dive reviews of key operational functions

and programmes in Vodafone Germany and

between Germany and Group have also taken

place, with the January Board and Committee

meetings being held over a dedicated two day visit

to Germany. The Board met with the leadership

team and undertook an extensive review to gain a

deeper level of insight into the status, challenges

and progress of the turnaround plan. Whilst we

anticipate the recovery to take time due to

increasing competitive pressure and a worsening

market environment, we are confident in the

turnaround plan we have in place. We have seen

the first clear signs of improvement which we

expect to grow and build momentum in the

coming fiscal years.

Culture and strategy

Our purpose ‘Everyone.Connected’ is at the core of

our strategy and has guided actions at every level

throughout the year. The Board understands the

importance of culture and setting the tone of the

organisation from the top and embedding it

throughout the Group. We refer to our culture as

the ‘Spirit of Vodafone’ and it is a key component

of the organisational transformation we are

driving, to deliver our strategy and establish a

customer-first culture. We recognise the significance

of an inclusive environment where everyone has

the opportunity to thrive and belong. A more

motivated and productive workforce is integral to

delivering our three strategic priorities: Customers,

Simplicity and Growth. The Board receives regular

updates from management and our workforce

engagement leads on employee engagement and

the ‘Spirit of Vodafone’, which enables it to make

informed decisions where appropriate.

Board composition

We announced on 7 May 2025 that Luka Mucic

would step down as Group Chief Financial Officer

and as a Director of the Company, no later than

early 2026 to pursue an external opportunity in

Germany. A rigorous search is being conducted to

find a suitable successor.

The Board, together with the Nominations and

Governance Committee, has continued to monitor

the composition and skills of the Board with a focus

on succession planning for our Non-Executive

Directors as several scheduled retirements are

anticipated over the next few years.

I am delighted that following a thorough search

process, Simon Dingemans joined the Board on 1

January 2025 as a Non-Executive Director, and a

member of the Audit and Risk Committee with

effect from the same date. Simon is a highly

regarded business leader with extensive financial,

operational and strategic experience, and will be

an excellent addition to the Board, and Audit and

Risk Committee. Following Simon’s appointment

earlier this year, a full induction programme is

underway, including meetings with executives

leading our businesses and functions. Simon will

stand for election at the 2025 Annual General

Meeting (‘AGM’).

We announced on 2 April 2025 that Anne-

Françoise Nesmes will be appointed as a Non-

Executive Director and join the Audit and Risk and

ESG Committees with effect from the conclusion

of the 2025 AGM, subject to shareholder approval.

Anne-Françoise is highly experienced,

commercially orientated and brings a wealth of

financial expertise from several international

organisations. She has a strong focus on strategy,

IT, regulation and shared services and I am

delighted to welcome her to the Board. Further

details on Anne-Françoise’s induction programme

will be reported in next year’s annual report.

Following completion of nine years’ service, David

Nish will not be seeking re-election at the 2025

AGM and will be retiring as a Board member, Senior

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Vodafone Group Plc

Annual Report 2025

69

Strategic report

Governance

Financials

Other information

Chair’s governance statement

continued

Independent Director and Chair of the Audit and

Risk Committee with effect from the conclusion

of the meeting. I would like to take the opportunity

to thank David Nish for his outstanding service

to the Company.

In light of these composition changes and

following a review of committee memberships,

I am pleased to report a number of changes that

will come into effect from the conclusion of the

2025 AGM. Simon Segars, Non-Executive Director,

will be appointed Senior Independent Director

and will also join the Nominations and Governance

Committee. Simon Dingemans, Non-Executive

Director, will be appointed as Chair of the Audit and

Risk Committee and member of the Remuneration

Committee. Michel Demaré, Non-Executive

Director will cease to be a member of the

Nominations and Governance Committee. Christine

Ramon, Non-Executive Director will cease to be a

member of the ESG Committee and will join the

Remuneration Committee. Delphine Ernotte

Cunci, Non-Executive Director will cease to be a

member of the Remuneration Committee and will

join the Nominations and Governance Committee.

Executive Committee

There have also been changes to the Executive

Committee during the year. Marika Auramo was

appointed CEO Vodafone Business on 1 July 2024

and joined the Group Executive Committee with

effect from the same date. Aldo Bisio stepped

down as CEO Vodafone Italy and Group Executive

Committee Member on 15 November 2024 to

pursue an external opportunity. Guillaume Boutin

was appointed as CEO Vodafone Investments &

Strategy and joined the Group Executive

Committee in May 2025. Serpil Timuray will be

leaving Vodafone at the end of June 2025 to

pursue external opportunities. We thank Serpil for

her commitment and significant contribution to

Vodafone over the last 15 years.

Diversity

We remain committed to having a Board that is

diverse in all respects. With support from the

Nominations and Governance Committee, we

continue to monitor requirements and best

practices and are proud to have a female in

position as Group Chief Executive. Whilst we do not

currently meet the gender targets requiring Boards

to comprise of at least 40% women as at 3 June

2025, the percentage is temporary and a result of

ensuring appropriate succession planning and the

handover of responsibilities. We anticipate this

increasing to 46% on 29 July 2025 following the

conclusion of the AGM whereby David Nish will

step down as a Board member, following nine

years’ service, and subject to shareholder approval,

Anne-Françoise Nesmes will be appointed as a

Non-Executive Director.

We exceed the Parker Review target to have at least

one Director from a minority ethnic group. As at

31 March 2025, 23% of our global senior leadership

team are from ethnically diverse backgrounds and we

continue to strive towards the target for 25% by 2030.

We strongly believe that these diversity targets are

not just an end goal, but a continuous journey, as

we endeavour to increase diversity on our Board,

in all its forms.

Skills

The recent changes in composition have

strengthened the Board dynamic and provided

valuable technology and telecoms expertise and

demonstrated that diversity, skills and knowledge

are effectively regarded when composition is

considered. The appointment of Simon Dingemans

on 1 January 2025 and the anticipated

appointment of Anne-Françoise Nesmes, will

continue to strengthen the Board’s expertise in

finance, operations and strategy to achieve our

priorities and deliver long-term value to

shareholders. The Board and I believe our

composition, with highly relevant sector expertise,

makes us well placed to advise and provide

management oversight.

Evaluation

This year, the Board undertook an external

evaluation led by Manchester Square Partners, an

independent advisory firm. Manchester Square

Partners developed a framework outlining

suggested areas for discussion covering numerous

areas. The review process was undertaken from

September 2024 to January 2025 and the

one-on-one meetings with Directors took an

informal conversational approach. The findings

were collated and presented to the Nominations

and Governance Committee and the Board at their

January 2025 meetings. I am delighted to report

that there was a clear consensus that the Board is

very effective in working together as a cohesive

unit and continues to improve following actions

identified in previous years. A number of strengths

were identified as well as key areas for focus during

the year ahead, further detail of which can be

found later in this report.

Stakeholder engagement

The Board is committed to understanding the

views of all Vodafone stakeholders to guide our

decision-making process. We acknowledge that

Vodafone’s success relies on the Board making

decisions that benefit our shareholders while

considering the interests of all stakeholders.

Throughout the year, I have met with institutional

shareholders both virtually and in person. In March

2025, I had individual meetings with a number of

the Company’s largest shareholders and engaged

on topics such as Board composition and shape of

the Group. Further resources were made available

to individual shareholders during the year, such as

online presentations hosted by Investor Meets

Company. I have also met senior political leaders,

including as the Chair of the European Round

Table for Industry. This has involved presidents and

prime ministers across Europe and at supranational

organisations such as the European Commission,

the European Council and the European Parliament.

This year we have continued with our chosen

workforce engagement approach, with Delphine

Ernotte Cunci and Christine Ramon acting as

Workforce Engagement Leads. They have gathered

the views of employees through employee

consultative committees across our European and

African markets. Key discussion topics included

changes to our commercial portfolio; M&A

activities; GenAI developments; people

engagement; and, hybrid working.

The 2024 Annual General Meeting (‘AGM’) was

held at Vodafone UK’s headquarters in Newbury,

Berkshire and was available to watch live via a

webcast for those shareholders who were unable

to attend in person. Shareholders were able to

pre-submit questions or, if attending in person,

ask questions on the day, for consideration by the

Directors at the meeting. We intend to hold the

2025 AGM in the same format.

Click to read more about the AGM:

vodafone.com/agm

The year ahead

A key focus for the Board and me will be the

appointment of a new Group Chief Financial Officer

and supporting that individual as they step into

the role.

The Board will continue to strive for sustainable

value creation and will monitor the Company’s

progress in executing Vodafone’s strategy,

focusing on Customers, Simplicity and Growth.

The Board will keep under review the Group’s

strategy, adapting it to anticipate or respond to

opportunities and risks in the markets in which we

operate. Progress against our turnaround plan for

Vodafone Germany will also remain a key focus.

We continue to champion best practice and we

look forward to providing an update on compliance

with the provisions in force under the 2024 UK

Corporate Governance Code next year.

Thank you for your continued support.

Jean-François van Boxmeer

Chair of the Board

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70

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Governance

Our governance structure

Our governance structure facilitates effective decision-making and supports the successful delivery of our strategy.

The Board

Responsible for the overall conduct of the Group’s business including:

our long-term success; setting our purpose; monitoring culture and how it has

been embedded; monitoring our values, standards and strategic objectives; reviewing our

performance; and maintaining positive dialogue with our stakeholders.

The Board has established five formal Committees to focus on specific areas.

Audit and Risk

Committee

Nominations

and

Governance

Committee

Remuneration

Committee

ESG

Committee

Technology

Committee

Click to read more about the responsibilities of each Board Committee:

vodafone.com/board-committees

Executive Committee

Focuses on strategy implementation, financial and competitive

performance, commercial and technological developments,

succession planning and organisational development.

The Committee has established a number of additional

management committees including:

CEO/CFO

Risk &

Compliance

Committee

ESG and

Reputation

Steering

Committee

AI Governance

Board

Simplicity

Board

Disclosure

Committee

Capital

Decision Board

Business

Decision Board

National

Security

Committee

Entities

Nominations

Committee

Click to read more about the Executive Committee:

vodafone.com/exco

The Board

The Board comprises the Chair, Senior

Independent Director, Non-Executive Directors,

the Group Chief Executive and the Group Chief

Financial Officer. Our Non-Executive Directors

bring independent judgement, and wide and varied

commercial, financial and industry experience to

the Board and Committees.

A summary of each role can be found on page

71

Biographies of Board members can be found on pages

73–76

Board meetings are structured to allow open

discussions. At each meeting, the Directors are

made aware of the key discussions and decisions

of the principal Committees by the respective

Committee Chairs. Minutes of Board and

Committee meetings are circulated to all Directors

after each meeting.

Read more about the Board’s activities during the year

on pages

79–81

The Board is collectively responsible for ensuring

leadership through effective oversight and review.

It sets the strategic direction with the goal of

delivering sustainable stakeholder value over the

longer term and has oversight of cultural and ethics

programmes. The Board’s responsibility includes

delivery of strategy and business performance.

The Board also retains responsibility for the

Group’s operations and the effectiveness of

systems of internal control and risk management,

including climate-related risks and opportunities,

accounting and compliance (including

determining the appropriate level of risk exposure,

management and mitigation for the Group). It is

also responsible for matters relating to finance,

audit, reputation, listed company management,

corporate governance, remuneration and effective

succession planning, much of which is overseen

through its principal Committees.

The Executive Committee

The Executive Committee comprises Margherita

Della Valle, the Group Chief Executive, and Luka

Mucic, Group Chief Financial Officer, together with

a number of senior executives responsible for

global commercial operations, human resources,

technology, external affairs and legal matters.

Committee members also include the Executive

Chairman Vodafone Germany and CEO European

Markets, CEO Vodafone Investments & Strategy,

CEO Vodacom Group, Group Chief Network Officer

and CEO of Vodafone Business.

Led by the Group Chief Executive, the

Executive Committee and other management

committees are responsible for making day-to-day

management and operational decisions, including

implementing strategic objectives and

empowering competitive business performance

in line with established risk management

frameworks, compliance policies, internal control

systems and reporting requirements.

Details of the Executive Committee members and

their range of experience, skills and expertise can

be found on page

77

. Some members also hold

external non-executive directorships, giving them

valuable board experience.

Biographies of the Executive Committee can be found

on page

77

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MuOU02NTEuOCAzODQuMkg3NjguN20wIDBoNDQzLjlNNjUxLjggNDUxLjFINzY4LjdtMCAwaDQ0My45TTY1MS44IDUxNy45SDc2OC43bTAgMGg0NDMuOU02NTEuOCA1ODQuN0g3NjguN20wIDBoNDQzLjlNNjUxLjggNjU4LjZINzY4LjdtMCAwaDQ0My45TTY1MS44IDc1Nkg3NjguN20wIDBoNDQzLjlNNjUxLjggODIyLjlINzY4LjdtMCAwaDQ0My45IiBjbGFzcz0iZzNfNzMiLz4KPC9zdmc+)

Vodafone Group Plc

Annual Report 2025

71

Strategic report

Governance

Financials

Other information

Governance

continued

Board Committee roles

Committee

Role and focus

Audit and Risk

Committee

–

Reviews the adequacy of the Group’s system of internal control, including the risk

management framework and related compliance activities.

–

Monitors the integrity of financial statements, reviews significant financial

reporting judgements, and advises the Board on fair, balanced and

understandable reporting and the long-term viability statement.

–

The Committee also has joint responsibility, with the ESG Committee, for

reviewing the appropriateness and adequacy of ESG disclosures provided within

the Annual Report and the ESG Addendum, including the approval of their content.

Read more on pages

86–91

Nominations

and

Governance

Committee

–

Evaluates Board composition and ensures Board diversity and a balance of skills,

as well as experience in ESG matters.

–

Reviews Board and Executive Committee succession plans to maintain continuity

of skilled resources.

–

Oversees matters relating to corporate governance.

Read more on pages

83–85

Remuneration

Committee

–

Sets, reviews and recommends the policy on remuneration of the Chair,

executives and senior management team.

–

Monitors the implementation of the Remuneration Policy.

–

Oversees general pay practices across the Group.

Read more on pages

94 –112

ESG Committee

–

Oversees the ESG programme and monitors the purpose agenda in relation

to empowering people, protecting our planet and ensuring that Vodafone acts

with integrity.

–

Monitors progress against key performance indicators and external ESG

index results.

–

Oversees progress on ESG commitments and targets.

–

The Committee also has joint responsibility, with the Audit and Risk Committee, for

reviewing the appropriateness and adequacy of ESG disclosures provided within

the Annual Report and ESG Addendum, including the approval of their content.

Read more on page

93

Technology

Committee

–

Supports the Board with fulfilling its oversight of the Company, specifically how

technology underpins Company strategy, including assessing risks and exploring

innovations for future growth.

–

Monitors technology development, innovation, risks, disruptors and mitigations.

–

Reviews technology supply chains, partnerships and external relationships.

Read more on page

92

Committee

Role and focus

Risk &

Compliance

Committee

–

Assists the Executive Committee in fulfilling its accountabilities with regard to risk

management and policy compliance. The Committee reviews risk assessments and

management processes, conducts deep-dives as necessary and maintains an overview

of risk management and compliance to report to the Audit and Risk Committee.

ESG and

Reputation

Steering

Committee

–

Assists the Executive Committee with the effective coordination of ESG and

purpose activities and advises on reputational risks and policy matters.

AI Governance

Board

–

Oversees the Generative AI transformation and strategic vision, and identifies and

approves the key programmes and initiatives to deliver the strategy.

Simplicity

Board

–

Assists the Executive Committee in fulfilling its accountabilities with regard to

simplicity programme activity decisions, with a specific focus on Group-wide,

cross functional and multi-market initiatives.

Capital

Decision Board

–

Assists the Executive Committee in fulfilling its accountabilities with regard to

capital allocation decisions, with a specific focus on Group-wide, cross functional

and multi-market initiatives.

Business

Decision Board

–

Assists the Executive Committee in fulfilling its accountabilities with regard to

business growth decisions, with specific focus on Group-wide, cross-functional

and multi-market initiatives.

National

Security

Committee

–

Oversees the capabilities to deliver on sensitive contracts where there are

potential UK national security implications.

Entities

Nominations

Committee

–

Reviews the composition of material subsidiary boards and Vodafone

representatives on joint venture and other investments and approves the

appointment or nominations of Vodafone representatives to joint venture

investments and other entities to ensure the appropriate mix and diversity

of capabilities and talent.

Disclosure

Committee

–

Oversees the accuracy, timeliness and materiality of Group disclosures

and approves controls and procedures in relation to the public disclosure

of financial information.

Management Committee roles

![](data:image/svg+xml;base64,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)

72

Vodafone Group Plc

Annual Report 2025

Governance

continued

Division of responsibilities

Independent Non-Executive Directors

Chair

Jean-François van Boxmeer

–

Leads the Board, sets each meeting agenda and ensures the Board

receives accurate, timely and clear information in order to monitor

and challenge management, guiding them and the Board to take

sound decisions;

–

Promotes a culture of open debate between Executive and

Non-Executive Directors and holds meetings with the Non-

Executive Directors without the Executive Directors present;

–

Regularly meets with the Group Chief Executive and other senior

management to stay informed;

–

Ensures effective communication with shareholders and

other stakeholders;

–

Promotes high standards of corporate governance and ensures

Directors understand the views of the Company’s shareholders

and other key stakeholders, and the section 172 Companies Act

2006 duties;

–

Promotes and safeguards the interests and reputation of the

Company; and

–

Represents the Company to customers, suppliers, governments,

shareholders, financial institutions, the media, the community

and the public.

Senior Independent Director

David Nish

(Until the conclusion of the AGM on 29 July 2025. Simon Segars will

be appointed with effect from the same date)

–

Provides a sounding board for the Chair and acts as a trusted

intermediary for the Directors as required;

–

Meets with the Non-Executive Directors (without the Chair present)

when necessary and at least once a year to appraise the Chair’s

performance, and communicates the results to the Chair; and

–

Together with the Nominations and Governance Committee, leads

an orderly succession process for the Chair.

Non-Executive Directors

–

Monitor and challenge the performance of management;

–

Assist in development, approval and review of strategy;

–

Review Group financial information and provide advice

to management;

–

Engage with stakeholders and provide insight as to their

views, including in relation to the workforce and the culture

of Vodafone; and

–

As part of the Nominations and Governance Committee,

review the succession plans for the Board and key members

of senior management.

Workforce Engagement Leads

Delphine Ernotte Cunci and Christine Ramon

–

Engage with the workforce in key regions where the Group

operates, answer direct questions from workforce-elected

representatives, and provide the Board with feedback on the

content and outcome of those discussions.

Executive Directors

Group Chief Executive

Margherita Della Valle

–

Provides leadership of the Company, including representing the

Company to customers, suppliers, governments, shareholders,

financial institutions, employees, the media, the community and

the public, and enhances the Group’s reputation;

–

Leads the Executive Directors and senior management team

in running the Group’s business, including chairing the

Executive Committee;

–

Develops and implements Group objectives and strategy

having regard to shareholders and other stakeholders;

–

Recommends remuneration, terms of employment and

succession planning for the senior executive team;

–

Manages the Group’s risk profile and ensures appropriate

internal controls are in place;

–

Ensures compliance with legal, regulatory, corporate

governance, social, ethical and environmental requirements

and best practice; and

–

Ensures there are effective processes for engaging with,

communicating with, and listening to, employees and others

working for the Company.

Chief Financial Officer

Luka Mucic

–

Supports the Chief Executive in developing and implementing

the Group strategy;

–

Leads the global finance function and develops key finance talent;

–

Ensures effective financial reporting, processes and controls are

in place;

–

Recommends the annual budget and long-term strategic and

financial plan;

–

Oversees Vodafone’s relationships with the investment

community; and

–

Leads on supply chain management, including Vodafone Procure

& Connect.

Click to read more about the Board’s role and responsibilities, matters reserved

and the terms of reference for each Board Committee:

vodafone.com/board

Read more about our Board Committees, together with details of their activities,

on pages

82–96

Company Secretary

Company Secretary

Maaike de Bie

–

Ensures the necessary information flows between the Board

and Committees, and between senior management and

Non-Executive Directors, in a timely manner;

–

Supports the Chair in ensuring the Board functions efficiently

and effectively, and assists the Chair with organising Director

induction and training programmes;

–

Provides advice and keeps the Board updated on all corporate

governance developments; and

–

Is a member of the Executive Committee.

Strategic report

Governance

Financials

Other information

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Strategic report

Governance

Financials

Other information

Governance

continued

Our Board

Our business is led by our Board of Directors. Biographical details of the Directors as at 3 June 2025 are provided below.

External appointments listed are only those required to be disclosed pursuant to UK Listing Rule 6.4.

Committee key

A

Audit and Risk Committee

E

ESG Committee

N

Nominations and Governance Committee

R

Remuneration Committee

T

Technology Committee

Committee Chair

Member

Read full biographies

vodafone.com/board

Jean-François van Boxmeer

N

E

Chair – Independent on appointment

Tenure:

4 years

Career and experience

Jean-François was the Chief Executive of Heineken

for 15 years, having been with the company for 36

years. Jean-François held a number of senior roles

in Africa and Europe before joining Heineken’s

Executive Board in 2001 with worldwide

responsibility for supply chain and technical

services, as well as regional responsibility for the

operating businesses in North-West Europe, Central

and Eastern Europe and Sub-Saharan Africa.

Skills and attributes which support strategy

and long-term success

–

Extensive international experience in driving

growth through both business-to-business and

business-to-consumer business models, both of

which are integral components of the Company’s

strategy and long-term success.

–

Skilled communicator with a strong track record

of developing stakeholder relations and

overseeing governance in the context of a large

global organisation, which, in his capacity as

Chair of the Board, continues to be of great value

to the Company.

External appointments

–

Heineken Holding N.V., non-executive director

Margherita Della Valle

Group Chief Executive – Executive Director

Tenure:

2 years (as Group Chief Executive)

Career and experience

Margherita’s previous roles within Vodafone were

Group Chief Financial Officer from 2018 to 2023,

Deputy Chief Financial Officer from 2015 to 2018,

Group Financial Controller, Chief Financial Officer

for Vodafone’s European region and Chief Financial

Officer for Vodafone Italy. After moving to a Group

finance position in 2007, Margherita established

several shared operations functions, which provide

a portfolio of services spanning IT operations,

customer care, supply chain management, human

resources and finance operations to 28 partners

in other markets.

Skills and attributes which support strategy

and long-term success

–

Strong commercial and operational leadership

with expert knowledge of the global

telecommunications landscape after close to

three decades of direct industry experience.

–

Considerable corporate finance and accounting

experience, translating into expert knowledge of

capital allocation, operational efficiency and

investment appraisal.

External appointments

–

Reckitt Benckiser Group Plc, non-executive

director and member of the audit committee

Luka Mucic

Group Chief Financial Officer – Executive

Director

Tenure:

1 year

Career and experience

Luka was the Chief Operating Officer of SAP SE from

2014 to 2017 and its Chief Financial Officer from

2014 until 31 March 2023. During these roles, he

was responsible for SAP’s group-wide finance, legal,

data protection, procurement, audit, risk

management, security, IT, and process

management functions. Luka began his career at

SAP in 1996 and has held a series of management

positions within the global finance and

administration division.

Skills and attributes which support strategy

and long-term success

–

Strong commercial and operational leadership

with expert knowledge of the global finance

landscape after gaining substantial direct

industry experience.

–

A background in finance, legal, audit, risk

management and IT allow Luka to act as a

balanced and highly knowledgeable sounding

board in technical Board discussions.

External appointments

–

Heidelberg Materials AG, supervisory board

member and chair of the audit committee

David Nish

A

N

Non-Executive Director and Senior

Independent Director

Tenure:

9 years

Career and experience

David was Group Finance Director of Scottish Power

Plc from 1999 to 2005 having joined the company

as Deputy Finance Director in 1997. Additionally, he

was the Chief Executive Officer of Standard Life Plc

from January 2010 to September 2015 having

joined the company as Group Finance Director in

November 2006. Previous non-executive positions

held by David include boards of HSBC Holdings Plc,

London Stock Exchange Group Plc, Zurich

Insurance Group Ltd, UK Green Investment Bank

plc, Northern Foods Plc, Thus Plc, HDFC Life (India)

and Royal Scottish National Orchestra.

Skills and attributes which support strategy

and long-term success

–

Wide-ranging operational and strategic

experience as a senior leader and a deep

understanding of financial and capital markets.

–

Significant finance experience, bringing strong

direction as the Chair of the Audit and Risk

Committee through a focus on the risk and

control environment and Group resilience.

External appointments

N/A

Upcoming Board and Committee Composition Changes

David Nish will not be seeking re-election at the 2025 Annual General meeting and will therefore retire from

the Board at the conclusion of the meeting on 29 July 2025. The Company announced on 2 April 2025 that

with effect from the conclusion of the 2025 AGM, Simon Segars will be appointed Senior Independent Director

and member of the Nominations and Governance Committee. Simon Dingemans will be appointed as Chair

of the Audit and Risk Committee and member of the Remuneration Committee. Michel Demaré will cease

to be a member of the Nominations and Governance Committee. Christine Ramon will cease to be a member

of the ESG Committee and become a member of the Remuneration Committee. Delphine Ernotte Cunci

will cease to be a member of the Remuneration Committee and become a member of the Nominations

and Governance Committee. Luka Mucic will step down as Group Chief Financial Officer and as a Director

of the Company, no later than early 2026.

Strategic report

Governance

Financials

Other information

Vodafone Group Plc

Annual Report 2025

73

![](data:image/svg+xml;base64,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)

Strategic report

Governance

Financials

Other information

Governance

continued

Our Board

continued

Committee key

A

Audit and Risk Committee

E

ESG Committee

N

Nominations and Governance Committee

R

Remuneration Committee

T

Technology Committee

Committee Chair

Member

Read full biographies

vodafone.com/board

Stephen A. Carter CBE

N

T

Non-Executive Director

Tenure:

2 years

Career and experience

Since becoming Group CEO of Informa plc in 2013,

Stephen has led Informa plc through a

transformation into an international leader in B2B

events, digital services and academic markets. Prior

to Informa, Stephen was President and Managing

Director at Alcatel-Lucent, and also served a term

as the founding CEO of Ofcom. After Ofcom,

Stephen served as Chief of Strategy to the UK’s

Prime Minister, and then as a Minister of State for

Communications, Technology & Broadcasting.

Skills and attributes which support strategy

and long-term success

–

Track record of value creation, with specific

experience in the telecoms and media sectors.

–

Experience in public policy, government affairs

and regulatory engagement, which is invaluable

in relation to the highly regulated environment

within which the Company operates.

External appointments

–

Informa Plc, group chief executive

–

Informa TechTarget Inc, non-executive director

1

Note:

1.

Please note this external appointment is part of the

Informa Group.

Michel Demaré

A

N

R

Non-Executive Director

Tenure:

7 years

Career and experience

Michel began his career at Continental Bank SA,

Belgium, before spending 18 years with The Dow

Chemical Company in several finance and strategy

responsibilities in Benelux, France, the US and

Switzerland. He was Chief Financial Officer Europe

for Baxter International from 2002 to 2005, and

Chief Financial Officer at ABB Group from 2005 to

2013. He also served as Interim CEO of ABB during

2008. He was independent vice-chairman at UBS

Group from 2009 to 2019, and vice-chairman/

chairman of Syngenta AG from 2013 to 2017.

Skills and attributes which support strategy

and long-term success

–

Proven multinational business leader with

substantial international finance, strategy and

M&A experience.

–

Highly skilled in governance and corporate

stewardship, which Michel brings both to the

Board and to each of the Committees of the

Company on which he sits.

External appointments

–

AstraZeneca Plc, non-executive chair, chair of the

nomination and governance committee and

member of the remuneration committee

Simon Dingemans

A

Non-Executive Director

Tenure:

<1 year

Career and experience

From 2011 to 2019, Simon was Group Chief Financial

Officer of GlaxoSmithKline plc. Prior to GSK, Simon

worked in investment banking for over 25 years at

SG Warburg and then Goldman Sachs, where he was

a Partner for a decade advising a broad range of

leading UK and European companies across a

number of sectors. Simon previously served as

Chairman of the Financial Reporting Council.

Skills and attributes which support strategy

and long-term success

–

Proven history of delivering extensive

transformation and restructuring efforts to

improve organisational performance.

–

Extensive financial, operational and strategic

experience, which is a valuable addition to the

Board to drive the execution of the Company’s

strategy to achieve our commercial priorities and

deliver long-term value to our shareholders.

External appointments

–

WPP Plc, non-executive director and member

of the audit committee

Hatem Dowidar

N

Non-Executive Director

Tenure:

1 year

Career and experience

Hatem brings over 30 years of experience in

multinational companies and more than 25 years of

these within the telecommunications industry

across various leadership positions. Prior to joining

e& Group in September 2015, Hatem held various

leadership positions at Vodafone including Group

Chief of Staff, Group Core Services Director, CEO

of Vodafone Egypt and CEO of Partner Markets.

Skills and attributes which support strategy

and long-term success

–

Highly skilled strategist and visionary, with

experience leading several ground-breaking

strategic programmes.

–

Extensive corporate governance experience

through representation as chair and board

member on several corporate boards within and

outside the telecommunications industry.

External appointments

–

Etihad Etisalat Company (Mobily), non-executive

director

1

–

Maroc Telecom, non-executive director

1

–

BlackRock Frontiers Investment Trust Plc,

non-executive director

Note:

1.

Please note these external appointments are part

of the e& Group.

74

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

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Strategic report

Governance

Financials

Other information

Governance

continued

Our Board

continued

Committee key

A

Audit and Risk Committee

E

ESG Committee

N

Nominations and Governance Committee

R

Remuneration Committee

T

Technology Committee

Committee Chair

Member

Read full biographies

vodafone.com/board

Delphine Ernotte Cunci

R

T

Non-Executive Director and Workforce

Engagement Lead

Tenure:

2 years

Career and experience

Since 2015, Delphine has been President of France

Télévisions, the French national public television

broadcaster. Delphine was appointed for a third

consecutive five-year term in May 2025, the first

time this has happened to an incumbent President.

Prior to that, Delphine spent 26 years at Orange S.A.,

where she became Deputy CEO in 2010 and led the

successful turnaround of Orange France.

Skills and attributes which support strategy

and long-term success:

–

Considerable experience in the telecoms sector

and, more recently, in media and technology,

which enhances Board understanding of trends

relevant to the Company’s operations and the

wider European regulatory environment.

–

Sound technical skills fostered by Delphine’s

engineering background and distinguished

career at Orange provide a firm grounding to the

Board’s evaluation of specific opportunities

within the telecoms and connectivity space.

External appointments

N/A

Deborah Kerr

A

T

Non-Executive Director

Tenure:

3 years

Career and experience

Deborah is Managing Director at Warburg Pincus,

where she serves as Co-head of Value Creation.

Deborah has previously held senior executive roles

and non-executive appointments across a range of

sectors, including senior executive roles at Sabre,

Fair Isaac Corp, and Hewlett-Packard Company,

where she was Chief Technology Officer for HP’s

Enterprise Services operations. Deborah has also

held non-executive roles at International Airline

Group, the airline conglomerate, DH Corporation, a

global fintech solutions and service provider, and

Mitchell International Inc. a privately owned global

technology business.

Skills and attributes which support strategy

and long-term success

–

A wealth of technological expertise, including an

understanding of complex digital

transformations, which continues to be central to

the next phase of the Company’s growth.

–

Detailed knowledge of the technology market,

which, in the context of her role as a member of

the Audit and Risk Committee, affords insights

into the risk profile of the Company as well as the

sectors and markets within which it operates.

External appointments

–

NetApp, INC. non-executive director and member

of the audit committee

Maria Amparo Moraleda Martinez

R

E

Non-Executive Director

Tenure:

7 years

Career and experience

Amparo joined IBM in 1988 and spent more than 20

years with the company, becoming President of IBM

Southern Europe in 2005. In 2009, Amparo joined

Iberdrola S.A. where she was Chief Operating Officer

of the International Division until 2012. Amparo is a

member of the Royal Academy of Economic and

Financial Sciences and was inducted into the

Women in Technology International Hall of Fame

in 2005.

Skills and attributes which support strategy

and long-term success

–

A background in engineering, IT and technology

equip Amparo with significant experience and the

ability to provide valuable contributions during

technical Board discussions.

–

Corporate social responsibility experience and her

experience as a champion of inclusion and

diversity are significant assets in the context of her

role as Chair of the Company’s ESG Committee.

External appointments

–

Airbus Group, senior independent director, chair

of the remuneration, nomination and governance

committee and member of the sustainability,

ethics & compliance committee

–

CaixaBank, non-executive deputy chair and chair

of the nominations & sustainability committee

–

A.P. Moller-Maersk, non-executive director,

member of the energy transition committee and

member of the audit committee

Christine Ramon

A

E

Non-Executive Director and Workforce

Engagement Lead

Tenure:

2 years

Career and experience

Until recently Christine was Chief Financial Officer

and executive director of AngloGold Ashanti Ltd, a

global gold mining company. Prior to AngloGold

Ashanti, she was Chief Financial Officer of Sasol Ltd,

a South African energy and chemicals company.

Christine was also a former Chief Executive Officer

at Johnnic Holdings Ltd and had worked at Pepsi as

a Financial Controller. Christine has held non-

executive director roles at the International

Federation of Accountants, MTN Group Ltd, Lafarge

S.A., and Transnet SOC Ltd.

Skills and attributes which support strategy

and long-term success

–

Considerable experience of African markets,

which will provide invaluable oversight to the

Company’s ESG programme, sustainability and

responsible business practices.

–

Up-to-date investor relations experience and

strong ambassadorial skills developed through a

distinguished executive career to date.

–

Highly experienced corporate finance executive

with extensive board expertise. This will

supplement the Board’s financial, commercial

and strategic expertise.

External appointments

–

Clicks Group Limited, non-executive director, chair

of the audit & risk committee and member of the

nomination committee

–

Discovery Limited, non-executive director,

member of the audit committee, member of the

social and ethics committee, member of the

remuneration committee and member of the

treating the customers fairly sub-committee

Strategic report

Governance

Financials

Other information

Vodafone Group Plc

Annual Report 2025

75

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)

Strategic report

Governance

Financials

Other information

Governance

continued

Our Board

continued

Simon Segars

E

T

Non-Executive Director

Tenure:

2 years

Career and experience

Simon was previously the CEO of Arm Ltd., the

global leader in the development of semiconductor

intellectual property. He successfully led the

business from 2013 to 2022 and generated

significant value for investors during his tenure.

During 2017 to 2021, Simon was also a Board

member of the SoftBank Group. Prior to joining Arm

in 1991, he was an engineer at Standard Telephones

and Cables.

Skills and attributes which support strategy

and long-term success:

–

Possesses significant understanding of

technology trends and how these are reshaping

industry landscapes, which are important in

charting the Company’s strategic direction.

–

Proven history of business transformation and

corporate strategy in dynamic and swiftly

evolving commercial environments.

–

Extensive commercial acumen and knowledge

of critical business and economic issues, which

Simon brings both to the Board and to each of

the Committees on which he sits.

–

A background in engineering, IT and technology

equip Simon with the ability to provide valuable

contributions during technical Board discussions.

External appointments

–

Dolby Laboratories, Inc., non-executive director

Committee key

A

Audit and Risk Committee

E

ESG Committee

N

Nominations and Governance Committee

R

Remuneration Committee

T

Technology Committee

Committee Chair

Member

Anne-Françoise Nesmes

Prospective Non-Executive Director

subject to shareholder approval

Tenure:

<1 year

Career and experience

Until recently, Anne was the Chief Financial Officer at

Smith & Nephew Plc, the multinational medical

equipment manufacturer, where she led several

acquisitions and developed a transformation

programme following COVID-19. Prior to Smith &

Nephew Plc, Anne was Chief Financial Officer at

Dechra Pharmaceuticals from 2013 to 2016 and Chief

Financial Officer at Merlin Entertainments from 2016

to 2020, where she was responsible for developing

strategy and streamlining financial processes. Anne

also previously led the finance function for the

global vaccines unit at GlaxoSmithKline.

Skills and attributes which support

strategy and long-term success:

–

Highly skilled strategist with substantial M&A

experience.

–

Strong commercial leader with extensive

expertise in finance, strategy, IT, regulation,

portfolio restructuring and shared services,

which Anne brings to both the Board and to

the Committees on which she sits.

External appointments

–

Compass Group Plc, senior independent

director, chair of the audit committee and

member of the remuneration, nomination

and corporate responsibility committees

–

Sanofi S.A., non-executive director

Maaike de Bie

Group General Counsel and Company Secretary

Maaike de Bie was appointed Group General Counsel and Company Secretary on 1 March 2023 and

has responsibility for the Group legal, compliance and company secretariat functions as well as

advising the Board on all aspects relating to corporate governance. She previously served as General

Counsel and Company Secretary of easyJet plc and before that as General Counsel of Royal Mail plc.

An experienced international lawyer, Maaike is dual-qualified in both the US and UK, with over

30 years of experience.

Membership and attendance

The table below details the Board and Committee meeting attendance during the year to 31 March 2025.

The number of attendances is shown next to the maximum number of meetings each Director was

entitled to attend. Ad hoc meetings of the Board and its Committees were also held as required during

the year.

Name

Board

Nominations and

Governance

Committee

Audit

and Risk

Committee

Remuneration

Committee

ESG

Committee

Technology

Committee

Jean-François van Boxmeer

7/7

4/4

–

–

4/4

–

Margherita Della Valle

7/7

–

–

–

–

–

Luka Mucic

7/7

–

–

–

–

–

David Nish

1

6/7

4/4

6/6

–

–

–

Stephen Carter

7/7

4/4

–

–

–

4/4

Delphine Ernotte Cunci

7/7

–

–

5/5

–

4/4

Michel Demaré

2

6/7

4/4

5/6

4/5

–

–

Simon Dingemans

3

2/2

–

2/2

–

–

–

Hatem Dowidar

7/7

4/4

–

–

–

–

Deborah Kerr

4

6/7

–

6/6

–

–

3/4

Amparo Moraleda

7/7

–

–

5/5

4/4

–

Christine Ramon

7/7

–

6/6

–

4/4

–

Simon Segars

7/7

–

–

–

4/4

4/4

Notes:

1.

David Nish was unable to attend one scheduled meeting of the Board due to ill health.

2. Michele Demaré was unable to attend one scheduled meeting of the Board and one scheduled meeting of the Remuneration Committee

due to a diary conflict.

3.

Simon Dingemans was appointed as a Non-Executive Director of the Board and joined the Audit and Risk Committee on 1 January 2025.

4. Deborah Kerr was unable to attend one scheduled meeting of the Board and one scheduled meeting of the Technology Committee

due to a diary conflict.

Read full biographies

vodafone.com/board

76

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

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Strategic report

Governance

Financials

Other information

Governance

continued

Our Executive Committee

Biographical details of the Executive Committee, as at 3 June 2025 are provided below.

Committee key

DC

Disclosure Committee

RC

Risk and Compliance Committee

ER

ESG and Reputation Steering Committee

AI

AI Governance Board

SB

Simplicity Board

CD

Capital Decision Board

BD

Business Decision Board

NS

National Security Committee

EN

Entities Nominations Committee

Committee Chair

Member

Margherita Della Valle

BD

Group Chief Executive

Read more about the Group Chief Executive on page

73

Luka Mucic

RC

CD

SB

BD

DC

Group Chief Financial Officer

Read more about the Group Chief Financial Officer on page

73

Maaike de Bie

DC

AI

RC

CD

ER

Group General Counsel and

Company Secretary

Read more about the Group General Counsel and Company

Secretary on page

76

Ahmed Essam

SB

BD

AI

Executive Chairman Vodafone Germany and

CEO European Markets

Ahmed was appointed Executive Chairman Vodafone

Germany and CEO European markets on 1 April

2024, and has been a member of the Executive

Committee since 2016. Ahmed has over 20 years of

experience in the fields of telecommunications,

strategy, financial planning, commercial

management and general management. Ahmed

joined Vodafone in 1999 and earlier roles include

Customer Care Director and Consumer Business Unit

Director, Group Management Director for Vodafone’s

Africa, Middle East and Asia-Pacific region, and a

number of senior roles within Vodafone’s Group

Commercial functions. Ahmed has been Group Chief

Commercial Operations and Strategy Officer, CEO

Europe Cluster and CEO Vodafone UK.

Marika Auramo

BD

SB

ER

AI

CEO Vodafone Business

Marika was appointed as CEO of Vodafone Business

on 1 July 2024. She brings extensive B2B

experience with over 25 years in the global IT

industry. Marika joined SAP in 1999 and held a

diverse set of leadership roles since then, including

COO EMEA North, Managing Director for the

Nordic and Baltic region, Global COO of SAP

Database and Data Management in the US, and

Interim President of the EMEA region. She

previously served as Chief Business Officer for the

EMEA region of SAP.

Scott Petty

NS

AI

ER

SB

BD

Vodafone Group Chief Technology Officer

(CTO)

Scott joined Vodafone in 2009 and has held positions

in Vodafone Business Product Management and

Technology before becoming UK CTO in 2017. He has

been the Chief Digital & Information Officer since

April 2021 as part of a newly created integrated

European-wide Technology team to drive the

transformation to achieve Vodafone’s ambition to

become a next-generation Telco. Previously, Scott

held a number of Executive roles at Dimension Data,

as Group Executive – Services, Chief Operating

Officer – Australia and as Chief Information Officer

– Australia. Scott joined the Executive Committee

in January 2023.

Guillaume Boutin

CD

BD

ER

SB

CEO Vodafone Investments & Strategy

Guillaume was appointed CEO Vodafone

Investments & Strategy and as a member of the

Executive Committee on 15 May 2025. Guillaume

brings extensive strategic, operational and

leadership experience to the executive team.

Before joining Vodafone, Guillaume was the Chief

Executive Officer of the Proximus Group, the

leading telecommunications operator in Belgium.

He began his career in a web start-up, then joined

SFR in 2003 where he held various positions in

strategy, finance and marketing, until he joined

Canal+ Group in 2015 as Chief Marketing Officer.

Alberto Ripepi

SB

Group Chief Network Officer (CNO)

Since joining Vodafone in 2001, Alberto has held

various roles in technology including CTO of Italy,

CTO of Europe and Operational Director for Group

Technology. Alberto joined the Executive

Committee in January 2023 and is responsible for

strategy, architecture and design and for operating

the Vodafone network in Europe.

Leanne Wood

EN

SB

AI

RC

Chief Human Resources Officer

Leanne joined Vodafone as Chief Human Resources

Officer and as a member of the Executive

Committee on 1 April 2019. She is responsible for

leading Vodafone’s people and organisation

strategy, which includes developing strong talent

and leadership, effective organisations, strategic

capabilities and an engaging culture and work

environment. Previously Leanne was the Chief

People, Strategy and Corporate Affairs Officer for

Burberry plc from 2015. Leanne is a Non-Executive

Director and member of the Audit, Corporate

Responsibility and Nomination and Remuneration

Committees at Compass Group plc.

Shameel Joosub

CEO Vodacom Group

Shameel joined Vodafone in 1994 and currently serves

as Chief Executive Officer at Vodacom Group Limited, a

position he has held since 2012. He has extensive telco

experience having operated at a senior level in various

companies across the group for the last 27 years,

including Managing Director and Chief Executive

Officer at Vodacom South Africa and Chief Executive

Officer at Vodafone Spain. Shameel holds board

positions at Vodacom Group Ltd, Safaricom Plc and

Vodafone Egypt Telecommunications S.A.E. He also

sits on the board of Business Leadership South Africa

and the South African telco industry association. He

was appointed to the Executive Committee in April

2020, and is responsible for the overall strategic

direction and performance of all its African operations,

comprising eight markets.

Joakim Reiter

ER

RC

CD

Chief External and Corporate Affairs Officer

Joakim, an Executive Committee member since

August 2017, is Vodafone’s Chief External and

Corporate Affairs Officer, responsible for public

relations and corporate affairs, including policy

and regulation, communications, security,

sustainability and charitable activities. He currently

sits on the Board of the Swedish Space

Corporation. Before joining Vodafone, Joakim

served as Assistant Secretary-General of the

United Nations and has also been Ambassador to

the World Trade Organisation, served as a Swedish

senior diplomat to the EU, a trade negotiator in the

European Commission, and has had a longstanding

career in the Swedish Foreign Service.

Please note:

Serpil Timuray will step down as CEO Vodafone Investments and a

Group Executive Committee Member on 30 June 2025 to pursue

external opportunities.

Strategic report

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Financials

Other information

Vodafone Group Plc

Annual Report 2025

77

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78

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Governance

continued

Culture and the Board

Our culture – the ‘Spirit of Vodafone’ – outlines the beliefs we stand for and the key behaviours that help us to make our

strategy and purpose a reality. Our Spirit underpins the successful and sustainable delivery of our organisational transformation.

The role of the Board

The Board has a critical role in setting the tone of our

organisation and championing the behaviours we

expect to see throughout the Group. The Board has

continued to influence and monitor culture

throughout the year and received updates on ‘Spirit

of Vodafone’ initiatives, including a quarterly ‘Spirit of

Vodafone Day’, bi-annual Spirit Beat surveys, and

surveys shared with new hires and leavers.

Vodafone’s commitment to inclusion is embraced at

every level and embedded in our Spirit, code of

conduct and business principles. Upon appointment

to the Board, each Director acknowledges that they

must promote the desired culture by acting with

integrity and leading by example.

Alignment with purpose, values

and strategy

The ‘Spirit of Vodafone’ underpins our purpose and

strategy, and the Board recognises the importance

of an inclusive environment where everyone has

the opportunity to thrive and belong, which actively

contributes to a more motivated and productive

workforce. An inclusive culture is also key to

attracting and retaining the workforce talent

needed to deliver our strategic priorities.

Our purpose is to connect everyone through our

connectivity and technology. This involves

empowering our people, helping to protect the

planet and maintaining trust with customers. Our

purpose is championed by our Board, which is

collectively responsible for the oversight and

long-term success of the Company. It is aligned with

our culture and our strategy, placed at the forefront

of our decision-making and strategy development,

and the Board considers how the initiatives

progressed by management throughout the year

have advanced our purpose. Board oversight ensures

that continued product development realises our

ambition to connect everyone.

The Board monitors the Company’s progress against

established strategic objectives and its performance

against competitors. Board meetings are planned

with reference to the Company’s strategic priorities

and meeting agendas are constructed to deliver

information at appropriate junctures and from a broad

range of senior leaders, to enable the Board to

effectively review and challenge.

Site visits

Board members regularly undertake site visits, which

helps them to observe how culture is embedded

throughout the Group and demonstrated by

colleagues in action. In September, the Board met

with the local management team in Portugal and

visited the business centre and action store where

they met front-line store employees and were able to

experience through the eyes of a customer an

example of a fixed rate broadband service journey. In

January, the Board and Committee meetings were

held in Germany with a continued strategic focus on

the transformation plan, where they met with new

Executive Committee members and the Vodafone

Germany Executive Committee to discuss the various

pillars of the transformation plan, the progress and

next steps.

Assessing culture

The cultural climate in Vodafone is measured

through a number of mechanisms, including policy

and compliance processes, internal audit, and

formal and informal channels for employees

to raise concerns, as well as our whistleblowing

programme, Speak Up, which is also available

to the contractors and suppliers working

with us. The Board is apprised of any material

whistleblowing incidents.

Alongside these mechanisms, the Board remains

committed to engagement with the workforce,

and these opportunities continue to shape how

the Board influences and understands the

Company’s culture.

Spirit Beat survey

The Board considers the results of the bi-annual Spirit

Beat survey. The results and engagement scores were

provided in the context of organisation transformation,

driving connection to our strategy and establishing a

customer-first culture. Benchmarking data compared

to our peers is also provided.

Workforce engagement

Given the geographical size and complexity of our

business, we utilise several employee engagement

methods and communication channels between the

Board, the Executive Committee, and our workforce

to enable meaningful engagement.

Workforce Engagement Lead attendance at

employee forums

The Board received feedback from Delphine Ernotte

Cunci and Christine Ramon, the appointed Workforce

Engagement Leads, after their attendance at

employee forums in Europe and Africa. It is evident

from these meetings that employee delegates

continue to appreciate the opportunity to speak

directly to a Board member. Through these channels

we understand that our people are engaged and

interested in: changes to our commercial portfolio,

M&A activities, GenAI developments; people

engagement, and hybrid working.

Employee Listening

We have increased the opportunities for employees

to share their experiences throughout their time at

Vodafone. We proactively gather employees’

perspectives through the new hire lifecycle,

measuring sentiment in the first week, month and 90

days. Exiting employees are invited to provide

feedback 48 hours after their resignation is submitted

and responses are required within two weeks.

Viva Engage communications

‘Viva Engage’ is our internal digital platform. The

Executive Committee and internal communications

team regularly post on the platform to provide updates

to our people. Examples are shown to the right.

Post:

Strategic transactions

Topic:

Our business strategy and performance

Discussion focus: The Group Chief Executive made

announcements following the Competition and Markets

Authority approval of the merger of Vodafone and Three

in the UK, and the sale of Vodafone Italy. The posts kept

employees informed of the latest status, next steps and the

positive impact the transactions would have on Vodafone.

Post:

International Women’s Day

Topic:

Our business strategy and performance

Discussion focus: The Group Chief Executive and Group

Chief Technology Officer honoured the talented women at

Vodafone and highlighted the commitment to empowering

women, fostering inclusivity and driving meaningful change.

The Chief Human Resources Officer also joined a virtual

roundtable with colleagues in AI technology. The post

informed colleagues how AI was growing employees skills

to improve customers’ experience, bridging the gendered

digital skills gap and committing to responsible and ethical

AI practices free from gender bias.

Post:

Mobile World Congress

Topic:

Our Customers

Discussion focus: The Group Chief Executive joined

the CEOs of some of our peers to discuss the challenges

facing the continent’s digital progress. The Group Chief

Technology Officer shared with employees considered

how scaling AI from proof of concept to millions of

customers creates tangible value for both users and

organisations.

Post:

Spirit Beat Results

Topic:

Our Customers

Discussion focus: The Chief Human Resources Officer sat

down with the CEO of Vodafone Business to talk about the

Spirit Beat Results in the context of our transformation

and how employee feedback helps to deliver our priorities

of customers, simplicity and growth.

Post:

Financial results and Group performance

Topic:

Our business strategy and performance

Discussion focus: Quarterly trading update videos on

financial results and Group performance were published.

These enhance employees’ awareness of the financial

and economic factors affecting the Group and the

Company’s performance.

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Vodafone Group Plc

Annual Report 2025

79

Strategic report

Governance

Financials

Other information

Governance

continued

Board activities and key areas of focus during the year

Our Board is responsible for the

overall leadership of the Group and,

throughout the year, Board activities

and discussion focused on the

implementation of the Company’s

strategic transformation plan.

The Board oversees the Company’s strategic

direction and supports the executive management

with its delivery of the strategy within a

transparent governance framework. In

continuation of the strategic evolution and

portfolio objectives reported last year, Board

discussion has focused on the implementation

of those strategic priorities, alongside financial

performance and capital, risk, culture

and governance.

Key stakeholders are considered in the decision-

making process in accordance with section 172

of the Companies Act 2006. Examples of key

decisions taken by the Board during the year

in accordance with our strategic priorities are

shown to the right.

Read more about Vodafone’s key stakeholders and how the

Board has engaged with them during the year on pages

11–13

Customers

Our customers and the impact of our decisions

on them remained a key focus throughout

the year as we continued to implement the

strategic evolution communicated in last year’s

Annual Report.

Read more about the implementation of our

strategic transformation on pages

8–9

The Executive Committee and senior leaders

regularly provide the Board with information on

the evolving needs of our customers.

Strategic partnership with Google

The Board considered a proposed extension to

the existing partnership with Google into five

new strategic pillars, focusing on opportunities

in the consumer space and accelerated growth

opportunities. A key focus of the partnership is

to help consumers to take advantage of the

latest hardware and digital technologies,

including artificial intelligence (‘AI’) and

cloud-based applications. The expansion will

bring new services, devices, and TV experiences

to millions of our customers across Europe and

Africa, supported by Google Cloud and Google’s

Gemini models. The Board supported the

extension and in October 2024, the Company

announced the 10-year partnership. The

agreement will bring storage, security and AI

assistance to our customers in 15 countries as

well as to partners in an additional 45 markets

worldwide. It was also announced that both

parties would jointly promote the use

of universal standards in areas such as

online safety.

UK – Vodafone UK/ Three UK Merger

We reported last year that the proposed merger

was subject to regulatory approval by the UK

Competition and Markets Authority (‘CMA’) and as

anticipated, in April 2024 the merger inquiry

progressed to Phase 2. The Board received regular

updates on the progress of the application and the

constructive engagement taking place with key

stakeholders leading up to CMA approval being

obtained. The merger aims to create a better

network with greater coverage, reliability and

faster speeds for our customers. Board discussion

also focused on the pre-merger integration

process, the strategy for the merged business and

achieving the network ambition.

Key steps during the financial year

–

September 2024: the CMA published its

provisional findings accompanied by the Notice

of Possible Remedies. Vodafone and Three

responded to the CMA provisional findings and

Notice of Possible Remedies

–

November 2024: the CMA released an

announcement that it had provisionally found that

the proposed merger could address competition

concerns through network investment and

customer protections

–

December 2024: we announced that the CMA

had approved the merger and further information

relating to the transaction was announced in

accordance with the UK Listing Rules

–

May 2025: the merger formally completed

on 31 May 2025

Section 172 considerations

Last year we reported that in accordance with

section 172 of the Companies Act, the Board, with

support from external advisers where required,

undertook an analysis as part of the decision-

making process to consider stakeholder interests

and concluded that the transaction was in the

best interests of the Company’s members as a

whole. The Board determined that the

proposed merger was pro-growth, pro-

customer, pro-investment and pro-competition

for the UK. Throughout the year, the Board

continued to champion the conclusion reached

throughout the proactive engagement process

with the CMA, Ofcom and the UK Government.

We believe the merger is a once in a lifetime

opportunity to transform the UK digital

infrastructure and the interests of all

stakeholders have been carefully considered.

Virgin Media O2 network sharing

agreement

The Board was kept updated on the proposed

new network sharing agreement between

Vodafone UK and Virgin Media O2, which aims

to enhance the existing mobile network sharing

agreement, bolstering quality mobile coverage

across the UK and delivering improved services

for customers. On 3 July 2024, the Company

announced a new network sharing agreement

had been reached with Virgin Media O2, which,

following the CMA approval of the proposed

merger between Vodafone UK and Three UK, will

provide a stable basis for the merged company’s

enlarged network to participate in the network

sharing agreement, significantly enhancing

competition in retail and wholesale markets.

Portugal

In September 2024, the Board attended

an offsite in Portugal where they had the

opportunity to delve further into the vision

for the Portuguese customer market,

including the challenges and opportunities.

They met with the local management team and

experienced first-hand some of the products

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gtNi44YzAtMy43LTMtNi43LTYuOC02LjdjLTMuNyAwLTYuNyAzLTYuNyA2LjdjMCAzLjggMyA2LjggNi43IDYuOFoiIGNsYXNzPSJnNl84MiIvPgo8cGF0aCBjbGlwLXBhdGg9InVybCgjYzVfODIpIiBkPSJNNjU4LjIgMzc4LjhsNC41LTQuNWwtNC40LTQuNG0zLjkgNC4zaC03LjQiIGNsYXNzPSJnN184MiIvPgo8L3N2Zz4=)

80

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Governance

continued

Board activities and principal decisions

continued

and services that were making an impact in

the market. The Board considered how AI

could be leveraged to improve customer

experience and visited a store whereby they

experienced a fixed broadband service

journey through the eyes of the customer

and had the opportunity to meet with

front-line store employees.

Artificial intelligence

The Board received an update on GenAI at

its September strategy session. The initial

priority areas for GenAI applications have

focused on customer experience,

productivity and efficiency, including the

development of the customer engagement

chatbot. The Board considered how internal

capabilities are being built for GenAI

readiness, including how they will be

developed and tested for wider adoption

across the organisation, and the responsible

AI guardrails in place. The Technology

Committee considers GenAI and Machine

Learning under its delegated authority and

provides regular updates to the Board to

keep them abreast of the developments.

The Board reviews how these technologies

can be used to create efficiencies and

improve customer journeys.

Satellite strategy

The Board reviewed the satellite strategy

and investment at its September strategy

session. By looking beyond ground-based

networks, we can utilise low-earth orbit

satellites to provide mobile signals to even

remote areas, helping to close coverage

gaps and keep our customers connected.

Simplicity and Growth

Our simplicity and growth strategic priorities

have been a key focus for Board discussion

during the year as we continue to reduce

complexity within our business and focus on

our portfolio of segments, products and

geographies that are right-sized for growth and

returns. In addition to the scheduled meetings,

the Board also attended a strategy off-site

session in Portugal that focused on our overall

strategic framework, the turnaround plan for

Germany, Europe Consumer Strategy, GenAI,

and our people transformation.

Strategy and business developments

Sale of Vodafone Italy

Following the announcement that a binding

agreement had been entered into with

Swisscom for the sale of Vodafone Italy in

March 2024, the Board received regular

updates of the progress made in the reshaping

of the Group’s European operations. The

transaction entered Phase 2 of the regulatory

approval process with the Italian Competition

Authority in September, and approval was

obtained on 20 December 2024. The sale for

€7.9 billion in cash completed on 31 December

2024. Proceeds from the sale will be used to

reduce Vodafone Group net debt. Following

Board approval, we announced the

commencement of a second share buyback

program of up to €2 billion on 20 May 2025,

which will be split into quarterly rolling

programmes.

Sale of Vodafone Spain

The Board approved the request to enter into

binding agreements with Zegona in relation to

the full sale of Vodafone Spain in October 2023.

During the year, the Board was kept updated on

the progress of the sale, and in May we

announced the sale had received final approval

from the Spanish authorities. We announced on

31 May 2024 that the sale of Vodafone Spain

had completed for €4,069 million in cash

(subject to closing accounts adjustments) and

up to €900 million of non-cash consideration in

the form of redeemable preference shares. As

part of the transaction, Vodafone and Zegona

have also entered into an agreement whereby

Vodafone will provide certain services to

Vodafone Spain after completion of the

transaction, and Vodafone will continue to

have a presence in Spain through its Innovation

Hub in Malaga. The Board approved the

commencement of a share buyback

programme following completion.

Read more on the share buyback on page

80

Germany turnaround

In addition to receiving regular business updates

on the turnaround plan in Germany, the Board

held deep-dive sessions to discuss the progress

made in further detail. A turnaround plan had

been initiated and the Board considered the

identified improvement areas – customer

service, brand, network and IT across the key

operational areas. Following Board feedback on

the governance structure required for execution

and the longer-term view of a sustainable

business in Germany, further updates were

provided in November 2024. The Board and

Committee meetings in January were held over

a dedicated two day visit to Germany. The Board

met with the leadership team and undertook an

extensive review to gain a deeper level of insight

into the status, challenges and progress of the

turnaround plan. Improvements to customer

experience were progressing and significant

work was taking place on process optimisation.

Deep-dive reviews of key operational functions

and programmes both within Vodafone

Germany and between Germany and Group had

also taken place. The Board anticipates the

turnaround programme to take time amongst

the increasing competitive pressure and a

worsening market environment. The Board

remains confident in the turnaround plan

and we have seen the first clear signs of

improvement, which we expect to grow and

build momentum in the coming fiscal years.

Financial performance and capital

Financial performance

Throughout the year, the Board received regular

updates on the financial performance of the

Group from the CFO and management teams

against the backdrop of strategic portfolio

transformation.

The Board reviewed the Group’s performance

versus the budget for last year. The budget for

the coming year and long-range plan were

approved. The impact of VOIS and the

commercialisation of our shared operations

was also considered as part of the review.

During the year, the Board considered and

approved the half-year and full-year results

announcements, and the Annual Report and

Accounts, following the recommendation of the

Audit and Risk Committee. The Audit and Risk

Committee also reviewed the Q1 and Q3 results.

Buyback programme

The Board reviewed and approved the new

capital allocation framework in March 2024 and

following discussion at the Capital Decision

Board (sub-committee of the Executive

Committee), the Board agreed that the proposed

€2 billion buyback programme would be split

into quarterly rolling programmes. In May 2024,

after consideration, the Board approved the

commencement of the share buyback

programme following the completion of the

sale of Vodafone Spain in accordance with

the authority obtained at the relevant Annual

General Meeting. The commencement of

subsequent tranches were announced in

August and November 2024, and February 2025

respectively.

![](data:image/svg+xml;base64,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)

Vodafone Group Plc

Annual Report 2025

81

Strategic report

Governance

Financials

Other information

Governance

continued

Board activities and principal decisions

continued

Section 172 considerations

The Board reviewed and approved plans for a

€2 billion buyback programme to be

implemented over the next 12 months. Following

completion of the sale, the Board was mindful of

delivering investor and shareholder value over

the short, medium and long-term timeframes.

Sale of % stake in Indus Towers

Following Board approval, we announced in

June 2024 that we had sold an 18% stake in

Indus Towers. The proceeds have been used to

repay Vodafone’s existing lenders in relation

to borrowings secured against Indian assets.

The sale of a further 3% stake was announced

in December in accordance with our financial

objectives. Following the sale, Vodafone

has now disposed of its shareholding in

Indus Towers.

Sale of % stake in Vantage Towers

We announced in July 2024 that Vodafone

Group Plc had sold a further 10% stake in

Oak Holdings GmbH – the partnership that

co-controls Vantage Towers for €1.3 billion.

The sale achieved the 50:50 joint ownership

structure with the consortium of long-term

infrastructure investors that was envisaged

when the consortium was first announced.

Proceeds from the sale have been used

for deleveraging.

Dividend

The decision to approve the dividend was

supported by a robust assessment of the

position, performance and viability of the

business carried on by management. On

12 November 2024, we announced an

interim dividend of 2.25 eurocents per share,

which was paid on 7 February 2025. We have

recommended that a final dividend of

2.25 eurocents per share to be paid on

1 August 2025. The payment timeframe of

our dividend is consistent with the expectations

of our shareholders.

Investor relations

The Board received regular updates on market

share information, share price performance and

how we have engaged with institutional investors

and analysts. Sentiment and feedback from

investor roadshows was also provided during

the year.

Read more about how the Board engaged with investors during

the year on page

13

Risk

The Board has overall responsibility for

determining the nature and extent of the risks the

Group is willing to take and oversees the

implementation of risk assessment systems and

processes to identify, manage and mitigate

Vodafone’s principal risks. Risk is considered on a

regular basis and during the year, the Board, with

support from the Audit and Risk Committee,

completed a review of the Company’s risk appetite,

principal and emerging risks, and how they are

managed. The Audit and Risk Committee also

undertook deep-dives on our principal risks during

the year and fed back to the Board. This provides

the Board with an understanding of the key risks

within the Group and oversight on how they are

being managed.

Read more about our internal control framework, risk

management and effectiveness on page

89–90

and the

Audit and Risk Committee deep-dives on page

87

Our people

Appointment of Simon Dingemans,

Non-Executive Director

Following a rigorous external search, we

announced the appointment of Simon Dingemans

as a Non-Executive Director effective from

1 January 2025. Simon joined the Audit and Risk

Committee with effect from the same date.

In accordance with its terms of reference, the

Nominations and Governance Committee led on

the appointment process, and the Board was kept

updated on the developments. The Board

approved the recommendation to appoint

Simon Dingemans at its December meeting.

Read more about Simon Dingemans’ appointment

in the Nominations and Governance Committee report

on page

83–84

Culture and employee voice

The Board received updates on Group culture

and employee engagement, including by way of

the ‘Spirit Beat’ survey. The Chief Human

Resources Officer kept the Board updated on

how culture was being embedded in the context

of strategic transformation. Employee feedback

was positive and whilst there were fluctuations

between markets, engagement scores remained

stable at a global level. Markets with significant

increases in engagement saw correlating

increases with driving colleagues’ connection to

our strategy; customer-first and improving

customer-facing colleagues’ experience, and

managers taking action on Spirit and owning our

transformation. Actions to improve systems and

processes within each market continue and the

Board will be kept updated on the progress. To

further accelerate momentum on embedding

cultural change and transformation, a network

of change agents had been established across

the business to support the cultural

transformation at all levels.

The Board considered the workforce

engagement mechanisms in place to ensure

they remain effective in delivering meaningful

dialogue with employees. The Board confirmed

that the workforce policies and practices are

consistent with the Group’s values and supports

the long-term strategy.

Read more about employee voice on pages

12

and

14

Inclusion and diversity

The Board is kept updated on the progress of the

diversity and inclusion initiatives to support key

areas, including talent attraction, retention and

development, allyship and education, and data.

Read more about inclusion on pages

15 –16

The Board diversity policy is reviewed on an

annual basis.

Read more about our Board diversity policy on page

85

Modern Slavery

The Board monitors the Group’s compliance

with the requirements of the UK Modern Slavery

Act 2015 and approved its Modern Slavery

Statement in May.

Read more about our Modern Slavery Statement:

vodafone.com/modern-slavery-statement

Governance

The Board received an update on the change to

the UK Listing Rules and the subsequent

disclosures required with respect to our

strategic transactions as shareholder approval

for the proposed UK merger of Vodafone UK and

Three UK, and the sale of Vodafone Italy was no

longer required.

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82

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Governance

continued

Board effectiveness and improving our performance

The Board recognises that it needs to continually monitor and improve its performance. Our annual performance review provides the opportunity for the Board and

its Committees to consider and reflect on the effectiveness of its activities, the quality of its decision-making and the contribution made by each Board member.

Process undertaken for our Board

performance review

In accordance with the 2018 UK Corporate

Governance Code, the FY25 Board performance

review was externally facilitated by Lorna Parker and

Elaine Sullivan of Manchester Square Partners, an

external advisory firm. Both individuals and the firm are

considered to be fully independent and have no other

connection to the Company or individual Directors.

The objectives of the performance review were to

provide an assessment of:

–

Vodafone Group’s Board effectiveness and

governance;

–

The effectiveness of Vodafone Group’s

Committees; and

–

The effectiveness of Directors individually,

including the Chair’s effectiveness, and how

effectively members work together to achieve

objectives, taking into account their preparation

ahead of meetings, time commitment,

independence and courage to challenge.

Manchester Square Partners developed a

framework outlining the suggested areas to gather

and distil feedback, including strategy, challenges

and risks, values and culture, role, dynamics,

engagement, composition, leadership and

succession. Following a discussion with the Chair,

and to ensure that the specific objectives of the

Board review were met, tailored questions were

prepared for the Board members to consider in

advance of the individual interviews.

The review process was undertaken from

September 2024 to January 2025. Manchester

Square Partners had access to Board and

Committee papers for the 12 months prior and

observed the November Board and Committee

meetings. Individual interviews were conducted

with all Board members and the Group General

Counsel and Company Secretary. Whilst a review

framework was supplied to provide guidance, the

one-on-one meetings with the Directors took an

informal conversational approach.

Board performance review findings

Manchester Square Partners collated the input

and provided an independent assessment of the

effectiveness of the Board. The findings were presented

to the Nominations and Governance Committee and the

Board at their January 2025 meetings. The Board

discussed the findings from the evaluation and was

encouraged by the strengths identified.

Effectiveness and leadership

–

Overall the Board is functioning well and all

members are both pleased and proud to be

on the Board at this stage of Vodafone’s

transformation journey

–

The performance of the Board was seen to have

improved over the last three years

–

There is clarity and alignment on the role of the

Board and a shared understanding around the

immediate strategic priorities

–

There is shared alignment around the key

challenges and risks facing Vodafone

–

The Board has highly effective leadership with

a Chair who is well respected and facilitates high

quality discussion

–

The CEO is highly regarded and has full support

from the Board

Skills, composition, and diversity

–

Recent changes in composition have

strengthened the Board dynamic and provided

valuable technology and telecoms expertise

–

The Board has substantial breadth and depth of

complementary skills and experience with

appropriate diversity in terms of geography,

insight, thinking, gender and ethnicity. This

ensures the Board is as effective as possible in the

context of developing and delivering strategy,

and addressing the challenges and opportunities,

and the principal risks facing the Company

–

The Non-Executive Directors have sufficient

time to meet their responsibilities and are

well-prepared, committed and engaged during

the meetings

Administration and process

–

Board processes are effective, efficient and

thorough and allow the Board to carry out

its responsibilities.

Focus areas for FY25/26

The Board also identified and agreed key areas of

improvement and focus for FY25/26:

–

Longer-term strategic priorities:

prioritise time

on the Board agenda to explore the longer-term

strategic ambitions and direction for Vodafone;

–

Our people:

continue to ensure people topics

are frequently discussed at the Nominations and

Governance Committee as well as on the Board

agenda, with a focus on succession planning

and development; and

–

Culture:

continue to create additional

opportunities for Non-Executive Directors to

meet employees informally and explore ways

of testing culture change.

Board Committees

Each of the Board’s Committees were evaluated

and the review concluded that all Committees are

working well and effectively, with particular

appreciation for their Chairs. Non-Executive

Directors have access to supporting material for all

Committees, enhancing their depth of

understanding across the Group. This is provided

on a timely basis.

Individual performance

The performance and effectiveness of contribution

for each Director, including the Chair, was

considered as part of the one-on-one

conversations and observations during attendance

at the Board and Committee meetings.

Progress on FY24 actions

Progress against the areas identified for

focus following the FY24 internal evaluation

are shared below:

Areas identified for improvement

Operational excellence: continue to prioritise

the time spent on the key strategic pillars

of Customers, Simplicity and Growth

Progress:

Board agendas continue to be drafted

with a focus on our strategic priorities across

Customers, Simplicity and Growth.

Workforce engagement and culture: strengthen

the structure and engagement plan with greater

insight fed back to the Board

Progress:

Our designated workforce engagement

leads attended employee forums throughout

the year and the Chief Human Resources Officer

presented cultural insights, including on Spirit

and employee listening on an increased cadence

this year. An update on people and strategic

transformation was also provided at the

September strategy session.

Focus on the successful integration of the new

e& representative as a Director to ensure the

effective functioning of the Board continues

Progress:

Hatem Dowidar has undertaken an

extensive induction programme. The findings from

the FY25 evaluation also concluded that the Board

is functioning well and the dynamic has been

strengthened following changes to the composition.

Continued focus on succession planning

at Board and Senior Management level

Progress:

Simon Dingemans was appointed as a

Non-Executive Director on 1 January 2025 and subject

to shareholder approval, Anne-Françoise Nesmes will

be appointed as a Non-Executive Director following

the conclusion of the 2025 AGM. Guillaume Boutin

was appointed as CEO Vodafone Investments &

Strategy on 15 May 2025.

![](data:image/svg+xml;base64,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)

Vodafone Group Plc

Annual Report 2025

83

Strategic report

Governance

Financials

Other information

Governance

continued

Nominations and Governance Committee

The Nominations and Governance

Committee (the ‘Committee’)

continues to monitor the composition,

structure and size of the Board and

its Committees to ensure that there

is an appropriate balance of skills,

knowledge, experience and

diversity so that responsibilities

can be discharged effectively.

The Committee oversees all matters

relating to corporate governance

and succession planning and

makes recommendations to the

Board as appropriate.

Chair

Jean-François van Boxmeer

Members

Stephen A. Carter CBE

Michel Demaré

Hatem Dowidar

David Nish

With the exception of Hatem Dowidar, the Committee

is comprised of independent Non-Executive

Directors. The Committee had four scheduled

meetings during the year and additional ad hoc

meetings as required.

The attendance at Committee meetings can be found

on page

76

Find out more

Click or scan to watch our Non-Executive

Directors explain their role:

investors.vodafone.com/videos

Letter from Committee Chair

On behalf of the Board, I am pleased to present the

Nominations and Governance Committee Report

for the year ended 31 March 2025.

Board composition and succession planning

A key focus for the Committee this year has been

Board composition and succession planning, with

a continued focus on the appointment of Non-

Executive Directors with strong financial expertise

and risk and audit committee experience. The

Committee monitors the length of tenure, skills and

experience of Non-Executive Directors to assist with

succession planning. We reported last year that

there was an upcoming scheduled retirement from

the Board and on 2 April 2025 we announced that

David Nish would not be seeking re-election at the

2025 AGM following nine years service.

In anticipation of this scheduled departure, the

Committee focused on finding suitable Non-

Executive Director successors to further enhance

the Board’s experience and capabilities,

particularly in the finance sector. MWM Consulting,

an independent external search firm, was

appointed to support the process. Following

recommendation by the Committee, the Board

approved the appointment of Simon Dingemans

as a Non-Executive Director with effect from

1 January 2025. Simon also joined the Audit and

Risk Committee with effect from the same date.

Simon is an experienced leader and former chief

financial officer. He brings extensive financial,

operational and strategic experience and I am

delighted to welcome him to the Board as we

continue to drive our strategic transformation.

Read more on Simon’s background on page

74

and onboarding on page

84

On 2 April 2025, following Board approval and

recommendation by the Committee, we

announced that Anne-Françoise Nesmes will be

appointed as a Non-Executive Director with effect

from the conclusion of the 2025 AGM, subject to

shareholder approval. Anne-Françoise will also join

the Audit and Risk Committee and ESG Committee

with effect from the same date. Anne-Françoise is

highly experienced, commercially orientated and

brings a wealth of financial expertise from several

international organisations. She has a strong focus

on strategy, IT, regulation and shared services

and her ability to drive significant transformation

agendas will be an excellent addition to our

Board discussions.

Read more on Anne-Françoise Nesmes background on page

76

Both Simon’s and Anne-Françoise Nesmes

appointment to the Board will be subject to

shareholder approval at the 2025 AGM. With the

exception of David Nish, all other Non-Executive

Directors have submitted themselves for election.

Committee composition

The Committee keeps under review the composition

of the Board and its Committees, evaluating the

balance of skills, experience, independence,

knowledge and diversity requirements. In light of

the recent and upcoming Non-Executive Director

changes, the Committee made recommendations

to the Board for approval. On 2 April 2025 we

announced a number of changes that will be

effective from the conclusion of the 2025 AGM.

Simon Segars will be appointed Senior Independent

Director and member of the Nominations and

Governance Committee. Simon Dingemans will be

appointed as Chair of the Audit and Risk Committee

and member of the Remuneration Committee.

Michel Demaré will cease to be a member of the

Nominations and Governance Committee. Christine

Ramon will cease to be a member of the ESG

Committee and become a member of the

Remuneration Committee. Delphine Ernotte Cunci

will cease to be a member of the Remuneration

Committee and become a member of the

Nominations and Governance Committee.

The changes ensure alignment between skills and

specific Committee and individual responsibilities

and the Committee is confident that the Board

currently has the necessary mix of skills and

experience to contribute to the Company’s

strategic objectives.

Read more about the details of the length of tenure of each

Director and a summary of the skills and experience of the

Non-Executive Directors on pages

67, 73–76

Appointment process

When considering the recruitment of new

Directors, the Committee adopts a formal and

transparent procedure, which takes into account

the skills, knowledge and level of experience

required as well as social mobility factors and

diversity. To start the appointment process this

year, a search specification was created and MWM

consultancy was appointed to provide support.

MWM provided a list of potential candidates with a

diverse range of backgrounds and characteristics.

The shortlisted candidates were then interviewed

by Committee members and they met with the

Group Chief Executive, Chair and other members

of management as appropriate. A recommendation

was then made to the Board on the chosen

candidate and the appointment terms were then

drafted and agreed with that candidate.

Executive Committee changes, succession

planning and talent pipeline

The Committee receives regular updates on

succession planning and changes to the

membership of the Executive Committee against

the backdrop of our simplified operating model.

This year, the Committee has continued to focus

on succession plans for executives below Board

level, looking at the strength, depth and diversity

of the talent pipeline to understand executive

talent requirements and the capabilities required

for the future.

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84

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Governance

continued

Nominations and Governance Committee

continued

During the year we announced that Aldo Bisio

had stepped down as CEO Vodafone Italy and as

a member of the Group Executive Committee

on 15 November 2024 following the sale of

Vodafone Italy.

On 7 February 2025, we announced that

Guillaume Boutin had been appointed as CEO

Vodafone Investments & Strategy and a member

of Vodafone’s Executive Committee, with effect

from 15 May 2025. Guillaume will take over from

Serpil Timuray the current CEO Vodafone

Investments, who has decided to leave Vodafone

at the end of June to pursue external

opportunities. Guillaume is an experienced leader

and brings a strong mix of strategic and

operational experience, combined with deep-

rooted sector knowledge.

A rigorous search is underway to support finding a

suitable successor for the role of Group Chief

Financial Officer following the announcement that

Luka Mucic would step down from the role and as

a Director of the Company, no later than early

2026 to pursue an external opportunity.

Key areas of focus for FY26

–

Continued review of Board and Committee

composition, tenure and onboarding;

–

Senior leadership talent, succession, and

onboarding; and

–

Continued implementation of new provisions of

the 2024 UK Corporate Governance Code.

Jean-François van Boxmeer

On behalf of the Nominations and

Governance Committee

3 June 2025

Director onboarding and development

Onboarding process

Upon appointment, each new Director receives a

comprehensive and formal induction programme

tailored to their needs, experience and the

requirements of the role. Consideration is also

given to Committee appointments and the Group

General Counsel and Company Secretary assists

the Chair in designing and facilitating the

individual programmes. Onboarding is crucial

to ensuring that our Directors have a full

understanding of all aspects of our business,

including the Group’s strategy, vision and values,

to ensure they are able to contribute effectively

to the Board. All Directors are also encouraged

to attend site visits.

Simon Dingemans undertook a comprehensive

tailored induction programme which covered a

variety of business areas including strategy,

finance, compliance, risk, technology and

networks and governance. In addition to meeting

with external advisers for a briefing on Directors’

duties, the Market Abuse Regulation, and listing

and disclosure obligations, Simon met with

senior management from key business areas

and functions.

Upon appointment, all Directors receive a

comprehensive induction pack which includes key

background information on the Company,

corporate governance guidance, and internal

policies and codes.

Director development and training

As the external business environment in which the

Group operates continues to evolve, it is crucial

that our Directors’ skills and knowledge are

refreshed and updated regularly. The Chair has

overall responsibility for ensuring that our

Non-Executive Directors receive suitable ongoing

training to enable each to remain an effective

Board member. Individual training requirements

are reviewed regularly and the Board is kept

informed of training opportunities, including those

offered by our external advisers.

In addition to individual tailored training, updates

on corporate governance, legal and regulatory

matters are also provided by way of briefing papers

and presentations at Board meetings.

Board leadership and governance

The Committee continues to review action taken

to comply with the 2018 UK Corporate Governance

Code and other legal and regulatory obligations

during the year, and review upcoming compliance

activities in respect of the 2024 UK Corporate

Governance Code, with the majority of provisions

applying to Vodafone with effect from 1 April

2025. The Committee receives regular governance

updates and is satisfied that Vodafone complied

with the Code in full throughout the year.

Independence

In accordance with the Code, the independence of

all the Non-Executive Directors was considered by

the Committee. Following evaluation, with the

exception of Hatem Dowidar, all Non-Executive

Directors are considered independent, and they

continue to make independent contributions and

effectively challenge management.

The Executive Directors’ service contracts and

Non-Executive Directors’ appointment letters are

available for inspection at our registered office

and at the 2025 AGM.

Conflicts of interest

The Companies Act 2006 provides that directors

have a duty to avoid a situation in which they have

or may have a direct or indirect interest that

conflicts or might conflict with the interests of the

Company. This duty is in addition to the existing

duty owed to the Company to disclose to the

Board any interest in a transaction or arrangement

under consideration by the Company.

Our Directors must report any changes to their

commitments to the Board, immediately notify the

Company of actual or potential conflicts or a

change in circumstances relating to an existing

authorisation, and complete an annual conflicts

questionnaire. Any conflicts or potential conflicts

identified are considered and, where appropriate,

authorised by the Board in accordance with the

Company’s Articles of Association. A register of

authorised conflicts is also reviewed periodically.

The Committee is comfortable that it has adequate

measures in place to effectively identify, manage

and mitigate any actual or potential conflicts of

interest so as not to compromise or override

independent judgement.

Time commitment

In accordance with the Code, the Committee

actively reviews the time commitments of the

Board. All Directors are engaged in providing their

external commitments to establish that they have

sufficient time to meet their Board responsibilities.

The Committee is satisfied that the Board does

meet this requirement and all Directors provide

constructive challenge and strategic guidance and

hold management to account.

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lNNjUxLjggODcwLjFIODA3LjdtMCAwaDQwNC45IiBjbGFzcz0iZzVfODciLz4KPC9zdmc+)

Vodafone Group Plc

Annual Report 2025

85

Strategic report

Governance

Financials

Other information

Governance

continued

Nominations and Governance Committee

continued

Board evaluation

In accordance with the Code, Vodafone conducts

an annual evaluation of Board and Board

Committee performance, which every Director

engages in and which is facilitated by an

independent third party at least once every three

years. This year, an external evaluation of the

performance of the Board and Committees was

facilitated by Lorna Parker and Elaine Sullivan of

Manchester Square Partners. Both individuals and

the firm have no other connection to Vodafone.

The Committee oversaw the evaluation process

and was involved in the selection of the external

provider for review.

Read more about the outcome of this Board evaluation

on page

82

Roles and responsibilities

The terms of reference for the Nominations and

Governance Committee set out the role and

responsibilities of the Committee in further detail

and are reviewed annually.

Click to read the Committee’s terms of reference:

vodafone.com/board-committees

Diversity

The Board diversity policy reinforces the ongoing

commitment of the Board to supporting diversity and

inclusion in the boardroom, in all its forms

including age, gender, ethnicity, sexual orientation,

disability and socio-economic background. The

Committee acknowledges the significant role

diversity and inclusion has on the effective

functioning of the Board and its Committees and

believes a diverse Board brings a broader

perspective, which enables it to be better equipped to

understand the views of our stakeholders as well

as our shareholders in the decision-making process.

The Board diversity policy is kept under review to

ensure the objectives remain appropriate and

sufficiently stretching. We also continue to monitor

requirements set by the Financial Conduct

Authority, FTSE Women Leaders Review and Parker

Review in terms of gender and ethnic diversity.

Vodafone acknowledges that these targets are not

just an end goal, but rather steps towards a drive

for further progress.

Whilst the Board Diversity Policy specifically focuses

on diversity at Board and Committee level,

commitment to diversity at Vodafone extends

beyond the Board to the Executive Committee, talent

pipeline and global workforce. The Board supports

management in their efforts to build a diverse

organisation throughout the Group and is regularly

apprised of progress on the key diversity areas of

focus beyond the Board and Executive Committee.

We remain committed to achieving our target of 40%

of women in management roles by 2030. We have

a number of initiatives including early career

programmes and parental support to support with

increasing gender diversity throughout the

workforce. We retain and further develop our diverse

talent through focusing on different diversity

programmes, policies and leadership incentives

during the year. We launched our ‘Talent Deal’ which

offers a package of support and guidance for

employees identified as top or accelerated talent,

39.5% of which are women. We also continue to

invest in development and deepening our talent

assessments as part of succession planning to ensure

we reach our talent targets for successors.

As at 31 March 2025, our Executive Committee has

five positions held by women (45%) and 18.18% of the

Executive Committee identifies as ethnically diverse.

In the Senior Leadership Team, 37% of positions (from

continuing operations) are held by women and 24%

of the Senior Leadership Team (from continuing

operations) identifies as ethnically diverse.

Whilst we commit to diversity and inclusion in all

its forms, all appointments are made on merit and

objective criteria to ensure the appropriate mix of

skills and experience on the Board, valuing the

unique contribution that an individual will bring.

Read more on Senior Leadership Team diversity on page

16

Read more about our workforce inclusion programmes

on pages

15 –16

Board and executive management diversity

Prepared in accordance with UK Listing Rule 6 Annex 1R as at 31 March 2025

Gender identity or sex

1

Number of

Board members

Percentage

of the Board

Number of senior

positions on the

Board (CEO, CFO,

SID and Chair)

Number in

executive

management

Percentage

of executive

management

Men

8

62%

3

6

55%

Women

5

38%

1

5

45%

Other categories

0

0%

0

0

0%

Not specified/prefer not to say

0

0%

0

0

0%

Ethnic background

Number of

Board members

Percentage

of the Board

Number of senior

positions on the

Board (CEO, CFO,

SID and Chair)

Number in

executive

management

Percentage

of executive

management

White British or other White

(including minority-white groups)

11

84.62%

4

9

81.82%

Mixed/Multiple Ethnic Groups

0

0%

0

0

0%

Asian/Asian British

1

7.69%

0

1

9.09%

Black/African/Caribbean/Black British

0

0%

0

0

0%

Other ethnic group, including Arab

1

7.69%

0

1

9.09%

Not specific/prefer not to say

0

0%

0

0

0%

Note:

1.

The data reported is on the basis of gender identity.

The data contained in the tables on this page was collected as part of the annual declaration process, whereby the Board and the Executive

Committee received declaration forms for self-completion. The declaration forms included, for all individuals whose data is being reported, the

same questions relating to ethnicity, gender, sexual orientation and disability. The data is used for statistical reporting purposes and is provided

with consent. The data in the above tables is as at 31 March 2025, and there have been no changes to the board in the period between then and

the date of this report.

Diversity targets

Target

Progress

The Board aspires to meet

and ultimately exceed the

target for at least 40% of

Board positions to be held

by women.

As at 31 March 2025

38%

of our Board identified as women. Whilst we do not

currently meet this target, the position is temporary and has resulted from

ensuring appropriate succession planning and the handover of responsibilities.

We expect this to increase to 46% on 29 July 2025 following the conclusion of

the AGM whereby David Nish will step down as a Non-Executive Director and

Anne-Françoise Nesmes will be appointed as a Non-Executive Director.

That at least one of the

positions of Chair, CEO, CFO

or Senior Independent

Director is held by a woman.

As at 31 March 2025 our

Group Chief Executive Officer position is held by

a woman

. The Committee continues to ensure this target is considered as part

of the Board and Executive Committee succession planning process.

That at least one member of

the Board is from a minority

ethnic background.

As at 31 March 2025, we currently have

two Board members from a minority

background

. Vodafone continually aspires to increase diverse representation

on our Board. Independent executive search firms are used to ensure a diverse

range of candidates.

![](data:image/svg+xml;base64,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)

86

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Governance

continued

Audit and Risk Committee

The Committee oversees the

governance of the Group’s risk

management system, financial

reporting, the external audit process,

internal control and related assurance

processes. During the year, the

Committee completed a series of

deep-dive reviews of principal key risks

with a focus on cyber security,

technology resilience and company

transformation programmes.

Chair and financial expert

David Nish

Members

Michel Demaré

Simon Dingemans (appointed on 1 January 2025)

Deborah Kerr

Christine Ramon

The attendance at Committee meetings

can be found on page

76

Key responsibilities

The responsibilities of the Committee are to:

–

Monitor the integrity of the financial statements,

including the review of significant financial

reporting judgements;

–

Provide advice to the Board on whether the

Annual Report is fair, balanced and

understandable, and on the appropriateness of

the long-term viability statement;

Find out more

Click or scan to watch our Non-Executive

Directors explain their role:

investors.vodafone.com/videos

–

Review and monitor the external auditor’s

independence and objectivity and the

effectiveness of the external audit;

–

Review the system of internal financial control

and compliance with section 404 of the US

Sarbanes-Oxley Act;

–

Monitor the activities and review the

effectiveness of the Internal Audit function;

–

Monitor the Group’s risk management system,

review of the principal risks and the

management of those risks; and

–

Review and provide advice to the Board on the

approval of the Group’s US Annual Report on

Form 20-F.

Click to read the Committee’s terms of reference:

vodafone.com/board-committees

Letter from Committee Chair

I am pleased to present our report as Chair of the

Audit and Risk Committee. This report provides an

overview of how the Committee operates, an

insight into the Committee’s activities during the

year and its role in ensuring the integrity of the

Group’s published financial information and the

effectiveness of its risk management, controls and

related processes.

The Committee met six times during the year. The

attendance by members at Committee meetings

can be seen on page

76

. Each meeting agenda

included a range of topics across the Committee’s

areas of responsibility. In summary:

–

We undertook a programme of reviews across

multiple business units, typically with a focus on

the risk and control environment. Alongside key

members of their teams, this included

presentations by the CEO of Vodafone Business,

the CEO of Vodafone Shared Operations, the

CEO of Vodafone Germany, the CEO of Vodacom

Group and the CEO European Markets;

–

We met on several occasions with the Group

Chief Technology Officer and the Cyber

Security, Technology Strategy and Governance

Director to review and challenge strategies and

activities around external cyber threats and

technology resilience which continue to be

principal risks for the Group;

Read more about cyber security on pages

48

to

52

–

At the September 2024 and March 2025

meetings, we considered the anticipated

financial reporting matters impacting the

half-year and year-end reporting; and

–

We reviewed Q1 trading update at our July 2024

meeting, the half-year results announcement at

our November 2024 meeting, the Q3 trading

update at our January 2025 meeting and this

Annual Report and accompanying materials at

our March 2025 and May 2025 meetings. Our

work included reviews of the Strategic Report,

goodwill impairment testing, taxation

judgements, legal contingencies and the

Company’s work on going concern and the

long-term viability statement.

–

The Committee recognises the importance of

Environmental, Social and Governance (‘ESG’)

and the evolving Corporate Sustainability

Reporting Directive (‘CSRD’) requirements in this

area. During our joint meetings with ESG

Committee members, we considered the

appropriateness of disclosures included in this

Annual Report.

Our external auditor, Ernst & Young (‘EY’),

provides robust challenge to management and

its independent view to the Committee on

specific financial reporting judgements and

the control environment.

David Nish

On behalf of the Audit and Risk Committee

3 June 2025

Objective

The objective of the Committee is the provision of

effective governance over the appropriateness of

financial reporting of the Group. This includes the

adequacy of related disclosures, the performance

of both the Internal Audit function and the external

auditor and oversight of the Group’s systems of

internal control, business risks and related

compliance activities.

Click or scan to watch the Chair of the

Audit and Risk Committee explain his role:

investors.vodafone.com/videos

Committee governance

Committee meetings normally take place the day

before Board meetings. The Committee Chair

reports to the Board, as a separate agenda item, on

the activity of the Committee and matters of

particular relevance. The Board has access to the

Committee’s papers and receives copies of the

Committee minutes. The Committee regularly

meets separately with the external auditor, the

Group Chief Financial Officer, the Group Audit

Director, the Compliance Director and the Group

Head of Risk without others being present. The

Chair also meets regularly with the external lead

audit partner during the year, outside of the formal

Committee process.

The Chair is designated as the financial expert on

the Committee for the purposes of the US

Sarbanes-Oxley Act and the 2018 UK Corporate

Governance Code (‘Code’). The Committee

continues to have competence relevant to the

sector in which the Group operates.

Read more about the skills and experience of

Committee members on pages

73

to

76

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Vodafone Group Plc

Annual Report 2025

87

Strategic report

Governance

Financials

Other information

Governance

continued

Audit and Risk Committee

continued

Risk deep-dive reviews

The Committee performed a series of deep dives with management as part of the meeting agendas.

These reviews are summarised below, together with the Group’s principal risk to which the review relates.

Principal risk

Area of focus

Disintermediation

New technologies and business models

The Committee met with the Group Strategy Director to review and challenge the Group’s

activities and strategies to mitigate the potential risks from new industry challengers and

technologies.

Cyber threat

Cyber security

The Committee met on several occasions during the year with the Group Chief

Technology Officer and the Cyber Security, Technology Strategy and Governance Director.

Topics covered included: (i) a deep-dive on cyber risk, (ii) a deep-dive on IT transformation

strategy, (iii) the review of risks relating to shadow IT and activities to manage the risks and

(iv) the management of end-of-life IT systems.

Technology resilience

and future readiness

Technology resilience

The Committee met with the Group Chief Network Officer for the annual review of

the Group’s activities and strategies to mitigate the principal risks around technology

resilience.

Company

transformation

Adverse changes

in macroeconomic

conditions

Adverse market

competition

Portfolio

transformation

and governance of

investments

Business reviews

The Committee met with a range of markets and business units, with a focus on

the operational landscape, local risk assessments and related activity, the control

environment and progress against any findings from Internal Audit activities. This

included:

–

Update on portfolio transformation and governance of joint ventures with the CEO and

CFO of Vodafone Investments;

–

Review of Vodafone Business with the Vodafone Business CEO;

–

Review of Vodafone Shared Operations with the entity CEO;

–

Germany market review with the market CEO;

–

Market review with the Vodacom Group CEO and CFO, with a focus on M-Pesa and the

transformation of the risk and compliance function; and

–

Annual update on the European cluster markets with the CEO European Markets, the

Global Finance Director of Markets and the European cluster markets Finance Director.

Data management

and privacy

Data

The Committee met with members of the data governance and privacy teams to review

and challenge the Group’s strategy and activities around data management risk and how

compliance standards are being met.

Financial reporting

The Committee’s primary responsibility in relation

to the Group’s financial reporting is to review, with

management and the external auditor, the

appropriateness of the half-year and annual

consolidated financial statements. The Committee

focuses on:

–

The quality and acceptability of accounting

policies and practices;

–

Providing advice to the Board on the form and

basis underlying the long-term viability statement;

–

Material areas in which significant judgements

have been applied or where significant issues

have been discussed with the external auditor;

–

An assessment of whether the Annual Report,

taken as a whole, is fair, balanced, and

understandable and whether our US Annual

Report on Form 20-F complies with relevant

US regulations;

–

The clarity of the disclosures and compliance

with financial reporting standards and relevant

financial and governance reporting

requirements; and

–

Any correspondence from regulators in relation

to our financial reporting.

Accounting policies and practices

The Committee received reports from

management in relation to:

–

The identification of critical accounting

judgements and key sources of estimation

uncertainty, including the impact of climate

change on the consolidated financial

statements;

–

Significant accounting policies; and

–

Proposed disclosures of these in this

Annual Report.

Following discussions with management and the

external auditor, the Committee approved the

disclosures of the accounting policies and

practices set out in note 1 ‘Basis of preparation’

and within other notes to the consolidated

financial statements.

Fair, balanced and understandable

The Committee assessed whether the Annual

Report, taken as a whole, is fair, balanced and

understandable and provides the information

necessary for shareholders to assess the

Company’s position and performance, business

model and strategy. This assessment is supported

by the Group’s Disclosure Committee, which

reviews and assesses the appropriateness of

investor communications including the Annual

Report and results announcements. The

Disclosure Committee is chaired by the Group

General Counsel and Company Secretary who

briefs the Committee on the Disclosure

Committee’s work and findings.

The Committee reviewed the processes and

controls that underpin the Annual Report’s

preparation, ensuring that all contributors and

senior management are fully aware of the

requirements and their responsibilities. This

included the financial reporting responsibilities of

the Directors under section 172 of the Companies

Act 2006 to promote the success of the Company

for the benefit of its members as well as

considering the interests of other stakeholders

that will have an impact on the Company’s

long-term success.

The Committee reviewed a draft of the Annual

Report to enable input and comment. The review is

performed in conjunction with the ESG Committee

members and included the review of Task Force on

Climate-related Financial Disclosures (’TCFD’) and

ESG-related disclosures. This work enabled the

Committee to provide positive assurance to the

Board to assist it in making the statement required

by the Code. The Committee also reviewed the

results announcements.

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88

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Governance

continued

Audit and Risk Committee

continued

Significant financial reporting judgements

The areas considered and actions taken by the Committee in relation to the 2025 consolidated financial

statements are outlined below. For each area, the Committee was satisfied with the accounting and

disclosures in the consolidated financial statements.

Area of focus

Actions taken

Impairments

Judgements in relation to impairment testing

relate primarily to the assumptions underlying

the calculation of the value in use of the Group’s

businesses, being the achievability of the long-term

business plans and the macroeconomic and related

valuation model assumptions.

Updated expectations of the future financial

performance of Vodafone Germany were reflected

in the Group’s annual impairment testing. This

received particular focus given the reduced

headroom between the recoverable amount

and the carrying value of Vodafone Germany

reported at the time of the Group’s half-year results

announcement and Q3 trading update.

Impairments of €4,350 million and €165 million

were recognised at 31 March 2025 in

respect of Vodafone Germany and Vodafone

Romania, respectively.

See note 4 ‘Impairment losses’ in the consolidated

financial statements.

The Committee met with the European Markets CEO

and the Global Finance Director of Markets to review

the turnaround plan of Vodafone Germany.

Ahead of the Q3 trading update published in

February 2025, the Committee reviewed the

proposed disclosures in relation to the impairment

risk for Vodafone Germany.

The Committee met with the Group Head of

Financial Planning & Analysis and the Group

Financial Controlling and Operations Director in

November 2024, March 2025 and May 2025 to

discuss the impairment assessments undertaken

for both the half-year and year-end results and

to challenge the appropriateness of assumptions

made, including:

–

The financial performance of Vodafone Germany;

–

Management’s valuation methodology;

–

The achievability of the Group’s five-year

business plans;

–

The potential impacts of market factors on the

Group’s businesses and their business plans;

–

The long-term growth assumed for the Group’s

businesses at the end of the plan period; and

–

The discount rates assumed in the valuation of

the Group’s businesses.

Portfolio changes

The Group completed the disposals of Vodafone

Spain and Vodafone Italy on 31 May 2024 and 31

December 2024, respectively. These entities were

classified as discontinued operations in the prior

financial year.

See note 7 ‘Discontinued operations and assets held

for sale’ in the consolidated financial statements.

The Committee met with the Group Financial

Controlling and Operations Director in March 2025

and May 2025 who outlined the key accounting and

disclosure impacts in relation to the transactions in

the consolidated financial statements.

The Committee also considered the key accounting

implications of the merger of Vodafone and Three

in the UK.

Area of focus

Actions taken

India accounting matters

The disclosure and accounting judgements in

relation to the Group’s conditional and capped

obligations to make certain payments to Vodafone

Idea Limited (‘VIL’) under a payment mechanism

agreed at the time of the merger between Vodafone

India and Idea Cellular in 2017.

See note 22 ‘Capital and financial risk management’

and note 29 ‘Contingent liabilities and legal

proceedings’ in the consolidated financial statements.

The Committee reviewed the appropriateness of

the Group’s accounting judgements in relation to

potential liabilities under the payment mechanism

agreed with VIL.

These reviews occurred at the September 2024,

November 2024, March 2025 and May 2025

Committee meetings.

Liability provisioning

The Group is subject to a range of claims and legal

actions from a number of sources, including, but

not limited to, competitors, regulators, customers

and suppliers.

See note 16 ‘Provisions’ and note 29 ‘Contingent

liabilities and legal proceedings’ in the consolidated

financial statements.

The Committee met with the Director of Litigation

in November 2024 and May 2025 in advance of the

half-year and year-end reporting, respectively.

The Committee reviewed and challenged

management’s assessment of the status of the

most significant claims, together with relevant

legal advice received by the Group, to form a view

on the level of provisioning and appropriateness of

disclosures in the consolidated financial statements.

Taxation

The Group is subject to a range of tax claims and

related legal actions in several jurisdictions where

it operates. Furthermore, the Group has extensive

accumulated tax losses, and a key management

judgement is whether a deferred tax asset should be

recognised in respect of those losses.

See note 6 ’Taxation’ and note 29 ’Contingent

liabilities and legal proceedings’ in the consolidated

financial statements.

The Committee met with the Group Tax Director

in November 2024 and May 2025 in advance of

the half-year and year-end financial reporting,

respectively. The Committee challenged the

judgements underpinning tax provisioning, deferred

tax assets and related disclosures.

Revenue recognition

Revenue is a risk area given the inherent complexity

of IFRS 15 accounting requirements and the

underlying billing and related IT systems.

See note 1 ‘Basis of preparation’ in the consolidated

financial statements.

The accounting policy for and related disclosure

requirements of IFRS 15 that have been presented

in the Annual Report were reviewed in March and

May 2025.

The Committee considered the scope of EY’s

planned revenue audit procedures and their related

audit findings and observations at its meetings in

November 2024 and May 2025.

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Vodafone Group Plc

Annual Report 2025

89

Strategic report

Governance

Financials

Other information

Governance

continued

Audit and Risk Committee

continued

Regulators and our financial reporting

The Financial Reporting Council (‘FRC’) publishes

thematic reviews and other guidance to help

companies improve the quality of corporate

reporting through the provision of guidance and

reviews of the quality of reporting across public

companies. The Group routinely reviews FRC

publications, the most relevant publications for

the 2025 Annual Report being:

–

Annual review of corporate reporting;

–

Annual review of corporate governance reporting;

–

Thematic reviews on existing disclosure

requirements for (i) Offsetting in the financial

statements, and (ii) IFRS 17 ‘Insurance

Contracts’; and

–

Updated guidance to support going

concern reporting.

The Group already complied with the majority of

the recommendations and the 2025 Annual

Report has been updated to adopt best practice

where appropriate.

In January 2024, the FRC published an updated UK

Corporate Governance Code (‘revised Code’). The

implementation date will be the year ending 31

March 2026 for the Group, excluding the enhanced

internal control requirements (Provision 29) in the

revised Code for which implementation is the year

ending 31 March 2027. The Group’s Risk,

Assurance and Controls team is identifying the

scope of our material internal controls and the

level of internal attestation work that will be

performed to support the Board’s declaration

of effectiveness of the controls. We expect

to leverage our established controls

programme, which underpins our existing US

reporting obligations.

In September 2024 and January 2025, the

Committee received updates on the Group’s

readiness activities to meet the requirements of

the Corporate Sustainability Reporting Directive

(‘CSRD’). The Group has established a central team

responsible for the delivery of CSRD compliance

within the existing ESG team. Progress towards

compliance continues to be closely monitored by

management. On 26 February 2025, the EU

published its Omnibus Package. Management is

assessing the implications of the proposed

changes to the CSRD, including the two year

extension for compliance.

In January 2025, the US Securities and Exchange

Commission (‘SEC’) raised a comment in relation to

a disclosure in our Form 20-F for the year-ended

31 March 2024 and also the format of sections of

the filing. We submitted our written response

which was accepted and the SEC closed their

review in February 2025.

Internal control and risk management

The Committee has the primary responsibility for

the oversight of the Group’s system of internal

control, including the risk management

framework, the compliance framework and the

work of the Internal Audit function.

Internal Audit

The Internal Audit function provides independent

and objective assurance over the design and

operating effectiveness of the system of internal

control, through a risk-based approach. The

function reports into the Committee and,

administratively, to the Group Chief Financial

Officer. The function is composed of teams across

Group functions and local markets. This enables

access to specialist skills through centres of

excellence and ensures local knowledge and

experience. Cooperation with professional bodies

and an information technology research firm has

ensured access to additional specialist skills and

an advanced knowledge base.

Internal Audit activities are based on a robust

methodology and the internal quality assurance

improvement programme ensures conformity

with the International Professional Practices

Framework, which encompasses the standards

of the Institute of Internal Auditors, incorporating

the principles and standards of Ethics and

Professionalism and the continuous development

of the audit methodology applied. The conformity

is reviewed and verified through an external quality

assessment by an independent consultancy firm

every three years.

The Committee has a standing agenda item to

cover Internal Audit-related topics. Prior to the

start of each financial year, the Committee reviews

and approves the annual audit plan, assesses the

adequacy of the budget and resources and reviews

the strategic initiatives for the continuous

improvement of the function’s effectiveness. The

audit plan is determined by considering Internal

Audit’s rolling review framework and the outputs

of a data-driven risk assessment. The Committee

reviews progress against the approved audit plan

and the results of Internal Audit activities, with a

strong focus on unsatisfactory audit results and

cross-entity audits, which are audits that are

performed across multiple markets with the same

scope. Audit results are analysed by process and

entity to highlight both changes in the control

environment and areas that require attention.

During the year, Internal Audit coverage focused

on principal risks, including Cyber threat, Data

management and privacy and Adverse

macroeconomic conditions.

Through the thematic reviews, assurance was

provided across a range of areas, including:

handsets; ransomware recovery; data

management and protection; consumer strategic

initiatives; customer churn and retention

management; business resilience and recovery;

cross-border regulatory compliance at Vodafone

Business; security of outsourced services; sourcing

and M-Pesa. The activities performed by the

shared service organisation continue to receive

ongoing focus due to the significance across

many processes.

Management is responsible for ensuring that

issues raised by Internal Audit are addressed within

an agreed timetable, and the Committee reviews

their timely completion.

The last independent review of the effectiveness

of the Group’s Internal Audit function was

performed by Deloitte LLP in December 2024, and

the results were presented to the Committee. The

review concluded that the Internal Audit function

operated in accordance with the International

Professional Practices Framework, which includes

the IIA Standards and Code of Ethics, and it has

continued to invest significant effort in maintaining

its ‘Generally Conforms’ rating, which is the highest

rating attainable. The review showed that the

function is equivalent in capability to the most

innovative functions in the FTSE 100, more

commonly seen in the Financial Services sector.

The Internal Audit function continues to invest in

initiatives to improve its effectiveness, particularly

in the adoption of new technologies. The

innovative use of data analytics has provided

broader and deeper audit testing and insight.

![](data:image/svg+xml;base64,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)

90

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Governance

continued

Audit and Risk Committee

continued

Assessment of the Group’s system of internal

control, including the risk management

framework

The Group’s risk assessment process and the way

in which significant business risks are managed is

an area of focus for the Committee. The

Committee’s activity here was led primarily, but

not solely, by the Group’s assessment of its

principal and emerging risks and uncertainties as

set out on pages

55

to

59

and a range of

mitigations as set out on page

60

. Cyber threats

remain a major focus for the Committee given the

continual threats in this area.

The Group has an internal control environment

designed to protect the business from the material

risks that have been identified. Management is

responsible for establishing and maintaining

adequate internal controls and the Committee has

responsibility for ensuring the effectiveness of

those controls.

The Committee reviewed the process by which

Group management assessed the control

environment, in accordance with the requirements

of the Guidance on Risk Management, Internal

Control and Related Financial and Business

Reporting published by the FRC. This activity

was supported by (i) reports from the Group Audit

Director, (ii) a review of the Group’s principal risks

with the Head of Risk, and (iii) reviews of the

Group’s second line of defence with the Group

General Counsel and Company Secretary, the

Global Director of Compliance and Business

Integrity and the Group Head of Controls,

Compliance and Assurance.

The Group operates a ‘Speak Up’ channel that

enables employees to anonymously raise

concerns about possible irregularities. The

Committee received an update on the operation of

the channel together with the output of any

resulting investigations.

The Committee has completed its review of the

effectiveness of the Group’s system of internal

control, including risk management, during the

year and up to the date of this Annual Report. The

review covered all material controls including

financial, operating and compliance controls. The

Committee confirms that the system of internal

control operated effectively for the 2025 financial

year. Where specific areas for improvement were

identified, mitigating alternative controls and

processes were in place. This allows us to provide

positive assurance to the Board to help fulfil its

obligations under the Code.

Compliance with section 404 of the US

Sarbanes-Oxley Act

Oversight of the Group’s compliance activities in

relation to section 404 of the US Sarbanes-Oxley

Act and policy compliance reviews also fall within

the Committee’s remit.

Management is responsible for establishing and

maintaining adequate internal controls over

financial reporting, and we have responsibility for

ensuring the effectiveness of these controls. The

Committee received updates on the Group’s work

in relation to section 404 compliance and the

Group’s broader financial control environment

during the year. We continue to challenge

management on ensuring the nature and scope of

control activities evolve to ensure key risks

continue to be adequately mitigated.

The Committee also took an active role in

monitoring the Group’s compliance activities,

including receiving reports from management in

the year covering programme-level strategy, the

scope of compliance work performed and the

results of controls testing. The external auditor

also reports the status of its work in relation to

controls in its reports to the Committee.

Long-term viability statement and going

concern assessment

The Committee provides advice to the Board on

the form and basis of conclusion underlying the

long-term viability statement and the going

concern assessment.

Read more about the long-term viability statement on page

59

Read more about the going concern assessment on page

117

At our meeting in May 2025, the Committee

challenged management on its financial risk

assessment as part of its consideration of the

long-term viability statement. This included

scrutiny of forecast liquidity, balance sheet stress

tests, the availability of cash and cash equivalents

through new or existing financing facilities and a

review of counter-party risk to assess the

likelihood of third parties not being able to meet

contractual obligations. This comprehensive

assessment of the Group’s prospects made by

management included consideration of:

–

The review period and alignment with the

Group’s internal long-term forecasts;

–

The assessment of the capacity of the Group to

remain viable after consideration of future cash

flows, expected debt service requirements,

undrawn facilities and access to capital markets;

–

The modelling of the financial impact of severe

but plausible risk scenarios materialising;

–

The inclusion of clear and enhanced disclosures

in the Annual Report as to why the assessment

period selected was appropriate to the Group,

what qualifications and assumptions were made

and how the underlying analysis was performed,

consistent with FRC pronouncements; and

–

The thoroughness of disclosure in relation to the

Group’s liquidity provided in the consolidated

financial statements. See note 22 ‘Capital and

financial risk management’ in the consolidated

financial statements.

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Vodafone Group Plc

Annual Report 2025

91

Strategic report

Governance

Financials

Other information

Governance

continued

Audit and Risk Committee

continued

External audit

The Committee has primary responsibility for

overseeing the relationship with the external

auditor, EY. This includes making the

recommendation on the appointment,

reappointment and removal of the external

auditor, assessing its independence on an ongoing

basis, and approving the statutory audit fee, the

scope of the statutory audit and the appointment

of the lead audit engagement partner. The lead

audit partner role rotated to Michael Rudberg,

a pre-existing partner on the audit team, for the

year ended 31 March 2025.

EY presented to the Committee its detailed audit

plan for the 2025 financial year, which outlined its

audit scope, planning materiality and its

assessment of key audit risks. The identification of

key audit risks is critical in the overall effectiveness

of the external audit process.

The Committee also received reports from EY on

its assessment of the accounting and disclosures

in the financial statements and financial controls.

The last external audit tender took place in 2019,

which resulted in the appointment of EY for the

financial year ended 31 March 2020. The

Committee will continue to review the auditor

appointment and anticipates that the audit will be

put out to tender at least every 10 years after the

first financial year of appointment. In deciding

whether to conduct an external audit tender, the

Committee considers a range of factors, including

the potential cost and efficiency benefits of

retaining the incumbent auditor.

The Group has complied with the September 2014

Competition and Markets Authority Order for the

financial year under review.

Read the Auditor’s report on pages

119

to

126

Independence and objectivity

In its assessment of the independence of the

auditor, and in accordance with the US Public

Company Accounting Oversight Board’s (‘PCAOB’)

standard on independence, the Committee

received details of all relationships between the

Company and EY that may have a bearing on its

independence. The Committee received

confirmation from EY that it is independent of the

Company in accordance with US federal securities

law and the applicable rules and regulations of the

SEC and the PCAOB.

Effectiveness of the external audit process

The Committee reviewed the quality of the

external audit process throughout the year and

considered the performance of EY. This comprised

the Committee’s own assessment and the results

of a detailed feedback survey of senior personnel

across the Group. Based on these reviews, the

Committee concluded that there had been

appropriate focus and challenge by EY on the

primary areas of the audit and that EY had applied

robust challenge and scepticism throughout

the audit.

EY audit and non-audit fees

Total fees payable to EY for audit and non-audit

services in the year ended 31 March 2025

amounted to €30 million (FY24: €36 million).

FY25

€m

FY24

€m

Audit fees

27

26

Non-audit fees – Audit-related

3

10

Total

30

36

See note 3 ‘Operating profit’ in the consolidated

financial statements for more information.

Audit fees

The Committee reviewed and discussed the fee

proposal and was engaged in agreeing audit scope

changes. Following the receipt of formal assurance

that fees were reasonable for the scope of work

required, the Committee agreed an audit fee of

€27 million for statutory audit services in the year

(FY24: €26 million).

Non-audit fees

To protect the independence and objectivity of the

external auditor, the Committee has a policy for

the engagement of the external auditor to provide

non-audit services (‘the policy’). The policy

prohibits EY from playing any part in management

or decision-making, providing certain services

such as valuation work and the provision of

accounting services. The policy incorporates the

requirements of the FRC’s Ethical Standard,

including a ‘whitelist’ of permitted non-audit

services which mirrors the FRC’s Ethical Standard.

The FRC’s revised 2024 Ethical Standard became

effective on 15 December 2024. The revisions to

the Ethical Standard have not resulted in any

changes to the policy compared to the prior year.

The Committee has pre-approved that EY can be

engaged by management, subject to the policies

set out above, and subject to:

–

A €60,000 fee limit for individual engagements;

–

A €500,000 total fee limit for services where

there is no legal alternative; and

–

A €500,000 total fee limit for services where

there is no practical alternative supplier.

For those permitted services that exceed these

specified fee limits, the Committee Chair pre-

approves the service.

Non-audit fees in the year were €3 million (FY24:

€10 million). The level of non-audit fees in the prior

year ended 31 March 2024 was higher than recent

years. This is primarily attributable to Reporting

Accountant services that were provided by EY in

connection with the merger of Vodafone UK with

Three UK and other audit-related services

associated with the disposal of Vodafone Spain

which completed on 31 May 2024.

Vodafone did not incur any tax fees with EY and

EY did not provide any products or services to

Vodafone other than the audit and audit-related

services disclosed above.

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)

92

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Governance

continued

Technology Committee

The role of the Technology Committee

is to support the Board by providing

expert oversight and monitoring of

the Group’s technology strategy, as

well as assessing technology risks,

understanding resource and talent

requirements, and exploring new

innovations that may enable

future growth.

Chair

Simon Segars

Members

Deborah Kerr

Delphine Ernotte Cunci

Stephen A. Carter CBE

The attendance at Committee meetings

can be found on page

76

Key responsibilities

The responsibilities of the Committee are to:

–

Oversee, monitor and challenge the Group’s

technology strategy;

–

Review long-term technology plans and

budgets, including capital investment,

resourcing, skills and prioritisation;

–

Understand future technology developments,

industry trends and technology innovation that

may impact the Company strategy;

–

Review technology risks, disruptors

and mitigations;

–

Participate in deep dives into particular topics,

innovations or plans;

Find out more

Click or scan for more information on:

– The Chair of the Technology Committee

explains his role

investors.vodafone.com/videos

–

Assess whether the technology strategy

is consistent and enabling the overall

Company strategy;

–

Review technology strengths, weaknesses,

opportunities and threats with executive

management to oversee actions being taken

in each area. This will include a focus on

disruptors and risks that could adversely

impact the strategy;

–

Review significant transformation and

technology programmes; and

–

Review technology supply chain, partnerships

and external relationships that underpin

the strategy.

Letter from Committee Chair

On behalf of the Board, I am pleased to present

Vodafone’s Technology Committee Report for

the year ended 31 March 2025.

This year, the Committee met four times and

discussed a range of topics across the Committee’s

areas of responsibility in alignment with

Vodafone’s strategic pillars of Customers,

Simplicity and Growth.

An important objective of the Committee is to

provide external perspectives and challenge into

the technology strategy and direction. Topics

reviewed during Committee meetings in FY25,

such as how Artificial Intelligence (‘AI’) is being

deployed to improve customer care, have enabled

Committee members to lead and support broader

technical discussions with the rest of the Board.

I have reported this year’s Committee work to the

Board and I am looking forward to the next year

chairing the Committee.

Simon Segars

On behalf of the Technology Committee

3 June 2025

Focus during the year

The Technology Committee met with senior

leaders of the technology team including the Chief

Technology Officer and Chief Network Officer on

four occasions during the year ended 31 March

2025. The following provides a summary of the

topics covered.

May 2024

The Committee conducted a deep dive of

Vodafone’s strategy for scale adoption of the most

valuable AI use cases. We also invited one of our

hyperscaler strategic partners to share their

perspectives of Vodafone’s AI journey and the

areas to leverage to maximise value.

We debated how Vodafone employs Cloud as a

core enabler of our technology strategy,

underpinned by our strategic partnerships to

support the Company’s focus on Customers,

Simplicity and Growth.

July 2024

The cyber threat landscape affecting the industry

was assessed and we reviewed Vodafone’s cyber

security strategy, approach, operating model and

future roadmap, with the Committee reflecting on

the macroeconomic and geopolitical factors

affecting the sector.

We did a deep-dive on Open RAN technology,

exploring the emerging ecosystem, existing

deployments, innovations, vendors, and

opportunities in support of Vodafone’s global

radio access network tender.

November 2024

Vodafone’s international networks were evaluated,

including terrestrial connectivity, submarine

cables and the services we offer across our global

footprint. With satellite platforms due to become

part of Vodafone’s offering over the next 12

months, the Committee will also spend time

focusing on this technology.

We explored the technologies and innovations

helping Vodafone to achieve its energy and

climate goals, with focus on our African access

networks. Plans were reviewed for enhancing

power supply reliability, reducing operating costs,

and addressing the challenges to meet our

net-zero climate commitments.

January 2025

Finally, in January the Vodafone Group Plc Board

visited Germany for a series of local market

discussions. In support of this agenda the

Committee conducted two deep-dives.

We examined the local architecture and strategic

initiatives to simplify and modernise the IT estate

while enhancing operational efficiency and agility.

The second session focused on our mobile and

fixed network strategy for the German market as

well as simplification and automation initiatives.

Key focus for the next year

Next year we expect to continue to look at existing

and new technologies that drive innovation,

Company strategy and growth, focusing on how

technology enables customer service and builds

trust. Strategy discussions will consider how we

manage both opportunities and risks.

![](data:image/svg+xml;base64,PHN2ZyB2aWV3Qm94PSIwIDAgMTI4NiA5MDkiIHZlcnNpb249IjEuMSIgeG1sbnM9Imh0dHA6Ly93d3cudzMub3JnLzIwMDAvc3ZnIj4KPGRlZnM+CjxjbGlwUGF0aCBpZD0iYzBfOTUiPjxwYXRoIGQ9Ik0tLjIgOTA5LjhWLS4ySDEyODYuNXY5MTBaIi8+PC9jbGlwUGF0aD4KPGNsaXBQYXRoIGlkPSJjMV85NSI+PHBhdGggZD0iTTkzLjQgNDczLjVjLTMuOCAwLTYuOC0zLTYuOC02LjdjMC0zLjggMy02LjggNi44LTYuOGMzLjcgMCA2LjcgMyA2LjcgNi44YzAgMy43LTMgNi43LTYuNyA2LjdaIi8+PC9jbGlwUGF0aD4KPHN0eWxlPgouZzBfOTV7ZmlsbDojRkZGO30KLmcxXzk1e2ZpbGw6I0U5RUFFQTt9Ci5nMl85NXtmaWxsOm5vbmU7c3Ryb2tlOiNBNEE2QTc7c3Ryb2tlLXdpZHRoOjAuNDU4O3N0cm9rZS1taXRlcmxpbWl0OjEwO30KLmczXzk1e2ZpbGw6I0U2MDAwMDt9Ci5nNF85NXtmaWxsOm5vbmU7c3Ryb2tlOiNGRkY7c3Ryb2tlLXdpZHRoOjAuOTM4O3N0cm9rZS1saW5lY2FwOnJvdW5kO30KPC9zdHlsZT4KPC9kZWZzPgo8cGF0aCBkPSJNMTE2NS4yIDM4LjVoNDcuNlYwaC00Ny42VjM4LjVaTTg4OCAzOC41aDI3Ny4yVjBIODg4VjM4LjVabS0yMDMuNSAwSDg4OFYwSDY4NC41VjM4LjVabS0yMDMuNiAwSDY4NC41VjBINDgwLjlWMzguNVptLTQwNyAwSDI3Ny40VjBINzMuOVYzOC41WiIgY2xhc3M9ImcwXzk1Ii8+CjxwYXRoIGQ9Ik0yNzcuNCAzOC41SDQ4MC45VjBIMjc3LjRWMzguNVoiIGNsYXNzPSJnMV85NSIvPgo8cGF0aCBkPSJNMTE2NS4yIDM4LjVoNDcuOU04ODggMzguNWgyNzcuMiIgY2xhc3M9ImcyXzk1Ii8+CjxwYXRoIGNsaXAtcGF0aD0idXJsKCNjMF85NSkiIGQ9Ik03My45IDM4LjJWLTEyLjkiIGNsYXNzPSJnMl85NSIvPgo8cGF0aCBkPSJNNzMuNiAzOC41SDI3Ny40bTIwMy41IDBINjg0LjUiIGNsYXNzPSJnMl85NSIvPgo8cGF0aCBjbGlwLXBhdGg9InVybCgjYzBfOTUpIiBkPSJNNjg0LjUgMzguMlYtMTIuOSIgY2xhc3M9ImcyXzk1Ii8+CjxwYXRoIGQ9Ik02ODQuNSAzOC41SDg4OCIgY2xhc3M9ImcyXzk1Ii8+CjxwYXRoIGNsaXAtcGF0aD0idXJsKCNjMF85NSkiIGQ9Ik0yNzcuNCAzOC4yVi0xMi45IiBjbGFzcz0iZzJfOTUiLz4KPHBhdGggZD0iTTI3Ny40IDM4LjVINDgwLjkiIGNsYXNzPSJnMl85NSIvPgo8cGF0aCBjbGlwLXBhdGg9InVybCgjYzBfOTUpIiBkPSJNNDgwLjkgMzguMlYtMTIuOU04ODggMzguMlYtMTIuOW0zMjQuOCA1MS4xVi0xMi45IiBjbGFzcz0iZzJfOTUiLz4KPHBhdGggZD0iTTczLjYgNTgwLjdIMzQ1LjRWNTA4LjlINzMuNnY3MS44WiIgY2xhc3M9ImcxXzk1Ii8+CjxwYXRoIGQ9Ik03My42IDM0OC4ySDM0NS40VjQ4Ni41SDczLjZWMzQ4LjJabTAgMTM4LjNIMzQ1LjR2Ni42SDczLjZ2LTYuNloiIGNsYXNzPSJnMV85NSIvPgo8cGF0aCBkPSJNOTMuNCA0NzMuNWMzLjcgMCA2LjctMyA2LjctNi43YzAtMy44LTMtNi44LTYuNy02LjhjLTMuOCAwLTYuOCAzLTYuOCA2LjhjMCAzLjcgMyA2LjcgNi44IDYuN1oiIGNsYXNzPSJnM185NSIvPgo8cGF0aCBjbGlwLXBhdGg9InVybCgjYzFfOTUpIiBkPSJNOTIuOSA0NzEuMmw0LjUtNC41TDkzIDQ2Mi4zbTQgNC40SDg5LjUiIGNsYXNzPSJnNF85NSIvPgo8cGF0aCBkPSJNODIuMyA1NjIuOWg0NC44VjUxOC4xSDgyLjN2NDQuOFoiIGNsYXNzPSJnMF85NSIvPgo8aW1hZ2UgcHJlc2VydmVBc3BlY3RSYXRpbz0ibm9uZSIgeD0iODIiIHk9IjUxOCIgd2lkdGg9IjQ1IiBoZWlnaHQ9IjQ1IiBocmVmPSJkYXRhOmltYWdlL3BuZztiYXNlNjQsaVZCT1J3MEtHZ29BQUFBTlNVaEVVZ0FBQUMwQUFBQXRDQU1BQUFBTnhCS29BQUFEQUZCTVZFVUFBQUFBQUFEVExpZFhQekVBQUFBQUFBQUFBQURoTFNvQUFBQXJDUWdBQUFBQUFBQzdMQ01MQ2dmZkxDcmNMaW5DSnlRWUZSQW5JeGtLQ1FiQ0tDUnNHQlJDRHd6WUxTamdMQ3JVTWlmZ0xDcFpTRDNoTUNvdUZSRGdMU3JSS2ljWEJRUllHQkhkTUNuaU1DcmdMQ3JrT3k4c0NRampOU3JnTENxRUhoalZPQ2ppTUNyRU55M2hMeXJZTUNuRUxTVGNMaWs0RWcxWlFEUGlNaXBDRUF6ZE1Ta0FBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQURyQ2xkekFBQUJBSFJTVGxNRWNIQlAwaTZ3ei9RWFRZOGVIK1NwVlRkL1NZd3ZFSjM1TEV3Tnd3S0pFZ1lKZkxRdWdCQkdxaUlTZ1U5c1lGZVdBa3BwRkpVQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFOQXQycmdBQUEzWkpSRUZVZU5xVlZldWFVemNNbEtqbGRhUTZGTHBRQTJFSkJaYjBBa3U1K1AwZmpSbWZLeC85QWQ3c3lZa3R5NXJSU0piZXUvQWowOHUzUTNiUDc5OWtuWkR2RnI5ZHg0dXMzOEwvL3o5TGZuRE0xam5uTkQ0U2JqbTc4MGRZNENGOFRXTnRzaFpKV1RseXFWbXJha1NVa3ZGVWRTblRXcVE2eDEyVGk1bUp3anBNREp0VHdpSEd5YUpqelpQTTFFbHlMYVdvRnNrd1N5VWxRNWhtdWVUS2FhejU1RnVHNzhYYURNWWFKZEZiOHRoWnJ5Z242NEExUE1JWWRualJORVVTTzk5VDNKNGpZNHM0SUVwS3dHZmRFRHRRNmxqYit3N25DS0JNMlVHYWw2Um15UlNSVEd1NjgxM21JZUFrR1RZWFVENnNaVm1hcmZGbjY4amdpeEdYVkdETnh6cGsxWkk0Y3VHR3pFV3ZFYUFGaVNIdnpCUVE4MnUyRkhIVEFtNGpLNVpxNUZES3dzSU1mQUJ5eGY0SnBRd0dJeHVTYmNXeCszeDRlblA1NSszdHVYY1FteFFBSlpjbGwvQ0NIMFlrU0hPLy9lM1VydDY4TzUzdWJyc3k3a280VmhkOTg5RGhtOFNkNzQ3dDFhUC9QclIydkRzRFcwcFFZTkVWWVJmSUwwR2ZLYkRoY05XT2Y0bjgwVnE3T2xnb01RT1R5NG9TMjZNaTlseWlmbXJ0SHVadi96MjI5aDdnRmRMa2tpOXhWeVFPT2cxekNPTFMyZ3U2ZWY2K3RRdmlUdFNZVnQ5eGd2UVdvWHJLdzFNN3ZoaG4vbzFRbnNFWlVvQXRlMVdSVkpSS2xIaHdhdTNKcU40bnJaMElIM0NNdGJhcGlpSXFpbHhrdTJudC9rdk12Z1FyTjRZY3dwcTUxQzN1RW9DS05DRHUxeURqeStmKytFOTh2eWJmcUdSVWtzbktkMUlxQzFPbzR2TTF6STRuTU5LdXorQ0RucGpycFVPd0dqb2FBMlNQUGYxQWM0N3JnK0EwZCt2TzRwYSs2c1NEY2xQUzJzOXZMOGpRNVNsMFlxNmp1eWlVdHZVVHpEaWdNUE9Zc2Q5LytmVmpoWXpGM0VzZ2s4Qy9NUWhUenhYbnNyNmtjNW01UXJob0ZvRHV5TVhHb0xGKytBMWlFNndoTHdxeVVNUlcyUytxTHYya3MrZU1rYW5kUEZyVEtGeFlWN1lDbkJDKzY0UEJrZEZQZ3RSRGV2QlUyUTFyMERvUDVhOE1BZzdMRGVHbjZwQVE2QVJueURIbWVaemkzSTNCdWJOVkZoRjVrVkdJUytjUTJXNk1mUjlrL1JGcW1oQlNsbWpQYkhUcjFiTDF3VHFxRlZDSDBXU2UyRVp6ek5ZeTljSE1MZVMxK3BCWGhpRTR4enpxSnkrMU0rSldjNk1qOUJuMmIvVXBLMGdSY0NQRktLMjhyd2Iyc2tRNE5CYjBRVEJVb0JJaVJZTWUyWnV2MWEzWGpTdWhEamxUdzlWa21kOWRteklITlRxQUxGZmlldE51dDEvL21mRnoxbDhCVDJPTWRhOTFaQVlBQUFBQVNVVk9SSzVDWUlJPSIvPgo8cGF0aCBkPSJNMzYyLjcgMjU5LjloMTMuNFYyNDYuNUgzNjIuN3YxMy40WiIgY2xhc3M9ImczXzk1Ii8+CjxwYXRoIGQ9Ik0zNzMuMiAyNTMuMmgtNy41bTMuNy0zLjh2Ny41IiBjbGFzcz0iZzRfOTUiLz4KPC9zdmc+)

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Annual Report 2025

93

Strategic report

Governance

Financials

Other information

Governance

continued

ESG Committee

The role of the ESG Committee is to

support the Board by providing expert

oversight and monitoring of

Vodafone’s Environmental, Social and

Governance (‘ESG’) programme,

responsible business practices and the

contribution to the societies we

operate in under the social contract.

Chair

Amparo Moraleda

Members

Jean-François van Boxmeer

Christine Ramon

Simon Segars

The attendance at Committee meetings

can be found on page

76

Key responsibilities

The responsibilities of the Committee are to:

–

Provide oversight of the Vodafone Group ESG

programme, in addition to monitoring the

purpose agenda and social contract;

–

Review and provide guidance on the

implementation of the ESG strategy, related

policies and programmes;

–

Monitor performance of external ESG indices;

–

Understand future ESG developments, industry

trends and regulation that may impact

Vodafone, as well as provide oversight of the

programmes that impact our strategy or

reputation; and

Find out more

Click or scan to watch our Non-Executive

Directors explain their role:

investors.vodafone.com/videos

–

Provide joint oversight and effective governance

with the Audit and Risk Committee (‘ARC’) over

the ESG content for disclosures and regulatory

compliance.

Click to read the Committee’s terms of reference:

vodafone.com/board-committees

Letter from Committee Chair

On behalf of the Board, I am pleased to present

Vodafone’s ESG Committee report for the year

ended 31 March 2025.

The Committee was established in 2021, with the

founding members bringing a wealth of experience

across domains that relate to ESG, complemented

by specialist industry knowledge and expertise in

the locations in which we operate. In FY25, the ESG

Committee met four times, and the agendas

included a range of topics across the Committee’s

areas of responsibility.

An important objective of the ESG Committee is to

provide external perspectives and challenge the

ESG programme and direction.

The meetings fostered continuous development of

the relationships with the senior leaders who drive

the purpose agenda and strategies to deliver

against our ESG objectives. This furthers our

ambition to engage Vodafone employees in

supporting positive change across ESG areas.

These discussions have enabled Committee

members to lead and support broader technical

discussions with the Board on ESG topics.

In January 2025, both the ESG Committee and the

Audit and Risk Committee (‘ARC’) reviewed

Vodafone’s approach to the Corporate

Sustainability and Reporting Directive (‘CSRD’). In

FY26, we aim to increase the frequency of joint

ARC and ESG Committee meetings from annual to

bi-annual, which signifies the importance of joining

together ESG compliance with strategy as we look

to meet evolving requirements.

I have reported this year’s Committee work to the

Board and I am looking forward to the next year

chairing the Committee, starting with the next

meeting in July 2025.

Amparo Moraleda

On behalf of the ESG Committee

3 June 2025

Focus during the year

The ESG Committee met with senior leaders from

many business functions and operating companies

this year including External Affairs, Vodafone

Business and Vodacom, all of whom have key ESG

strategic deliveries and responsibilities.

July 2024

In the first meeting of FY25, the Committee

reviewed the transparency report, a voluntary

disclosure that details our approach on law

enforcement and governance assistance, prior to

its publication in September 2024. The ESG

Committee also received a progress update on

ESG performance, the ESG strategy to support

Vodafone’s business customers, and our approach

to carbon enablement.

November 2024

In the second meeting of the year, business

leaders presented the Empowering People

strategy for review and approval, the ESG

Committee agreed Vodafone’s position on children

and smartphones and reviewed the outcomes of

our CSRD-aligned materiality assessment.

January 2025

In addition to an update on our CSRD programme,

the ESG Committee reviewed the renewable

energy strategy and discussed the influence of

ESG activities on the reputation of Vodafone and

its operating companies in January.

March 2025

In March, the ESG Committee met to discuss

Vodafone’s approach to ESG disclosures in FY25

and beyond, as well as the potential impacts of

Vodafone’s structural changes on ESG progress.

The papers received by the Committee outlined

the key changes made since the previous Annual

Report, including the strategic approach and a

forward looking view of key milestones which may

impact Vodafone’s reporting in the future. A review

of structural changes on performance against

targets and compliance requirements was also

provided.

In addition, we facilitated a session to increase

awareness on ESG topics for the full Board. This

covered the evolution of the ESG risk landscape in

the UK and Board fiduciary duties, ESG

preparedness and governance for evolving

reporting responsibilities, and how driving ESG

action and disclosures help to grow Vodafone’s

reputation and revenue.

Key focus for the next year

The Committee continues to closely monitor the

evolving ESG landscape and prepare for future

reporting requirements, such as the CSRD.

Alongside reviewing Vodafone’s alignment with

ESG compliance requirements, the Committee

continues to review Vodafone’s strategic focus,

progress against targets, embed ESG practices in

our operations and commercial strategy and,

along with the ARC, oversee the ESG data

management programme.

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94

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Remuneration Committee

Letter from the Remuneration Committee Chair

On behalf of the Board, I present our

2025 Directors’ Remuneration Report.

This report includes both our 2025 Annual Report

on Remuneration and our Policy Report (as

approved by shareholders at the 2023 AGM), which

sets out how our policy was implemented during

the year under review and how it will be applied for

the year ahead.

Alignment with our strategy

This year we took the final steps in reshaping the

Group for growth; a goal we set ourselves two

years ago. We have sold our commercial

businesses in Vodafone Spain and Vodafone Italy,

completed the UK merger with Hutchison (the UK

operation known as Three UK), and reshaped our

continuing operations and investment portfolio

for growth.

Our incentive outcomes for the 2025 annual bonus

and 2022 global long-term incentive awards

reflect our financial and strategic achievements

across our markets and divisions.

In regards to our annual bonus, we achieved at or

above target performance in respect of our

financial measures. In Africa and Türkiye we

reported strong growth, with the UK and Other

Europe also performing well. As expected, this

was a more challenging year in Germany largely

due to law changes leading to the end of bulk

TV contracting.

Across our strategic measures for both incentive

plans, we have seen positive performance.

Specifically in our bonus, we improved customer

satisfaction in our European markets, driven by

investments in the customer and frontline

experience. We subsequently delivered strong net

promoter scores across our European and African

markets, sustained broadly stable churn levels,

and reduced the number of deep detractors. This

led to an above-target performance of our

customer measures for our annual bonus. In our

long-term incentive strategic goals we exceeded

the ambition of each metric.

Alignment with our culture and

people strategy

Strong and talented leadership is critical to

Vodafone as we continue to deliver our

transformation. Competitive pay is crucial to

attracting such talent, with this mind we reviewed

the remuneration of our Executive Directors

against our peers in the FTSE 30. Based on this

review, it was agreed to deliver a 3.5% increase

to the Group Chief Executive’s base salary.

Read more about the 2026 base salary arrangements on page

95

of this Annual Report

When reviewing the base salary of our Executive

Directors, we continue to align the level of increase

to the wider workforce in the UK. More broadly, we

also continue to engage with colleagues on pay

through a variety of different channels, and it is

recognised that this is even more critical during

this period of change. Our workforce engagement

leads attend employee forums in Europe and

Africa to understand employee views on a range of

topics, and this year this included our strategy,

M&A activity, and people opportunities. Employee

delegates at these forums continue to state how

much they appreciate the opportunity to directly

share views with Board members.

Read more about our culture and people strategy on page

14

of this Annual Report

Fair pay

We have six fair pay principles that we assess

ourselves against annually through a global

review. This year we took the next steps to build on

this foundation by designing our pay transparency

strategy, increasing the openness with employees

on their pay, represented by our open and

transparent fair pay principle. This will help us

prepare for the incoming EU Pay Transparency

Directive, which will impact a number of

colleagues based in EU member states.

Performance outcomes during 2025

GSTIP performance (1 April 2024 –

31 March 2025)

Annual bonus performance during the year was

determined against both financial and strategic

measures aligned to our strategic priorities of

Customers and Growth. The four measures

underpinning Growth, equivalent to 70% of the

award, include service revenue (20%), adjusted

EBIT (20%), adjusted FCF (20%), and revenue

market share (‘RMS’) (10%). The measures under

the Customers element of the award, equivalent

to 30% of the award, include NPS (20%) and

churn (10%).

Performance under the financial and strategic

measures was slightly above the mid-point of the

target range. The combined performance resulted

in an overall bonus payout of 58.6% of maximum.

Read more on page

97

GLTI performance (1 April 2022 –

31 March 2025)

The 2023 GLTI award (granted July 2022) was

subject to adjusted FCF (60% of total award),

relative TSR (30% of total award), and ESG (10%

of total award) performance. All performance

conditions were measured over the three-year

period ending 31 March 2025.

Adjusted FCF performance finished at the

mid-point of the range, resulting in 54.2% of this

element vesting. Relative TSR performance was

below the median of the peer group resulting in

no vesting under this measure. ESG performance

was assessed against three metrics and vested

at 100.0%. This resulted in an overall vesting

percentage for the 2022 GLTI of 42.5% of maximum.

Read more on pages

98

Consideration of discretion

The Committee reviewed the appropriateness of

the outcomes of both the annual bonus and

long-term incentive plan in light of both the

relevant performance targets and wider internal

and external considerations, including the wider

stakeholder experience, across the respective

measurement periods. The Committee also

acknowledged that no windfall gains had occurred

under the long-term incentive plan. It was agreed

that the outcomes were appropriate and that no

adjustments were required.

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Fzcz0iZzBfOTciLz4KPHBhdGggZD0iTTgzMC42IDYyMUg5NjkuOHYyNC4xSDgzMC42VjYyMVoiIGNsYXNzPSJnYl85NyIvPgo8cGF0aCBkPSJNNzg3LjMgNjUzLjZoODQuNnYyNC4ySDc4Ny4zVjY1My42WiIgY2xhc3M9ImdiXzk3Ii8+CjxwYXRoIGQ9Ik02OTQuNCA2MjFIODMwLjZ2MjQuMUg2OTQuNFY2MjFaIiBjbGFzcz0iZ2FfOTciLz4KPHBhdGggZD0iTTY5NC40IDY1My42aDkyLjl2MjQuMkg2OTQuNFY2NTMuNloiIGNsYXNzPSJnYV85NyIvPgo8L3N2Zz4=)

Vodafone Group Plc

Annual Report 2025

95

Strategic report

Governance

Financials

Other information

Remuneration Committee

continued

Arrangements for 2026

Board changes

As announced on 7 May 2025, Luka Mucic, the

Group Chief Financial Officer, will be stepping

down from the Board no later than early 2026. As a

result, Luka will not receive a 2026 GLTI award and

all outstanding GLTI awards held by Luka will lapse

when he leaves the Group. He will however receive

an annual bonus in respect of the 2025 financial

year in the normal way. Full details of the leaving

arrangements for Luka will be provided in the 2026

Annual Report on Remuneration.

Base salary

Following the 2025 salary review, the Committee

agreed the following decisions for the

Executive Directors:

–

Group Chief Executive (Margherita Della Valle):

£1,293,750 (3.5% increase)

–

Group Chief Financial Officer (Luka Mucic):

£760,000 (no change)

Annual bonus (‘GSTIP’)

During the year the Committee determined that

measures and weighting under the 2026 annual

bonus will remain the same as the 2025 plan given

they continue to support our Company strategy.

The measures under the annual bonus plan are

as follows:

–

Growth (70%)

: service revenue (20%), adjusted

EBIT (20%), adjusted free cash flow (20%) and

revenue market share (10%).

–

Customers (30%)

: net promoter score (20%)

and churn (10%).

Read more on page

104

Global long-term incentive (‘GLTI’)

The Committee determined that the GLTI will

remain unchanged for 2026. The measures under

the long-term incentive will continue to be

weighted at 60% adjusted FCF, 30% relative Total

Shareholder Return (‘TSR’) and 10% ESG.

Read more on pages

104

to

105

Looking ahead

Over the course of the next 12 months the

Committee will be reviewing the current

Remuneration Policy ahead of its submission for

approval at the 2026 AGM in line with regulatory

requirements and I look forward to engaging with

our shareholders, ahead of this. The Committee

will ensure sufficient time is allocated to

consultation prior to the policy being finalised

for approval.

The rest of this report sets out both our 2025

Annual Report on Remuneration, which includes

the decisions and outcomes summarised in this

letter in further detail, and our Policy Report,

as approved at the 2023 AGM.

Amparo Moraleda

On behalf of the Remuneration Committee

3 June 2025

Remuneration at a glance

Component

2025 (year ending 31 March 2025)

Fixed pay

Base salary

Effective 1 July 2024:

Group Chief Executive: £1,250,000.

Group Chief Financial Officer: £760,000.

Benefits

Travel-related benefits and private medical cover.

Pension

Pension contribution of 10% of salary.

Annual bonus

GSTIP

Opportunity (% of salary):

Target: 100%/Maximum: 200%

Measures:

Service revenue (20%), adjusted EBIT (20%), adjusted FCF (20%), RMS (10%),

NPS (20%) and churn (10%).

Long-term incentive

GLTI

Opportunity (% of salary – maximum):

Chief Executive: 500%/Other Executive Directors: 450%

Measures:

Adjusted FCF (60%), relative TSR (30%), and ESG (10%).

Performance/holding periods:

Three-year performance + two-year holding period.

Executive Directors’ 2025 pay outcomes

£’000

Notes:

1.

Fixed remuneration consists of salary, taxable benefits, and pension/cash in lieu of pension.

2.

Further information on the total remuneration of Executive Directors for the 2025 Financial Year can be found on page

96

.

Fixed Remuneration

Annual Bonus: GSTIP

Long-term Incentive

CEO

CFO

£3,000

£2,000

£1,000

£0

£4,000

£5,000

1,866

890

976

4,564

1,668

1,464

1,432

![](data:image/svg+xml;base64,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)

96

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Remuneration Committee

continued

Remuneration Committee

In this section we give details of the composition of the Remuneration Committee (the ‘Committee’) and

activities undertaken during the 2025 financial year. The Committee’s function is to exercise independent

judgement and consists of the following independent Non-Executive Directors:

Chair:

Amparo Moraleda

Committee members:

Delphine Ernotte Cunci and Michel Demaré

The Committee regularly consults with Margherita Della Valle, the Group Chief Executive, and Leanne

Wood, the Chief Human Resources Officer, on various matters relating to the appropriateness of awards

for Executive Directors and senior executives, though they are not present when their own compensation

is discussed. In addition, James Ludlow, the Group Reward and Policy Director, provides a perspective on

information provided to the Committee, and requests information and analysis from external advisers as

required. Maaike de Bie, the Group General Counsel and Company Secretary, advises the Committee

on corporate governance guidelines and is Secretary to the Committee.

Meetings

The Remuneration Committee normally has five scheduled meetings per year, held either in person or via

conference call. Details of the principal agenda items for these meetings for the year under review are set

out below. In addition to these scheduled meetings, ad hoc meetings or conference calls can also take

place when required. Meeting attendance can be found on page

76

.

Meeting

Agenda items

May 2024

–

2024 annual bonus achievement

and 2025 targets/ranges.

–

2022 long-term incentive award

vesting and 2025 targets/ranges.

–

External market update.

–

2024 Directors’ Remuneration

Report.

–

Shareholder engagement.

July 2024

–

2024 AGM update.

–

Share plan grant approval.

November 2024

–

External market update.

–

Share plan update.

January 2025

–

2026 short-term incentive structure

–

Share plan update.

–

UK pay gap reporting.

March 2025

–

Risk assessment of incentive plans

–

Remuneration arrangements

across Vodafone.

–

2025 Directors’ Remuneration

Report.

–

Chair and Non-Executive Director

fee levels.

–

2026 reward packages for the

Executive Committee.

2025 remuneration

In this section we summarise the pay packages awarded to our Executive Directors for performance in

the 2025 financial year versus 2024. Specifically, we have provided a table that shows all remuneration

that was earned by each individual during the year and computed a single total remuneration figure for

the year. The value of the annual bonus (‘GSTIP’) reflects what was earned in respect of the year but will

be paid out in the following year. Similarly the value of the long-term incentive (‘GLTI’) reflects the share

award which will vest in July 2025 as a result of the performance through the three-year period ended

31 March 2025.

Consideration of the use of discretion

The Remuneration Committee reviews all incentive awards prior to payment and uses judgement to

ensure that the final assessments of performance are fair and appropriate. If circumstances warrant it,

the Committee may adjust the final payment or vesting.

The Committee reviewed incentive outcomes at the May 2025 meeting and considered the

appropriateness of outcomes in light of wider financial and business performance and the wider

employee experience across the relevant measurement periods for both the short-term and long-term

incentive plans. The Committee agreed the outcomes were appropriate and that no adjustments were

required to either the short-term or long-term incentive outcomes this year.

The 2025 period under review reflects a full year of service for Margherita Della Valle, the Group Chief

Executive, and Luka Mucic, the Chief Financial Officer. Margherita’s 2024 single figure outlined below

includes remuneration arrangements for her time as interim Group Chief Executive up until 27 April 2023,

while Luka’s 2024 figure reflects the period of service from his appointment as Chief Financial Officer on

1 September 2023.

Total remuneration for the 2025 financial year (audited)

Margherita Della Valle

Luka Mucic

2025

£’000

2024

£’000

2025

£’000

2024

£’000

Salary/fees

1,250

1,238

760

443

Taxable benefits

1

57

40

140

115

Annual bonus: GSTIP (see below for further detail)

1,464

1,780

890

631

Total long-term incentive:

1,668

1,213

–

–

GLTI awards

2,3

1,307

910

–

–

GLTI dividends

4

361

303

–

–

Pension/cash in lieu of pension

125

124

76

44

Total

4,564

4,395

1,866

1,233

Total Fixed Remuneration

1,432

1,402

976

602

Total Variable Remuneration

3,132

2,993

890

631

Notes:

1.

Benefits received include: relocation (Luka Mucic £116,000), cash car allowance (£19,200 p.a. each), travel including grossed up tax

(Margherita Della Valle £30,370, Luke Mucic £4,902), private healthcare, and a long service award.

2.

The share prices used for the 2024 and 2025 values, as set out in note 4 below, are around the same price as the grant prices for the respective

awards. As such, no amount of the value shown in the 2024 or 2025 column is attributable to share price appreciation during the performance

or vesting periods.

3.

The value shown in the 2024 column is the award which vested on 5 August 2024 and is valued using the execution share price on 5 August

2024 of 69.06 pence. This figure reflects the final vest price under the GLTI confirmed after the 2024 Annual Report on Remuneration was

published. The value shown in the 2025 column is the award which vests on 27 July 2025 and is valued using an average closing share price

over the last quarter of the 2025 financial year of 69.55 pence.

4.

Under the GLTI, executives receive a cash award equivalent in value to the dividends that would have been paid during the vesting period on

any shares that vest. The dividend value shown for 2025 relates to the award vesting on 27 July 2025, which will be paid at the point of vesting.

![](data:image/svg+xml;base64,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)

Vodafone Group Plc

Annual Report 2025

97

Strategic report

Governance

Financials

Other information

Annual Report on Remuneration

2025 annual bonus (‘GSTIP’) payout (audited)

In the table below we disclose our achievement against each of the performance measures and targets in our

annual bonus (‘GSTIP’) and the resulting total annual bonus payout level for the year ended 31 March 2025

of 58.6% of maximum. This outcome is applied to the maximum bonus level of 200% of base salary for each

Executive Director. Commentary on our performance against each measure is provided on the next page.

Performance measure

Payout at

maximum

performance

(% of salary)

Actual payout

(% of salary)

Actual payout

(% of overall

bonus

maximum)

Threshold

performance

level

€bn

Target

performance

level

€bn

Maximum

performance

level

€bn

Actual

performance

level

1

€bn

Service revenue

40.0%

22.2%

11.1%

29.2

30.1

31.0

30.2

Adjusted EBIT

40.0%

20.9%

10.4%

3.5

4.2

5.0

4.2

Adjusted free cash flow

40.0%

24.7%

12.4%

2.3

2.8

3.3

3.0

Revenue market share

20.0%

11.7%

5.9%

See overleaf for further details

Net promoter score

40.0%

25.7%

12.9%

Churn

20.0%

11.9%

5.9%

Total annual bonus

payout level

200.0%

117.1%

58.6%

Note:

1.

These figures are adjusted for the impact of M&A disposals, foreign exchange movements and any changes in accounting treatment.

Financial metrics

As set out in the table above, adjusted EBIT finished at the mid-point of the respective target ranges whilst

service revenue and adjusted free cash flow finished above the mid-point of the respective target ranges.

Customer metrics

An assessment of performance under the customer measures was conducted on a market-by-market

basis. Each market was assessed against a number of different metrics against the following measures:

–

Net Promoter Score (‘NPS’) for both Consumer and Vodafone Business – defined as the extent to which

our customers would recommend us.

–

Churn – defined as total gross customer disconnections in the period divided by the average total

customers in the period.

–

Revenue market share (‘RMS’) – based on our total service revenue versus that of our competitors in

the markets we operate in.

All measures utilise data from our local markets which is collected and validated for quality and

consistency by independent third-party agencies where possible. Further details on our performance

against each key metric is set out below.

During the year we recorded strong consumer benchmark NPS leadership or co-leadership positions in

the UK, Germany, South Africa, Portugal, Albania, Egypt, DRC, Tanzania, and Lesotho. Our benchmark

NPS monitoring was supported with additional insight gained from our lifecycle NPS monitoring across a

number of markets. This methodology assessed our progress against our strategic focus of reducing the

number of deep detractors by asking whether customers would recommend Vodafone to friends, family

or colleagues. Seven of eleven markets saw a reduction in deep detractors across the fiscal year, with the

biggest reductions recorded in the UK (-17%), Türkiye (-28%), Romania (-27%), Egypt (-34%) and Albania

(-48%). Overall, we reduced deep detractors by 12% at a Group level – a further reduction of

approximately 2.5 million unhappy customers in FY25. Since the start date of focussing on deep

detractor reduction back in April 2023, we have reduced deep detraction in our base from 16.0% to

12.6%, which translates into over 5 million fewer deep detractors. In respect of Vodafone Business which

applies a benchmark NPS methodology, we held market leader positions in the UK, Portugal, Albania, and

Greece, and achieved strong year-on year improvement in Türkiye. Whilst we did see score reductions in

markets such as Ireland and South Africa, we have invested further in customer initiatives this year to

close the gap.

In our mobile services, we maintained stable churn levels in Europe, with year-on-year improvements

across the UK (-0.4 percentage points) and rest of Europe (-0.7 percentage points). Romania significantly

reduced their levels (-3.1), driven by increased focus on high propensity to churn segments and stronger

offers for customers. Elsewhere in our fixed services, we have seen a significant year-on-year reduction of

-1.1 percentage points, with strong performance in Germany (-1.3), UK (-0.6) and rest of Europe (-0.8), The

UK reduced its out of contract base to an all-time low of 23%, contributed by overperformance in

upgrades and a maturing full fibre base. There is an opportunity to improve our score in our African

markets, and this is expected to improve following changes to how this measure is governed.

We have achieved above-target performance for our RMS measure this year. In our fixed line services,

Greece, Egypt, and the UK reported year-on-year improvements whilst in our mobile services there was

strong performance in Romania, Tanzania, and Türkiye. Our overall position could have been stronger in

some of our African markets and Germany, however this was offset by consistent performance in other

markets and strong year-on-year improvements in Romania, Türkiye, and Egypt.

It is within this context that performance against our customers measures during the year was judged to

be above the mid-point of the respective ranges for NPS, RMS, and churn.

Overall outcome

2025 annual bonus (‘GSTIP’) amounts

Base salary

£’000

Maximum bonus

% of base salary

2025 payout

% of maximum

Actual payment

£’000

Margherita Della Valle

1,250

200%

58.6%

1,464

¹

Luka Mucic

760

200%

58.6%

890

1

Note:

1.

25% of Margherita Della Valle’s and Luka Mucic’s post-tax bonus will be deferred into shares for two years if they have not met their share

ownership requirement prior to the payment of their annual bonus.

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98

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Annual Report on Remuneration

continued

Long-term incentive (‘GLTI’) award vesting in July 2025 (audited)

Targets

The performance conditions for the three-year period ending in the 2025 financial year are as follows:

Adjusted FCF performance –

60% of total award (€bn)

TSR outperformance –

30% of total award

TSR peer group

Below threshold

<14.00

Below threshold

Below median

BT Group

Royal KPN

Threshold

14.00

Threshold

Median

Deutsche Telekom

Telecom Italia

Maximum

16.60

Maximum

8.50% p.a.

Liberty Global

Telefónica

MTN

Telefónica

Deutschland

1

Orange

Note:

1.

This peer delisted from the Frankurt Stock Exchange in April 2024 after this award was granted. As a result, its respective outcome was its

performance up to the delisting date and thereafter based on movements in the peer group, adjusted in line with the average TSR

performance of peer companies.

ESG performance – 10% of total award

Purpose pillar

ESG metric for 2023

GLTI

Overall ambition of 2023 GLTI

Baseline position for 2023 GLTI

Ambition for 2023 GLTI

(10% of total award)

Planet

Net zero

90% reduction

in Scope 1 and 2

emissions by 2030

against a FY20

baseline

1

46% reduction in Scope 1

and 2 emissions versus a FY20

baseline at 31 March 2022

80% reduction in Scope 1

and 2 emissions versus a FY20

baseline by 21 March 2025

Inclusion

for All

Female

representation

in management

40% representation

of women in

management by 2030

32% representation of

women in management at

31 March 2022

35% representation of

women in management by

31 March 2025

Digital Society

/ Inclusion

for All

Financial

inclusion

customers

>75m financial

inclusion customers

by 2026

54.5m financial inclusion

customers at 31 March

2022

70.0m financial inclusion

customers by 31 March

2025

Note:

1.

Our goals are to achieve Net Zero in Europe by 2028 and Africa by 2035, with an aim to achieve a 90% reduction in Scope 1 & 2 by 2030

based on FY20 baseline. This is in line with our emissions reduction pathway which has been validated by the Science Based Targets

initiative (‘SBTi’).

Vesting outcome

The 2023 long-term incentive (‘GLTI’) awards which were granted to executives in July 2022 will vest at

42.5% of maximum in July 2025.

The adjusted free cash flow for the three-year period ended on 31 March 2025 was €15.1 billion and

equates to vesting under the FCF element of 54.2% of maximum.

The chart below shows that our TSR performance over the three-year period ended on 31 March 2025

was below the median of the peer group resulting in no vesting under this measure.

40

60

80

100

120

140

160

03/22

03/25

09/22

03/23

09/23

03/24

09/24

Vodafone Group

Median of peer group

Outperformance of median 8.5% p.a.

100

95

106

102

75

87

96

69

113

100

115

140

148

98

115

117

65

72

72

2023 GLTI award: TSR performance

Growth in the value of a hypothetical US$100 holding over the performance period, six-month averaging

ESG performance across our three metrics was as follows:

–

Net zero: exceeded 80% reduction in Scope 1 and 2 emissions versus the FY20 baseline as

at 31 March 2025

–

Female representation in management: exceeded 35% representation of women in management

at 31 March 2025

–

Financial inclusion connections: exceeded the ambition of 70.0m connections at 31 March 2025

The Committee reviewed the above performance and determined vesting under the ESG element of

100.0% of maximum. This reflected full vesting achievement under all metrics where strong progress

against the stretching ambitions were made.

The vesting outcome when applied to the number of shares granted is set out in the table below.

2023 GLTI share awards

subject to performance

conditions vesting in July

2025

Maximum number

of shares

Adjusted free

cash flow

performance

payout

% of maximum

Relative TSR

performance

payout

% of maximum

ESG

performance

payout

% of maximum

Weighted

performance

payout

% of maximum

Number of

shares vesting

Value of

shares vesting

(’000)

1

Margherita Della

Valle

4,419,335

54.2%

0.0%

100.0%

42.5%

1,878,659

£1,306,607

Note:

1.

The amount shown is valued using an average closing share price over the last quarter of the 2025 financial year of 69.55 pence.

A review is performed by our internal audit team over the adjusted free cash flow calculation to assist

with the Committee’s assessment of performance. The performance assessment in respect of the TSR

measure is undertaken by WTW. ESG performance is presented to the ESG Committee prior to the

achievement level being reviewed by the Remuneration Committee. Details of how the plan works can

be found in the Remuneration Policy.

![](data:image/svg+xml;base64,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)

Vodafone Group Plc

Annual Report 2025

99

Strategic report

Governance

Financials

Other information

Annual Report on Remuneration

continued

Long-term incentive (‘GLTI’) awarded during the year (audited)

The performance conditions for the 2025 long-term incentive awards granted in July 2024, subject to a

three-year performance period ending 31 March 2027, are adjusted free cash flow (60% of total award),

relative TSR (30% of total award) and ESG (10% of total award) performance set out in the tables below.

Adjusted FCF performance

(60% of total award)

Adjusted FCF

performance

(€bn)

Vesting percentage

(% of FCF element)

Below threshold

<7.5

0%

Threshold

7.5

20%

Maximum

9.5

100%

TSR performance

(30% of total award)

TSR outperformance

Vesting percentage

(% of TSR element)

Below threshold

Below median

0%

Threshold

Median

20%

Maximum

7.00% p.a.

100%

TSR peer group

BT Group

Deutsche Telekom

Liberty Global

MTN

Orange

Telecom Italia

Telefónica

ESG performance – 10% of total award

Purpose pillar

ESG metric for 2025

GLTI

Overall ambition

Baseline position for 2025 GLTI

Ambition for 2025 GLTI

Protecting

our Planet

Net zero

90% reduction

in Scope 1 and 2

emissions by 2030

against a FY20

baseline

66% reduction in Scope

1 and 2 emissions versus

a FY20 baseline at

31 March 2024

86% reduction in Scope

1 and 2 emissions versus

a FY20 baseline by

31 March 2027

Empowering

People

Female

representation

in management

40% representation

of women in

management by 2030

35% representation of

women in management at

31 March 2024

37% representation of

women in management by

31 March 2027

The table below sets out the conditional share awards granted to Margherita Della Valle and Luka Mucic

in July 2024. The number of shares granted for the maximum vesting level granted were based on the

closing share price prior to the day of grant. At the time of the awards vesting, the Remuneration Committee

will assess if any adjustments are required based on any windfall gains believed to have occurred.

2025 GLTI performance share awards granted in 2024

1

Maximum

vesting level

(number of shares)

Maximum

vesting level

(face value

2

)

Proportion of

maximum award

vesting at minimum

performance

Performance

period end

Margherita Della Valle

8,545,255

£6,250,000

1/5th

31 Mar 2027

Luka Mucic

4,675,963

£3,420,000

1/5th

31 Mar 2027

Notes:

1.

GLTI awards were granted as conditional share awards with a value equal to the percentages of salary referred to on page

95

. Dividend

equivalents on the shares that vest are paid in cash after the vesting date.

2.

Face value calculated based on the closing share price on 30 July 2024 (day immediately preceding the date of the July grant) of

73.1 pence.

Outstanding awards

The structure of the award granted in July 2024 (vesting July 2027) is set out above. Further details of the

structure of the award granted in July 2023 (vesting July 2026), and relevant targets, can be found in the

Annual Report on Remuneration for 2024.

All-employee share plans

During the year the Executive Directors were eligible to participate in the Vodafone Group Sharesave Plan

which is a HM Revenue & Customs (‘HMRC’) tax advantaged scheme. Options under the plan are granted

at up to a 20% discount to market value. No Executive Directors currently hold options under the plan.

Pensions (audited)

During the 2025 financial year, Margherita Della Valle accrued benefits under the defined contribution

pension plan of £10,000, with the remainder of her 10% of base salary pension benefit for the year

delivered as a cash allowance. Luka Mucic received a cash allowance of 10% of base salary.

Margherita Della Valle and Luka Mucic have not participated in a Vodafone-sponsored defined benefit

scheme during their employments. The Executive Directors are provided benefits in the event of death in

service. In the event of ill health, an entitlement to a benefit of two-thirds of base salary, up to a maximum

benefit determined by the insurer, may be provided up until state pension age. In respect of the Executive

Committee members, during the year the Group has made aggregate contributions of £60,439 (2024:

£171,177) into defined contribution pension schemes during the year.

![](data:image/svg+xml;base64,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)

100

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Annual Report on Remuneration

continued

Alignment to shareholder interests (audited)

Share ownership levels and requirements for individuals who held the position of Executive Director

are set out in the table below.

As shown in the chart below, both executives increased their shareholding level during the year.

The share price used for measurement purposes increased from 67.84 pence for the 31 March 2024

to 69.55 pence for the 31 March 2025 measurement.

At 31 March 2025

Requirement

as a % of salary

Current %

of salary held

% of

requirement

achieved

Number of

shares owned

Value of

shareholding

1

Date for

requirement

to be achieved

Margherita Della Valle

500%

234%

47%

4,196,638

£2.9m

Apr 2028

Luka Mucic

400%

377%

94%

4,120,000

£2.9m

Sep 2028

Note:

1.

The amounts shown are valued using an average closing share price over the last quarter of the 2025 financial year of 69.55 pence.

3.6m

31/03

2025

31/03

2024

Goal

Actual

31/03

2025

Actual

31/03

2024

Illustrative

20% SP

decrease

Illustrative

20% SP

increase

4.1m

400%

377%

322%

302%

452%

Luka Mucic (as at 31 March 2025)

Actual holding

(number of shares)

Holding scenario

(%of salary)

Goal deadline:

September 2028

14%

increase

31/03

2025

31/03

2024

Goal

Actual

31/03

2025

Actual

31/03

2024

Illustrative

20% SP

decrease

Illustrative

20% SP

increase

32%

increase

4.2m

3.2m

500%

234%

172%

187%

280%

Margherita Della Valle (as at 31 March 2025)

Actual holding

(number of shares)

Holding scenario

(%of salary)

Goal deadline:

April 2028

The shareholding requirements include a post-employment condition whereby the Executive Directors

will need to continue to hold shares equivalent to the value of their requirement at the date of departure

(or actual holding on departure if the requirement has not been reached during employment) for a

further two years post-employment. The Committee has a number of processes in place to ensure this

condition is met, including executives agreeing to these terms prior to receiving an award, executives

holding the majority of their shares (and at least up to the value of their requirement) in a Company-

accessible account, and the Committee having the ability to lapse any unvested GLTI awards if the

condition is not met.

Collectively the Executive Committee, including the Executive Directors, owned 30,565,763 Vodafone

shares at 31 March 2025, with a value of over £21.3 million. None of the Executive Committee

members’ shareholdings amounts to more than 1% of the issued shares in that class of share, excluding

treasury shares.

Directors’ interests in the shares of the Company (audited)

A summary of interests in shares and scheme interests of the Directors who served during the year is

given below. More details of the outstanding shares subject to award are set out in the table below.

At 31 March 2025

Total number of

interests in shares

(at maximum)

1

Unvested with

performance

conditions

(at target)

Unvested with

performance

conditions

(at maximum)

Executive Directors

Margherita Della Valle

25,222,623

12,615,591

21,025,985

Luka Mucic

13,466,817

5,608,090

9,346,817

Total

38,689,440

18,223,681

30,372,802

Note:

1.

This includes both owned shares and the maximum number of unvested share awards.

The total number of interests in shares includes interests of connected persons and unvested share awards.

At 31 March 2025

Total number of interests in shares

Non-Executive Directors

Stephen A. Carter CBE

116,484

Delphine Ernotte Cunci

88,000

Michel Demaré

100,000

Simon Dingemans (appointed 1 January 2025)

50,000

Hatem Dowidar

–

Deborah Kerr

(ADRs) 12,000

1

Amparo Moraleda

30,000

David Nish

107,018

Christine Ramon

–

Simon Segars

40,000

Jean-François van Boxmeer

1,306,097

Note:

1.

One ADR is equivalent to 10 ordinary shares.

Other than those individuals included in the tables above who were Board members at 31 March 2025,

members of the Group’s Executive Committee at 31 March 2025 had an aggregate beneficial interest in

22,249,125 ordinary shares of the Company. Between the 31 March 2025 and 27 May 2025 there was

no change to the Directors’ shareholdings other than Luka Mucic who purchased 356,000 shares on

20 May 2025. The total number of shares owned by Luka Mucic as at 27 May was 4,476,000 (410% salary

using a price of 69.55 pence) he has a total beneficial interest of 13,822,817. None of the Directors had

an individual beneficial interest amounting to greater than 1% of the Company’s ordinary shares.

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)

Vodafone Group Plc

Annual Report 2025

101

Strategic report

Governance

Financials

Other information

Performance share awards

The maximum numbers of shares subject to outstanding performance conditions that have been granted

to Directors under the long-term incentive (‘GLTI’) plan are currently as follows.

GLTI performance

share awards

2023 award

Awarded: July 2022/February 2023

Performance period ending: March 2025

Vesting date: July 2025

Share price at grant: 122.4 pence

2024 award

Awarded: July 2023/November 2023

Performance period ending: March 2026

Vesting date: July 2026

Share price at grant: 77.5 pence

2025 award

Awarded: July 2024

Performance period ending: March 2027

Vesting date: July 2027

Share price at grant: 73.1 pence

Margherita Della Valle

4,419,335

8,061,395

8,545,255

Luka Mucic

–

4,670,854

4,675,963

Note:

1.

The Committee will review the performance outcome of all awards to assess whether any windfall gains are present at the point of vest.

Details of the performance conditions for the awards can be found on page

99

or in the Remuneration

Report from the relevant year.

Share options

As at 31 March 2025 no Directors held any share options.

Loss of office payments (audited)

Other than amounts already disclosed in prior year reports, no loss of office payments were made during the year.

Payments to past Directors (audited)

During the 2025 financial year Lord MacLaurin received benefits, including grossed up tax, in respect

of security, £56,351 (2024: £47,842), and private medical insurance, £5,923 (2024: £5,094, which is the

corrected figure for that year), as per his contractual arrangements. No other costs for past Directors

exceeded our de minimis reporting threshold of £5,000 p.a..

2025 remuneration for the Chair and Non-Executive Directors (audited)

Salary/fees

Benefits

1

Total

2025

£’000

2024

£’000

2025

£’000

2024

£’000

2025

£’000

2024

£’000

Chair

Jean-François van Boxmeer

650

650

31

39

681

689

Senior Independent Director

David Nish

190

157

18

20

208

177

Non-Executive Directors

Stephen A. Carter CBE

115

115

4

3

119

118

Delphine Ernotte Cunci

115

115

5

5

120

120

Michel Demaré

115

115

5

10

120

125

Simon Dingemans (appointed 1 January 2025)

29

–

–

–

29

–

Hatem Dowidar

–

2

–

4

0

4

0

Deborah Kerr

115

115

10

17

125

132

Amparo Moraleda

185

157

11

11

196

168

Christine Ramon

115

115

15

15

130

130

Simon Segars

150

137

105

124

3

255

261

3

Total

1,779

1,676

208

244

3

1,987

1,920

3

Notes:

1.

This includes certain travel and accommodation expenses in relation to attending Board meetings which are treated as a taxable benefit.

Values include these travel expenses and the corresponding grossed up tax settled by the Company.

2.

As part of the strategic relationship agreement with e&, Hatem Dowidar, the Group Chief Executive Officer of e&, was appointed as a

Non-Executive Director effective 19 February 2024. As per the terms of the agreement, Hatem does not receive a fee for this role.

3.

These figures are restated on account of a change to Simon Segars’ applicable tax treatment for the benefits provided.

Pay in the wider context

Remuneration arrangements

As part of its review of executive remuneration arrangements, the Committee takes account of the pay

policies in place across the wider business. This includes considering the structure of remuneration

offerings at each level of the business to ensure there is a strong rationale for how packages evolve

across the different levels of the organisation.

During the year the Committee reviewed the remuneration structure across the business, which included

how our arrangements aligned with our strategy, supported our purpose, and celebrated the Spirit of

Vodafone. The update also set out the results of the latest annual fair pay review, including where the key

focus areas were and what actions had been agreed locally to implement any required adjustments.

Fair pay at Vodafone

In addition to being a core principle of the Committee, there is a clear culture in our business of ensuring

we offer competitive and fair pay to all our people. Our approach across our business is guided by six

principles which can be found on our fair pay website through the link below and includes a commitment

to gender pay parity. Our commitment to these principles is reflected by the fact that the UK-based Living

Wage Foundation has certified us as an Accredited Living Wage employer.

Click to learn more about our fair pay principles:

vodafone.com/fair-pay

Annual Report on Remuneration

continued

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102

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Annual Report on Remuneration

continued

In keeping with our fair pay principle of ensuring reward decisions are free from discrimination, each year we

publish our UK gender pay gap in line with the statutory UK requirements. Our 2024 report also marked the

first year in which we voluntarily reported our ethnicity pay gap for UK employees in our local market and

Group entity. Details of our pay gap disclosure can be found in our report linked below.

Click to learn more about our initiatives, case studies, and key statistics on our dedicated UK pay gap webpage:

vodafone.com/uk-pay-gap

We are proud of the policies that we have put in place to support our employees and we remain

committed to addressing all forms of representation at all levels.

Risk management

The Committee undertakes an annual review of the potential risks within our incentive plans and what

steps have been taken to mitigate these. The review looks at both the structure of our incentives and the

performance conditions used. Given our current structure and performance metrics, the 2025 review

focused on risk areas such as capital expenditure and alignment between management and stakeholders.

Stakeholder engagement

The Committee considers all stakeholder groups when setting executive pay including:

Employees

The Committee is fully briefed on pay arrangements across the business to ensure any

decisions on executive pay are made within our wider business context and take into

account wider employee pay conditions. We engage with our employees through a variety

of means including employee forums, interactive webinars with our executives, global Spirit

Beat surveys, and digital platforms, all of which give our people the chance to voice their

opinion on any area of interest, including all-employee and executive pay.

Customers

The importance of customers to our strategy is reflected in how our annual bonus plan

includes the customer-focused measures of revenue market share, NPS, and churn.

Shareholders

The Committee values the active participation of our shareholders during our

consultations and fully considers all feedback as part of the review process.

Government

The Committee actively engages with external professional bodies and government departments

when they issue consultations on proposed changes to legislation or reporting guidelines.

Wider society

The Committee is fully aware that society remains concerned about the risk of excessive

executive pay practices in the wider market. The Committee believes that transparent

reporting and active engagement in explaining both the operation of, and rationale for,

executive pay decisions is key for businesses to retain trust in this area.

Relative spend on pay

The chart below shows both the dividends distributed in the year and the total cost of remuneration in the Group.

2025

2024

1,797

2,433

5,522

6,246

Distributed by way of dividends

Overall expenditure on

remuneration for all employees

€m

Further details of the above chart can be found in notes 9 and 24 of the consolidated financial statements.

CEO pay ratio

The following table sets out our CEO pay ratio figures:

Year

CEO single figure (£’000)

Method

25th percentile pay ratio

Median pay ratio

75th percentile pay ratio

2025

4,564

Option B

97:1

60:1

50:1

2024

4,395

1

Option B

106:1

69:1

50:1

2023

2

4,394

Option B

127:1

62:1

47:1

3

2022

4,173

Option B

113:1

73:1

48:1

2021

3,551

Option B

106:1

87:1

42:1

2020

3,529

Option B

113.1

69.1

45.1

2019

4

4,359

Option B

154:1

107:1

56:1

Notes:

1.

The CEO single figure for 2024 has been updated to reflect the final vest price under the GLTI confirmed after the 2024 Annual Report on

Remuneration was published.

2.

The CEO single figure used in the calculation of the 2023 ratios reflects a blended figure for Nick Read and Margherita Della Valle,

recognising the change in incumbency for the role during this year.

3.

The 2023 75th percentile pay ratio is restated from that which was reported in the 2024 Annual Report on Remuneration.

4.

The CEO single figure used in the calculation of the 2019 ratios reflects a blended figure for Vittorio Colao and Nick Read, recognising the

change in incumbency for the role during this year.

The pay ratio figures in the above table are calculated using the following total pay and benefits information:

Year

Supporting information

25th percentile pay

ratio (£’000)

Median pay ratio

(£’000)

75th percentile pay

ratio (£’000)

2025

Salary

40.5

67.1

76.3

Total pay and benefits

47.0

75.7

90.5

2024

Salary

35.9

54.6

72.8

Total pay and benefits

41.3

63.7

88.5

2023

Salary

26.5

56.1

75.6

Total pay and benefits

34.6

70.5

92.8

2022

Salary

31.7

47.1

71.5

Total pay and benefits

36.9

57.5

87.2

2021

Salary

30.0

37.1

71.2

Total pay and benefits

33.5

41.0

85.3

2020

Salary

28.0

42.8

65.0

Total pay and benefits

31.3

51.1

78.6

2019

Salary

23.1

36.4

65.0

Total pay and benefits

28.3

40.8

78.2

The calculation methodology used reflects Option B as defined under the relevant regulations. In line

with the relevant regulations this utilises the most recently collected and disclosed data analysed within

our Gender Pay Gap report, with employees at the three quartiles identified from this analysis and their

respective single figure values calculated. To ensure this data accurately reflects individuals at such

quartiles, the single figure values for individuals immediately above and below the identified employee at

each quartile within the gender pay gap analysis were also reviewed.

For 2025, CEO pay ratio when compared to the lower quartile and median in 2024 has decreased. The

reduction in the ratio is driven by a relatively lower GSTIP and GLTI outcome for 2025 compared to 2024,

given that variable pay forms a more significant proportion of the CEOs package compared to other

employees.

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</svg>)

Vodafone Group Plc

Annual Report 2025

103

Strategic report

Governance

Financials

Other information

Annual Report on Remuneration

continued

Change in remuneration for Directors and all employees

In line with regulatory requirements, the table below calculates the percentage change in Directors’ remuneration (salary, taxable benefits and annual bonus payment) compared to the average remuneration for

other Vodafone Group employees in the UK who are measured on comparable business objectives and employed in the same location.

Change from 2024 to 2025 (%)

Change from 2023 to 2024 (%)

Change from 2022 to 2023 (%)

Change from 2021 to 2022 (%)

Change from 2020 to 2021 (%)

Base salary/

fees

Taxable

benefits

Annual

bonus

Base salary/

fees

Taxable

benefits

Annual

bonus

Base salary/

fees

Taxable

benefits

Annual

bonus

Base salary/

fees

Taxable

benefits

Annual

bonus

Base salary/

fees

Taxable

benefits

Annual

bonus

Executive Directors

Margherita Della Valle

1.0

42.5

-17.8

53.6

53.8

47.6

15.1

18.2

24.6

0.0

4.8

11.6

0.0

-4.5

19.3

Luka Mucic

71.6

21.7

41.0

–

–

–

–

–

–

–

–

–

–

–

–

Non-Executive Directors

Jean-François van Boxmeer

0.0

-20.5

–

0.0

34.5

–

0.0

61.1

–

118.9

–

–

–

–

–

Stephen A. Carter CBE

0.0

33.3

–

45.6

50.0

–

–

–

–

–

–

–

–

–

–

Delphine Ernotte Cunci

0.0

0.0

–

45.6

0.0

–

–

–

–

–

–

–

–

–

–

Michel Demaré

0.0

-50.0

–

0.0

-9.1

–

0.0

1,000.0

–

0.0

–

–

0.0

-100.0

–

Simon Dingemans

1

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

Hatem Dowidar

–

400.0

–

–

–

–

–

–

–

–

–

–

–

–

–

Deborah Kerr

0.0

-41.2

–

0.0

21.4

–

1,050.0

1,300.0

–

–

–

–

–

–

–

Amparo Moraleda

17.8

0.0

–

12.1

10.0

–

2.2

900.0

–

19.1

–

–

–

0.0

-100.0

David Nish

21.0

-10.0

–

12.1

5.3

–

0.0

90.0

–

0.0

900.0

–

0.0

-96.8

–

Christine Ramon

0.0

0.0

–

161.4

1,400.0

–

–

–

–

–

–

–

–

–

–

Simon Segars

9.5

-15.3

–

73.4

933.3

2

–

–

–

–

–

–

–

–

–

–

Other Vodafone Group employees employed in the UK

6.1

5.3

-8.6

10.2

2.7

45.7

5.8

5.2

-9.6

2.5

0.3

80.0

3.8

0.2

30.2

Notes:

1.

Simon Dingemans was appointed on 1 January 2025.

2.

Simon Segar’s 2023 to 2024 taxable benefits figure has been restated from what was reported in the Annual Report on Remuneration in 2024 on account of a change in the tax treatment for benefits.

The percentage change in remuneration from 2024 to 2025 for Margherita Della Valle and Luka Mucic in respect of taxable benefits and base salary reflect a full period of service in their current roles compared to

the 2024 financial year where Luka worked a part year as Group Chief Financial Officer from 1 September 2024, and Margherita became permanent Group Chief Executive on 27 April 2023. This also explains Luka

Mucic’s percentage change in annual bonus.

Context on year-on-year percentile changes of prior years outlined in the table above can be found in the

Annual Report on Remuneration of the relevant financial year.

Assessing pay and performance

In the table on the right we summarise the Chief Executive’s single figure remuneration over the past

10 years and how our variable pay plans have paid out in relation to the maximum opportunity. This can

be compared with the historic TSR performance over the same period. The chart below shows

the performance of the Company relative to the STOXX Europe 600 Index over a 10-year period. The

STOXX Europe 600 Index was selected as this is a broad-based index that includes markets in which we

operate. It should be noted that the TSR element of the 2023 GLTI is based on the TSR performance

shown in the chart on page

98

and not this chart.

Ten year historical TSR performance

Growth in the value of a hypothetical €100 holding over ten years

Vodafone Group

STOXX Europe

600 Index

Mar ’24

Mar ’23

Mar ’22

Mar ’21

Mar ’20

Mar ’19

Mar ’18

Mar ’17

Mar ’16

Mar ’15

Mar ’25

60

80

100

120

140

160

180

200

220

187

174

150

144

132

96

110

103

103

100

88

89

85

67

56

72

73

54

49

56

96

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104

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Annual Report on Remuneration

continued

LTI average 42%

Annual bonus

average 58%

2024

2023

2022

2021

2020

2019

2018

2017

2016

2025

Financial year remuneration for Chief Executive

Single figure of total

remuneration £’000

5,224

6,332

7,389

2,740

1

/1,619

2

3,529

3,551

4,173

3,507

3

/887

4

4,395

5

4,564

Annual bonus

(actual award versus max

opportunity)

58%

47%

64%

44%

52%

62%

69%

56%

71%

59%

Long-term incentive

(vesting versus max

opportunity)

23%

44%

67%

40%

50%

22%

26%

53%

49%

43%

Notes:

1.

Reflects the single figure in respect of Vittorio Colao for the period of 1 April 2018 to 30 September 2018.

2.

Reflects the single figure in respect of Nick Read for the period of 1 October 2018 to 31 March 2019.

3.

Reflects the single figure in respect of Nick Read for the period of 1 April 2022 to 31 December 2022.

4. Reflects the single figure in respect of Margherita Della Valle for the period of 1 January 2023 to 31 March 2023.

5. The single figure for 2024 has been updated to reflect the final vest price under the GLTI confirmed after the 2024 Annual Report on

Remuneration was published.

2026 remuneration

Remuneration arrangements

Details of how key elements of the Remuneration Policy will be implemented for the 2026 financial year

are set out below.

2026 base salaries

As part of this year’s review, conducted in March 2025, the Committee reviewed executive remuneration

arrangements against its comparator group of FTSE 30 companies (excluding financial services) and

industry peers.

Following the review the Committee agreed that effective 1 July 2025 the salary for Margherita will

increase by 3.5% to keep it well positioned against the market. The level of increase is in line with the

budget applicable for the wider UK workforce in Vodafone. It was agreed that the base salary of Luka

Mucic will remain unchanged. As a result, the salaries for the Executive Directors are

as follows:

–

Group Chief Executive (Margherita Della Valle): £1,293,750 (3.5% increase)

–

Group Chief Financial Officer (Luka Mucic): £760,000 (no change)

LTI average 42%

Annual bonus

average 58%

2024

2023

2022

2021

2020

2019

2018

2017

2016

2025

2026 annual bonus (‘GSTIP’)

Following its annual review of the GSTIP structure, the Committee agreed that the performance measures

and associated weightings continue to support strategic priorities and therefore the 2026 plan should remain

unchanged from 2025 as follows:

Growth (70% of total)

Service revenue (20%); adjusted EBIT (20%); adjusted free cash flow (20%); and revenue market share (10%).

Customers (30% of total)

Net promoter score

1

(20%); and churn (10%).

Note:

1.

The assessment of NPS utilises data collected in our local markets which is validated for quality and consistency by independent third-party

agencies.

Due to the potential impact on our commercial interests, annual bonus targets are considered commercially

sensitive and therefore will be disclosed in the 2026 Remuneration Report following the completion of the

financial year.

Long-term incentive (‘GLTI’) awards for 2026

Awards for 2026 will be made in line with the arrangements described in our policy on pages

109

and

110

. Vesting of the 2025 award will be subject to adjusted free cash flow (60% of total award), relative TSR

(30% of total award), and ESG (10% of total award) performance. Performance will be measured over the

three financial years ending 31 March 2028, and any net vested shares will be subject to an additional

two-year holding period. It is anticipated that the final awards will be reviewed by the Committee at the

July 2025 meeting and, subject to the Committee’s approval, will be granted shortly afterwards.

Further details of the 2026 award targets are provided below.

Adjusted free cash flow (60% of total award)

Details of the final three-year adjusted free cash flow target range will be disclosed in the relevant market

announcement at the time of grant and published in the 2026 Directors’ Remuneration Report.

Relative TSR (30% of total award)

Following the annual review of the performance measures, which included a review of analysis provided

by the Committee’s external advisers, the Committee determined that the TSR outperformance range for

the 2026 award should be set at 7.0% p.a. at maximum. The Committee reviewed the TSR peer group and

agreed to remove Telecom Italia on the basis that is no longer a relevant market for Vodafone following

the sale of our Italian business. Further details on the TSR outperformance range and peer group for the

2026 award are set out in the tables below.

Relative TSR (30% of total award)

TSR outperformance

Vesting

(% of relative TSR element)

Below threshold

Below median

0.0%

Threshold

Median

20.0%

Maximum

7.0% p.a.

100.0%

TSR peer group

BT Group

Orange

MTN

Telefónica

Deutsche Telekom

Liberty Global

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Vodafone Group Plc

Annual Report 2025

105

Strategic report

Governance

Financials

Other information

Annual Report on Remuneration

continued

Straight-line vesting occurs for performance between threshold and maximum.

ESG (10% of total award)

The table below sets out how performance under the ESG measure for the 2026 award will be assessed

against two quantitative ambitions:

Purpose focus area

Metric for 2025 GLTI

Overall ambition

Baseline position for

2026 GLTI

Ambition for 2026 GLTI

Protecting our

Planet

Net zero

90% reduction

in Scope 1 & 2

emissions by 2030

against a FY20

baseline

83.7% reduction

in Scope 1 & 2

emissions versus a

FY20 baseline at 31

March 2025

86.5% reduction

in Scope 1 & 2

emissions versus a

FY20 baseline by

31 March 2028

Empowering

People

Female

representation

in management

40% representation

of women in

management

by 2030

37% representation

of women in

management at

31 March 2025

38% representation

of women in

management by

31 March 2028

Each ambition for the 2026 award has been set by considering both our externally communicated targets

and our internal progress as at 31 March 2025.

At the end of the performance period the Committee will assess achievement across the two metrics

against the stated ambitions and determine vesting under this element. Full disclosure of the rationale

for the final vesting decision will be provided in the relevant Directors’ Remuneration Report.

2026 remuneration for the Chair and Non-Executive Directors

Fees for our Chair and Non-Executive Directors have been benchmarked against the FTSE 30 (excluding

financial services companies). Following this year’s review, it was agreed that the current fee for the Chair

of the Board would increase. It was also decided to introduce an additional committee membership fee

for our Non-Executive Directors, effective 1 August 2025. The committee membership fee would be

in addition to the basic fee which remains unchanged. Details of the 2026 fee levels are set out in the

table below.

Fees payable

2026

£’000

2025

£’000

Chair

1

700

650

Non-Executive Director (basic fee)

115

115

Senior Independent Director

35

35

Committee Chair: Audit and Risk

40

40

Committee Chair: ESG, Remuneration and Technology

35

35

Committee Membership: Audit and Risk

20

–

Committee Membership: ESG, Nominations and Governance, Remuneration

and Technology

15

–

Note:

1.

The Chair does not receive additional fees for committee memberships.

Further remuneration information

Dilution

All awards are made under plans that incorporate dilution limits as set out in the 2023 Investment

Association Principles of Remuneration. We note the 2024 Investment Association principles incorporate

a revised approach to these limits. The current estimated dilution from subsisting executive awards is

approximately 3.4% of the Company’s share capital at 31 March 2025 (2.8% at 31 March 2024), whilst

from all-employee share awards it is approximately 0.3% (0.3% at 31 March 2024). This gives a total

dilution of 3.7% (3.1% at 31 March 2024).

Service contracts

The terms and conditions of appointment of our Directors are available for inspection at the Company’s

registered office during normal business hours and at the Annual General Meeting (for 15 minutes prior

to the meeting and during the meeting). The Executive Directors have notice periods in their service

contracts of 12 months. The Non-Executive Directors’ letters of appointment do not contain provision for

notice periods or for compensation if their appointments are terminated.

External advisers

The Committee seeks and considers advice from independent remuneration advisers where appropriate.

The appointed advisers, WTW, were appointed by the Committee in 2007. The Chair of the Committee has

direct access to these advisers as and when required, and the Committee determines the protocols by

which these advisers interact with management in support of the Committee. The advice and

recommendations of the external advisers are used as a guide, but do not serve as a substitute for

thorough consideration of the issues by each Committee member. Advisers attend Committee meetings

occasionally, as and when required by the Committee.

WTW is a member of the Remuneration Consultants’ Group and, as such, voluntarily operates under the

Remuneration Consultants’ Group Code of Conduct in relation to executive remuneration consulting in

the UK. This is based upon principles of transparency, integrity, objectivity, competence, due care, and

confidentiality by executive remuneration consultants. WTW has confirmed that it adhered to that Code

of Conduct throughout the year for all remuneration services provided to Vodafone and therefore the

Committee is satisfied that it is independent and objective. The Remuneration Consultants’ Group Code

of Conduct is available at remunerationconsultantsgroup.com.

Adviser

Appointed by

Services provided to the Committee

Fees for services provided

to the Committee

£’000

1

Other services provided

to the Company

WTW

Remuneration

Committee

in 2007

Advice on market

practice; governance;

provision of market data

on executive reward;

reward consultancy; and

performance analysis.

£130

Reward and benefits

consultancy; provision

of benchmark data;

outsourced pension

administration; and

insurance consultancy

services.

Note:

1.

Fees are determined on a time spent basis.

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)

106

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Annual Report on Remuneration

continued

2023 Annual General Meeting – Remuneration Policy voting results

At the 2023 Annual General Meeting there was a binding vote on our Remuneration Policy. Details of the

voting outcomes are provided in the table below.

Votes for

%

Votes against

%

Total votes

Withheld

Remuneration Policy

16,676,713,036

95.18

845,122,413

4.82

17,521,835,449

435,210,254

2024 Annual General Meeting – Remuneration Report voting results

At the 2024 Annual General Meeting there was an advisory vote on our Remuneration Report. Details of

the voting outcomes are provided in the table below.

Votes for

%

Votes against

%

Total votes

Withheld

Remuneration Report

16,115,961,645

96.42

598,663,163

3.58

16,714,624,808

29,944,036

This report on remuneration has been approved by the Board of Directors and signed on its behalf by:

Amparo Moraleda

On behalf of the Remuneration Committee

3 June 2025

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Vodafone Group Plc

Annual Report 2025

107

Strategic report

Governance

Financials

Other information

Remuneration Policy

Remuneration Policy – notes to reader

No changes have been made to our policy since its approval at the 2023 Annual General Meeting which was held on 25 July 2023. Our approved Policy Report is available on our website at vodafone.com, and has been

reproduced below in the shaded boxes exactly as it was set out in the 2023 Annual Report. As such some of the policy wording, including references to the 2023 Annual General Meeting and page number references,

is now out of date.

Remuneration Policy

In this forward-looking section we describe our Remuneration Policy for the Board. This includes our

considerations when determining policy, a description of the elements of the reward package,

including an indication of the potential future value of this package for the Executive Directors, and

the policy applied to the Chair and Non-Executive Directors.

We will be seeking shareholder approval for our Remuneration Policy at the 2023 Annual General

Meeting (‘AGM’) and we intend to implement it at that point. A summary and explanation of the

proposed changes to the current Remuneration Policy is provided on page

85

. The proposed

Remuneration Policy submitted for shareholders’ approval at the 2023 AGM does not differ

substantively from the Remuneration Policy approved by shareholders in 2020 except for changes

made to align the terms of the Remuneration Policy with the drafting of the rules of the new Global

Incentive Plan 2023, which is also being submitted for shareholders’ approval at the 2023 AGM.

Subject to approval, we will review our Remuneration Policy each year to ensure that it continues to

support our Company strategy and, if it is necessary to make a change to our Remuneration Policy

within the next three years, we will seek prior shareholder approval for the change.

Considerations when determining our Remuneration Policy

To avoid conflicts of interest, the Remuneration Committee is entirely comprised of Non-Executive

Directors (who are not eligible to participate in the Company’s annual bonus or long-term incentive

arrangements) and the Remuneration Committee ensures that individuals are not present when the

Remuneration Committee discusses their own remuneration. A critical consideration for the

Remuneration Committee when determining our Remuneration Policy is to ensure that it supports

our Company purpose, strategy, and business objectives.

A variety of stakeholder views are taken into account when determining executive pay, including

those of our shareholders, colleagues, and external bodies. Further details of how we engage with,

and consider the views of, each of these stakeholders are set out on page

100

.

In advance of submitting our Remuneration Policy for shareholder approval we ran a thorough

consultation exercise with our major shareholders. We invited our top 25 shareholders (constituting a

combined holding of c.50% of our issued share capital at the time of engagement) and a number of

key governance stakeholders to comment on remuneration at Vodafone and to provide feedback on

the proposed changes to the current Remuneration Policy which was approved at the 2020 AGM.

A number of meetings between shareholders and the Remuneration Committee Chair took place

during this consultation period.

Listening to and consulting with our employees is very important and the Remuneration Committee

is supportive of the activities undertaken to engage the employee voice. Our engagement with

employees can take different forms in different markets but includes a variety of channels and

approaches including our annual people survey which attracts very high levels of participation

and engagement, regular business leader Q&A sessions, and a number of internal digital

communication platforms.

Our Workforce Engagement Lead also undertakes an annual attendance at our European employee

forum, and a similar body which covers our African markets, with any questions or concerns raised by

the employee representatives presented directly to the Board for consideration and discussion. Any

actions taken by the Board are then fed back to these forums to ensure a two-way dialogue.

Whilst we do not formally consult directly with employees on the Remuneration Policy nor is any fixed

remuneration comparison measurement used when determining the Remuneration Policy for

Executive Directors, the Remuneration Committee is briefed on pay and employment conditions of

employees in the Vodafone Group, with particular reference to the market in which the executive is

based. The Company operates Sharesave, a UK all-employee share plan, as well as other discretionary

share-based incentive arrangements, which means that the wider workforce have the opportunity to

become shareholders in the Company and be able to vote on the Remuneration Policy in the same

way as other shareholders. Further information on our approach to remuneration for other employees

is given on page

90

.

Performance measures and targets

Our Company strategy and business objectives are the primary consideration when we are selecting

performance measures for our incentive plans. The targets within our incentive plans that are related

to internal financial measures (such as revenue, profit and cash flow) are typically determined based

on our budgets. Targets for strategic and external measures (such as customer-focused metrics, ESG

measures, and total shareholder return (‘TSR’)) are set based on Company objectives and in light of

the competitive marketplace. The threshold and maximum levels of performance are set to reflect

minimum acceptable levels at threshold and very stretching levels at maximum.

As in previous Remuneration Reports, we will disclose the details of our performance metrics for our

short- and long-term incentive plans. However, our annual bonus targets are commercially sensitive

and therefore we will only disclose our targets in the Remuneration Report following the completion

of the financial year. We will normally disclose the targets for each long-term award in the

Remuneration Report for the financial year preceding the start of the performance period.

At the end of each performance period we review performance against the targets, using judgement

to account for items such as (but not limited to) mergers, acquisitions, disposals, foreign exchange

rate movements, changes in accounting treatment, material one-off tax settlements etc. The

application of judgement is important to ensure that the final assessments of performance are fair

and appropriate.

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Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Remuneration Policy

continued

Malus and clawback

The Remuneration Committee reviews the incentive plan results before any payments are made to

executives or any shares vest and has full discretion to adjust the final payment or vesting if they

believe circumstances warrant it. In particular, the Remuneration Committee has the discretion to use

either malus or clawback as it sees appropriate. In the case of malus, the award may lapse wholly or in

part, may vest to a lesser extent than it would otherwise have vested or vesting may be delayed.

In the case of clawback, the Remuneration Committee may recover bonus amounts that have been paid

up to three years after the relevant payment date, or recover share awards that have vested up to five

years after the relevant grant date. In line with best practice guidance, the key trigger events for the use of

the clawback arrangements include material misstatement of results, material miscalculation of

performance condition outcomes, the Executive Director’s gross misconduct, or breach of their restrictive

covenants, the Executive Director causing a material financial loss to the Group as a result of reckless or

negligent conduct or inappropriate values or behaviour, corporate failure or serious reputational damage.

Subject to approval of this Remuneration Policy, these arrangements will be applicable to all bonus

amounts paid, or share awards granted, following the 2023 AGM. The current clawback arrangements,

which are set out in the Remuneration Policy approved by shareholders at the 2020 AGM, have been

applicable to all bonus amounts paid, or share awards granted, since the 2020 AGM.

The Remuneration Policy table

The table below summarises the main components of the reward package for Executive Directors.

Fixed pay: Base salary

Purpose and link

to strategy

To attract and retain the best talent

Operation

Salaries are usually reviewed annually and fixed for 12 months commencing 1 July.

Decisions are influenced by:

–

the level of skill, experience and scope of responsibilities;

–

business performance, scarcity of talent, economic climate and market conditions;

–

increases elsewhere within the Group; and

–

external comparator groups (which are used for reference purposes only) made up

of companies of similar size and complexity to Vodafone.

Opportunity

Average salary increases for existing Executive Committee members (including Executive

Directors) will not normally exceed average increases for employees in other appropriate

parts of the Group. Increases above this level may be made in specific situations. These

situations could include (but are not limited to) internal promotions, changes to role,

material changes to the business and exceptional Company performance.

Performance

metrics

None.

Fixed pay: Pension

Purpose and link

to strategy

To remain competitive within the marketplace

Operation

–

Executive Directors may choose to participate in the defined contribution pension

scheme or to receive a cash allowance in lieu of pension.

Opportunity

–

The pension contribution or cash payment is equal to the maximum employer

contribution available to our UK employees under our Defined Contribution

scheme (currently 10% of annual gross salary).

Performance

metrics

None.

Fixed pay: Benefits

Purpose and link

to strategy

To aid retention and remain competitive within the marketplace

Operation

–

Travel-related benefits. These may include (but are not limited to) a company

car or cash allowance, fuel and access to a driver where appropriate.

–

Private medical, death and disability insurance and annual health checks for

the Executive Directors and their families.

–

In the event that we ask an individual to relocate we would offer them support

in line with Vodafone’s relocation and international assignment policies. This

may cover (but is not limited to) relocation, cost of living allowance, housing,

home leave, education support, and tax equalisation and advice.

–

Legal and tax support fees if appropriate.

–

Other benefits are also offered in line with the benefits offered to other

employees, for example, our all-employee share plan, mobile phone discounts,

maternity/paternity benefits, sick leave, paid holiday etc.

Opportunity

–

Benefits will be provided in line with appropriate levels indicated by local

market practice in the country of employment, though no monetary maximum

has been set.

–

We expect to maintain benefits at the current level but the value of any

benefit may fluctuate depending on, amongst other things, personal situation,

insurance premiums and other external factors.

Performance

metrics

None.

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Annual Report 2025

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Strategic report

Governance

Financials

Other information

Remuneration Policy

continued

Annual bonus – Global Short-Term Incentive Plan (‘GSTIP’)

Purpose and link

to strategy

To drive behaviour and communicate the key priorities for the year.

To motivate employees and incentivise delivery of performance over the

one-year operating cycle.

The financial metrics drive our growth strategies whilst also focusing on

improving operating efficiencies.

The strategic measures aim to ensure a great customer experience remains

at the heart of what we do.

Operation

–

Bonus levels and the appropriateness of measures and weightings are reviewed

annually to ensure they continue to support our strategy.

–

Performance over the financial year is measured against stretching financial and

non-financial performance targets set at the start of the financial year.

–

The annual bonus is usually paid in cash in June each year for performance over

the previous year. A mandatory deferral of 25% of post-tax bonus earned into

shares for two years will normally apply except where an Executive Director

has met or exceeded their share ownership requirement. The Remuneration

Committee retains the discretion to adjust the size of the bonus based on the

achievement of the relevant performance conditions to reflect the Company’s

and the Executive Director’s underlying performance and any other factors the

Remuneration Committee considers appropriate.

Opportunity

–

Bonuses can range from 0 to 200% of base salary, with 100% paid for

on-target performance.

Performance

metrics

–

Performance over each financial year is measured against stretching targets set

at the beginning of the year.

–

The performance measures normally comprise a mix of financial and strategic

measures. Financial measures may include (but are not limited to) profit, revenue

and cash flow with a weighting of no less than 50%. Strategic measures may

include (but are not limited to) customer appreciation KPIs such as churn, revenue

market share, and NPS.

Long-term incentive – Global Long-Term Incentive Plan (‘GLTI’)

Purpose and link

to strategy

To motivate and incentivise delivery of sustained performance over the

long term.

To support and encourage greater shareholder alignment through a

high level of personal share ownership.

The use of free cash flow as the principal performance measure ensures

we apply prudent cash management and rigorous capital discipline to our

investment decisions.

The use of TSR along with a performance period of not less than three years

means that we are focused on the long-term interests of our shareholders.

The use of ESG metrics reflects the importance of our performance and

progress against our long-term ambitions in this area.

Operation

–

Award levels and the framework for determining vesting are reviewed annually.

–

Long-term incentive awards consist of awards of shares subject to performance

conditions which are granted in respect of any financial year.

–

Awards will vest based on Group performance against the performance metrics

set out below, measured over a period of normally not less than three years.

In exceptional circumstances, such as but not limited to where a delay to the

grant date is required, the Remuneration Committee may set a vesting period

of less than three years, although awards will continue to be subject to a

performance period of at least three years.

–

Awards may be subject to a mandatory two-year post-vesting holding period

before the underlying shares can be sold.

–

Dividend equivalents are paid in cash and/or shares by reference to the vesting

period (and holding period, if applicable) in respect of shares that vest.

Opportunity

–

Maximum long-term incentive face value at award of 500% of base salary for

the Chief Executive and 450% for other Executive Directors in respect of any

financial year.

–

Threshold long-term incentive face value at award is 20% of maximum

opportunity. Minimum vesting is 0% of maximum opportunity. Awards vest on

a straight-line basis between threshold and maximum.

–

The Remuneration Committee retains the discretion to adjust the extent to

which an award vests based on the achievement of the relevant performance

conditions and to reflect the Company’s and Executive Director’s underlying

performance and any other factors the Remuneration Committee considers

appropriate. In addition, the Remuneration Committee has the discretion to

reduce long-term incentive grant levels for Executive Directors who have

neither met their shareholding guideline nor increased their shareholding by

100% of salary during the year.

Performance

metrics

–

Performance is measured against stretching targets set at the time of grant.

–

Vesting is determined based on the following measures: adjusted free cash flow

as our operational performance measure, relative TSR against a peer group of

companies as our external performance measure, and ESG as a measure of our

external impact and commitment to our purpose.

–

Weightings will be determined each year and will normally constitute 60% on

adjusted free cash flow, 30% on relative total shareholder return, and 10% on

ESG. The Remuneration Committee will determine the actual weighting of an

award prior to grant, taking into account all relevant information.

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110

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Remuneration Policy

continued

Notes to the Remuneration Policy table

Existing arrangements

We will honour existing awards, incentives, benefits and contractual arrangements made to

individuals prior to their promotion to the Board and/or prior to the approval and implementation of

this Remuneration Policy. For the avoidance of doubt this includes payments in respect of any award

granted under any previous Remuneration Policy. This will last until the existing incentives vest (or

lapse) or the benefits or contractual arrangements no longer apply.

Long-term incentive (‘GLTI’)

When referring to our long-term incentive awards we use the financial year end in which the award

was made. For example, the ‘2023 award’ was made in the financial year ending 31 March 2023. The

awards are usually made in the first half of the financial year.

The extent to which awards vest depends on three performance conditions:

–

underlying operational performance as measured by adjusted free cash flow;

–

relative Total Shareholder Return (‘TSR’) against a peer group median; and

–

performance against our Environmental, Social, and Governance (‘ESG’) targets.

Further details of these performance conditions are set out below. The Remuneration Committee

reserves the right during the lifetime of the Remuneration Policy to change the performance

conditions applicable to GLTI awards to other financial, shareholder return and strategic metrics, if the

Remuneration Committee determines that to do so would be in the best interests of the Company.

However, in such circumstances, the majority of the GLTI awards would continue to remain subject to

financial performance targets. The Remuneration Committee would engage with major shareholders

prior to changing the performance conditions applicable to GLTI awards in this way.

Adjusted free cash flow

The free cash flow performance is based on the cumulative adjusted free cash flow figure over the

performance period. The detailed targets and the definition of adjusted free cash flow are determined

each year as appropriate. The target adjusted free cash flow level is set by reference to our long-range

plan and market expectations. The Remuneration Committee sets these targets to be sufficiently

demanding and with significant stretch.

The cumulative adjusted free cash flow vesting levels as a percentage of the award subject to this

performance element are shown in the table below (with linear interpolation between points):

Performance

Vesting percentage

(% of FCF element)

Below threshold

0%

Threshold

20%

Maximum

100%

Relative TSR

We have a limited number of appropriate peers and this makes the measurement of a relative ranking

system volatile. As such, the outperformance of the median of a peer group is felt to be the most

appropriate TSR measure. The peer group and outperformance range for the performance

condition are reviewed each year and amended as appropriate.

The TSR vesting levels as a percentage of the award subject to this performance element are shown in

the table below (with linear interpolation between points):

Performance

Vesting percentage

(% of TSR element)

Below threshold

0%

Threshold (median)

20%

Maximum (outperformance of median as determined per award)

100%

In order to determine the percentages for the equivalent outperformance levels above median, the

Remuneration Committee seeks independent external advice.

ESG performance

Our ESG targets are set on an annual basis (in accordance with our approach for our other

performance measures) and are aligned to our externally communicated ambitions in this area. Where

performance is below the agreed ambition, the Remuneration Committee will use its discretion to

assess vesting based on performance against the stated ambition and any other relevant information.

Remuneration policy for other employees

While our remuneration policy follows the same fundamental principles across the Group, packages

offered to employees reflect differences in market practice in the different countries, role and seniority.

For example, the remuneration package elements for our Executive Committee are essentially the

same as for the Executive Directors with some minor differences, for example smaller levels of share

awards and local variances where appropriate. The remuneration for the next level of management,

our Senior Leadership Team, again follows the same principles with local and/or individual

performance aspects in the annual bonus targets and GLTI awards. They also receive lower levels of

share awards which are partly delivered in conditional share awards without performance conditions.

Estimates of total future potential remuneration from 2024 pay packages

The tables below provide estimates of the potential future remuneration for Executive Directors based

on the remuneration opportunity to be granted in the 2024 financial year. Potential outcomes based

on different performance scenarios are provided in accordance with the relevant regulatory requirements.

![](data:image/svg+xml;base64,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)

Vodafone Group Plc

Annual Report 2025

111

Strategic report

Governance

Financials

Other information

Remuneration Policy

continued

The assumptions underlying each scenario are described below.

Fixed

Consists of base salary, benefits and pension.

Base salary is at 1 July 2023.

Benefits are valued using the figures in the total remuneration for the 2023 financial year

table on page

94

(of the 2023 annual report).

Pensions are valued by applying cash allowance rate of 10% of base salary at 1 July 2023.

Base

(£’000)

Benefits

(£’000)

Pension

(£’000)

Total fixed

(£’000)

Group Chief Executive and

Chief Financial Officer

1,250

26

125

1,401

Mid-point

Based on what a Director would receive if performance was in line with the Company’s

business plan.

The opportunity for the annual bonus (‘GSTIP’) is 100% of base salary under this scenario.

The opportunity for the long-term incentive (‘GLTI’) reflects assumed achievement mid-

way between threshold and maximum performance.

Maximum

The maximum award opportunity for the GSTIP is 200% of base salary.

The maximum GLTI opportunity reflects full vesting based on the maximum award

levels set out in this Remuneration Policy (i.e. 500% of base salary for the Chief

Executive and 450% of base salary for the Chief Financial Officer).

Maximum

+50%

The same assumptions apply as for ‘Maximum’ but with a 50% uplift in the value of the

GLTI award.

All

scenarios

Long-term incentives consist of share awards only which are measured at face value,

i.e. no assumption is made for dividend equivalents which may be payable.

Recruitment remuneration

Our approach to recruitment remuneration is to pay no more than is necessary and appropriate to

attract the right talent to the role.

The Remuneration Policy table (pages

88

and

89

) sets out the various components which would be

considered for inclusion in the remuneration package for the appointment of an Executive Director.

Any new Director’s remuneration package will take into account the elements and constraints of

those of the existing Directors performing similar roles and the individual circumstances of the new

Director. This means a potential maximum bonus opportunity of 200% of base salary and long-term

incentive maximum face value of opportunity at award of 500% of base salary.

When considering the remuneration arrangements of individuals recruited from external roles to the

Board, we will take into account the remuneration package of that individual in their prior role. We

only provide additional compensation to individuals for awards forgone. If necessary we will seek to

replicate, as far as practicable, the level and timing of such remuneration, taking into account also any

remaining performance requirements applying to it. This will be achieved by granting awards of cash

or shares that vest over a timeframe similar to those forfeited and, if appropriate, based on

performance conditions. A commensurate reduction in quantum will be applied where it is

determined that the new awards are either not subject to performance conditions or subject to

performance conditions that are not as stretching as those of the awards forfeited. Where it is not

practicable to grant these ‘buy-out’ awards using the GLTI rules submitted to shareholders at the 2023

AGM, the Company may grant these awards using bespoke arrangements.

Service contracts of Executive Directors

Executive Directors’ contracts have rolling terms and can be terminated with no more than 12 months’

notice.

The key elements of the service contract for Executive Directors relate to remuneration, payments

on loss of office (see next page), and restrictions during active employment (and for 12 months

thereafter). These restrictions include non-competition and non-solicitation of customers

and employees.

Treatment of corporate events

All of the Company’s share plans contain provisions relating to a change of control of the Company.

Outstanding awards and options would normally vest and become exercisable on a change of control

taking into account, in respect of GLTI awards, the extent to which, in the Remuneration Committee’s

opinion, any relevant performance conditions are satisfied, the Company’s and the Executive

Director’s performance, any other relevant factors and, unless the Remuneration Committee

determines otherwise, the proportion of the vesting period that has elapsed.

In the event of a demerger, distribution (other than an ordinary dividend) or other transaction which

would affect the current or future value of any award, the Remuneration Committee may allow awards

to vest on the same basis as for a change of control described above. Alternatively, an adjustment may

be made to the number of shares if considered appropriate.

Salary, Benefits, and Pension

Annual Bonus

Long-Term Incentive

Maximum

(assuming 50%

share price growth)

Maximum

Mid-point

Fixed

£000

Margherita Della Valle

Group Chief Executive and Chief Financial Officer

22%

19%

59%

14%

25%

61%

10%

19%

71%

6,401

10,151

13,276

1,401

![](data:image/svg+xml;base64,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)

112

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Strategic report

Governance

Financials

Other information

Remuneration Policy

continued

Payments for departing Executive Directors

In the table below we summarise the key elements of our Remuneration Policy on payments for loss of

office. We will always comply both with the relevant plan rules and local employment legislation. The

Remuneration Committee may make any statutory payment that is required in any relevant jurisdiction.

Provision

Policy

Notice period and

compensation for

loss of office in

service contracts

–

12 months’ notice from the Company to the Executive Director.

–

Up to 12 months’ base salary and contractual benefits (in line with the notice

period). Notice period payments will either be made as normal (if the Executive

Director continues to work during the notice period or is on gardening leave) or

they will be made as monthly payments in lieu of notice (subject to mitigation if

alternative employment is obtained).

Treatment of

annual bonus

(‘GSTIP’) on

termination

under plan rules

–

The annual bonus may be pro-rated for the period of service during the financial

year and will reflect the extent to which Company performance has been achieved.

The annual bonus may be paid in such proportions of cash and shares, and subject

to such deferral arrangements, as the Remuneration Committee may determine.

–

The Remuneration Committee has discretion to adjust the entitlement to an annual

bonus to reflect the individual’s performance and the circumstances of the termination.

Treatment of

unvested long-

term incentive

awards (‘GLTI’)

on termination

under plan rules

–

Normally, unvested GLTI awards will lapse when an Executive Director leaves the Group.

However, an Executive Director’s award will vest in accordance with the terms of the

plan to the extent determined by the Remuneration Committee taking into account

applicable performance conditions, the underlying performance of the Company and

of the Executive Director and any other relevant factors, if the Executive Director dies in

service or leaves because of their ill health, injury, disability, redundancy or retirement,

or the sale of their employing company or business out of the Group or for any other

reason determined by the Remuneration Committee, more than five months after the

month in which the award is granted. The Remuneration Committee has discretion

to determine whether the award will vest at the normal vesting date or earlier. The

Remuneration Committee will determine the satisfaction of performance conditions

applicable to the award. Awards will, unless the Remuneration Committee determines

otherwise, be pro-rated for the proportion of the vesting period that had elapsed at the

date the Executive Director leaves the Group.

–

The Remuneration Committee has discretion to vary the level of vesting as

deemed appropriate, and in particular to determine that awards should not vest

for reasons which may include, at their absolute discretion, departure in case of

poor performance, departure without the agreement of the Board, or detrimental

competitive activity.

Pension and

benefits

–

Generally pension and benefit provisions will continue to apply until the

termination date.

–

Where appropriate other benefits may be receivable, such as (but not limited to)

payments in lieu of accrued holiday, legal fees, tax advice costs in relation to the

termination and outplacement support.

–

Benefits of relatively small value may continue after termination where

appropriate, such as (but not limited to) mobile phone provision.

In exceptional circumstances, an arrangement may be established specifically to facilitate the exit

of a particular individual albeit that any such arrangement would be made within the context

of minimising the cost to the Group. We will only take such a course of action in exceptional

circumstances and where it is considered to be in the best interests of shareholders.

Chair and Non-Executive Directors’ remuneration

Our policy is for the Chair to review the remuneration of Non-Executive Directors annually

following consultation with the Remuneration Committee Chair. Fees for the Chair are set by the

Remuneration Committee.

Element

Policy

Fees

–

We aim to pay competitively for the role including consideration of the time

commitment required. We benchmark the fees against an appropriate external

comparator group. We pay a fee to our Chair which includes fees for chair of

any committees. We pay a fee to each of our other Non-Executive Directors

and they may receive an additional fee if they chair or are a member of a

committee and/or hold the position of Senior Independent Director (although

the Remuneration Committee does not currently intend to award additional fees

for serving on a Board committee, other than for chairing that committee). Non-

Executive Directors’ fee levels are set within the maximum level as approved by

shareholders as part of our Articles of Association. We review the structure of fees

from time to time and may, as appropriate, make changes to the manner in which

total fees are structured, including but not limited to any additional chair

or membership fees.

Allowances

–

Under a legacy arrangement, an allowance is payable each time certain non-

Europe-based Non-Executive Directors are required to travel to attend Board and

committee meetings to reflect the additional time commitment involved.

Incentives

–

Non-Executive Directors do not participate in any incentive plans.

Benefits

–

Non-Executive Directors do not participate in any benefit plans. The Company

does not provide any contribution to their pension arrangements. The Chair is

entitled to the use of a car and a driver whenever and wherever they are providing

their services to or representing the Company. We have been advised that for

Non-Executive Directors, certain travel and accommodation expenses in relation

to attending Board meetings should be treated as a taxable benefit, therefore we

also cover the tax liability for these expenses.

Non-Executive Director letters of appointment

Non-Executive Directors are engaged on letters of appointment that set out their duties and

responsibilities. The appointment of Non-Executive Directors may be terminated without

compensation. Non-Executive Directors are generally not expected to serve for a period exceeding

nine years. For further information refer to the Nominations and Governance Committee section of

the Annual Report.

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Vodafone Group Plc

Annual Report 2025

113

Strategic report

Governance

Financials

Other information

Our US listing requirements

As Vodafone’s American Depositary Shares are listed on The NASDAQ Global Select Market of the

NASDAQ Stock Market LLC (‘NASDAQ’), we are required to disclose a summary of any significant

differences between the corporate governance practices we follow and those of US companies listed

on NASDAQ. Vodafone’s corporate governance practices are primarily based on UK requirements

but substantially conform to those required of US companies listed on NASDAQ.

The material differences are set out in the following table:

Board member independence

Different tests of independence for Board members are applied under

the 2018 UK Corporate Governance Code (the ‘Code’) and the NASDAQ

listing rules (the ‘NASDAQ Listing Rules’). The Board is not required to

take into consideration NASDAQ’s detailed definitions of independence

as set out in the NASDAQ Listing Rules. The Board has carried out an

assessment based on the independence requirements of the Code and

has determined that, in its judgement, with the exception of Hatem

Dowidar, each of Vodafone’s Non-Executive Directors is independent

within the meaning of those requirements.

Committees

The NASDAQ Listing Rules require US companies to have a nominations

committee, an audit committee and a compensation committee, each

composed entirely of independent directors, with the nominations

committee and the audit committee each required to have a written

charter that addresses the committee’s purpose and responsibilities,

and the compensation committee having sole authority and adequate

funding to engage compensation consultants, independent legal counsel

and other compensation advisers.

–

Our Nominations and Governance Committee is chaired by the Chair

of the Board and based on the independence requirements of the

Code, with the exception of Hatem Dowidar, its other members are

independent Non-Executive Directors.

–

Our Remuneration Committee is composed entirely of independent

Non-Executive Directors.

–

Our Audit and Risk Committee is composed entirely of Non-

Executive Directors, each of whom (i) the Board has determined to be

independent based on the independence requirements of the Code;

and (ii) meets the independence requirements of the US Securities

Exchange Act of 1934 (the ‘Exchange Act’).

–

We have terms of reference for our Nominations and Governance

Committee, Audit and Risk Committee and Remuneration Committee,

all of which comply with the requirements of the Code and are

available for inspection on our website at vodafone.com/governance.

–

These terms of reference are generally responsive to the relevant

NASDAQ Listing Rules, but may not address all aspects of these rules.

Code of Ethics and Code of

Conduct

Under the NASDAQ Listing Rules, US companies must adopt a Code of

Conduct applicable to all directors, officers and employees that comply

with the definition of a ‘Code of Ethics’ set out in section 406 of the

Sarbanes-Oxley Act.

–

We have adopted a Code of Ethics that complies with section 406 of

the Sarbanes-Oxley Act that is applicable only to the senior financial

and principal executive officers.

Click to read our Code of Ethics:

vodafone.com/governance

–

We have also adopted a separate Code of Conduct which applies to

all employees.

Quorum

The quorum required for shareholder meetings, in accordance with our

Articles of Association, is two shareholders, regardless of the level of

their aggregate share ownership, while US companies listed on NASDAQ

are required by the NASDAQ Listing Rules to have a minimum quorum of

33.33% of the holders of ordinary shares for shareholder meetings.

Related-party transactions

For related-party transactions that

meet certain financial thresholds

set out in the Listing Rules issued by the Financial Conduct Authority

(‘FCA’) in the UK (the ‘FCA Listing Rules’), if required we will (i) seek

Board approval (excluding conflicted directors) in accordance with the

Companies Act 2006 and our Articles of Association and (ii) obtain

confirmation from a sponsor that the terms of the transaction are “fair

and reasonable”. These steps are similar to what would be required by the

NASDAQ Listing Rules if we were a US company.

Further, we use the definition of a transaction with a related party as set

out in the FCA Listing Rules, which differs in certain respects from the

definition of related party transaction in the NASDAQ Listing Rules.

Shareholder approval

When determining whether shareholder approval is required for a

proposed transaction, we comply with the FCA Listing Rules. Under the

FCA Listing Rules, shareholder approval is required for a reverse takeover

and certain other types of transaction.

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114

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Directors’ Report

The Directors of the Company present

their report together with the audited

consolidated financial statements for

the year ended 31 March 2025.

This report has been prepared in accordance with

the requirements outlined within the Large and

Medium-sized Companies and Groups (Accounts

and Reports) Regulations 2008 and forms part of

the management report as required under

Disclosure Guidance and Transparency Rule (‘DTR’)

4. Certain information that fulfils the requirements

of the Directors’ Report can be found elsewhere

in this document and is referred to below.

This information is incorporated into this Directors’

Report by reference.

Vodafone Group Plc is incorporated and domiciled

in England and Wales (registration number

1833679). The registered address and contact

number of the Company is Vodafone House, The

Connection, Newbury, Berkshire, RG14 2FN,

England, telephone +44 (0)1635 33251.

Responsibility statement

As required under the DTRs, a statement made by

the Board regarding the preparation of the

financial statements is set out on pages

117–118

,

which also provides details regarding the

disclosure of information to the Company’s auditor

and management’s report on internal control over

financial information.

Going concern

The going concern statement required by the

Listing Rules and the UK Corporate Governance

Code (the ‘Code’) is set out in the ‘Directors’

statement of responsibility’ section on page

117

.

System of risk management and

internal control

The Board is responsible for maintaining a risk

management and internal control system and for

managing the principal risks faced by the Group.

Such a system is designed to manage rather than

eliminate business risks and can only provide

reasonable and not absolute assurance against

material mistreatment or loss. This is described in

more detail in the Audit and Risk Committee

Report on pages

86–91

.

The Board has implemented in full the Financial

Reporting Council’s (‘FRC’) ‘Guidance on Risk

Management, Internal Control and Related

Financial and Business Reporting’ for the year

ended 31 March 2025 and up to the date of this

Annual Report. The resulting procedures, which

are subject to regular monitoring and review,

provide an ongoing process for identifying,

evaluating and managing the Company’s principal

risks (which can be found on pages

55–59

.

Corporate Governance Statement

The Corporate Governance Statement setting out

how the Company complies with the Code is set

out on page

73

. This includes a description of the

main features of our internal control and risk

management arrangements in relation to the

financial reporting process. The information

required by DTR 7.2.6R can be found in the

‘Shareholder information’ section on pages

249–254

. A description of the composition and

operation of the Board and its Committees

including the Board Diversity Policy is set out on

page

74

, pages

86–97

and page

106

. The Code

can be viewed in full at frc.org.uk.

Strategic Report

The Strategic Report is set out on pages

1–69

and is incorporated into this Directors’ Report

by reference.

Directors and their interests

The Directors of the Company who served during

the financial year ended 31 March 2025 and up to

the date of signing the financial statements are as

follows: Jean-François van Boxmeer, Margherita

Della Valle, Luka Mucic, Stephen A. Carter CBE,

Delphine Ernotte Cunci, Michel Demaré, Hatem

Dowidar, Deborah Kerr, Maria Amparo Moraleda

Martinez, David Nish, Christine Ramon, Simon

Segars and Simon Dingemans (appointed 1

January 2025). Subject to shareholder approval,

Anne-Françoise Nesmes will be appointed as a

Director of the Company with effect from the

conclusion of the 2025 AGM. A summary of the

rules relating to the appointment and replacement

of Directors and Directors’ powers can be found on

page

224

. Details of the Directors’ interests in the

Company’s ordinary shares, options held over

ordinary shares, interests in share options and

long-term incentive plans are set out on pages

94 –112

.

Directors’ conflicts of interest

Established within the Company is a procedure for

managing and monitoring conflicts of interest for

Directors. Details of this procedure are set out on

page

84

.

Directors’ indemnities

In accordance with our Articles of Association, and

to the extent permitted by law, Directors are

granted an indemnity by the Company in respect

of liability incurred as a result of their office. In

addition, we maintained a directors’ and officers’

liability insurance policy throughout the year.

Neither our indemnity nor the insurance provides

cover in the event that a Director is proven to have

acted dishonestly or fraudulently.

Disclosures required under UK Listing

Rule 6.6.1

The information on the amount of interest

capitalised and the treatment of tax relief can be

found in notes 5 and 6 to the consolidated

financial statements, respectively. The remaining

disclosures required by UK Listing Rule 6.6.1 are

not applicable to Vodafone.

Capital structure and rights attaching

to shares

Ordinary shares of Vodafone Group Plc are traded

on the London Stock Exchange and in the form of

American Depositary Shares (‘ADS’) on NASDAQ.

ADSs, each representing 10 ordinary shares, are

traded on NASDAQ under the symbol ‘VOD’. The

ADSs are evidenced by American Depositary

Receipts (‘ADRs’) issued by J.P. Morgan, as

depositary, under a deposit agreement, dated

15 February 2022 between the Company, the

depositary and the holders from time to time of

ADRs issued thereunder.

ADS holders are not shareholders in the Company

but may instruct J.P. Morgan on the exercise of

voting rights relative to the number of ordinary

shares represented by their ADSs. See the sections

‘Articles of Association and applicable English law’

and ‘Rights attaching to the Company’s shares –

Voting rights’ on pages

224–225

.

All information relating to the Company’s capital

structure, rights attaching to shares, dividends, the

policy to repurchase the Company’s own shares,

details of Company share repurchases and details

of other shareholder information is contained on

pages

27–29

and pages

223–228

.

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Vodafone Group Plc

Annual Report 2025

115

Strategic report

Governance

Financials

Other information

Directors’ Report

continued

Change of control

Details of change of control provisions in the

Company’s revolving credit facilities are set out in

note 22 ‘Capital and financial risk management’.

Information on agreements between the Company

and its Directors providing for compensation for

loss of office or employment (including details of

change of control provisions in share schemes) is

set out on pages

111–112

. Other than these, there

are no agreements between the Company and its

employees providing for compensation for loss of

office or employment that occurs because of a

takeover bid.

Dividends

Full details of the Company’s dividend policy and

proposed final dividend payment for the year

ended 31 March 2025 are set out on page

29

and note 9 ‘Equity dividends’ to the consolidated

financial statements.

Sustainability

Information about the Company’s approach to

sustainability risks and opportunities is set out on

pages

30–53

and on pages

55–60

.

UK Streamlined Energy and Carbon Reporting

In accordance with UK Streamlined Energy and

Carbon Reporting (‘SECR’) requirements, we

monitor and report on the greenhouse gas (‘GHG’)

emissions of our operations, the intensity of our

GHG emissions relative to revenue, and our energy

consumption for Vodafone UK. Please see the

Purpose, Sustainability and Responsible Business

section of our Strategic Report for more details on

our GHG and energy performance (pages

34–36

and our SECR data disclosure (page

53

).

Political donations

No political donations or contributions to political

parties under the Companies Act 2006 were made

during the financial year. The Group policy is that

no political donations be made or political

expenditure incurred.

Financial risk management objectives and

policies

Disclosures relating to financial risk management

objectives and policies, including our policy for

hedging, are set out in note 22 to the consolidated

financial statements, and disclosures relating to

exposure to credit risk, liquidity risk and market

risk are outlined in note 22.

Important events since the end of the

financial year

On 3 June 2025, the planned transaction between

the Group and CK Hutchison Group Telecom

Holdings Limited completed in relation

to the merger of Vodafone and Three in the UK.

Further details can be found in note 33 to the

consolidated financial statements.

There were no other important events affecting

the Company which have occurred since the end

of the financial year.

Future developments within the Group

The Strategic Report contains details of likely

future developments within the Group.

Group policy compliance

Each Group policy is owned by a member of the

Executive Committee so that there is clear

accountability and authority for ensuring the

associated business risk is adequately managed.

Regional Chief Executives and the Senior

Leadership Team member responsible for each

Group function have primary accountability for

ensuring compliance with all Group policies by all

our markets and entities.

Our Group compliance team and policy champions

support the policy owners and local markets in

implementing policies and monitoring compliance.

All the key Group policies have been consolidated

into the Vodafone Code of Conduct, which applies

to all employees and those who work for or on

behalf of Vodafone. It sets out the standards

of behaviour expected in relation to areas such

as insider dealing, bribery and raising concerns

through the whistleblowing process

(known internally as ‘Speak Up’).

Read more on pages

42–43

Branches

The Group, through various subsidiaries, has

branches in a number of different jurisdictions

in which the business operates. Further details

are included in note 31 ‘Related undertakings’.

Employee disclosures

Vodafone is an inclusive employer and diversity is

important to us. We give full and fair consideration

to applications for employment by

disabled persons and the continued employment

of anyone incurring a disability while employed by

us. Training, career development and promotion

opportunities are equally applied for all our

employees, regardless of disability. Our disclosures

relating to the employment of women in senior

management roles, diversity, employee

engagement and policies are set out on page

12

,

pages

15–16

, page

78

, and pages

83–84

.

The Directors’ Report was approved by the

Board and signed on its behalf by the Group

General Counsel and Company Secretary.

Maaike de Bie

Group General Counsel and Company Secretary

3 June 2025

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116

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Reporting on our financial performance

Contents

117

Directors’ statement of responsibility

119

Independent auditor’s report to the members of Vodafone Group Plc

127

Consolidated financial statements

127

Consolidated income statement

127

Consolidated statement of comprehensive

(expense)/income

128

Consolidated statement of financial position

129

Consolidated statement of changes in equity

131

Consolidated statement of cash flows

131

Notes to the consolidated financial statements

131

1.

Basis of preparation

Income statement

138

2.

Revenue disaggregation and segmental analysis

141

3.

Operating (loss)/profit

142

4.

Impairment losses

146

5.

Investment income and financing costs

146

6.

Taxation

151

7.

Discontinued operations and assets held for sale

153

8.

Earnings per share

153

9.

Equity dividends

Financial position

154

10.

Intangible assets

156

11.

Property, plant and equipment

158

12.

Associates and joint arrangements

163

13.

Other investments

164

14.

Trade and other receivables

165

15.

Trade and other payables

166

16.

Provisions

167

17.

Called-up share capital

Cash flows

167

18.

Reconciliation of net cash flow from operating activities

168

19.

Cash and cash equivalents

168

20.

Leases

171

21.

Borrowings

172

22.

Capital and financial risk management

Employee remuneration

180

23.

Directors’ and key management compensation

180

24.

Employees

181

25.

Post-employment benefits

185

26.

Share-based payments

Additional disclosures

186

27.

Acquisitions and disposals

188

28.

Commitments

188

29.

Contingent liabilities and legal proceedings

192

30.

Related party transactions

193

31.

Related undertakings

205

32.

Subsidiaries exempt from audit

205

33.

Subsequent events

206

Company financial statements of Vodafone Group Plc

206

Company statement of financial position of Vodafone Group Plc

206

Company statement of changes in equity of Vodafone Group Plc

207

Notes to the Company financial statements

207

1.

Basis of preparation

209

2.

Fixed assets

210

3.

Debtors

210

4.

Other investments

210

5.

Creditors

211

6.

Called-up share capital

211

7.

Share-based payments

211

8.

Reserves

211

9.

Equity dividends

212

10.

Contingent liabilities and legal proceedings

212

11.

Other matters

213

Non-GAAP measures (unaudited information)

222

Additional information (unaudited information)

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Vodafone Group Plc

Annual Report 2025

117

Strategic report

Governance

Financials

Other information

Directors’ statement of responsibility

The Directors are responsible for

preparing the financial statements in

accordance with applicable law and

regulations and for keeping proper

accounting records. Detailed below

are statements made by the Directors

in relation to their responsibilities,

disclosure of information to the

Company’s auditor, going concern

and management’s report on internal

control over financial reporting.

Financial statements and

accounting records

Company law of England and Wales requires the

Directors to prepare financial statements for each

financial year that give a true and fair view of the

state of affairs of the Company and of the Group at

the end of the financial year and of the profit or

loss of the Group for that period. In preparing those

financial statements, the Directors are required to:

–

Select suitable accounting policies and apply

them consistently;

–

Make judgements and estimates that are

reasonable and prudent;

–

Present information, including accounting

policies, in a manner that provides relevant,

reliable, comparable and understandable

information;

–

State whether the consolidated financial

statements have been prepared in accordance

with UK-adopted International Accounting

Standards (‘IAS’), with International Financial

Reporting Standards (‘IFRS’) as issued by the

International Accounting Standards Board

(‘IASB’) and with the requirements of the UK

Companies Act 2006 (the ‘Act’);

–

State for the Company’s financial statements

whether applicable UK accounting standards

have been followed; and

–

Prepare the financial statements on a going

concern basis unless it is inappropriate to

presume that the Company and the Group

will continue in business.

The Directors are responsible for keeping proper

accounting records that disclose with reasonable

accuracy at any time the financial position of the

Company and of the Group and enable them to

ensure that the financial statements are prepared

in accordance with UK-adopted IAS, with IFRS as

issued by the IASB and with the requirements of

the Act. They are also responsible for the system

of internal control, for safeguarding the assets of

the Company and the Group, and for taking

reasonable steps for the prevention and detection

of fraud and other irregularities.

The Directors are responsible for the maintenance

and integrity of the Company’s website. Legislation

in the United Kingdom governing the preparation

and dissemination of financial statements may

differ from legislation in other jurisdictions.

Directors’ responsibility statement

Each of the Directors, whose names and functions

are listed on pages

73

to

76

, confirms that, to the

best of their knowledge:

–

The consolidated financial statements, prepared

in accordance with UK-adopted IAS, with IFRS

as issued by the IASB and with the requirements

of the Act, give a true and fair view of the assets,

liabilities, financial position and profit of the Group;

–

The parent company financial statements,

prepared in accordance with UK generally

accepted accounting practice, give a true and

fair view of the assets, liabilities, financial

position and profit of the Company; and

–

The Strategic Report includes a fair review of the

development and performance of the business

and the position of the Group, together with

a description and robust assessment of the

principal risks and uncertainties that it faces.

The Directors are also responsible under section

172 of the Companies Act 2006 for promoting the

success of the Company for the benefit of its

members as a whole and in doing so have regard

for the needs of wider society and stakeholders,

including customers, consistent with the Group’s

core and sustainable business objectives.

Having taken advice from the Audit and Risk

Committee, the Board considers the Annual

Report, taken as a whole, is fair, balanced and

understandable and that it provides the

information necessary for shareholders to assess

the Company’s position and performance, business

model and strategy.

Neither the Company nor the Directors accepts

any liability to any person in relation to the Annual

Report except to the extent that such liability

could arise under English law. Accordingly, any

liability to a person who has demonstrated reliance

on any untrue or misleading statement or omission

shall be determined in accordance with section

90A and schedule 10A of the Financial Services

and Markets Act 2000.

Disclosure of information to the auditors

Having made the requisite enquiries, so far as the

Directors are aware, there is no relevant audit

information (as defined by section 418(3) of the

Companies Act 2006) of which the Company’s

auditor is unaware and the Directors have taken

all the steps they ought to have taken to make

themselves aware of any relevant audit information

and to establish that the Company’s auditor is

aware of that information.

Going concern

The Group’s business activities, performance,

position, principal risks and uncertainties and the

Directors’ assessment of its long-term viability

are set out on page

59

.

In addition, the funding position of the Group is

included in ‘Borrowings’ and ‘Capital and financial

risk management’ in notes 21 and 22, respectively,

to the consolidated financial statements. Notes 21

and 22 include disclosure in relation to the Group’s

objectives, policies and processes for managing, as

well as details regarding its capital, its financial risk

management objectives, its financial instruments

and hedging activities, and its exposures to credit

risk and liquidity risk. As noted on pages

172–173

,

the Group has access to substantial cash and

financing facilities.

The Group also believes it adequately manages or

mitigates its solvency and liquidity risks through

two primary processes, described below.

Business planning process and

performance management

The Group’s forecasting and planning cycle

consists of in-year forecasts, a budget and a

long-range plan. These generate income

statement, cash flow and borrowings projections

for assessment by Group management and the

Board. Each forecast is compared with prior

forecasts and actual results to identify variances

and understand the drivers of the changes and

their future impact so management can take

action where appropriate. Additional analysis is

undertaken to review and sense check the key

assumptions underpinning the forecasts. These

forecasts are also used to review the expected

outcomes of announced M&A transactions.

![](data:image/svg+xml;base64,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)

118

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Cash flow and liquidity reviews

The business planning process provides outputs

for detailed cash flow and liquidity reviews, to

ensure that the Group maintains adequate liquidity

throughout the forecast periods. The prime output

is a liquidity forecast that is prepared and updated

at least on a monthly basis, which highlights the

extent of the Group’s liquidity based on controlled

cash flows and the headroom under the Group’s

undrawn revolving credit facility. The key inputs

into this forecast are:

–

Cash flow forecasts with information taken from

the business planning process;

–

Bond and other debt maturities;

–

Completion of committed M&A transactions; and

–

Expectations for shareholder returns and

spectrum auctions.

The liquidity forecast is reviewed by the Group

Chief Financial Officer and included in each of the

reports to the Board. In addition, the Group

continues to manage its foreign exchange and

interest rate risks within the framework of policies

and guidelines authorised and reviewed by the

Board, with Treasury risk management oversight

provided by the responsible committee with its

members receiving management information

relating to treasury activities on a quarterly basis.

The Directors have also considered sensitivities

in respect of potential downside scenarios in

concluding that the Group is able to continue

in operation for the period to 30 June 2026 from

the date of approving the consolidated financial

statements. These sensitivities include the

non-refinancing of debt maturities, A reverse stress

test was reviewed to understand how severe

conditions would have to be to breach liquidity,

including a required reduction in profitability

metrics compared to current performance

and forecasts. The availability of the Group’s

€7.8 billion undrawn revolving credit facilities as at

31 March 2025 was also considered by the Directors.

The Directors also considered the findings of the

work performed to support the statement on the

long-term viability of the Group. As noted on page

59

, this included key changes to relevant principal

risks in light of global economic and political

uncertainty, sensitivity analysis, scenario

assessments, and combinations of these,

over the viability assessment period.

Conclusion

Based on the review, the Directors have a

reasonable expectation that the Company and the

Group have adequate resources to continue in

operational existence for the foreseeable future.

Accordingly, the Directors continue to adopt the

going concern basis in preparing the Annual

Report and Accounts.

Controls over financial reporting

Management is responsible for establishing and

maintaining adequate internal control over

financial reporting for the Group.

The Group’s internal control over financial

reporting includes policies and procedures that:

–

Pertain to the maintenance of records that, in

reasonable detail, accurately and fairly reflect

transactions and dispositions of assets;

–

Are designed to provide reasonable assurance

that transactions are recorded as necessary to

permit the preparation of financial statements in

accordance with UK-adopted IAS, with IFRS as

issued by the IASB and with the requirements

of the Act, and that receipts and expenditures

are being made only in accordance with

authorisation of management and the Directors

of the Company; and

–

Provide reasonable assurance regarding

prevention or timely detection of unauthorised

acquisition, use or disposition of the Group’s

assets that could have a material effect on the

financial statements.

During the year covered by this report, there were

no changes in the Group’s internal control over

financial reporting that have materially affected

or are reasonably likely to materially affect

the effectiveness of the internal controls over

financial reporting.

Any internal control framework, no matter how

well designed, has inherent limitations including

the possibility of human error and the

circumvention or overriding of the controls and

procedures, and may not prevent or detect

misstatements. Furthermore, projections of any

evaluation of effectiveness to future periods are

subject to the risk that controls may become

inadequate because of changes in conditions

or because the degree of compliance with the

policies or procedures may deteriorate.

By order of the Board

Maaike de Bie

Group General Counsel and Company Secretary

3 June 2025

Directors’ statement of responsibility

continued

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Vodafone Group Plc

Annual Report 2025

119

Strategic report

Governance

Financials

Other information

Independent auditor’s report to the members of Vodafone Group Plc

Opinion

In our opinion:

–

Vodafone Group Plc’s consolidated financial statements and Parent company financial statements

(the “financial statements”) give a true and fair view of the state of the Group’s and of the Parent

company’s affairs as at 31 March 2025 and of the Group’s loss for the year then ended;

–

the consolidated financial statements have been properly prepared in accordance with UK adopted

international accounting standards;

–

the Parent company financial statements have been properly prepared in accordance with United

Kingdom Generally Accepted Accounting Practice; and

–

the financial statements have been prepared in accordance with the requirements of the Companies

Act 2006.

We have audited the financial statements of Vodafone Group Plc (the ‘Parent company’ or ‘Company’)

and its subsidiaries (the ‘Group’) for the year ended 31 March 2025 which comprise:

Group

Parent company

Consolidated statement of financial position as

at 31 March 2025

Company statement of financial position as

at 31 March 2025

Consolidated income statement for the year

then ended

Company statement of changes in equity for the

year then ended

Consolidated statement of comprehensive

(expense) / income for the year then ended

Related notes 1 to 11 to the Company financial

statements including material accounting policy

information

Consolidated statement of changes in equity

for the year then ended

Consolidated statement of cash flows for the

year then ended

Related notes 1 to 33 to the financial statements,

including material accounting policy information

The financial reporting framework that has been applied in the preparation of the consolidated financial

statements is applicable law and UK adopted international accounting standards. The financial reporting

framework that has been applied in the preparation of the Company financial statements is applicable

law and United Kingdom Accounting Standards, including FRS 101 “Reduced Disclosure Framework”

(United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and

applicable law. Our responsibilities under those standards are further described in the Auditor’s

responsibilities for the audit of the financial statements section of our report. We believe that the audit

evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We are independent of the Group and Parent company in accordance with the ethical requirements that

are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard as

applied to listed public interest entities, and we have fulfilled our other ethical responsibilities in

accordance with these requirements.

The non-audit services prohibited by the FRC’s Ethical Standard were not provided to the Group or the

Parent company and we remain independent of the Group and the Parent company in conducting the audit.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern

basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the

directors’ assessment of the Group and Parent company’s ability to continue to adopt the going

concern basis of accounting included:

–

confirming our understanding of the directors’ going concern assessment process, including the

controls over the review and approval of the budget and long-range plan;

–

assessing the appropriateness of the duration of the going concern assessment period to 30 June 2026

(“the going concern assessment period”) and considering the existence of any significant events or

conditions beyond this period based on our procedures on the Group’s long-range plan and knowledge

arising from other areas of the audit;

–

verifying inputs against board-approved forecasts and debt facility terms and reconciling the opening

liquidity position to the balance sheet at 31 March 2025;

–

reviewing borrowing facilities to confirm both their availability to the Group and the forecast debt

repayments through the going concern assessment period and to validate that there are no financial

covenants in relation to any of the borrowing facilities;

–

understanding and evaluating the appropriateness of management’s model, including testing

the assessment, including forecast liquidity, for clerical accuracy;

–

challenging whether sensitivities in respect of potential downside scenarios were reasonable and

appropriately severe, in light of the Group’s relevant principal risks and uncertainties and our own

independent assessment of those risks;

–

evaluating management’s historical forecasting accuracy and the consistency of the going concern

assessment with information obtained from other areas of the audit, such as our audit procedures

on the long-range plans, which underpin management’s goodwill impairment assessments and

our procedures in relation to the businesses classified within discontinued operations;

–

evaluating the impact of the subsequent event relating to the merger with Three UK and Vodafone

UK on the Group’s net debt and forecast cash flows;

–

evaluating the identified mitigating actions available to respond to a severe downside scenario,

and whether those actions are feasible and within the Group’s control;

–

reviewing management’s reverse stress test to understand how severe conditions would have to be

to breach liquidity and whether the required reduction in profitability metrics has no more than

a remote possibility of occurring when compared to current performance and forecasts;

–

performing independent sensitivity analysis on management’s assumptions, including applying

incremental adverse cashflow sensitivities. These sensitivities included the impact of certain severe

but plausible scenarios, evaluated as part of management’s work on the Group’s long-term viability

materialising within the going concern assessment period; and

–

reviewing the Group and Parent company’s going concern disclosures included on page

117

of the

Annual Report to assess that the disclosures are consistent with the basis upon which the Board have

concluded, and in conformity with the reporting standards.

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120

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Independent auditor’s report to the members of Vodafone Group Plc

continued

Our key observations

–

The directors’ assessment forecasts that the Group will maintain sufficient liquidity throughout the

going concern assessment period. This included the scenario of non-refinancing of certain debt

maturities in the assessment period and also the continuing availability of the Group’s €7.8 billion

revolving credit facilities, undrawn as at 31 March 2025.

–

Furthermore, management’s reverse stress test to model the extent of reduction in profitability

compared to forecasts required to breach liquidity during the going concern assessment period

is considered by management to have only a remote possibility of occurring.

–

The controllable identified mitigating actions available to increase liquidity over the going concern

assessment period were not modelled by management due to the level of headroom in the directors’

assessment forecasts.

Based on the work we have performed, we have not identified any material uncertainties relating

to events or conditions that, individually or collectively, may cast significant doubt on the Group and

Parent company’s ability to continue as a going concern for a period from when the financial statements

are authorised for issue to 30 June 2026.

In relation to the Group and Parent company’s reporting on how they have applied the UK Corporate

Governance Code, we have nothing material to add or draw attention to in relation to the directors’

statement in the financial statements about whether the directors considered it appropriate to adopt

the going concern basis of accounting.

Our responsibilities and the responsibilities of the directors with respect to going concern are described

in the relevant sections of this report. However, because not all future events or conditions can be

predicted, this statement is not a guarantee as to the Group’s ability to continue as a going concern.

Overview of our audit approach

Audit scope

–

We performed an audit of the complete financial information of 7 components

and audit procedures on specific balances for a further 6 components.

We also performed specified audit procedures on certain accounts on 3

additional components.

–

We performed certain central procedures on financial statement line items

as detailed in the “Tailoring the scope” section below.

Key audit matters

–

Carrying value of cash generating units, including goodwill – Germany.

–

Recognition and recoverability of deferred tax assets on tax losses –

Luxembourg and the UK.

–

Revenue recognition.

Materiality

–

Overall Group materiality of €215m (FY24: €220m) has been calculated based

on the Group’s Adjusted EBITDAaL. This represents approximately 2% of the

Group’s Adjusted EBITDAaL.

An overview of the scope of the Parent company and Group audits

Tailoring the scope

In the current year our audit scoping has been updated to reflect the new requirements of ISA (UK) 600

(Revised). We have followed a risk-based approach when developing our audit approach to obtain

sufficient appropriate audit evidence on which to base our audit opinion. We performed risk assessment

procedures, with input from our component auditors, to identify and assess risks of material

misstatement of the consolidated financial statements and identified significant accounts and

disclosures. When identifying components at which audit work needed to be performed to respond to

the identified risks of material misstatement of the consolidated financial statements, we considered our

understanding of the Group and its business environment, the potential impact of climate change, the

applicable financial reporting framework, the Group’s system of internal control at the entity level, the

existence of centralised processes, applications and any relevant internal audit results.

The goodwill balance was audited centrally by the Group audit team. In addition, we determined that

certain centralised audit procedures would be performed on investments in associates and joint ventures,

other investments, deferred tax assets, post-employment benefits, derivative financial instruments

(classified within trade and other receivables and trade and other payables), taxation recoverable, cash

and cash equivalents, equity, borrowings, deferred tax liabilities, taxation liabilities, roaming revenue

(classified within revenue), other income, investment income, financing costs and discontinued

operations. For these audit areas, audit procedures were also performed by the Group audit team with

input from Component audit teams.

Vodafone has centralised processes and controls over certain areas within its Vodafone Intelligent

Solutions (“VOIS”) finance shared service centre locations. The Group audit team and our audit teams at

VOIS form an integrated audit team to perform centralised testing for certain controls and accounts,

including procedures on property, plant and equipment, other intangible assets and centralised purchase

to pay processes (impacting trade and other payables, cost of sales, selling and distribution expenses and

administrative expenses).

We then identified 13 components as individually relevant to the Group due to our assessment of risks of

material misstatement or a significant risk impacting the consolidated financial statements. We also

considered the materiality of the components relative to the Group.

For those individually relevant components, we identified the significant accounts where audit work

needed to be performed at these components by applying professional judgement, having considered

the Group significant accounts on which centralised procedures would be performed, the reasons for

identifying the component as an individually relevant component and the size of the component’s

account balance relative to the Group significant financial statement account balance.

We then considered whether the remaining Group significant account balances not yet subject to audit

procedures, in aggregate, could give rise to a risk of material misstatement of the consolidated financial

statements. We selected 3 components of the group to include in our audit scope to address these risks.

Having identified the components for which work would be performed, we determined the scope to

assign to each component.

Of the 16 components selected, we designed and performed audit procedures on the entire financial

information of 7 components (“full scope components”). For 6 components, we designed and performed

audit procedures on specific significant financial statement account balances or disclosures of the

![](data:image/svg+xml;base64,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)

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Governance

Financials

Other information

Independent auditor’s report to the members of Vodafone Group Plc

continued

financial information of the component (“specific scope components”). For the remaining 3 components,

we performed specified audit procedures to obtain evidence for one or more relevant assertions on

specific account balances.

Our scoping to address the risk of material misstatement for each key audit matter is set out in the Key

audit matters section of the report.

Involvement with component teams

In establishing our overall approach to the Group audit, we determined the type of work that needed to

be undertaken at each of the components by us, as the Group audit engagement team, or by component

auditors operating under our instruction. Of the 7 full scope components, audit procedures were

performed on 2 of these directly by the Group audit team with the remaining 5 being performed by

component audit teams. For the 6 specific scope components, the audit procedures were performed on

4 of these directly by the Group audit team with the remaining 2 being performed by component audit

teams. For the 3 specified procedures scope components, audit procedures were performed directly by

the Group audit team for 2 components and by a component audit team for the remaining component.

Where the work was performed by component auditors, we determined the appropriate level of involvement

to enable us to determine that sufficient audit evidence had been obtained as a basis for our opinion on

the consolidated financial statements as a whole.

The Group audit team continued to follow a programme of planned visits that has been designed to

ensure that the Senior Statutory Auditor, or another Group audit partner, visits all full and specific scope

locations each year. During the current year’s audit cycle, visits were undertaken by the Group audit team

to the component teams in Germany, UK, South Africa, Türkiye and Egypt as well as to VOIS in India.

These visits involved meetings with local management, understanding the overall audit approach,

including key issues and responses as well as reviewing key work papers on risk areas. The Senior

Statutory Auditor, also remotely attended audit closing meetings with component teams and

management of all full scope and specific scope locations.

The Group audit team interacted regularly with the component teams where appropriate, during various

stages of the audit, were responsible for the scope and direction of the audit process and reviewed

relevant working papers. Where relevant, the section on key audit matters details the level of

involvement we had with component auditors to enable us to determine that sufficient audit evidence

had been obtained as a basis for our opinion on the Group as a whole.

This, together with the additional procedures performed at Group level, gave us appropriate evidence for

our opinion on the consolidated financial statements.

Climate change

Stakeholders are increasingly interested in how climate change will impact Vodafone Group Plc. The

Group has determined that the most significant future impacts from climate change on its operations will

be from its Planet activities and commitments set out on pages

34

to

38

and the material climate-related

physical and transitional risks explained on pages

61

to

66

in the required Task Force for Climate related

Financial Disclosures, both of which form part of the “Other information,” rather than the audited

consolidated financial statements. Our procedures on these unaudited disclosures therefore consisted

solely of considering whether they are materially inconsistent with the financial statements or our

knowledge obtained in the course of the audit or otherwise appear to be materially misstated, in line with

our responsibilities on “Other information”.

In planning and performing our audit we assessed the potential impacts of climate change on the Group’s

business and any consequential material impact on its financial statements.

The Group has explained in Note 1

Basis of Preparation

to the consolidated financial statements,

environmental, regulatory and other factors responsive to climate change risks are still developing, and

are outside of the Group’s control, and consequently financial statements cannot capture all possible

future outcomes as these are not yet known. The degree of certainty of these changes may also mean

that they cannot be taken into account when determining asset and liability valuations and the timing

of future cash flows under the requirements of UK adopted international accounting standards. The

significant accounting estimates and judgements assessed by management to be potentially impacted

by climate risks have been described in Note 1.

Our audit effort in considering the impact of climate change on the consolidated financial statements

was focused on evaluating management’s assessment of the impact of climate risk, physical and

transition, their climate commitments, the effects of material climate risks disclosed on pages

61

to

66

and the significant judgements and estimates disclosed in note 1 and whether these have been

appropriately reflected in asset values and associated disclosures where values are determined through

modelling future cash flows, being ‘Goodwill’, ‘Other intangible assets’ and ‘Deferred tax assets’, and in

the timing and nature of liabilities recognised, being ‘Asset Retirement Obligations’. As part of this

evaluation, we performed our own risk assessment, supported by our climate change internal specialists,

to determine the risks of material misstatement in the financial statements from climate change which

needed to be considered in our audit.

We also challenged the Directors’ considerations of climate change risks in their assessment of going

concern and viability and associated disclosures. Where considerations of climate change were relevant

to our assessment of going concern, these are described above.

Based on our work we have not identified the impact of climate change on the financial statements to

be a key audit matter or to materially impact a key audit matter.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our

audit of the financial statements of the current period and include the most significant assessed risks of

material misstatement (whether or not due to fraud) that we identified. These matters included those

which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and

directing the efforts of the engagement team. These matters were addressed in the context of our audit

of the financial statements as a whole, and in our opinion thereon, and we do not provide a separate

opinion on these matters.

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Financials

Other information

Independent auditor’s report to the members of Vodafone Group Plc

continued

Risk

Carrying value of cash generating units, including goodwill – Germany

As more fully described in Note 4 to the consolidated financial statements, in accordance with IAS 36

Impairment of Assets, the Group calculates the value in use (‘VIU’) for cash generating units (‘CGUs’) to

determine whether an adjustment to the carrying value of the CGU, and therefore, goodwill, is required.

As at 31 March 2025, the Group has recorded €20,514 million (FY24: €24,956 million) of goodwill,

including €15,985 (FY24: €20,335 million) in respect of Germany. The carrying value is stated after

recording an impairment charge of €4,350 million in the year in respect of the German CGU.

The Group’s assessment of the VIU of its CGUs involves estimation about the future performance of the

local market businesses. In particular, the determination of the VIU for Germany was sensitive to the

significant assumptions of projected adjusted EBITDAaL growth, projected capital expenditure, the

long-term growth rate, and the discount rate.

Auditing the Group’s annual impairment test for the Germany CGU was complex and involved significant

auditor judgement, given the estimation uncertainty related to the significant assumptions described

above and the sensitivity to fluctuations in those assumptions, as well as market specific factors.

Our response to the risk

We obtained an understanding, evaluated the design and tested the operating effectiveness of controls

over the Group’s goodwill impairment review process, including, for example, management’s controls

over the significant assumptions described above.

We evaluated, with the help of EY valuation specialists, the methodology applied in the Germany VIU

model, as compared to the requirements of IAS 36, including the mathematical accuracy of

management’s model. We performed procedures to assess the significant assumptions used in the

Germany VIU model, including:

–

evaluating projected adjusted EBITDAaL growth, for example by comparing underlying assumptions

including Average Revenue Per User (‘ARPU’) to external data, such as economic and industry

forecasts and competitor data for the German telecoms market, supporting evidence provided by

management (e.g. supporting contracts and benchmarking), and for consistency with evidence

obtained from other areas of our audit, including, for example, the results of our procedures described

in ‘Recognition and recoverability of deferred tax assets on tax losses in Luxembourg and the UK’ below;

–

comparing the cash flow projections used in the Germany VIU model to the Long-Range Plan approved

by the Group’s Board of Directors as part of their annual budgeting exercise and evaluating the

historical accuracy of management’s German business plans, which underpin the VIU model, by

comparing the prior years’ forecast to actual results for each of the last five years;

–

comparing forecast eligible capital expenditure to actual historical spend, assessing market specific

events such as fibre and 5G roll-out and industry analysis and competitor data, where available;with

the support of EY valuation specialists, comparing the long-term growth rate and discount rate

assumptions to EY independently determined ranges;

–

performing sensitivity analyses on the VIU model, to evaluate the impact that changes in assumptions

would cause to the impairment of the Germany CGU; and

–

in considering the existence of contrary evidence, for management’s assessment of implied

recoverable value, we compared the Germany CGU EBITDAaL multiple to market listed peers and

considered independent analyst valuations for the Germany CGU, where available.

We also assessed the adequacy of the related disclosures provided in Note 4 of the consolidated financial

statements, in particular the sensitivity disclosures in relation to reasonably possible changes in

assumptions on the impairment recorded.

Key observations communicated to the Audit and Risk Committee

We agree with management’s conclusion that an impairment charge of €4,350m was required to be

recognised in the year in respect of the Germany CGU.

The disclosures in Note 4 of the consolidated financial statements in respect of the Germany CGU are

consistent with the requirements of IAS 36 including the sensitivity disclosures.

How we scoped our audit to respond to the risk and involvement with component teams

The recoverability of the Group’s Germany CGU carrying value was audited centrally by the Group audit

team with support from the component audit team on certain procedures at the local market level.

Risk

Recognition and recoverability of deferred tax assets on tax losses – Luxembourg and the UK

As more fully described in Note 6 to the consolidated financial statements, the Group recognises

deferred tax assets in accordance with IAS 12 Income Taxes, based on whether management judges that

it is probable that there will be sufficient taxable profits in the relevant legal entity or tax group to allow

the recognised asset to be recovered.

Deferred tax assets are recognised of €15,563 million (FY24: €16,714 million) in Luxembourg in respect of

losses and €2,566 million (FY24: €2,485 million) in the UK primarily in respect of excess capital allowances.

Management concluded it is probable that the related entities will continue to generate taxable profits in

the future against which the deferred tax assets will be recovered over a period of 47 to 52 years (FY24: 52 to

57 years) in Luxembourg and 46 years (FY24: 27 years) in the UK.

The nature of the respective forecasts impact the timeframe over which the deferred tax assets in

Luxembourg and the UK are expected to be recovered.

–

The Luxembourg companies’ income is derived from internal financing, procurement and roaming

activities. The forecast future finance income can vary based on forecast interest rates and

intercompany debt levels, in particular with Vodafone Germany.

–

The UK companies’ income is derived from Vodafone UK trading and internal service activities, offset

by debt servicing costs. The forecast future UK trading and service activities can vary based on the

performance of each material entity in the UK tax group.

Auditing the Group’s recognition and recoverability of deferred tax assets in Luxembourg and the UK

is significant to the audit because it involves material amounts, and the judgements and estimates in

relation to future taxable profits and the period of time over which it is expected to utilise these assets,

results in increased estimation uncertainty.

Our response to the risk

Overall procedures in respect of both jurisdictions

We obtained an understanding and evaluated the design effectiveness of management’s controls around

the recognition and recoverability of deferred tax assets in Luxembourg and the UK, including the

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Strategic report

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Other information

Independent auditor’s report to the members of Vodafone Group Plc

continued

calculation of the gross amount of deferred tax assets recorded and the preparation of the prospective

financial information used to determine the Luxembourg and UK entities’ future taxable income.

With the support of tax professionals and tax specialists, our audit procedures included, among others,

assessing the existence of available losses and excess capital allowances, and evaluating management’s

position on the recoverability of the losses and excess capital allowances with respect to local tax law and

tax planning strategies adopted. We also evaluated the nature of reconciling items between forecast

profit before tax and taxable profit and considered their appropriateness in accordance with IAS 12.

We performed sensitivities to understand the impact of changes in key assumptions of forecast taxable

income, on the utilisation timeframe, given the Company does not currently recognise deferred tax

assets which are forecast to be used 60 years beyond the balance sheet date. This also included

considering the appropriateness of the long recovery period, taking into account the track record of

historical profitability, the established market structure for telecoms including high barriers to entry for

new market entrants, the long-dated funding structure and local tax law.

We evaluated the adequacy of the disclosures in respect of the recognition of the deferred tax asset

against the requirements of IAS 12.

Luxembourg specific procedures

Our additional audit procedures included, among others;

–

evaluating the forecast finance income by, on a sample basis, recalculating income with reference to

underlying agreements, comparing future interest rates utilised in the forecasts to relevant external

benchmarks and assessing the assumed projections in intra-group debt levels for consistency with our

understanding of the business and relevant guidance in respect of transfer pricing of financial transactions;

–

assessing whether contrary evidence exists that is not consistent with either management’s stated intention

that the financing structures, as projected, as well as the debt levels in Vodafone Germany, will remain in

place or that it is probable that sufficient future taxable profits will exist in the relevant jurisdictions;

–

evaluating how the assumptions leading to the impairment in the Germany CGU impact Luxembourg’s

forecast interest income from Vodafone Germany, and therefore, the recoverability of the deferred tax

assets in Luxembourg; and

–

assessing the reasonability of forecasted procurement and roaming taxable profits utilised in

management’s assessment, by considering historical forecasting accuracy, changes in pricing models,

and with evidence obtained from other areas of our audit.

UK specific procedures

Our additional audit procedures included, among others;

–

corroborating that the Vodafone UK forecast trading activities used within the deferred tax asset

recognition model are consistent with those used as an input into the going concern, viability

statement, impairment assessment and the information approved by the Board related to

management’s business plans.

–

assessing management’s projected adjusted EBITDAaL growth, for example by comparing underlying

assumptions including ARPU to external data, such as economic and industry forecasts and competitor

data for the UK telecoms market and supporting evidence provided by management (e.g. supporting

contracts and benchmarking);

–

evaluating the reasonability of forecasted income from internal service activities, for example, by

comparing underlying assumptions to historical performance, commercial rationale, the application

of transfer pricing policies and with evidence obtained from other areas of our audit; and

–

evaluating the forecast finance expense, on a sample basis, recalculating the finance expense with

reference to underlying agreements, and consideration of UK Corporate Interest Restrictions.

Key observations communicated to the Audit and Risk Committee

We agree with the recognition of the deferred tax assets in Luxembourg and in the UK and consequently

the long recoverability period, on the basis of forecast profits, which are considered probable. In the case

of Luxembourg, this reflects the commercial rationale and management’s intention to retain current

activities in Luxembourg and the debt levels in Vodafone Germany, over the longer term, and, in respect

of both the UK and Luxembourg, this reflects the track record of historical profitability, the established

market structure for telecoms including high barriers to entry for new market entrants, the long-dated

funding structure and local tax law.

Changes in key assumptions, in particular for Luxembourg, including a plausible reduction in the level

of intra-group debt levels with Germany, could lead to an increase in utilisation period beyond 60 years.

The Group does not currently recognise deferred tax assets which are forecast to be used 60 years

beyond the balance sheet date and consequently, should the assumptions change, a different

conclusion could be reached in respect of the level of deferred tax asset recognised.

We consider that the disclosures included within Note 6 to the consolidated financial statements

acknowledges both the judgement made in respect of the timing and profile of the utilisation of the

losses in the short to medium term and the longer-term uncertainties in relation to the carrying value

of the related deferred tax asset.

How we scoped our audit to respond to the risk and involvement with component teams

Audit procedures on the recognition and recoverability of deferred tax assets on tax losses in Luxembourg

were performed by the Group audit team and its tax professionals, with support from Luxembourg tax and

transfer pricing specialists for certain procedures. Audit procedures on the recognition and recoverability

of deferred tax assets in the UK were performed by the Group audit team and its tax professionals.

Risk

Revenue recognition

As more fully described in Note 2, Note 14 and Note 15 to the consolidated financial statements, the

Group reported revenue of €37,448 million (FY24: €36,717 million), contract assets of €2,969 million

(FY24: €2,863 million) and contract liabilities of €2,228 million (FY24: €1,908 million) for the year ended

or as at 31 March 2025. Management records revenue according to the principles of IFRS 15, Revenue

from Contracts with Customers, including following the 5-step model therein.

We identified a risk of management override through inappropriate manual topside revenue journal entries,

given revenue is a key performance indicator, both in external communication and for management incentives.

We also consider auditing the revenue recorded by the Group to involve greater auditor effort and attention,

due to the multiple IT systems and tools utilised in the initiation, processing and recording of transactions,

which includes a high volume of individually low monetary value transactions. The involvement of IT

professionals was required to determine the audit approach to test and evaluate the relevant data that

was captured and aggregated, and to assess the sufficiency of the audit evidence obtained.

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124

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Annual Report 2025

Strategic report

Governance

Financials

Other information

Independent auditor’s report to the members of Vodafone Group Plc

continued

Our response to the risk

Our audit procedures at full scope and specific scope component locations included, among others

obtaining an understanding of, evaluating the design and testing the operating effectiveness of controls

over the Group’s revenue recognition process, which includes management’s determination of the timing

of revenue recorded. With the support of our IT professionals, we also evaluated the design and tested the

operating effectiveness of controls over the appropriate initiation and flow of transactional data through

the IT systems and tools and the reconciliation of the transactional data to the accounting records.

For significant revenue streams, which include service and equipment revenue, at full and specific scope

locations, our audit procedures included the following, on a sample basis:

–

We used data analytic tools to identify revenue related manual journals posted to the general ledger

and traced these back to underlying source documentation, to evaluate the propriety, completeness

and accuracy of the postings. We also performed analytical procedures to consider the completeness

of journal postings;

–

Where it was deemed to be most effective, at certain components we extended the use of data

analytics. These incremental procedures involved testing full populations of transactions, including

performing a correlation analysis between invoiced revenue, receivables and cash. We performed

targeted audit procedures over items above our testing threshold that did not correlate as expected;

–

In order to support our data analytic approach, we performed a completeness test over the underlying

data to ensure this data reconciled to the financial statements;

–

At components where the above procedures were not used, for the significant revenue billing systems,

we obtained the billing data to general ledger reconciliation, which included the relevant adjustments

to deferred and accrued revenue balances. We reperformed these reconciliations, including assessing

the accuracy of the revenue adjustments by vouching billing data inputs to underlying source

documentation, including contractual agreements where applicable. In addition, we tested the

mathematical accuracy and completeness of the reconciliations and reconciling items above our

testing threshold, including significant revenue postings outside of the billing systems; and

–

We recalculated the revenue recognised to evaluate whether the processing of the revenue

recognition by the Group’s IT systems was materially correct. For multi-element arrangements, we

used contractual data to apply the Group’s accounting policy to allocate transaction price to the

identified performance obligations and recalculate the revenue to be recognised.

We also assessed the adequacy of the Group’s disclosures in respect to the accounting policies on

revenue recognition.

Key observations communicated to the Audit and Risk Committee

Based on the procedures performed, including those in respect of manual adjustments to revenue, we

concluded that revenue has been appropriately recognised in accordance with IFRS 15, in the year ended

31 March 2025.

How we scoped our audit to respond to the risk and involvement with component teams

Our component audit teams performed audit procedures over this risk area in 5 full scope, 2 specific

scope and 1 specified procedure component, which covered 75% of the Group’s revenue. The Group

audit team also performed centralised audit procedures over certain revenue streams which covered 2%

of the Group’s revenue.

For the remaining 23% of revenue, we performed risk assessment, analytical and controls testing

procedures to ensure the risk of material misstatement was sufficiently low. We also performed targeted

journal entry testing procedures to mitigate residual risk of material misstatement.

We held regular discussions with component teams throughout the audit, including in person on site

visits at all locations. We participated in the development of their planned audit strategy for revenue

recognition, reviewed all component deliverables and additional key and supporting workpapers

prepared by the component teams to address the risk identified.

Our application of materiality

We apply the concept of materiality in planning and performing the audit, in evaluating the effect of

identified misstatements on the audit and in forming our audit opinion.

Materiality

The magnitude of an omission or misstatement that, individually or in the aggregate, could reasonably

be expected to influence the economic decisions of the users of the financial statements. Materiality

provides a basis for determining the nature and extent of our audit procedures.

We determined our materiality for the Group to be €215 million (2024: €220 million), which is

approximately 2% (2024: 2%) of Adjusted EBITDAaL. We believe that Adjusted EBITDAaL provides us with

the most relevant performance measure for the continuing business on which to determine materiality,

given the prominence of this metric throughout the Annual Report and consolidated financial

statements, investor presentations, profit metrics focused on by analysts and its alignment to the

management remuneration metric of adjusted EBIT.

We determined materiality for the Parent company to be €421 million (2024: €450 million), which is

approximately 1% (2024: 1%) of the Parent company’s equity. However, since the Parent company was

a full scope component, for accounts that were relevant for the consolidated financial statements,

a performance materiality of €32 million was applied.

Performance materiality

The application of materiality at the individual account or balance level. It is set at an amount to reduce

to an appropriately low level the probability that the aggregate of uncorrected and undetected

misstatements exceeds materiality.

On the basis of our risk assessments, together with our assessment of the effectiveness of the Group’s

overall control environment to prevent or timely detect and correct material errors, our judgement was

that performance materiality was 75% (2024: 75%) of our planning materiality, namely €160m (2024:

€165m).

Audit work was undertaken at component locations for the purpose of responding to the assessed risk of

material misstatement of the consolidated financial statements. The performance materiality set for each

component is based on the relative scale and risk of the component to the Group as a whole and our

assessment of the risk of misstatement at that component. In the current year, the range of performance

materiality allocated to components was €32m to €160m (2024: €33m to €165m).

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125

Strategic report

Governance

Financials

Other information

Independent auditor’s report to the members of Vodafone Group Plc

continued

Reporting threshold

An amount below which identified misstatements are considered as being clearly trivial.

We agreed with the Audit and Risk Committee that we would report to them all uncorrected audit

differences in excess of €11m (2024: €11m), which is set at 5% of materiality, as well as differences below

that threshold that, in our view, warranted reporting on qualitative grounds.

We evaluate any uncorrected misstatements against both the quantitative measures of materiality

discussed above and in light of other relevant qualitative considerations in forming our opinion.

Other information

The other information comprises the information included in the annual report set out on pages

1

to

118

,

other than the financial statements and our auditor’s report thereon. The directors are responsible for the

other information contained within the annual report.

Our opinion on the financial statements does not cover the other information and, except to the extent

otherwise explicitly stated in this report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other

information is materially inconsistent with the financial statements or our knowledge obtained in the

course of the audit or otherwise appears to be materially misstated. If we identify such material

inconsistencies or apparent material misstatements, we are required to determine whether this gives

rise to a material misstatement in the financial statements themselves. If, based on the work we have

performed, we conclude that there is a material misstatement of the other information, we are required

to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, the part of the directors’ remuneration report to be audited has been properly prepared in

accordance with the Companies Act 2006.

In our opinion, based on the work undertaken in the course of the audit:

–

the information given in the strategic report and the directors’ report for the financial year for which

the financial statements are prepared is consistent with the financial statements; and

–

the strategic report and the directors’ report have been prepared in accordance with applicable

legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the Parent company and its

environment obtained in the course of the audit, we have not identified material misstatements in the

strategic report or the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act

2006 requires us to report to you if, in our opinion:

–

adequate accounting records have not been kept by the Parent company, or returns adequate for our

audit have not been received from branches not visited by us; or

–

the Parent company financial statements and the part of the Directors’ Remuneration Report to be

audited are not in agreement with the accounting records and returns; or

–

certain disclosures of directors’ remuneration specified by law are not made; or

–

we have not received all the information and explanations we require for our audit

Corporate Governance Statement

We have reviewed the directors’ statement in relation to going concern, longer-term viability and that

part of the Corporate Governance Statement relating to the Group and Company’s compliance with the

provisions of the UK Corporate Governance Code specified for our review by the UK Listing Rules.

Based on the work undertaken as part of our audit, we have concluded that each of the following

elements of the Corporate Governance Statement is materially consistent with the financial statements

or our knowledge obtained during the audit:

–

Directors’ statement with regards to the appropriateness of adopting the going concern basis of

accounting and any material uncertainties identified set out on page

117

;

–

Directors’ explanation as to its assessment of the Company’s prospects, the period this assessment

covers and why the period is appropriate set out on page

59

;

–

Directors’ statement on whether it has a reasonable expectation that the Group will be able to continue

in operation and meets its liabilities set out on page

59

;

–

Directors’ statement on fair, balanced and understandable set out on page

117

;

–

Board’s confirmation that it has carried out a robust assessment of the emerging and principal risks set

out on page

117

;

–

The section of the annual report that describes the review of effectiveness of risk management and

internal control systems set out on page

118

; and

–

The section describing the work of the Audit and Risk Committee set out on page

86

.

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement set out on page

117

, the directors are

responsible for the preparation of the financial statements and for being satisfied that they give a true

and fair view, and for such internal control as the directors determine is necessary to enable the

preparation of financial statements that are free from material misstatement, whether due to fraud

or error.

In preparing the financial statements, the directors are responsible for assessing the Group and Parent

company’s ability to continue as a going concern, disclosing, as applicable, matters related to going

concern and using the going concern basis of accounting unless the directors either intend to liquidate

the Group or the Parent company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are

free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that

includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an

audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the

aggregate, they could reasonably be expected to influence the economic decisions of users taken on the

basis of these financial statements.

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Strategic report

Governance

Financials

Other information

Independent auditor’s report to the members of Vodafone Group Plc

continued

Explanation as to what extent the audit was considered capable of detecting irregularities,

including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design

procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The

risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one

resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional

misrepresentations, or through collusion. The extent to which our procedures are capable of detecting

irregularities, including fraud is detailed below.

However, the primary responsibility for the prevention and detection of fraud rests with both those

charged with governance of the Company and management.

–

We obtained an understanding of the legal and regulatory frameworks that are applicable to the Group

and determined that the most significant are those that relate to the reporting framework (UK adopted

International Accounting Standards, IASB, IFRS accounting standards, Financial Reporting Standard

101 ‘Reduced disclosure framework’, (‘FRS 101’), the UK Companies Act 2006, UK Corporate

Governance Code, the US Securities and Exchange Act of 1934 and the Listing Rules of the UK Listing

Authority), the relevant tax compliance regulations in the jurisdictions in which the Group operates and

the EU General Data Protection Regulation (GDPR).

–

We understood how the Group is complying with those frameworks by making enquiries of

management, internal audit, those responsible for legal and compliance procedures and the Company

Secretary. We supplemented our enquiries through our review of board minutes and papers provided

to the Audit and Risk Committee, correspondence received from regulatory bodies and attendance at

all meetings of the Audit and Risk Committee, as well as consideration of the results of our audit

procedures across the Group, including our testing of entity level and group-wide controls.

–

We assessed the susceptibility of the Group’s financial statements to material misstatement, including

how fraud might occur by meeting with management from various parts of the Group, including

management and finance teams of the local markets designated as full scope and specific scope

locations, management at Head Office, the Audit and Risk Committee, the Group Internal Audit

function, the Group Legal function, the Group Corporate Security team and individuals in the fraud and

compliance department, to understand where it considered there was susceptibility to fraud; and

assessing whistleblowing logs and associated incidences for those with a potential financial reporting

impact. We also considered performance targets and their propensity to influence efforts made by

management to manage earnings or influence the perceptions of analysts. We considered the

programmes and controls that the Group has established to address risks identified, or that otherwise

prevent, deter and detect fraud, and how senior management monitors those programmes and controls.

–

Based on this understanding we designed our audit procedures to identify non-compliance with such

laws and regulations or fraudulent financial reporting, where the impact on the financial statements of

such non-compliance or fraudulent financial reporting could be material. These procedures included,

where necessary, the use of forensic and other relevant specialists. Our procedures involved enquiries

of management and finance teams of the local markets designated as full and specific scope locations,

management at Head Office, the Audit and Risk Committee, the Group Internal Audit function, the

Group legal function, the Group Corporate Security team and individuals in the fraud and compliance

department. We also performed journal entry testing, with a focus on manual consolidation journals,

journals indicating large or unusual transactions and journals with key words that could indicate

management override, based on our understanding of the business; and challenging the assumptions

and judgements made by management in respect of significant one-off transactions in the financial

year and significant accounting estimates, as referred to in the key audit matters section above. At a

component level, our full and specified procedure scope component audit teams’ procedures included

enquiries of component management; journal entry testing; and testing in respect of the key audit

matter of revenue recognition. We also leveraged our data analytics capabilities in performing work

on the purchase to pay process and fixed asset balances and leases, to assist in identifying higher risk

transactions and balances, for testing. We also used EY’s Document Authenticity Tool to analyse

certain electronic documents used as audit evidence, to identify characteristics of documents that

can be indicators of alteration or inauthenticity. Any instances of non-compliance with laws and

regulations, including in relation to fraud, were communicated by/to components and considered

in our audit approach, if applicable.

–

Where the risk of fraud, including the risk of management override, was considered to be higher,

including areas impacting Group key performance indicators or management remuneration, we

performed audit procedures to address each identified material fraud risk or other risk of material

misstatement. These procedures included those on revenue recognition referred to in the key audit

matters section above and testing journal entries that we judged to be of higher risk and were designed to

provide reasonable assurance that the financial statements were free from material fraud or error.

A further description of our responsibilities for the audit of the financial statements is located on

the Financial Reporting Council’s website at

https://www.frc.org.uk/auditorsresponsibilities

.

This description forms part of our auditor’s report.

Other matters we are required to address

–

Following the recommendation from the Audit and Risk Committee, we were appointed by the Parent

company on 23 July 2019 to audit the financial statements for the year ending 31 March 2020 and

subsequent financial periods.

–

The period of total uninterrupted engagement including previous renewals and reappointments is

six years, covering the years ending 31 March 2020 to 31 March 2025.

–

The audit opinion is consistent with the additional report to the Audit and Risk Committee.

Use of our report

This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of

Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the

Company’s members those matters we are required to state to them in an auditor’s report and for no

other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to

anyone other than the Company and the Company’s members as a body, for our audit work, for this

report, or for the opinions we have formed.

Michael Rudberg (Senior statutory auditor)

for and on behalf of Ernst & Young LLP, Statutory Auditor

London

3 June 2025

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Strategic report

Governance

Financials

Other information

Vodafone Group Plc

Annual Report 2025

127

Consolidated income statement

for the years ended 31 March

2025

2024

2023

Note

€m

€m

€m

Revenue

2

37,448

36,717

37,672

Cost of sales

(24,929)

(24,459)

(24,359)

Gross profit

12,519

12,258

13,313

Selling and distribution expenses

(2,934)

(2,674)

(2,777)

Administrative expenses

(5,447)

(5,768)

(5,351)

Net credit losses on financial assets

22

(476)

(491)

(505)

Share of results of equity accounted associates and joint

12

(123)

(96)

433

ventures

Impairment (charge)/reversal

4

(4,515)

64

(64)

Other income

3

565

372

9,402

Operating (loss)/profit

3

(411)

3,665

14,451

Investment income

5

864

581

232

Financing costs

5

(1,931)

(2,626)

(1,609)

(Loss)/profit before taxation

(1,478)

1,620

13,074

Income tax expense

6

(2,246)

(50)

(492)

(Loss)/profit for the financial year - Continuing operations

(3,724)

1,570

12,582

Loss for the financial year - Discontinued operations

7

(22)

(65)

(247)

(Loss)/profit for the financial year

(3,746)

1,505

12,335

Attributable to:

– Owners of the parent

(4,169)

1,140

11,838

– Non-controlling interests

1

423

365

497

(Loss)/profit for the financial year

(3,746)

1,505

12,335

(Loss)/earnings per share - Continuing operations

– Basic

8

(15.86)c

4.45c

43.66c

– Diluted

8

(15.86)c

4.44c

43.51c

(Loss)/earnings per share - Total Group

– Basic

8

(15.94)c

4.21c

42.77c

– Diluted

8

(15.94)c

4.20c

42.62c

Note:

1. Profit attributable to non-controlling interests derives solely from continuing activities.

Consolidated statement of comprehensive (expense)/income

for the years ended 31 March

2025

2024

2023

Note

€m

€m

€m

(Loss)/profit for the financial year

(3,746)

1,505

12,335

Other comprehensive income/(expense):

Items that may be reclassified to the income statement in

subsequent years:

Foreign exchange translation differences, net of tax

321

(440)

(1,236)

Foreign exchange translation differences, transferred to the

115

23

(334)

income statement

Other, net of tax

1

36

(1,748)

963

Total items that may be reclassified to the income statement

472

(2,165)

(607)

in subsequent years

Items that will not be reclassified to the income statement in

subsequent years:

Fair value gains on equity instruments classified as Other

investments, net of tax

116

–

–

Net actuarial gains/(losses) on defined benefit pension schemes,

net of tax

25

1

(58)

(160)

Total items that will not be reclassified to the income

117

(58)

(160)

statement in subsequent years

Other comprehensive income/(expense)

589

(2,223)

(767)

Total comprehensive (expense)/income for the financial

year

(3,157)

(718)

11,568

Attributable to:

– Owners of the parent

(3,485)

(920)

11,267

– Non-controlling interests

328

202

301

Total comprehensive (expense)/income for the financial

(3,157)

(718)

11,568

year

Note:

1. Principally includes the impact of the Group's cash flow hedges deferred to other comprehensive income during the year.

Further details on items in the consolidated statement of comprehensive (expense)/income can be found

in the consolidated statement of changes in equity on page 129.

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128

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Consolidated statement of financial position

at 31 March

Re-presented

1

Re-presented

1

31 March 2025

31 March 2024

31 March 2023

Note

€m

€m

€m

Non-current assets

Goodwill

10

Other intangible assets

10

Property, plant and equipment

11

Investments in associates and joint ventures

12

Other investments

13

20,514

12,924

30,712

6,892

3,153

Deferred tax assets

6

19,033

Post employment benefits

25

242

Trade and other receivables

14

6,431

24,956

13,896

28,499

10,032

1,006

20,177

257

5,967

27,615

19,592

37,992

11,079

1,093

19,316

329

7,843

99,901

104,790

124,859

Current assets

Inventory

617

568

956

Taxation recoverable

174

76

279

Trade and other receivables

14

9,404

8,594

10,705

Other investments

13

7,424

5,092

7,017

Cash and cash equivalents

19

11,001

6,183

11,705

Assets held for sale

7

28,620

–

20,513

19,047

30,662

–

Total assets

128,521

144,350

155,521

Re-presented

1

Re-presented

1

31 March 2025

31 March 2024

31 March 2023

Note

€m

€m

€m

Equity

Called up share capital

17

4,319

4,797

4,797

Additional paid-in capital

149,834

149,253

149,145

Treasury shares

(6,791)

(7,645)

(7,719)

Accumulated losses

(123,503)

(114,641)

(113,086)

Accumulated other comprehensive income

28,886

28,202

30,262

Total attributable to owners of the parent

52,745

59,966

63,399

Non-controlling interests

1,171

1,032

1,084

Total equity

53,916

60,998

64,483

Non-current liabilities

Borrowings

Share of net liabilities in joint ventures and associates

Deferred tax liabilities

Post employment benefits

Provisions

Non-debt liabilities in respect of written put options

Trade and other payables

Current liabilities

Borrowings

Financial liabilities under put option arrangements

Taxation liabilities

Provisions

Trade and other payables

Liabilities held for sale

Total equity and liabilities

21

12

6

25

16

15

21

22

16

15

7

46,096

96

798

187

1,430

97

3,147

51,851

7,047

–

578

1,066

14,063

22,754

–

128,521

49,259

–

699

181

1,615

–

2,328

54,082

7,728

–

393

833

13,398

22,352

6,918

144,350

53,682

–

771

258

1,572

–

2,184

58,467

12,708

485

457

674

18,247

32,571

–

155,521

Note:

1. On 1 April 2024, the Group adopted amendments to IAS 1 'Presentation of Financial Statements' which has impacted the

classification of certain bonds between current borrowings and non-current borrowings. As a result of the reclassification,

comparatives at 31 March 2024 and 31 March 2023 have been provided in accordance with IFRS requirements. See note 1

'Basis of preparation' for more information.

The consolidated financial statements on pages 127 to 205 were approved by the Board of Directors and

authorised for issue on 3 June 2025 and were signed on its behalf by:

Margherita Della Valle

Luka Mucic

Group Chief Executive

Group Chief Financial Officer

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Strategic report

Governance

Financials

Other information

Vodafone Group Plc

Annual Report 2025

129

Consolidated statement of changes in equity

for the years ended 31 March

Additional

Accumulated other comprehensive income

Equity

Non-

Share

paid-in

Treasury

Accumulated

Currency

Pensions

Revaluation

attributable

controlling

Total

capital

1

capital

2

shares

losses

reserve

3

reserve

surplus

4

Other

5

to owners

interests

equity

€m

€m

€m

€m

€m

€m

€m

€m

€m

€m

€m

1 April 2022

4,797

149,018

(7,278)

(122,022)

28,958

(751)

1,227

1,399

55,348

2,290

57,638

Issue or reissue of shares

–

1

122

(113)

–

–

–

–

10

–

10

Share-based payments

–

126

–

–

–

–

–

–

126

9

135

Transactions with NCI in subsidiaries

–

–

–

(287)

–

–

–

–

(287)

(1,118)

(1,405)

Dividends

–

–

–

(2,502)

–

–

–

–

(2,502)

(398)

(2,900)

Comprehensive income/(expense)

–

–

–

11,838

(1,374)

(160)

–

963

11,267

301

11,568

Profit

6

–

–

–

11,838

–

–

–

–

11,838

497

12,335

OCI - before tax

–

–

–

–

(1,469)

(213)

–

1,314

(368)

(230)

(598)

OCI - taxes

–

–

–

–

(3)

53

–

(351)

(301)

(3)

(304)

Transfer to the Income statement

–

–

–

–

(334)

–

–

–

(334)

–

(334)

Translation of hyperinflationary results

–

–

–

–

432

–

–

–

432

37

469

Purchase of Treasury shares

7

–

–

(563)

–

–

–

–

–

(563)

–

(563)

31 March 2023

4,797

149,145

(7,719)

(113,086)

27,584

(911)

1,227

2,362

63,399

1,084

64,483

Issue or reissue of shares

–

–

74

(72)

–

–

–

–

2

–

2

Share-based payments

–

108

–

–

–

–

–

–

108

7

115

Transactions with NCI in subsidiaries

–

–

–

(26)

–

–

–

–

(26)

(5)

(31)

Share of equity accounted entities change in equity

–

–

–

(164)

–

–

–

–

(164)

–

(164)

Dividends

–

–

–

(2,433)

–

–

–

–

(2,433)

(256)

(2,689)

Comprehensive income/(expense)

–

–

–

1,140

(254)

(58)

–

(1,748)

(920)

202

(718)

Profit

–

–

–

1,140

–

–

–

–

1,140

365

1,505

OCI - before tax

–

–

–

–

(826)

(77)

–

(2,331)

(3,234)

(192)

(3,426)

OCI - taxes

–

–

–

–

–

19

–

583

602

–

602

Transfer to the Income statement

–

–

–

–

23

–

–

–

23

–

23

Translation of hyperinflationary results

–

–

–

–

549

–

–

–

549

29

578

31 March 2024

4,797

149,253

(7,645)

(114,641)

27,330

(969)

1,227

614

59,966

1,032

60,998

Continued overleaf for the year ended 31 March 2025 and accompanying footnotes.

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130

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Consolidated statement of changes in equity (continued)

for the years ended 31 March

Additional

Accumulated other comprehensive income

Equity

Non-

Share

paid-in

Treasury

Accumulated

Currency

Pensions

Revaluation

attributable

controlling

Total

capital

1

capital

2

shares

losses

reserve

3

reserve

surplus

4

Other

5

to owners

interests

equity

€m

€m

€m

€m

€m

€m

€m

€m

€m

€m

€m

31 March 2024

4,797

149,253

(7,645)

(114,641)

27,330

(969)

1,227

614

59,966

1,032

60,998

Issue or reissue of shares

–

–

84

(81)

–

–

–

–

3

–

3

Share-based payments

–

103

–

–

–

–

–

–

103

7

110

Transactions with NCI in subsidiaries

–

–

–

(47)

–

–

–

–

(47)

50

3

Dividends

–

–

–

(1,795)

–

–

–

–

(1,795)

(246)

(2,041)

Comprehensive (expense)/income

–

–

–

(4,169)

531

1

–

152

(3,485)

328

(3,157)

(Loss)/profit

–

–

–

(4,169)

–

–

–

–

(4,169)

423

(3,746)

OCI - before tax

–

–

–

–

(162)

(12)

–

204

30

(55)

(25)

OCI - taxes

–

–

–

–

–

13

–

(78)

(65)

–

(65)

Transfer to the Income statement

–

–

–

–

115

–

–

26

141

–

141

Translation of hyperinflationary results

–

–

–

–

578

–

–

–

578

(40)

538

Purchase of Treasury shares

8

–

–

(2,000)

–

–

–

–

–

(2,000)

–

(2,000)

Cancellation of shares

(478)

478

2,770

(2,770)

–

–

–

–

–

–

–

31 March 2025

4,319

149,834

(6,791)

(123,503)

27,861

(968)

1,227

766

52,745

1,171

53,916

Notes:

1

See note 17 ‘Called up share capital’.

2

Includes share premium, capital reserve, capital redemption reserve, merger reserve and share-based payment reserve. The merger

reserve was derived from acquisitions made prior to 31 March 2004 and subsequently allocated to additional paid-in capital on

adoption of IFRS.

3

The currency reserve is used to record cumulative translation differences on the assets and liabilities of foreign operations. These

differences are recycled to the income statement on disposal of the foreign operation.

4

The revaluation surplus derives from acquisitions of subsidiaries made before the Group’s adoption of IFRS 3 (Revised) on 1 April 2010

and comprises the amounts arising from recognising the Group’s pre-existing equity interest in the acquired subsidiary at fair value.

5

Principally includes the impact of the Group’s cash flow hedges with €230 million net gain deferred to other comprehensive income

during the year (2024: €2,037 million net loss; 2023: €2,322 million net gain) and €197 million net gain (2024: €254 million net gain;

2023: €896 million net gain) recycled to the consolidated income statement. These hedges primarily relate to foreign exchange

exposure on fixed borrowings, with any foreign exchange on nominal balances directly impacting the income statements in each

period but interest cash flows unwinding to the consolidated income statement over the life of the hedges, up to 2064. See note 22

‘Capital and financial risk management’.

6

Includes a gain on disposal of Vantage Towers A.G. of €8,607 million and a gain on disposal of Vodafone Ghana of €689 million, offset

by a loss on disposal of Vodafone Hungary of €69 million.

7

Represents the irrevocable and non-discretionary share buyback programmes which completed on 15 March 2023.

8

Represents the irrevocable and non-discretionary share buyback programmes which completed on 6 August 2024, 13 November

2024, 22 January 2025 and the programme that commenced on 4 February 2025, which completed on 19 May 2025.

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Strategic report

Governance

Financials

Other information

Vodafone Group Plc

Annual Report 2025

131

Consolidated statement of cash flows

for the years ended 31 March

2025

2024

2023

Note

€m

€m

€m

Inflow from operating activities

18

15,373

16,557

18,054

Cash flows from investing activities

Purchase of interests in subsidiaries, net of cash acquired

27

(9)

–

–

Purchase of interests in associates and joint ventures

(321)

(75)

(78)

Purchase of intangible assets

(2,375)

(2,641)

(2,799)

Purchase of property, plant and equipment

(4,324)

(4,219)

(4,957)

Purchase of investments

(3,499)

(1,233)

(766)

Disposal of interests in subsidiaries, net of cash disposed

27

11,221

(67)

6,976

Disposal of interests in associates and joint ventures

3,021

500

–

Disposal of property, plant and equipment and intangible

assets

9

15

90

Disposal of investments

737

1,931

1,647

Dividends received from associates and joint ventures

530

442

617

Interest received

556

542

321

Cash outflows from discontinued operations

(787)

(1,317)

(1,430)

Inflow/(outflow) from investing activities

4,759

(6,122)

(379)

Cash flows from financing activities

Proceeds from issue of long-term borrowings

4,680

1,533

4,071

Repayment of borrowings

(12,963)

(8,970)

(10,501)

Net movement in short-term borrowings

78

(1,636)

3,171

Net movement in derivatives

404

144

261

Interest paid

(2,705)

(2,227)

(1,815)

Payments for settlement of written put options

–

(493)

(12)

Purchase of treasury shares

Issue of ordinary share capital and reissue of treasury

shares

17

(1,868)

3

–

3

(1,867)

10

Equity dividends paid

9

(1,787)

(2,430)

(2,484)

Dividends paid to non-controlling shareholders in

subsidiaries

(249)

(260)

(400)

Other transactions with non-controlling shareholders in

subsidiaries

Cash outflows from discontinued operations

27

8

(879)

(16)

(1,503)

(692)

(3,172)

Outflow from financing activities

(15,278)

(15,855)

(13,430)

Net cash inflow/(outflow)

4,854

(5,420)

4,245

Cash and cash equivalents at the beginning of the

financial year

1

Exchange (loss)/gain on cash and cash equivalents

19

6,114

(75)

11,628

(94)

7,371

12

Cash and cash equivalents at the end of the financial

year

1

19

10,893

6,114

11,628

Note:

1. Comprises cash and cash equivalents as presented in the consolidated statement of financial position of €11,001 million (€6,183

million as at 31 March 2024), together with overdrafts of €108 million (€111 million as at 31 March 2024) and €Nil million (€42 million

as at 31 March 2024) of cash and cash equivalents included within Assets held for sale.

1. Basis of preparation

This section describes the critical accounting judgements and estimates that management

has identified as having a potentially material impact on the Group’s consolidated financial

statements and sets out our material accounting policies that relate to the financial

statements as a whole. Where an accounting policy is generally applicable to a specific note to

the financial statements, the policy is described within that note. We have also detailed below

the new accounting pronouncements that we will adopt in future years and our current view

of the impact they will have on our financial reporting.

The consolidated financial statements are prepared in accordance with UK-adopted International Accounting

Standards (‘IAS’), with International Financial Reporting Standards (‘IFRS’) as issued by the International

Accounting Standards Board (‘IASB’) and with the requirements of the Companies Act 2006 (the ‘Act’). The

consolidated financial statements are prepared on a going concern basis (see page 117).

Vodafone Group Plc is incorporated and domiciled in England and Wales (registration number 1833679). The

registered address of the Company is Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, England.

IFRS requires the Directors to adopt accounting policies that are the most appropriate to the Group’s

circumstances. These have been applied consistently to all the years presented, unless otherwise stated. In

determining and applying accounting policies, Directors and management are required to make judgements and

estimates in respect of items where the choice of specific policy, accounting judgement, estimate or assumption

to be followed could materially affect the Group’s reported financial position, results or cash flows and disclosure

of contingent assets or liabilities during the reporting period; it may later be determined that a different choice

may have been more appropriate.

The Group’s critical accounting judgements and key sources of estimation uncertainty are detailed below. Actual

outcomes could differ from those estimates. The estimates and underlying assumptions are reviewed on an

ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if

the revision affects only that period; they are recognised in the period of the revision and future periods if the

revision affects both current and future periods.

Management regularly reviews, and revises as necessary, the accounting judgements that significantly impact

the amounts recognised in the financial statements and the estimates that are considered to be ‘critical

estimates’ due to their potential to give rise to material adjustments in the Group’s financial statements in the

year to 31 March 2026. As at 31 March 2025, management has identified critical judgements in respect of

revenue recognition, lease accounting, the recognition of deferred tax assets, the accounting for tax disputes,

valuing assets and liabilities acquired in business combinations, whether to recognise provisions or to disclose

contingent liabilities and the impacts of climate change. In addition, management has identified critical

accounting estimates in relation to the recovery of deferred tax assets, post employment benefits, the valuation

of compensation payable under one of the legal claims against the Group and impairment reviews; estimates

have also been identified that are not considered to be critical in respect of the allocation of revenue to goods

and services, the useful economic lives of finite lived intangible assets and property, plant and equipment.

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Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

132

1. Basis of preparation (continued)

The majority of the Group’s provisions are either long-term in nature (such as asset retirement obligations) or

relate to shorter-term liabilities (such as those relating to restructuring and property) where there is not

considered to be a significant risk of material adjustment in the next financial year. Critical judgements exercised

in respect of tax disputes include cases in India and a tax dispute related to financing costs in the Netherlands.

These critical accounting judgements, estimates and related disclosures have been discussed with the Group’s

Audit and Risk Committee.

Critical accounting judgements and key sources of estimation uncertainty

Revenue recognition

Revenue recognition under IFRS 15 necessitates the collation and processing of very large amounts of data and

the use of management judgements and estimates to produce financial information. The most significant

accounting judgements and source of estimation uncertainty are disclosed below.

Gross versus net presentation

If the Group has control of goods or services when they are delivered to a customer, then the Group is the

principal in the sale to the customer; otherwise the Group is acting as an agent. Whether the Group is considered

to be the principal or an agent in the transaction depends on analysis by management of both the legal form and

substance of the agreement between the Group and its business partners; such judgements impact the amount

of reported revenue and operating expenses (see note 2 ‘Revenue disaggregation and segmental analysis’) but

do not impact reported assets, liabilities or cash flows. Scenarios requiring judgement to determine whether the

Group is a principal or an agent include, for example, those where the Group delivers third-party branded

software or services (such as premium music, TV content or cloud-based services) to customers and those where

goods or services are delivered to customers in partnership with a third-party. The Group considers a range of

factors when assessing whether the Group is the principal; the Group generally has pricing discretion but also

considers that it must be the primary obligor or have inventory risk to be the principle in a supply arrangement.

The Group is the primary obligor when it is responsible to the customer for the quality of goods and services

provided and/or has the ability to substitute goods or providers’ content in service bundles. Inventory risk can be

via the risk of economic loss for inventory held pre-transfer to the customer or via minimum purchase

commitments to the supplier for content and services.

Allocation of revenue to goods and services provided to customers

Revenue is recognised when goods and services are delivered to customers (see note 2 ‘Revenue disaggregation

and segmental analysis’). Goods and services may be delivered to a customer at different times under the same

contract, hence it is necessary to allocate the amount payable by the customer between goods and services on a

‘relative standalone selling price basis’; this requires the identification of performance obligations (‘obligations’)

and the determination of standalone selling prices for the identified obligations. The determination of

obligations is, for the primary goods and services sold by the Group, not considered to be a critical accounting

judgement; the Group’s policy on identifying obligations is disclosed in note 2 ‘Revenue disaggregation and

segmental analysis’. The determination of standalone selling prices for identified obligations is discussed below.

It is necessary to estimate the standalone price when the Group does not sell equivalent goods or services in

similar circumstances on a standalone basis. When estimating the standalone price the Group maximises the use

of external inputs; methods for estimating standalone prices include determining the standalone price of similar

goods and services sold by the Group, observing the standalone prices for similar goods and services when sold

by third parties or using a cost-plus reasonable margin approach (which is sometimes the case for devices and

other equipment). Where it is not possible to reliably estimate standalone prices due to a lack of observable

standalone sales or highly variable pricing, which is sometimes the case for services, the standalone price of an

obligation may be determined as the transaction price less the standalone prices of other obligations in the

contract. The standalone price determined for obligations materially impacts the allocation of revenue between

obligations and impacts the timing of revenue when obligations are provided to customers at different times –

for example, the allocation of revenue between devices, which are usually delivered up-front, and services which

are typically delivered over the contract period. However, there is not considered to be a significant risk of

material adjustment to the carrying value of contract-related assets or liabilities in the 12 months after the

balance sheet date if these estimates were revised.

Lease accounting

Lease accounting under IFRS 16 is complex and necessitates the collation and processing of very large amounts

of data and the increased use of management judgements and estimates to produce financial information. The

most significant accounting judgements are disclosed below.

Lease identification

Whether the arrangement is considered a lease or a service contract depends on the analysis by management of

both the legal form and substance of the arrangement between the Group and the counter-party to determine if

control of an identified asset has been passed between the parties; if not, the arrangement is a service

arrangement. Control exists if the Group obtains substantially all of the economic benefit from the use of the

asset, and has the ability to direct its use, for a period of time. An identified asset exists where an agreement

explicitly or implicitly identifies an asset or a physically distinct portion of an asset which the lessor has no

substantive right to substitute.

The scenarios requiring the greatest judgement include those where the arrangement is for the use of fibre or

other fixed telecommunication lines. Generally, where the Group has exclusive use of a physical line it is

determined that the Group can also direct the use of the line and therefore leases will be recognised. Where the

Group provides access to fibre or other fixed telecommunication lines to another operator on a wholesale basis

the arrangement will generally be identified as a lease, whereas when the Group provides fixed line services to an

end-user, generally control over such lines is not passed to the end-user and a lease is not identified.

Where the Group contracts with tower companies to utilise space on a tower for the placement of transmission

equipment for a period of time, the arrangement will generally be identified as a lease.

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133

1. Basis of preparation (continued)

The impact of determining whether an agreement is a lease or a service depends on whether the Group is a potential

lessee or lessor in the arrangement and, where the Group is a lessor, whether the arrangement is classified as an

operating or finance lease. The impacts for each scenario are described below where the Group is potentially:

−

A lessee. The judgement impacts the nature and timing of both costs and reported assets and liabilities. A lease

results in an asset and a liability being reported and depreciation and interest being recognised; the interest charge

will decrease over the life of the lease. A service contract results in operating expenses being recognised evenly

over the life of the contract and no assets or liabilities being recorded (other than trade payables, prepayments and

accruals).

−

An operating lessor. The judgement impacts the nature of income recognised. An operating lease results in lease

income being recognised whilst a service contract results in service revenue. Both are recognised evenly over the

life of the contract.

−

A finance lessor. The judgement impacts the nature and timing of both income and reported assets. A finance

lease results in the lease income being recognised at commencement of the lease and an asset (the net

investment in the lease) being recorded.

Lease term

Where leases include additional optional periods after an initial lease term, significant judgement is required in

determining whether these optional periods should be included when determining the lease term. The impact of

this judgement is significantly greater where the Group is a lessee. As a lessee, optional periods are included in the

lease term if the Group is reasonably certain it will exercise an extension option or will not exercise a termination

option; this depends on an analysis by management of all relevant facts and circumstances including the leased

asset’s nature and purpose, the economic and practical potential for replacing the asset and any plans that the

Group has in place for the future use of the asset. Where a leased asset is highly customised (either when initially

provided or as a result of leasehold improvements) or it is impractical or uneconomic to replace then the Group is

more likely to judge that lease extension options are reasonably certain to be exercised. The value of the right-of-use

asset and lease liability will be greater when extension options are included in the lease term. The normal approach

adopted for lease term by asset class is described below.

At the inception of a lease, the lease term can vary significantly by type and use of asset and geography. In addition,

the exact lease term is subject to the non-cancellable period and rights and options in each contract. Generally, lease

terms are judged to be the longer of the non-cancellable term and:

−

Between 5 and 10 years for land and buildings (excluding retail), with terms at the top end of this range if the lease

relates to assets that are considered to be difficult to exit sooner for economic, practical or reputational reasons;

−

The period to the next contractual lease break date for retail premises (excluding breaks within the next 12

months);

−

The lease term, or useful economic life, of the assets connected for leases that are used to provide internal

connectivity;

−

The customer service agreement length for leases of local loop connections or other assets required to provide

fixed line or other services to individual customers; and

−

5 years where the Group has leases for the use of space on towers for the placement of transmission equipment.

In most instances the Group has options to renew or extend leases for additional periods after the end of the lease

term which are assessed using the criteria above.

Lease terms are reassessed if a significant event or change in circumstances occurs relating to the leased assets that

is within the control of the Group; such changes usually relate to commercial agreements entered into by the Group,

or business decisions made by the Group. Where such changes change the Group’s assessment of whether it is

reasonably certain to exercise options to extend, or not terminate leases, then the lease term is reassessed and the

lease liability is remeasured, which in most cases will increase the lease liability.

Taxation

The Group’s tax charge on ordinary activities is the sum of the total current and deferred tax charges. The

calculation of the Group’s total tax charge involves estimation and judgement in respect of certain matters, being

principally:

Recognition of deferred tax assets

Significant items on which the Group has exercised accounting estimation and judgement include the recognition of

deferred tax assets in respect of losses in Luxembourg and Germany, as well as capital allowances in the United

Kingdom. The recognition of deferred tax assets is based upon whether management judge that it is probable that

there will be sufficient and suitable taxable profits in the relevant legal entity or tax group against which to utilise the

assets in the future. The Group assesses the availability of future taxable profits using the same undiscounted five

year forecasts for the Group’s operations as are used in the Group’s value in use calculations (see note 4 ‘Impairment

losses’). For Luxembourg, this includes forecasts of income from the Group’s internal financing, centralised

procurement and roaming activities, which require significant judgement. For the UK, this includes forecasts of

income for the UK operating company and for financing, holding company, brand and Group service activities.

Where tax losses are forecast to be recovered beyond the five-year period, the availability of taxable profits is

assessed using the cash flows and long-term growth rates used for the value in use calculations.

The estimated cash flows inherent in these forecasts include the unsystematic risks of operating in the

telecommunications business including the potential impacts of changes in the market structure, trends in

customer pricing, the costs associated with the acquisition and retention of customers, future technological

evolutions and potential regulatory changes, such as our ability to acquire and/or renew spectrum licences.

Changes in the estimates which underpin the Group’s forecasts could have an impact on the amount of future

taxable profits and could have a significant impact on the period over which the deferred tax asset would be

recovered.

The Group only considers enacted or substantively enacted tax laws when assessing the amount and availability

of tax losses to offset against the future taxable profits. See note 6 ‘Taxation’ to the consolidated financial

statements.

See additional commentary relating to climate change below.

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Vodafone Group Plc

Annual Report 2025

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134

1. Basis of preparation (continued)

Uncertain tax positions

The tax impact of a transaction or item can be uncertain until a conclusion is reached with the relevant tax

authority or through a legal process. The Group uses in-house tax experts when assessing uncertain tax positions

and seeks the advice of external professional advisors where appropriate. The most significant judgements in this

area relate to the Group’s tax dispute related to financing costs in the Netherlands. Further details of tax disputes

are included in note 29 ‘Contingent liabilities and legal proceedings’ to the consolidated financial statements.

Business combinations and goodwill

When the Group completes a business combination, the fair values of the identifiable assets and liabilities acquired,

including intangible assets, are recognised. The determination of the fair values of acquired assets and liabilities is

based, to a considerable extent, on management’s judgement. If the purchase consideration exceeds the fair value

of the net assets acquired then the incremental amount paid is recognised as goodwill. If the purchase price

consideration is lower than the fair value of the assets acquired then the difference is recorded as a gain in the

income statement.

Allocation of the purchase price between finite lived assets (discussed below) and indefinite lived assets such as

goodwill affects the subsequent results of the Group as finite lived intangible assets are amortised, whereas

indefinite lived intangible assets, including goodwill, are not amortised.

See note 27 ‘Acquisitions and disposals’ to the consolidated financial statements for further details.

Finite lived intangible assets

Other intangible assets include amounts spent by the Group acquiring licences and spectrum, customer bases and

the costs of purchasing and developing computer software.

Where intangible assets are acquired through business combinations and no active market for the assets exists, the

fair value of these assets is determined by discounting estimated future net cash flows generated by the asset.

Estimates relating to the future cash flows and discount rates used may have a material effect on the reported

amounts of finite lived intangible assets.

Estimation of useful life

The useful life over which intangible assets are amortised depends on management’s estimate of the period over

which economic benefit will be derived from the asset. Useful lives are periodically reviewed to ensure that they

remain appropriate. Management’s estimates of useful life have a material impact on the amount of amortisation

recorded in the year, but there is not considered to be a significant risk of material adjustment to the carrying values

of intangible assets in the year to 31 March 2025 if these estimates were revised. The basis for determining the

useful life for the most significant categories of intangible assets are discussed below.

Customer bases

The estimated useful life principally reflects management’s view of the average economic life of the customer base

and is assessed by reference to customer churn rates. An increase in churn rates may lead to a reduction in the

estimated useful life and an increase in the amortisation charge.

Capitalised software

For computer software, the estimated useful life is based on management’s view, considering historical experience

with similar products as well as anticipation of future events which may impact their life such as changes in

technology. The useful life will not exceed the duration of a licence.

Property, plant and equipment

Property, plant and equipment represents 23.9% of the Group’s total assets (2024: 19.7%). Estimates and

assumptions made may have a material impact on their carrying value and related depreciation charge. See note 11

‘Property, plant and equipment’ to the consolidated financial statements for further details.

Estimation of useful life

The depreciation charge for an asset is derived using estimates of its expected useful life and expected residual

value, which are reviewed annually. Management’s estimates of useful life have a material impact on the amount of

depreciation recorded in the year, but there is not considered to be a significant risk of material adjustment to the

carrying values of property, plant and equipment in the year to 31 March 2025 if these estimates were revised.

Management determines the useful lives and residual values for assets when they are acquired, based on experience

with similar assets and taking into account other relevant factors such as any expected changes in technology.

See additional commentary relating to climate change, below.

Post employment benefits

Management uses estimates when determining the Group’s liabilities and expenses arising for defined benefit

pension schemes. Management is required to estimate the future rates of inflation, salary increases, discount rates

and longevity of members, each of which may have a material impact on the defined benefit obligations that are

recorded. Further details, including a sensitivity analysis, are included in note 25 ‘Post employment benefits’ to the

consolidated financial statements.

Contingent liabilities

The Group exercises significant judgement to determine whether to recognise provisions and the exposures to

contingent liabilities related to pending litigations or other outstanding claims subject to negotiated settlement,

mediation, arbitration or government regulation, as well as other contingent liabilities (see note 29 ‘Contingent

liabilities and legal proceedings’ to the consolidated financial statements). Judgement is necessary to assess the

likelihood that a pending claim will succeed, or a liability will arise.

Management has used estimates in determining the value of the provision required in respect of compensation that

will be payable in the case in South Africa, Kenneth Makate v Vodacom (Pty) limited (see note 29 ‘Contingent

liabilities and legal proceedings’ to the consolidated financial statements). Management has used both in-house

legal experts and the advice of external professional advisors to estimate the most likely amount to be payable.

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Strategic report

Governance

Financials

Other information

Vodafone Group Plc

Annual Report 2025

135

1. Basis of preparation (continued)

Impairment reviews

IFRS requires management to perform impairment tests annually for indefinite lived assets (comprising

goodwill). Impairment tests are also performed for indefinite and finite lived assets, and for equity accounted

investments if events or changes in circumstances indicate that their carrying amounts may not be recoverable.

Management is required to make significant judgements concerning the identification of impairment indicators

and the determination of recoverable amounts for its assets which are based on the higher of their fair value less

costs to sell and their value in use. Observable market data on fair values for equivalent assets is often limited

and, for a number of reasons, transaction values agreed as part of any business acquisition or disposal may be

higher than the assessed value in use.

The Group performs an annual impairment test which focuses on determining the recoverable amounts for its

assets based on value in use, being the present value of the future cash flows it expects to generate from the

continuing use of its assets or cash-generating units.

Calculating the net present value of the future cash flows requires estimates to be made in respect of highly

uncertain matters including management’s expectations of:

−

Growth in Adjusted EBITDAaL, (see note 2 ‘Revenue disaggregation and segmental analysis’ for a reconciliation

to the consolidated income statement);

−

Timing and amount of future capital expenditure, licence and spectrum payments;

−

Long-term growth rates; and

−

Discount rates that reflect the future cash flows.

Changing the assumptions selected by management, in particular projected Adjusted EBITDAaL, long-term

growth rate and discount rate assumptions, could significantly affect the Group’s impairment evaluation and

hence reported assets and profit or loss. Further details, including a sensitivity analysis, are included in note 4

‘Impairment losses’ to the consolidated financial statements.

Where the Group has interests in listed entities, market data, such as share price, is used to assess the fair value of

those interests. If the market capitalisation indicates that their carrying amounts may not be recoverable,

possible adjustments to the share price are reviewed and, where information is available, a value in use

calculation is performed to support a conclusion on impairment.

For operations that are classified as held for sale, management is required to determine whether the carrying

value of the discontinued operation can be supported by the fair value less costs to sell. Where not observable in

a quoted market or via an agreed sale price, management has determined fair value less costs to sell by

reference to the outcomes from the application of a number of potential valuation techniques, determined from

inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.

Climate change

The potential climate change-related risks and opportunities to which the Group is exposed, as identified by

management, are disclosed in the Group’s Climate-related risk reporting on pages 61 to 66. Management has

assessed the potential financial impacts relating to the identified risks, primarily considering the useful lives of,

and retirement obligations for, property, plant and equipment, the possibility of impairment of goodwill and

other long-lived assets and the recoverability of the Group’s deferred tax assets. Management has exercised

judgement in concluding that there are no further material financial impacts of the Group’s climate-related risks

and opportunities on the consolidated financial statements. These judgements will be kept under review by

management as the future impacts of climate change depend on environmental, regulatory and other factors

outside of the Group’s control which are not all currently known.

Significant accounting policies applied in the current reporting period that relate to the

financial statements as a whole

Accounting convention

The consolidated financial statements are prepared on a historical cost basis except for certain financial and

equity instruments that have been measured at fair value and for the application of IAS 29 ‘Financial Reporting in

Hyperinflationary Economies’ for the Group’s entities reporting in Turkish lira and its associate’s reporting in

Ethiopian birr (see below).

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the Company, subsidiaries

controlled by the Company (see note 31 ‘Related undertakings’ to the consolidated financial statements), joint

operations that are subject to joint control and the results of joint ventures and associates (see note 12

‘Associates and joint arrangements’ to the consolidated financial statements).

Hyperinflationary economies

The Turkish and Ethiopian economies were designated as hyperinflationary from 30 June 2022 and 31

December 2022, respectively. The Group has applied IAS 29 ‘Financial Reporting in Hyperinflationary Economies’

to its Turkish and Ethiopian operations whose functional currencies are Turkish lira and Ethiopian birr from 1 April

2022.

In applying IAS 29, the Turkish lira and Ethiopian birr results and non-monetary asset and liability balances for

relevant financial years have been revalued to their present value equivalent local currency amounts at the

reporting date, based on the consumer price indexes issued by the Turkish Statistical Institute and the Central

Statistics Agency of Ethiopia respectively. Comparative periods are not restated per IAS 21 ‘The Effects of

Changes in Foreign Exchange rates’. The respective indices have risen by 38.1% and 13.6% (2024: 68.5% and

26.2%. 2023: 50.5% and 31.3%) during this financial year. The revalued balances are translated to euros at the

reporting date exchange rate of €1: 41.00 TRL and €1: 141.92 ETB (2024: €1: 34.94 TRL and €1: 61.43 ETB. 2023:

€1: 20.85 TRL and €1: 58.59 ETB) respectively applying IAS 21.

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)

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

136

1. Basis of preparation (continued)

For the Group’s operations in Türkiye:

−

The gain or loss on the revaluation of net monetary assets resulting from IAS 29 application is recognised in

the consolidated income statement within Other income.

−

The Group also presents the gain or loss on cash and cash equivalents as monetary items together with the

effect of inflation on operating, investing and financing cash flows as one number in the consolidated

statement of cash flows.

−

The Group has presented the equity revaluation effects and the impact of currency movements within other

comprehensive income as such amounts are judged to meet the definition of ‘exchange differences’.

For Safaricom’s operations in Ethiopia, the impacts are reflected as an increase to Investments in associates and

joint ventures in the Consolidated statement of financial position and an increase to Share of results of equity

accounted associates and joint ventures recognised in the Consolidated income statement.

The main impacts of the aforementioned adjustments for the Group’s Turkish and Ethiopian operations on the

consolidated financial statements are shown below.

|  |  |  |  |
| --- | --- | --- | --- |
|  | Increase/(decrease) | | |
|  | 2025 | 2024 | 2023 |
|  | €m | €m | €m |
| Impact on the consolidated income statement for the years ended |  |  |  |
| 31 March |  |  |  |
| Revenue | 88 | 111 | 85 |
| Operating (loss)/profit  1 | (287) | 66 | (87) |
| Loss for the financial year  1 | (449) | (169) | (123) |

|  |  |  |  |
| --- | --- | --- | --- |
|  | Increase | | |
|  | 2025 | 2024 | 2023 |
|  | €m | €m | €m |
| Impact on the consolidated statement of financial position at 31 |  |  |  |
| March |  |  |  |
| Net assets | 1,029 | 981 | 814 |
| Equity attributable to owners of the parent | 987 | 913 | 777 |
| Non-controlling interests | 41 | 68 | 37 |

Note:

1.

Includes €112 million gain on the net monetary assets/liabilities (2024: €360 million gain. 2023: €198 million gain).

Foreign currencies

The consolidated financial statements are presented in euro, which is also the Company’s functional currency.

Each entity in the Group determines its own functional currency and items included in the financial statements

of each entity are measured using that functional currency.

With the exception of the Group’s Turkish lira operations and Safaricom’s Ethiopian birr operations, which are

subject to hyperinflation accounting (see above), transactions in foreign currencies are initially recorded at the

functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in

foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on

the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies

are retranslated at the rates prevailing on the initial transaction dates. Non-monetary items measured in terms of

historical cost in a foreign currency are not retranslated.

Share capital, share premium and other capital reserves are initially recorded at the functional currency rate

prevailing at the date of the transaction and are not retranslated.

For the purpose of presenting consolidated financial statements, the assets and liabilities of entities with a

functional currency other than euro are expressed in euro using exchange rates prevailing at the reporting period

date.

Income and expense items and cash flows are translated at the average exchange rates for each month and

exchange differences arising are recognised directly in other comprehensive income. On disposal of a foreign

entity, the cumulative amount previously recognised in the consolidated statement of comprehensive income

relating to that particular foreign operation is recognised in profit or loss in the consolidated income statement.

Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and

liabilities of the foreign operation and translated accordingly.

The net foreign exchange loss recognised in the consolidated income statement for the year ended 31 March

2025 is €171 million (31 March 2024: €272 million loss; 2023: €111 million gain). The net gains and net losses

are recorded within operating profit (2025: €146 million charge; 2024: €110 million charge; 2023: €247 million

credit), financing costs (2025: €1 million charge; 2024: €173 million charge; 2023: €135 million charge) and

income tax expense (2025: €24 million charge; 2024: €11 million credit; 2023: €1 million charge).

Current or non-current classification

Assets are classified as current in the consolidated statement of financial position where recovery is expected

within 12 months of the reporting date. All assets where recovery is expected more than 12 months from the

reporting date and all deferred tax assets, goodwill and intangible assets, property, plant and equipment and

investments in associates and joint ventures are reported as non-current.

Liabilities are classified as current unless the Group has the substantive right at the reporting date to defer

settlement of the liability for at least 12 months after the reporting date. For provisions, where the timing of

settlement is uncertain, amounts are classified as non-current where settlement is expected more than 12

months from the reporting date. In addition, deferred tax liabilities and post-employment benefits are reported as

non-current.

Inventory

Inventory is stated at the lower of cost and net realisable value. Cost is determined on the basis of weighted

average costs and comprises direct materials and, where applicable, direct labour costs and those overheads that

have been incurred in bringing the inventories to their present location and condition.

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Strategic report

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Vodafone Group Plc

Annual Report 2025

137

1. Basis of preparation (continued)

New accounting pronouncements adopted on 1 April 2024

The Group adopted the following new accounting policies on 1 April 2024 to comply with amendments to IFRS:

−

Amendments to IAS 1 ‘Classification of Liabilities as Current or Non-current’ and ‘Non-current Liabilities with

Covenants’;

−

Amendment to IFRS 16 ‘Lease Liability in a Sale and Leaseback’; and

−

Amendments to IAS 7 and IFRS 7 ‘Supplier Finance Arrangements’.

The impact of adopting the above amendments to IAS 1 ‘Presentation of Financial Statements’ is discussed

below. No material impact has resulted from the adoption of the amendments to IFRS 16. The Group has

provided additional disclosures in note 15 ‘Trade and other payables’ in respect of supplier arrangements as a

result of the amendments to IAS 7 and IFRS 7.

Amendments to IAS 1 ‘Presentation of Financial Statements’

The Group has previously classified balances relating to certain bonds as current liabilities if it was the Group’s

intention to exercise options to redeem them within 12 months of the reporting date. Following the adoption of

the IAS 1 amendments on 1 April 2024, bonds that are repayable in more than 12 months are classified as non-

current liabilities regardless of any intention to redeem the bonds early.

The impact of adopting the

amendments on the consolidated statement of financial position was a reduction to the value of bonds

presented within current borrowings and a matching increase in the value of bonds presented in non-current

borrowings; the value of the adjustments as at 31 March 2024 was €931 million and at 31 March 2023 was

€2,013 million.

The Group’s financial reporting is presented in accordance with these standards from 1 April 2024.

New accounting pronouncements to be adopted on or after 1 April 2025

The following amendment has been issued by the IASB and is effective for annual periods beginning on or after 1

January 2025. This amendment has been endorsed by the UK Endorsement Board.

−

Amendments to IAS 21 ‘Lack of Exchangeability’.

The amendment is not currently expected to have a material impact on the Group’s financial reporting on

adoption, but the impact is dependent on economic factors outside of the Group’s control.

New accounting pronouncements to be adopted on or after 1 April 2026

The following new standards and amendments have been issued by the IASB but have not yet been endorsed by

the UK Endorsement Board (‘UKEB’) except where noted:

−

Amendments to IFRS 9 and IFRS 7 ‘Amendments to the Classification and Measurement of Financial

Instruments’, which have been endorsed by the UKEB;

−

Amendments to IFRS 9 and IFRS 7 ‘Contracts Referencing Nature-dependent Electricity’;

−

Annual Improvements to IFRS Accounting Standards (Volume 11), which has been endorsed by the UKEB;

−

IFRS 18 ‘Presentation and Disclosure in Financial Statements’; and

−

IFRS 19 ‘Subsidiaries without Public Accountability: Disclosures ‘.

The amendments to IFRS 9, IFRS 7 and Annual Improvements are effective for annual periods beginning on or

after 1 January 2026 whilst IFRS 18 and IFRS 19 are effective for annual periods beginning on or after 1 January

2027.

The amendments to IFRS 19 and Annual improvements are not expected to have a material impact on the

Group’s financial reporting on adoption. The Group is assessing the impact of IFRS 18, IFRS 7 and IFRS 9 and the

Group’s financial reporting will be presented in accordance with these standards from 1 April 2026 or

subsequently as applicable.

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Vodafone Group Plc

Annual Report 2025

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138

2. Revenue disaggregation and segmental analysis

The Group’s businesses are managed on a geographical basis. Selected financial data is

presented on this basis below.

Accounting policies

Revenue

When the Group enters into an agreement with a customer, goods and services deliverable under the contract

are identified as separate performance obligations (‘obligations’) to the extent that the customer can benefit

from the goods or services on their own and that the separate goods and services are considered distinct from

other goods and services in the agreement. Where individual goods and services do not meet the criteria to be

identified as separate obligations they are aggregated with other goods and/or services in the agreement until a

separate obligation is identified. The obligations identified will depend on the nature of individual customer

contracts, but might typically be separately identified for mobile handsets, other equipment such as set-top

boxes and routers provided to customers and services provided to customers such as mobile and fixed line

communication services. The Group’s digital services and Internet of Things (‘IoT’) customer offers typically

include separate obligations for communications services, as well as equipment and software or software as a

service (‘SaaS’). Where goods and services have a functional dependency (for example, a fixed line router can only

be used with the Group’s services) this does not, in isolation, prevent those goods or services from being

assessed as separate obligations. Activities relating to connecting customers to the Group’s network for the

future provision of services are not considered to meet the criteria to be recognised as obligations except to the

extent that the control of related equipment passes to customers.

The Group determines the transaction price to which it expects to be entitled in return for providing the promised

obligations to the customer based on the committed contractual amounts, net of sales taxes and discounts.

Where indirect channel dealers, such as retailers, acquire customer contracts on behalf of the Group and receive

commission, any commissions that the dealer is compelled to use to fund discounts or other incentives to the

customer are treated as payments to the customer when determining the transaction price and consequently

are not included in contract acquisition costs.

The transaction price is allocated between the identified obligations according to the relative standalone selling

prices of the obligations. The standalone selling price of each obligation deliverable in the contract is determined

according to the prices that the Group would achieve by selling the same goods and/or services included in the

obligation to a similar customer on a standalone basis; where standalone selling prices are not directly

observable, estimation techniques are used maximising the use of external inputs. See ‘Critical accounting

judgements and key sources of estimation uncertainty’ in note 1 ‘Basis of preparation’ for details. Revenue is

recognised when the respective obligations in the contract are delivered to the customer and cash collection is

considered probable. Revenue for the provision of services, such as mobile airtime, fixed line broadband, other

communications services and SaaS, is recognised when the Group provides the related service during the agreed

service period.

Revenue for device sales to end customers is generally recognised when the device is delivered to the end

customer. For device sales made to intermediaries such as indirect channel dealers, revenue is recognised if

control of the device has transferred to the intermediary and the intermediary has no right to return the device to

receive a refund; otherwise revenue recognition is deferred until sale of the device to an end customer by the

intermediary or the expiry of any right of return.

Where refunds are issued to customers they are deducted from revenue in the relevant service period.

When the Group has control of goods or services prior to delivery to a customer, then the Group is the principal in

the sale to the customer. As a principal, receipts from, and payments to, suppliers are reported on a gross basis in

revenue and operating costs. If another party has control of goods or services prior to transfer to a customer,

then the Group is acting as an agent for the other party and revenue in respect of the relevant obligations is

recognised net of any related payments to the supplier and recognised revenue represents the margin earned by

the Group. See ‘Critical accounting judgements and key sources of estimation uncertainty’ in note 1 ‘Basis of

preparation’ for details.

Customers typically pay in advance for prepay mobile services and monthly for other communication services.

Customers typically pay for handsets and other equipment either up-front at the time of sale or over the term of

the related service agreement.

When revenue recognised in respect of a customer contract exceeds amounts received or receivable from a

customer at that time a contract asset is recognised; contract assets will typically be recognised for handsets or

other equipment provided to customers where payment is recovered by the Group via future service fees. Once

the amount receivable becomes conditional only on the passage of time, the contract asset becomes a trade

receivable (see note 14 ‘Trade and other receivables’). If amounts received or receivable from a customer exceed

revenue recognised for a contract, for example if the Group receives an advance payment from a customer, a

contract liability is recognised.

When contract assets or liabilities are recognised, a financing component may exist in the contract; this is

typically the case when a handset or other equipment is provided to a customer up-front but payment is received

over the term of the related service agreement, in which case the customer is deemed to have received

financing. If a significant financing component is provided to the customer, the transaction price is reduced and

interest revenue is recognised over the customer’s payment period using an interest rate reflecting the relevant

central bank rates and customer credit risk.

Contract-related costs

When costs directly relating to a specific contract are incurred prior to recognising revenue for a related

obligation, and those costs enhance the ability of the Group to deliver an obligation and are expected to be

recovered, then those costs are recognised in the consolidated statement of financial position as fulfilment costs

and are recognised as expenses in line with the recognition of revenue when the related obligation is delivered.

The direct and incremental costs of acquiring a contract including, for example, certain commissions payable to

staff or agents for acquiring customers on behalf of the Group, are recognised as contract acquisition cost assets

in the consolidated statement of financial position when the related payment obligation is recorded. Costs are

recognised as an expense in line with the recognition of the related revenue that is expected to be earned by the

Group; typically this is over the customer contract period as new commissions are payable on contract renewal.

Certain amounts payable to agents are deducted from revenue recognised (see above).

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Strategic report

Governance

Financials

Other information

Vodafone Group Plc

Annual Report 2025

139

2. Revenue disaggregation and segmental analysis (continued)

Segmental analysis

The Group’s operating segments are established on the basis of those components of the Group that are

evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing

performance. The Group has determined the chief operating decision maker to be its Chief Executive. The Group

has a single group of similar services and products, being the supply of communications services and related

products.

Revenue is attributed to a country based on the location of the Group company reporting the revenue.

Transactions between operating segments are charged at arm’s-length prices.

The operating segments for Germany, UK, Türkiye and Africa are individually material for the Group and are each

reporting segments for which certain financial information is provided. The aggregation of smaller operating

segments into the Other Europe reporting segment reflects, in the opinion of management, the similar local

market economic characteristics and regulatory environments for each of those operating segments as well as

the similar products and services sold and comparable classes of customers. The Other Europe reporting

segment (Albania, Czech Republic, Greece, Ireland, Portugal and Romania) largely reflects countries with

membership or a close association with the European Union. Common Functions is a separate reporting

segment and comprises activities which are undertaken primarily in central Group entities that do not meet the

criteria for aggregation with other reporting segments.

In October 2023 and March 2024, the Group announced the planned disposals of Vodafone Spain and Vodafone

Italy, respectively. Consequently, Vodafone Spain and Vodafone Italy were classified as discontinued operations

in the year ended 31 March 2024 and ceased to be reporting segments of the Group. The disposals completed

on 31 May 2024 and 31 December 2024, respectively.

Adjusted EBITDAaL is the Group’s measure of segment profit. A reconciliation of adjusted EBITDAaL, which

excludes discontinued operations, to the Group’s profit or loss before taxation for the financial year is shown

below.

|  |  |  |  |
| --- | --- | --- | --- |
|  | 2025 | 2024 | 2023 |
|  | €m | €m | €m |
| Adjusted EBITDAaL | 10,932 | 11,019 | 12,424 |
| Restructuring costs | (164) | (703) | (538) |
| Interest on lease liabilities | 488 | 440 | 355 |
| Loss on disposal of property, plant and equipment and intangible | (25) | (34) | (41) |
| Depreciation and amortisation on owned assets | (7,569) | (7,397) | (7,520) |
| Share of results of equity accounted associates and joint ventures | (123) | (96) | 433 |
| Impairment (charge)/reversal | (4,515) | 64 | (64) |
| Other income | 565 | 372 | 9,402 |
| Operating (loss)/profit | (411) | 3,665 | 14,451 |
| Investment income | 864 | 581 | 232 |
| Finance costs | (1,931) | (2,626) | (1,609) |
| (Loss)/profit before taxation | (1,478) | 1,620 | 13,074 |

Revenue disaggregation and segmental income statement analysis

Revenue reported for the year includes revenue from contracts with customers, comprising service and

equipment revenue, as well as other revenue items including revenue from leases and interest revenue arising

from transactions with a significant financing component.

The table below presents Revenue and Adjusted EBITDAaL for the years ended 31 March 2025 and 31 March

2024.

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  | Revenue from |  |  | Total |  |  |
|  | Service | Equipment | contracts with | Other | Interest | segment | Adjusted |  |
|  | revenue | revenue | customers | revenue  1 | revenue | revenue | EBITDAaL |  |
| 31 March 2025 | €m | €m | €m | €m | €m | €m | €m |  |
| Germany | 10,876 | 942 | 11,818 | 345 | 17 | 12,180 | 4,384 |  |
| UK | 5,887 | 1,109 | 6,996 | 14 | 59 | 7,069 | 1,558 |  |
| Other Europe | 4,805 | 761 | 5,566 | 108 | 20 | 5,694 | 1,510 |  |
| T  ü  rkiye | 2,484 | 595 | 3,079 | 7 | – | 3,086 | 842 |  |
| Africa | 6,172 | 1,113 | 7,285 | 472 | 34 | 7,791 | 2,593 |  |
| Common Functions  2 | 663 | 57 | 720 | 1,097 | – | 1,817 | 45 |  |
| Eliminations | (129) | – | (129) | (60) | – | (189) | – |  |
| Group | 30,758 | 4,577 | 35,335 | 1,983 | 130 | 37,448 | 10,932 |  |

|  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  | Revenue from |  |  | Total |  |
|  | Service | Equipment | contracts with | Other | Interest | segment | Adjusted |
|  | revenue | revenue | customers | revenue  1 | revenue | revenue | EBITDAaL |
| 31 March 2024 | €m | €m | €m | €m | €m | €m | €m |
| Germany | 11,453 | 1,132 | 12,585 | 357 | 15 | 12,957 | 5,017 |
| UK | 5,631 | 1,111 | 6,742 | 54 | 41 | 6,837 | 1,408 |
| Other Europe | 4,722 | 665 | 5,387 | 102 | 15 | 5,504 | 1,516 |
| T  ü  rkiye | 1,746 | 609 | 2,355 | 7 | – | 2,362 | 510 |
| Africa | 5,951 | 1,030 | 6,981 | 409 | 30 | 7,420 | 2,539 |
| Common Functions  2 | 559 | 49 | 608 | 1,256 | – | 1,864 | 29 |
| Eliminations | (150) | (1) | (151) | (76) | – | (227) | – |
| Group | 29,912 | 4,595 | 34,507 | 2,109 | 101 | 36,717 | 11,019 |

Notes:

1.

Other revenue includes lease revenue recognised under IFRS 16 ‘Leases’ (see note 20 ‘Leases’).

2.

Comprises central teams and business functions.

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Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

140

2. Revenue disaggregation and segmental analysis (continued)

The table below presents Revenue and Adjusted EBITDAaL for the comparative year ended 31 March 2023.

|  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  | Revenue from |  |  | Total |  |
|  | Service | Equipment | contracts with | Other | Interest | segment | Adjusted |
|  | revenue | revenue | customers | revenue  1 | revenue | revenue | EBITDAaL |
| 31 March 2023 | €m | €m | €m | €m | €m | €m | €m |
| Germany | 11,433 | 1,313 | 12,746 | 350 | 17 | 13,113 | 5,323 |
| UK | 5,358 | 1,375 | 6,733 | 58 | 33 | 6,824 | 1,350 |
| Other Europe  2 | 5,005 | 602 | 5,607 | 117 | 20 | 5,744 | 1,632 |
| T  ü  rkiye  3 | 1,593 | 475 | 2,068 | 4 | – | 2,072 | 424 |
| Africa | 6,556 | 1,089 | 7,645 | 403 | 28 | 8,076 | 2,880 |
| Vantage Towers | – | – | – | 1,338 | – | 1,338 | 795 |
| Common Functions  4 | 530 | 47 | 577 | 1,191 | – | 1,768 | 20 |
| Eliminations | (157) | (1) | (158) | (1,105) | – | (1,263) | – |
| Group | 30,318 | 4,900 | 35,218 | 2,356 | 98 | 37,672 | 12,424 |

Notes:

1. Other revenue includes lease revenue recognised under IFRS 16 ‘Leases’ (see note 20 ‘Leases’).

2. Includes the results of Vodafone Hungary which, as previously reported, was sold in January 2023.

3. Includes the results of Vodafone Ghana which, as previously reported, was sold in February 2023.

4.

Comprises central teams and business functions.

The total future revenue from the remaining term of Group’s contracts with customers for performance

obligations not yet delivered to those customers at 31 March 2025 is €17,297 million (2024: €16,577 million;

2023: €16,354 million); of which €10,812 million (2024: €10,488 million; 2023: €10,324 million) is expected to

be recognised within the next year and the majority of the remaining amount in the following 12 months.

Segmental assets

The tables below present the segmental assets at 31 March 2025, 31 March 2024 and 31 March 2023.

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | Non-current | Capital | Right-of-use | Other additions | Depreciation and | Impairment |
|  | assets  1 | additions  2 | asset additions | intangible assets  3 | amortisation | charge  4 |
| 31 March 2025 | €m | €m | €m | €m | €m | €m |
| Germany | 37,621 | 2,482 | 1,127 | – | 4,536 | 4,350 |
| UK | 7,904 | 926 | 2,157 | 48 | 1,908 | – |
| Other Europe | 7,304 | 857 | 474 | 26 | 1,472 | 165 |
| T  ü  rkiye | 2,059 | 447 | 187 | – | 681 | – |
| Africa | 6,981 | 1,039 | 499 | 162 | 1,129 | – |
| Common Functions | 2,281 | 1,142 | 212 | – | 1,078 | – |
| Group | 64,150 | 6,893 | 4,656 | 236 | 10,804 | 4,515 |

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | Non-current | Capital | Right-of-use | Other additions | Depreciation and | Impairment |
|  | assets  1 | additions  2 | asset additions | intangible assets  3 | amortisation | reversal  4 |
| 31 March 2024 | €m | €m | €m | €m | €m | €m |
| Germany | 42,931 | 2,565 | 1,045 | – | 4,543 | – |
| UK | 6,863 | 878 | 957 | – | 1,733 | – |
| Other Europe | 7,564 | 862 | 442 | – | 1,447 | – |
| T  ü  rkiye | 1,644 | 320 | 160 | 120 | 537 | (64) |
| Africa | 6,377 | 1,005 | 296 | 163 | 1,184 | – |
| Common Functions | 1,972 | 782 | 203 | – | 970 | – |
| Group | 67,351 | 6,412 | 3,103 | 283 | 10,414 | (64) |

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | Non-current | Capital | Right-of-use | Other additions | Depreciation and | Impairment |
|  | assets  1 | additions  2 | asset additions | intangible assets  3 | amortisation | charge  4 |
| 31 March 2023 | €m | €m | €m | €m | €m | €m |
| Germany | 43,878 | 2,701 | 2,145 | 2 | 4,154 | – |
| Italy | 10,235 | 833 | 916 | 5 | – | – |
| UK | 6,629 | 892 | 1,639 | – | 1,562 | – |
| Spain | 6,331 | 565 | 742 | 8 | – | – |
| Other Europe | 7,815 | 927 | 1,104 | 151 | 1,363 | – |
| T  ü  rkiye | 1,502 | 235 | 150 | 9 | 546 | 64 |
| Africa | 6,796 | 1,122 | 246 | 264 | 1,311 | – |
| Vantage Towers | – | 551 | 318 | – | 326 | – |
| Common Functions | 2,013 | 839 | 127 | – | 993 | – |
| Group | 85,199 | 8,665 | 7,387 | 439 | 10,255 | 64 |

Notes:

1. Comprises goodwill, other intangible assets and property, plant and equipment.

2. Includes additions to: (i) property, plant and equipment (excluding right-of-use assets) and (ii) computer software, development costs

and identifiable wavelengths, reported within Intangible assets.

3. Includes additions to licences and spectrum and customer base acquisitions.

4. See note 4 ‘Impairment losses’ for more information.

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</svg>)

Strategic report

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Vodafone Group Plc

Annual Report 2025

141

3. Operating (loss)/profit

Detailed below are the key amounts recognised in arriving at our operating (loss)/profit

|  |  |  |  |
| --- | --- | --- | --- |
|  | 2025 | 2024 | 2023 |
|  | €m | €m | €m |
| Amortisation of intangible assets (Note 10) | 3,695 | 3,515 | 3,380 |
| Depreciation of property, plant and equipment (Note 11): |  |  |  |
| Owned assets | 3,874 | 3,882 | 4,142 |
| Leased assets | 3,235 | 3,017 | 2,733 |
| Impairment charge/(reversal) (Note 4) | 4,515 | (64) | 64 |
| Staff costs (Note 24) | 5,236 | 5,498 | 5,192 |
| Amounts related to inventory included in cost of sales | 4,514 | 4,659 | 5,035 |
| Own costs capitalised attributable to the construction or acquisition |  |  |  |
| of property, plant and equipment | (1,254) | (1,188) | (1,099) |
| Gain on the revaluation of net monetary assets resulting from IAS 29 |  |  |  |
| application (Note 1) | (112) | (360) | (198) |
| Gain on disposal of Indus Towers Limited  1 | 714 | – | – |
| Pledge arrangements in respect of Indus Towers Limited (Note 29)  1 | (214) | – | – |
| Loss on disposal of Vodafone Hungary  1 | – | – | 69 |
| Gain on disposal of Vodafone Ghana  1 | – | – | (689) |
| Gain on disposal of Vantage Towers  1 | – | – | (8,729) |

Note:

1.

Included in Other income in the consolidated income statement.

Auditor remuneration

The total remuneration of the Group’s auditor, Ernst & Young LLP and other member firms of Ernst & Young

Global Limited, for services provided to the Group during the year ended 31 March 2025 is analysed below.

|  |  |  |  |
| --- | --- | --- | --- |
|  | 2025 | 2024 | 2023 |
|  | €m | €m | €m |
| Parent company | 8 | 7 | 6 |
| Subsidiaries | 19 | 19 | 22 |
| Audit fees  1 | 27 | 26 | 28 |
| Audit-related  2 | 3 | 10 | 3 |
| Non-audit fees | 3 | 10 | 3 |
| Total fees | 30 | 36 | 31 |

Notes:

1. Includes fees in connection with the interim review, preliminary announcement and controls audit required under Section 404 of the

Sarbanes Oxley Act. In total this amounted to €2 million (2024: €1 million, 2023: €1 million).

2. Fees for special purpose audits and statutory and regulatory filings during the year. Fees for the year ended 31 March 2024 are higher

than fees for the other years presented, primarily due to Reporting Accountant and audit services performed during the year which were

required in connection with the merger of Vodafone UK and Three UK and the disposal of Vodafone Spain.

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Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

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142

4. Impairment losses

Impairment occurs when the carrying value of assets is greater than the present value of the

net cash flows they are expected to generate. We review the carrying value of assets for each

country in which we operate at least annually. For further details of our impairment review

process see ‘Critical accounting judgements and key sources of estimation uncertainty’ in

note 1 ‘Basis of preparation’ to the consolidated financial statements.

Accounting policies

Goodwill

Goodwill is not subject to amortisation but is tested for impairment annually or whenever there is an indication

that the asset may be impaired.

For the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately

identifiable cash flows, known as cash-generating units. The determination of the Group’s cash-generating units

is primarily based on the geographic area where the Group supplies communications services and products. If

cash flows from assets within one jurisdiction are largely independent of the cash flows from other assets in that

same jurisdiction and management monitors performance separately, multiple cash-generating units are

identified within that geographic area.

If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the

impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to

the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. Impairment

losses recognised for goodwill are not reversible in subsequent periods.

The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the

estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects

current market assessments of the time value of money and the risks specific to the asset for which the

estimates of future cash flows have not been adjusted.

Management prepares formal five-year plans for the Group’s cash-generating units, which are the basis for the

value in use calculations.

Property, plant and equipment, finite-lived intangible assets and equity-accounted investments

At each reporting period date, the Group reviews the carrying amounts of its property, plant and equipment, finite

lived intangible assets and equity-accounted investments to determine whether there is any indication that

those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset

is estimated in order to determine the extent, if any, of the impairment loss. Where it is not possible to estimate

the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-

generating unit to which the asset belongs.

If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount,

the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount and an

impairment loss is recognised immediately in the consolidated income statement.

Where there has been a change in the estimates used to determine recoverable amount and an impairment loss

subsequently reverses, the carrying amount of the asset or cash-generating unit is increased to the revised

estimate of its recoverable amount, not to exceed the carrying amount that would have been determined had no

impairment loss been recognised for the asset or cash-generating unit in prior years and an impairment loss

reversal is recognised immediately in the consolidated income statement.

Impairment review

Following our annual impairment review, the following impairments were recognised in the year ended 31 March

2025:

−

Germany: €4,350 million, which has primarily arisen from the impacts of significantly lower EBITDAaL

performance in the year ended 31 March 2025 and lower medium term EBITDAaL growth expectations on our

determination of value in use. The key driver of both changes is materially higher competitive intensity, in the

mobile market in the current year compared to the prior year ended 31 March 2024, impacting our

expectations of future cash generation.; and

−

Romania: €165 million, reflects a discount rate increase, specifically an increase in the risk-free rate, and a

downward revision of the five-year business plan.

In the prior year ended 31 March 2024, the Group recognised a reversal of a €64 million impairment in the

consolidated income statement within operating profit which related to our previous investment in Indus Towers

Limited. Further details of events that led to the recognition of this reversal are provided later in this note.

Goodwill

The remaining carrying value of goodwill at 31 March was as follows:

|  |  |  |
| --- | --- | --- |
|  | 2025 | 2024 |
|  | €m | €m |
| Germany | 15,985 | 20,335 |
| Other | 4,529 | 4,621 |
|  | 20,514 | 24,956 |

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Key assumptions used in the value in use calculations

The key assumptions used in determining the value in use are:

|  |  |
| --- | --- |
| Assumption | How determined |
| Projected adjusted | Projected adjusted EBITDAaL has been based on experience adjusted for the |
| EBITDAaL | following: |
|  | −  In Europe, mobile revenue is expected to benefit from increased usage as |
|  | customers transition to higher data bundles, and new consumer and business |
|  | products and services are introduced. Fixed revenue is forecast to grow as |
|  | penetration is increased and more products and services are sold to customers; |
|  | −  Outside of Europe, revenue is expected to continue to grow as the penetration |
|  | of faster data-enabled devices rises along with higher data bundle attachment |
|  | rates, and new products and services are introduced; and |
|  | −  Margins are expected to be impacted by negative factors such as the cost of |
|  | acquiring and retaining customers in increasingly competitive markets and by |
|  | positive factors such as the efficiencies expected from the implementation of |
|  | Group initiatives. |
| Projected capital | The cash flow forecasts for capital expenditure are based on experience and |
| expenditure | include the ongoing capital expenditure required to maintain our networks, |
|  | provide products and services in line with customer expectations, including of |
|  | higher data volumes and speeds, and to meet the population coverage |
|  | requirements of certain of the Group’s licences. In Europe, capital expenditure is |
|  | required to roll out capacity-building next generation 5G and gigabit networks. |
|  | Outside of Europe, capital expenditure will be required for the continued rollout of |
|  | current and next generation mobile networks in emerging markets. Capital |
|  | expenditure includes cash outflows for the purchase of owned property, plant and |
|  | equipment and computer software. |
| Projected licence and | To enable the continued provision of products and services, the cash flow |
| spectrum payments | forecasts for licence and spectrum payments for each relevant cash-generating |
|  | unit include amounts for expected renewals and newly available spectrum. Beyond |
|  | the five-year forecast period, a long-run cost of spectrum is assumed. |

|  |  |
| --- | --- |
| Assumption | How determined |
| Long-term growth rate | For the purposes of the Group’s value in use calculations, a long  ‑  term growth rate |
|  | into perpetuity is applied immediately at the end of the five-year forecast period |
|  | and is based on the lower of: |
|  | −  The nominal GDP growth rate forecasts for the country of operation; and |
|  | −  The long-term compound annual growth rate in adjusted EBITDAaL as |
|  | estimated by management. |
|  | Long-term compound annual growth rates determined by management may be |
|  | lower than forecast nominal GDP growth rates due to the following market-specific |
|  | factors: competitive intensity levels, maturity of business, regulatory environment |
|  | or sector-specific inflation expectations. |
| Pre-tax discount rate | The pre-tax discount rate for each cash-generating unit is derived such that when |
|  | applied to pre-tax cash flows it gives the same result as when the observable post- |
|  | tax weighted average cost of capital is applied to post-tax cash flows. |
|  | The assumptions used to develop discount rates for each cash-generating unit are |
|  | benchmarked to externally available data. |
|  | −  The risk-free rate is derived from an average yield of a ten-year bond issued by |
|  | the government in each cash-generating unit’s respective country of |
|  | operations; |
|  | −  The forward-looking equity market risk premium (an investor’s required rate of |
|  | return over and above a risk-free rate) is based on studies by independent |
|  | economists, the long-term average equity market risk premium and the market |
|  | risk premiums typically used by valuation practitioners; |
|  | −  The asset beta reflecting the systematic risk of the telecommunications |
|  | segment relative to the market is determined from betas observed for |
|  | comparable listed telecommunications companies; and |
|  | −  The region-specific leverage ratios are estimated from ratios observed for |
|  | comparable listed telecommunications companies. |
|  | Each cash-generating unit’s discount rate is determined in nominal terms to match |
|  | their nominal estimates of future cash flows. |
|  | Changes in risk-free rates have increased and decreased the cash-generating unit |
|  | discount rates in the current year. |

Strategic report

Governance

Financials

Other information

Vodafone Group Plc

Annual Report 2025

143

4. Impairment losses (continued)

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Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

144

4. Impairment losses (continued)

The Group performs its annual impairment test for goodwill and indefinite lived intangible assets at 31 March and

when there is an indicator of impairment of an asset. At each reporting period date, judgement is exercised by

management in determining whether any internal or external sources of information observed are indicative that

the carrying amount of any of the Group’s cash generating units is not recoverable.

Year ended 31 March 2025

For the year ended 31 March 2025, the Group recorded impairment charges of €4.4 billion and €0.2 billion with

respect to the Group’s investments in Germany and Romania respectively. The impairment charges relate solely

to goodwill and are recognised in the consolidated income statement within operating loss.

The goodwill impairment charges reflect management’s latest assessment of likely trading and economic

conditions, including the drivers of the reduction in Germany EBITDAaL from the year ended 31 March 2024 to

the year ended 31 March 2025, in the five-year business plan. The carrying values of Germany and Romania have

been reduced to their value in use estimates of €30.9 billion and €0.6 billion respectively.

Value in use assumptions

The table below shows key assumptions used in the value in use calculations of Germany and Romania:

|  |  |  |
| --- | --- | --- |
|  | Assumptions used in value in use calculations | |
|  | Germany | Romania |
|  | % | % |
| Pre-tax discount rate | 7.8 | 11.0 |
| Long-term growth rate | 1.2 | 2.5 |
| Projected adjusted EBITDAaL CAGR  1 | 1.3 | 1.5 |
| Projected capital expenditure  2 | 17.6 - 20.7 | 9.2 - 11.0 |

Sensitivity analysis

The recoverable amount estimate of the UK exceeds carrying value by €1.0 billion. If the assumptions used in the

impairment review were changed to a greater extent than as presented in the following table, the changes

would, in isolation, lead to an impairment loss being recognised for the year ended 31 March 2025.

|  |  |
| --- | --- |
|  | Change required for carrying value to equal recoverable amount |
|  | UK |
|  | pps |
| Pre-tax discount rate | 1.5 |
| Long-term growth rate | (1.4) |
| Projected adjusted EBITDAaL CAGR  1 | (2.0) |
| Projected capital expenditure  2 | 3.3 |

Notes:

1. Projected adjusted EBITDAaL CAGR is expressed as the compound annual growth rates in the initial five years for all cash-generating

units of the plans used for impairment testing.

2. Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in

the initial five years for all cash-generating units of the plans used for impairment testing.

For the Group’s operations in Germany and Romania management has prepared the following sensitivity analysis

to the base case recoverable amount less carrying value for changes in pre-tax discount rate and projected

adjusted EBITDAaL CAGR

1

assumptions. The associated impact of the change in each key assumption does not

consider any consequential impact on other assumptions used in the impairment review.

|  |  |  |
| --- | --- | --- |
|  | Recoverable amount less carrying value | |
|  | Germany | Romania |
|  | €bn | €bn |
| Base case (prior to impairment charge recognition) | (4.4) | (0.2) |
| Change in pre-tax discount rate |  |  |
| Decrease by 0.5pps | (1.7) | (0.1) |
| Increase by 0.5pps | (6.6) | (0.2) |
| Change in projected adjusted EBITDAaL CAGR  1 |  |  |
| Decrease by 2.0pps | (7.6) | (0.2) |
| Increase by 2.0pps | (0.8) | (0.1) |

Note:

1. Projected adjusted EBITDAaL CAGR is expressed as the compound annual growth rates in the initial five years for all cash-generating

units of the plans used for impairment testing.

Year ended 31 March 2024

The disclosures below for the year ended 31 March 2024 are as previously disclosed in the Annual Report for the

year ended 31 March 2024.

Indus Towers Limited

Management determined the recoverable amount of the Group’s investment in Indus Towers on a fair value less

costs to sell basis. Indus Towers’ share price was observable in a quoted market and was considered a level 1

input under the fair value hierarchy in IFRS 13 ‘Fair Value Measurement’. The share price of INR291.15 per share

implied a recoverable amount of INR165 billion (€1.8 billion), which exceeded the carrying value of the Group’s

investment at the same date. The increase in recoverable amount supported the reversal of the prior year

impairment of €64 million.

Value in use assumptions

The table below shows key assumptions used in the value in use calculation for Germany as its carrying amount

of goodwill is significant in comparison with the Group’s total carrying amount of goodwill.

|  |  |
| --- | --- |
|  | Assumptions used in value in use calculations |
|  | Germany |
|  | % |
| Pre-tax discount rate | 8.3 |
| Long-term growth rate | 1.0 |
| Projected adjusted EBITDAaL CAGR  1 | 2.4 |
| Projected capital expenditure  2 | 17.4-19.9 |

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Vodafone Group Plc

Annual Report 2025

145

4. Impairment losses (continued)

Sensitivity analysis

The estimated recoverable amounts of the Group’s operations in Germany and the UK exceeded their carrying

values by €2.3 billion and €1.6 billion respectively. If the assumptions used in the impairment review were

changed to a greater extent than as presented in the following table, the changes would, in isolation, have led to

an impairment loss being recognised for the year ended 31 March 2024.

|  |  |  |
| --- | --- | --- |
|  | Change required for carrying value to equal recoverable amount | |
|  | Germany | UK |
|  | pps | pps |
| Pre-tax discount rate | 0.5 | 2.2 |
| Long-term growth rate | (0.4) | (2.1) |
| Projected adjusted EBITDAaL CAGR  1 | (1.2) | (2.9) |
| Projected capital expenditure  2 | 3.9 | 4.9 |

Notes:

1. Projected adjusted EBITDAaL CAGR is expressed as the compound annual growth rates in the initial five years for all cash-generating

units of the plans used for impairment testing.

2. Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in

the initial five years for all cash-generating units of the plans used for impairment testing.

Year ended 31 March 2023

The disclosures below for the year ended 31 March 2023 are as previously disclosed in the Annual Report for the

year ended 31 March 2023.

Indus Towers Limited

The Group’s investment in Indus Towers was tested for impairment at 31 March 2023 following a decline in Indus

Towers’ quoted share price. Management concluded that fair value less costs to sell was the appropriate basis to

determine the recoverable amount of the Group’s investment. Indus Towers’ share price was observable in a

quoted market and was considered a level 1 input under the fair value hierarchy in IFRS 13 ‘Fair Value

Measurement’. The share price of INR143.00 per share implied a recoverable amount of INR81 billion (€0.9

billion) which was lower than the carrying value of the investment at the same date. An impairment charge of

€64 million was recognised to reduce the carrying value of the Group’s investment to the recoverable amount in

the Group’s consolidated statement of financial position.

Value in use assumptions

The table below shows key assumptions used in the value in use calculations, and separately presented cash-

generating units for which the carrying amount of goodwill is significant in comparison with the Group’s total

carrying amount of goodwill:

|  |  |  |
| --- | --- | --- |
|  | Assumptions used in value in use calculations | |
|  | Germany | Italy |
|  | % | % |
| Pre-tax discount rate | 7.8 | 8.9 |
| Long-term growth rate | 0.6 | 1.5 |
| Projected adjusted EBITDAaL CAGR  1 | 1.8 | 1.0 |
| Projected capital expenditure  2 | 19.4-19.8 | 16.5-17.9 |

Sensitivity analysis

The estimated recoverable amounts of the Group’s operations in Germany, Italy, the UK, and Spain exceeded

their carrying values by €3.2 billion, €0.2 billion, €1.3 billion, and €0.4 billion respectively. If the assumptions

used in the impairment review were changed to a greater extent than as presented in the following table, the

changes would, in isolation, have led to an impairment loss being recognised for the year ended 31 March 2023.

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Change required for carrying value to equal recoverable amount | | | |
|  | Germany | Italy | UK | Spain |
|  | pps | pps | pps | pps |
| Pre-tax discount rate | 0.6 | 0.2 | 1.6 | 0.5 |
| Long-term growth rate | (0.6) | (0.2) | (1.9) | (0.6) |
| Projected adjusted EBITDAaL CAGR  1 | (1.8) | (0.5) | (4.1) | (1.5) |
| Projected capital expenditure  2 | 5.5 | 0.9 | 4.2 | 2.2 |

Notes:

1. Projected adjusted EBITDAaL CAGR is expressed as the compound annual growth rates in the initial five years for all cash-generating

units of the plans used for impairment testing.

2. Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in

the initial five years for all cash-generating units of the plans used for impairment testing.

For the Group’s operations in Italy and Spain management prepared the following sensitivity analysis for changes

in pre-tax discount rate and projected adjusted EBITDAaL CAGR

1

assumptions. The associated impact of the

change in each key assumption did not consider any consequential impact on other assumptions used in the

impairment review.

|  |  |  |
| --- | --- | --- |
|  | Recoverable amount less carrying value | |
|  | Italy | Spain |
|  | €bn | €bn |
| Base case as at 31 March 2023 | 0.2 | 0.4 |
| Change in pre-tax discount rate |  |  |
| Decrease by 1pps | 1.4 | 1.3 |
| Increase by 1pps | (0.8) | (0.3) |
| Change in projected adjusted EBITDAaL CAGR  1 |  |  |
| Decrease by 5pps | (1.6) | (0.8) |
| Increase by 5pps | 2.3 | 1.8 |

Note:

1. Projected adjusted EBITDAaL CAGR is expressed as the compound annual growth rates in the initial five years for all cash-generating

units of the plans used for impairment testing.

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</svg>)

5. Investment income and financing costs

Investment income comprises interest received from investments and other receivables.

Financing costs mainly arise from interest due on bonds and commercial paper issued, bank

loans and the results of hedging transactions used to manage foreign exchange and interest

rate movements.

|  |  |  |  |
| --- | --- | --- | --- |
|  | 2025 | 2024 | 2023 |
|  | €m | €m | €m |
| Investment income |  |  |  |
| Financial assets measured at amortised cost | 355 | 327 | 196 |
| Financial assets measured at fair value through profit and loss | 509 | 254 | 36 |
|  | 864 | 581 | 232 |
| Financing costs |  |  |  |
| Financial liabilities measured at amortised cost |  |  |  |
| Bonds | 1,301 | 1,596 | 1,711 |
| Lease liabilities | 488 | 440 | 355 |
| Bank loans and other liabilities  1 | 499 | 712 | 392 |
| Interest on derivatives | (356) | (395) | (561) |
| Mark-to-market on derivatives | (2) | 100 | (423) |
| Foreign exchange | 1 | 173 | 135 |
|  | 1,931 | 2,626 | 1,609 |
| Net financing costs | 1,067 | 2,045 | 1,377 |

Note:

1.

Interest capitalised for the year ended 31 March 2025 was €nil (2024: €nil, 2023: €5 million).

6. Taxation

This note explains how our Group tax charge arises. The deferred tax section of the note also

provides information on our expected future tax charges and sets out the tax assets held

across the Group together with our view on whether or not we expect to be able to make use

of these in the future.

Accounting policies

Income tax expense represents the sum of current and deferred taxes.

Current tax payable or recoverable is based on taxable profit for the year. Taxable profit differs from profit as

reported in the consolidated income statement because some items of income or expense are taxable or

deductible in different years or may never be taxable or deductible. The Group’s liability for current tax is

calculated using tax rates and laws that have been enacted or substantively enacted by the reporting period date.

The Group recognises provisions for uncertain tax positions when the Group has a present obligation as a result

of a past event and management judge that it is probable that there will be a future outflow of economic benefits

from the Group to settle the obligation. Uncertain tax positions are assessed and measured on an issue-by-issue

basis within the jurisdictions that we operate either using management’s estimate of the most likely outcome

where the issues are binary, or the expected value approach where the issues have a range of possible outcomes.

The Group recognises interest on late paid taxes as part of financing costs, and, if applicable, classifies tax

penalties as part of the income tax expense if the penalties are based on profits.

Deferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences

between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax

bases used in the computation of taxable profit. It is accounted for using the statement of financial position

liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and

deferred tax assets are recognised to the extent that it is probable that taxable temporary differences or taxable

profits will be available against which deductible temporary differences can be utilised.

Such assets and liabilities are not recognised if the temporary difference, or net temporary difference arises in a

transaction that gives rise to both taxable and deductible temporary differences, arises from the initial

recognition (other than in a business combination) of assets and liabilities and affects neither the taxable profit

nor the accounting profit. Deferred tax liabilities are also not recognised to the extent they arise from the initial

recognition of non-tax deductible goodwill.

Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and

associates, and interests in joint arrangements, except where the Group is able to control the reversal of the

temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.

The carrying amount of deferred tax assets is reviewed at each reporting period date and adjusted to reflect

changes in the Group’s assessment that sufficient taxable profits will be available to allow all the recognised

asset to be recovered.

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

146

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Strategic report

Governance

Financials

Other information

Vodafone Group Plc

Annual Report 2025

147

6. Taxation (continued)

Deferred tax is calculated at the tax rates that are expected to apply in the periods when the liability is settled or

the asset realised, based on tax rates that have been enacted or substantively enacted by the reporting period

date. The group does not discount deferred tax balances.

Tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against

current tax liabilities and when they either relate to income taxes levied by the same taxation authority on either

the same taxable entity or on different taxable entities which intend to settle the current tax assets and liabilities

on a net basis.

Tax is charged or credited to the income statement, except when it relates to items charged or credited to other

comprehensive income or directly to equity, in which case the tax is recognised in other comprehensive income

or in equity.

|  |  |  |  |
| --- | --- | --- | --- |
|  | 2025 | 2024 | 2023 |
| Income tax expense | €m | €m | €m |
| United Kingdom corporation tax expense: |  |  |  |
| Current year | 59 | 70 | 4 |
| Adjustments in respect of prior years | (8) | 1 | 4 |
|  | 51 | 71 | 8 |
| Overseas current tax expense/(credit): |  |  |  |
| Current year | 997 | 670 | 924 |
| Adjustments in respect of prior years | (68) | 25 | (26) |
|  | 929 | 695 | 898 |
| Total current tax expense | 980 | 766 | 906 |
| Deferred tax on origination and reversal of temporary differences: |  |  |  |
| United Kingdom deferred tax | (91) | (36) | (71) |
| Overseas deferred tax | 1,357 | (680) | (343) |
| Total deferred tax expense/(credit) | 1,266 | (716) | (414) |
| Total income tax expense | 2,246 | 50 | 492 |

Tax charged/(credited) directly to other comprehensive income

|  |  |  |  |
| --- | --- | --- | --- |
|  | 2025 | 2024 | 2023 |
|  | €m | €m | €m |
| Current tax | (1) | 2 | 3 |
| Deferred tax | 49 | (579) | 305 |
| Total tax charged/(credited) directly to other comprehensive |  |  |  |
| income | 48 | (577) | 308 |

Tax charged directly to equity

|  |  |  |  |
| --- | --- | --- | --- |
|  | 2025 | 2024 | 2023 |
|  | €m | €m | €m |
| Current tax | 4 | – | – |
| Deferred tax | 3 | 4 | 7 |
| Total tax charged directly to equity | 7 | 4 | 7 |

Factors affecting the tax expense in the year

The table below explains the differences between the expected tax expense, being the aggregate of the Group’s

geographical split of profits multiplied by the relevant local tax rates and the Group’s total tax expense for each

year.

|  |  |  |  |
| --- | --- | --- | --- |
|  | 2025 | 2024 | 2023 |
|  | €m | €m | €m |
| Continuing (loss)/profit before tax as shown in the consolidated |  |  |  |
| income statement | (1,478) | 1,620 | 13,074 |
| (Loss)/profit at weighted average statutory tax rate | (729) | 363 | 2,787 |
| Impairment loss with no tax effect  1 | 1,361 | – | 18 |
| Disposal of Group investments  2 | 146 | 174 | (1,718) |
| Effect of taxation of associates and joint ventures, reported within |  |  |  |
| (loss)/profit before tax | 28 | 23 | (125) |
| Deferred tax credit following revaluation of investments in |  |  |  |
| Luxembourg | – | – | (393) |
| Previously unrecognised temporary differences and losses we expect |  |  |  |
| to use in the future  3 | – | (1,021) | (16) |
| Previously recognised temporary differences and losses we no longer |  |  |  |
| expect to use in the future | 25 | – | – |
| Current year temporary differences (including losses) that we |  |  |  |
| currently do not expect to use | 33 | 84 | 81 |
| Adjustments in respect of prior year tax liabilities | (108) | 89 | (29) |
| Impact of tax credits and irrecoverable taxes | 108 | 147 | 80 |
| Deferred tax on unremitted earnings | 27 | 1 | (6) |
| Effect of current year changes in statutory tax rates on deferred tax |  |  |  |
| balances  4 | 721 | (19) | 35 |
| Settlement of the VISPL tax cases | 185 | – | – |
| Financing costs and similar not deductible/(taxable) for tax purposes | 137 | 214 | (27) |
| Revaluation of assets for tax purposes in T  ü  rkiye  5 | 128 | (65) | (338) |
| Expenses not deductible for tax purposes | 184 | 60 | 143 |
| Income tax expense | 2,246 | 50 | 492 |

Notes:

1. The Group recorded impairment charges of €4,350 million and €165 million with respect to the Group's investments in Germany and

Romania respectively, which are permanently non-deductible for tax purposes.

2. The amount for 2025 includes €164 million of tax in relation to the 10.33% disposal of Vantage Towers, offset by a €(109) million credit

in relation to the non-taxable disposal of Indus Towers reduced by €56 million non-deductible settlement of MSA obligations that

resulted in the release of the secondary pledge. The amount for 2024 includes €110 million of tax relating to income of the continuing

Group presented in Discontinued Operations, €37 million in relation to the disposal of M-Pesa Holding Company Limited and €30

million in relation to the Vantage Towers disposal. The amount for 2023 relates to the disposal of Vantage Towers into a joint venture

and the tax-exempt disposals of Vodafone Hungary and Vodafone Ghana. See note 27 ‘Acquisitions and disposals’.

3. The amount in 2024 includes €1,019 million of additional losses recognised in Luxembourg.

4. The amount for 2025 includes €719 million in relation to a 1% corporate income tax rate reduction in Luxembourg.

5. The amounts for 2025, 2024 and 2023 relate to inflation adjustments in Türkiye.

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Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

148

6. Taxation (continued)

Deferred tax

The table below is an analysis of movements in the net deferred tax asset balance during the year.

|  |  |  |
| --- | --- | --- |
|  | 2025 | 2024 |
|  | €m | €m |
| 1 April | 19,478 | 18,545 |
| Adjustment relating to assets Held for Sale | – | (422) |
| Foreign exchange movements | 95 | (32) |
| (Charged) / credited to the income statement | (1,266) | 716 |
| (Charged) / credited directly to OCI | (49) | 579 |
| (Charged) / credited directly to equity | (3) | (4) |
| Indexation of the opening balance in respect of hyperinflation in T  ü  rkiye | (18) | 96 |
| Arising on acquisitions and disposals | (2) | – |
| 31 March | 18,235 | 19,478 |

Deferred tax assets and liabilities, before offset of balances within countries, are as follows:

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | Amount |  |  |  | Net |
|  | credited/ |  |  |  | recognised |
|  | (expensed) | Gross | Gross | Less | deferred tax |
|  | in income | deferred | deferred tax | amounts | asset/ |
|  | statement | tax asset | liability | unrecognised | (liability) |
|  | €m | €m | €m | €m | €m |
| Tangible assets | (6) | 2,831 | (1,133) | – | 1,698 |
| Intangible assets | 133 | 266 | (1,036) | (3) | (773) |
| Tax losses | (1,256) | 31,367 | – | (13,843) | 17,524 |
| Treasury related items | (43) | 583 | (214) | (568) | (199) |
| Temporary differences relating to revenue |  |  |  |  |  |
| recognition | (28) | 83 | (789) | – | (706) |
| Temporary differences relating to leases | (28) | 1,537 | (1,340) | – | 197 |
| Other temporary differences | (38) | 716 | (209) | (13) | 494 |
| 31 March 2025 | (1,266) | 37,383 | (4,721) | (14,427) | 18,235 |

Analysed in the balance sheet, after offset of balances within countries, as:

|  |  |
| --- | --- |
|  | €m |
| Deferred tax asset | 19,033 |
| Deferred tax liability | (798) |
| 31 March 2025 | 18,235 |

At 31 March 2024, deferred tax assets and liabilities, before offset of balances within countries, were as follows:

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | Amount |  |  |  | Net |
|  | credited/ |  |  |  | recognised |
|  | (expensed) | Gross | Gross | Less | deferred tax |
|  | in income | deferred | deferred tax | amounts | asset/ |
|  | statement | tax asset | liability | unrecognised | (liability) |
|  | €m | €m | €m | €m | €m |
| Tangible assets | (176) | 2,656 | (1,174) | 10 | 1,492 |
| Intangible assets | 354 | 367 | (1,177) | 11 | (799) |
| Tax losses | 455 | 32,830 | – | (14,051) | 18,779 |
| Treasury related items | 19 | 594 | (138) | (569) | (113) |
| Temporary differences relating to revenue |  |  |  |  |  |
| recognition | (61) | 2 | (677) | – | (675) |
| Temporary differences relating to leases | (16) | 1,576 | (1,354) | – | 222 |
| Other temporary differences | 141 | 892 | (306) | (14) | 572 |
| 31 March 2024 | 716 | 38,917 | (4,826) | (14,613) | 19,478 |

At 31 March 2024, analysed in the balance sheet, after offset of balances within countries, as:

|  |  |
| --- | --- |
|  | €m |
| Deferred tax asset | 20,177 |
| Deferred tax liability | (699) |
| 31 March 2024 | 19,478 |

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)

6. Taxation (continued)

Strategic report

Governance

Financials

Other information

Vodafone Group Plc

Annual Report 2025

149

Factors affecting the tax charge in future years

The Group’s future tax charge, and effective tax rate, could be affected by several factors including tax reform in

countries around the world, including any arising from the OECD’s or European Commission’s work on the

taxation of the digital economy and European Commission initiatives such as the Minimum Tax directive,

Business in Europe: Framework for Income Taxation ‘BEFIT’ or as a consequence of state aid investigations, future

corporate acquisitions and disposals, any restructuring of our businesses and the resolution of open tax issues

(see below).

The Group is routinely subject to audit by tax authorities in the territories in which it operates. The Group

considers each issue on its merits and, where appropriate, holds provisions in respect of the potential tax liability

that may arise. As at 31 March 2025, the Group holds provisions for such potential liabilities of €314 million

(2024: €445 million). These provisions relate to multiple issues across the jurisdictions in which the Group

operates.

As the tax impact of a transaction can be uncertain until a conclusion is reached with the relevant tax authority or

through a legal process, the amount ultimately paid may differ materially from the amount accrued and could

therefore affect the Group's overall profitability and cash flows in future periods. See note 29 ‘Contingent

liabilities and legal proceedings’ to the consolidated financial statements.

The tables below present the gross amount and expiry dates of losses available for carry forward for the year

ended 31 March 2025 and the comparative year ended 31 March 2024.

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Expiring | Expiring |  |  |
|  | within | beyond |  |  |
|  | 5 years | 5 years | Unlimited | Total |
| 31 March 2025 | €m | €m | €m | €m |
| Losses for which a deferred tax asset is recognised | 68 | – | 78,045 | 78,113 |
| Losses for which no deferred tax is recognised | 98 | 15,982 | 40,403 | 56,483 |
|  | 166 | 15,982 | 118,448 | 134,596 |

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Expiring | Expiring |  |  |
|  | within | beyond |  |  |
|  | 5 years | 5 years | Unlimited | Total |
| 31 March 2024 | €m | €m | €m | €m |
| Losses for which a deferred tax asset is recognised | 20 | – | 80,224 | 80,244 |
| Losses for which no deferred tax is recognised | 313 | 15,653 | 40,378 | 56,344 |
|  | 333 | 15,653 | 120,602 | 136,588 |

Deferred tax assets on losses in Luxembourg

Included in the table above are losses of €65,200 million (2024: €67,016 million) that have arisen in Luxembourg

companies. A deferred tax asset of €15,563 million (2024: €16,714 million) has been recognised in respect of

these losses, as we conclude it is probable that the Luxembourg entities will continue to generate taxable profits

in the future against which we can utilise these losses. These tax losses principally arose from historical

impairments, primarily following the acquisition of the Mannesmann Group in 2000. These losses also arose prior

to the 2017 tax reform in Luxembourg and are available to carry forward indefinitely.

Losses incurred after the 2017 tax reform in Luxembourg, expire after 17 years and can only be used after any

pre-existing losses on a first-in-first-out basis. The Luxembourg companies have €15,958 million (2024; €15,933

million) of post-2017 losses, which will fully expire in 15 years. No deferred tax asset is recognised for these post-

2017 losses on the basis that they are not forecast to be used prior to the expiry of their 17 year life.

We also have €9,136 million (2024: €9,136 million) of Luxembourg losses in a former Cable & Wireless

Worldwide Group company, for which no deferred tax asset has been recognised as it is uncertain whether these

losses will be utilised.

During the year, the Luxembourg Corporate Income Tax rate reduced by 1% causing a write-down of the

Luxembourg deferred tax asset by €719 million. There is no cash tax impact. The Luxembourg companies utilised

€1,815 million of their pre-2017 losses in the current year, representing €433 million of the deferred tax asset

and 2.8% of the recognised deferred tax asset.

Following restructuring in December 2022, which saw the Luxembourg companies dispose of their investments

in the Group’s non-Luxembourg operating companies, the profits and losses in Luxembourg are no longer

expected to be significantly impacted by changes in the value of the Luxembourg companies’ investments. The

recovery of the deferred tax asset is expected to be driven by the recurring profits of the Luxembourg companies.

These recurring profits are derived from the Group’s internal financing, centralised procurement, and

international roaming activities. These activities have consistently generated taxable profits of over €1 billion per

annum throughout their existence.

The Group has reviewed the latest five-year forecasts for the Luxembourg

companies, including their ability and the Group’s intention to continue to generate income beyond this period.

The forecasts consider the impact of the current market conditions on the existing financing activities, including

the current view of future interest rates, levels of intragroup financing, as well as the future profits generated

from the procurement and roaming activities.

This assessment also included a review of the commercial structures supporting the profits generated from

these activities and considered the factors, under the Group’s control, which could impact the ability of these

activities to generate taxable profits. We have assessed that the current structure continues to be sustainable

under the tax laws substantively enacted at the reporting period date and the Group’s intentions to keep these

activities in Luxembourg remains unchanged.

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Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

150

6. Taxation (continued)

Based on the current forecasts, €3,065 million (20%) (2024: €3,306 million) of the deferred tax asset is forecast

to be used within the next 10 years, and €6,194 million (40%) (2024: €6,344 million) used within 20 years. The

losses are projected to be fully utilised over the next 47 to 52 years (2024: 52 to 57 years).

The decrease in the recovery period compared to the prior year is principally a result of higher forecast interest

rates, resulting in higher retained margins on existing financing activities. An increase or decrease in the forecast

income in Luxembourg in each year of 5%-10% would change the period over which the losses will be fully

utilised by 3 to 6 years either way. The Group uses different scenarios to forecast income to understand the

impact that a change in interest rates or level of debt advanced by the Luxembourg companies could have on

the recovery period of the losses.

The Group does not currently recognise deferred tax assets which are forecast to be used 60 years beyond the

reporting period date.

Any future changes in tax law or the structure of the Group could have a significant effect on the use of the

Luxembourg losses, including the period over which these losses can be utilised. On the basis that future

changes in tax laws are unknown, the profit forecasts assume that existing tax laws continue.

Based on the above factors the Group concludes that it is probable that the Luxembourg companies will

continue to generate taxable profits in the future against which it will use these losses.

Deferred tax assets in the UK

The Group has a recognised UK deferred tax asset of €2,566 million (2024: €2,485 million). This consists

primarily of excess capital allowances, which can be claimed on a reducing balance basis, held by the current UK

tax group consisting of the UK operating company along with financing, holding and group service companies.

The Group has reviewed the latest 5-year forecasts for the current UK tax group which incorporates the inherent

risks of operating in the telecommunications sector. In the period beyond the 5-year forecast we have reviewed

the profits inherent in the terminal period taking into account the forecast level of external debt held by the

Group and the future profitability of material UK entities including Vodafone UK.

Based on the current forecasts, the deferred tax asset is expected to be recovered over the next 46 years (2024:

27 years). The recovery period has increased compared to the prior year primarily due to an updated forecast of

future taxable income arising in the UK tax group in addition to refinements to our modelling of future UK taxable

income. An increase or decrease in the forecast net taxable income in the current UK tax group in each year of

5%-10% would change the period over which the deferred tax asset will be fully utilised by 1-2 years either way.

The Group does not currently recognise deferred tax assets which are forecast to be used 60 years beyond the

reporting period date.

Any future changes in tax law or the structure of the Group could have a significant effect on the use of the UK

capital allowances and other deferred tax assets, including the period over which these can be utilised.

On the basis that future changes in tax laws are unknown, the profit forecasts assume that existing tax laws

continue.

Based on the above factors the Group concludes that it is probable that the current UK tax group will continue to

generate taxable profits in the future against which it will use these capital allowances and other deferred tax

assets.

In June 2023 we announced a binding agreement to combine our Vodafone UK business with Three UK to form

a new merged UK business (the “merged UK Group”). Following the completion of this transaction merged UK

Group will form a separate UK tax group, and the

recognition of Vodafone UK’s deferred tax asset will be assessed

by reference to the taxable profit forecast of that newly combined business. The deferred tax assets of the

remainder of the UK group will be assessed by reference to the taxable profits generated by existing group

service activities, brand and financing income, including that arising from lending into the merged UK group. We

expect the recovery period of the deferred tax assets of both the merged UK group and the remainder of the UK

group to be lower than 46 years at 31 March 2026.

The Group has capital losses amounting to €29,762 million (2024: €29,713 million) in respect of UK subsidiaries

which are only available for offset against future capital gains and, due to the UK Substantial Shareholding

Exemption rules, we do not believe it is probable we will utilise these losses such that no deferred tax asset has

been recognised, as in the prior year.

Deferred tax assets on losses in Germany

The Group has a recognised deferred tax asset of €1,950 million (2024: €2,029 million) in Germany in respect

of

losses arising primarily on the write down of investments in Germany in 2000. The losses relate to German

corporate tax and trade tax liabilities, and they do not expire. The Group concluded it is probable that the German

business will generate sufficient taxable profits in the future against which we can utilise these losses. The Group

has reviewed the latest five -year forecasts for the German business, and the inherent risks of operating in the

telecommunications business. In the period beyond the 5-year forecast, the Group continues to take into

consideration the implications of the Growth Opportunities Act, substantively enacted in March 2024 which

introduces new interest restriction rules applying to both corporate and trade tax and for which a grace-period to

31 December 2024 was introduced during the year. We expect to fully utilise the trade tax losses within 4-5 years,

and corporate tax losses within 14-15 years.

Unremitted earnings

No deferred tax liability has been recognised in respect of a further €39,199

million (2024: €38,380 million) of

unremitted earnings of subsidiaries because the Group is able to control the timing of the reversal of the

temporary difference, and it is probable that such differences will not reverse in the foreseeable future.

It is not

practicable to estimate the amount of unrecognised deferred tax liabilities in respect of these unremitted

earnings.

Pillar Two - Global Minimum Tax

The BEPS Pillar Two Minimum Tax legislation was enacted in July 2023 in the UK with effect from financial years

commencing on or after 1 January 2024. The Group has applied the temporary exception under IAS 12 in

relation to the accounting for deferred taxes arising from the implementation of the Pillar Two rules. The FY25

tax charge includes a current tax charge of €7 million relating to Pillar 2 income taxes.

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Strategic report

Governance

Financials

Other information

Vodafone Group Plc

Annual Report 2025

151

7. Discontinued operations and assets held for sale

The Group classifies certain of its assets that it expects to dispose as either discontinued

operations or as held for sale.

The Group classifies non-current assets and liabilities within disposal groups (‘assets’) as held for sale if the assets

are available immediately for sale in their present condition, management is committed to a plan to sell the

assets under usual terms, it is highly probable that their carrying amounts will be recovered principally through a

sale transaction rather than through continuing use and the sale is expected to be completed within one year

from the date of the initial classification.

Assets and liabilities classified as held for sale are presented separately as current items in the consolidated

statement of financial position and are measured at the lower of their carrying amount and fair value less costs to

sell. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as

held for sale. Similarly, equity accounting ceases for associates and joint ventures held for sale.

Where operations constitute a separately reportable segment (see note 2 ‘Revenue disaggregation and

segmental analysis’) and have been disposed of, or are classified as held for sale, the Group classifies such

operations as discontinued.

Discontinued operations are excluded from the results of continuing operations and are presented as a single

amount as profit or loss after tax from discontinued operations in the Consolidated income statement.

Discontinued operations are also excluded from segment reporting. All other notes to the Consolidated financial

statements include amounts for continuing operations, unless indicated otherwise.

Transactions between the Group's continuing and discontinued operations are eliminated in full in the

Consolidated income statement. To the extent that the Group considers that the commercial relationships with

discontinued operations will continue post-disposal, transactions are reflected within continuing operations with

an opposite charge or credit reflected within the results of discontinued operations resulting in a net nil impact

on the Group’s Profit for the financial year for the years presented.

Discontinued operations

On 31 October 2023, the Group announced that it had entered into binding agreements with Zegona

Communications plc (’Zegona’) in relation to the disposal of 100% of Vodafone Holdings Europe, S.L.U.

(‘Vodafone Spain’). The disposal completed on 31 May 2024.

On 15 March 2024, the Group announced that it had entered into a binding agreement with Swisscom AG

(‘Swisscom’) in relation to the disposal of 100% of Vodafone Italia S.p.A. (’Vodafone Italy’). The disposal

completed on 31 December 2024.

Consequently, the results of Vodafone Spain and Vodafone Italy are reported as discontinued operations. The

assets and liabilities of both were presented as held for sale in the consolidated statement of financial position in

the prior year.

A summary of the results of these discontinued operations is below.

|  |  |  |  |
| --- | --- | --- | --- |
|  | 2025 | 2024 | 2023 |
|  | €m | €m | €m |
| (Loss)/profit for the financial year - Discontinued operations |  |  |  |
| Vodafone Spain  1 | 53 | (5) | (340) |
| Vodafone Italy  2 | (75) | (60) | 93 |
| Total | (22) | (65) | (247) |
| Loss per share - Discontinued operations |  |  |  |
| Basic | (0.08)c | (0.24)c | (0.89)c |
| Diluted | (0.08)c | (0.24)c | (0.89)c |

Notes:

1. The results for Vodafone Spain are for the two months to 31 May 2024 when the sale concluded.

2. The results for Vodafone Italy are for the nine months to 31 December 2024 when the sale concluded.

Segment analysis of discontinued operations

Vodafone Spain

The disposal of Vodafone Spain completed on 31 May 2024.

See note 27 ‘Acquisitions and disposals’ for more

information. The results of discontinued operations in Spain are detailed below.

|  |  |  |  |
| --- | --- | --- | --- |
|  | 2025 | 2024 | 2023 |
|  | €m | €m | €m |
| Revenue | 603 | 3,773 | 3,675 |
| Cost of sales | (321) | (2,593) | (2,959) |
| Gross profit | 282 | 1,180 | 716 |
| Selling and distribution expenses | (27) | (259) | (314) |
| Administrative expenses | (34) | (435) | (575) |
| Net credit losses on financial assets | (15) | (120) | (35) |
| Other expense | – | – | (122) |
| Operating profit/(loss) | 206 | 366 | (330) |
| Investment income | 3 | 29 | 16 |
| Financing costs | (8) | (56) | (26) |
| Profit/(loss) before taxation | 201 | 339 | (340) |
| Income tax credit | – | 1 | – |
| Profit/(loss) after tax of discontinued operations | 201 | 340 | (340) |
| After tax loss on the re-measurement of disposal group | – | (345) | – |
| Loss on sale of disposal group | (148) | – | – |
| Profit/(loss) for the financial year from discontinued operations | 53 | (5) | (340) |
| Total comprehensive income/ (expense) for the financial year |  |  |  |
| from discontinued operations |  |  |  |
| Attributable to owners of the parent | 53 | (5) | (340) |

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Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

152

7. Discontinued operations and assets held for sale (continued)

Vodafone Italy

The disposal of Vodafone Italy completed on 31 December 2024.

See note 27 ‘Acquisitions and disposals’ for

more information. The results of discontinued operations in Italy are detailed below.

|  |  |  |  |
| --- | --- | --- | --- |
|  | 2025 | 2024 | 2023 |
|  | €m | €m | €m |
| Revenue | 3,356 | 4,579 | 4,722 |
| Cost of sales | (1,293) | (3,438) | (3,532) |
| Gross profit | 2,063 | 1,141 | 1,190 |
| Selling and distribution expenses | (160) | (244) | (238) |
| Administrative expenses | (356) | (760) | (710) |
| Net credit losses on financial assets | (36) | (51) | (66) |
| Other income/(expense) | – | – | (1) |
| Operating profit | 1,511 | 86 | 175 |
| Financing costs | (66) | (86) | (93) |
| Profit before taxation | 1,445 | – | 82 |
| Income tax credit/ (expense) | (387) | 23 | 11 |
| Profit after tax of discontinued operations | 1,058 | 23 | 93 |
| After tax loss on the re-measurement of disposal group | – | (83) | – |
| Loss on sale of disposal group | (1,133) | – | – |
| (Loss)/profit for the financial year from discontinued operations | (75) | (60) | 93 |
| Total comprehensive (expense)/income for the financial year |  |  |  |
| from discontinued operations |  |  |  |
| Attributable to owners of the parent | (72) | (71) | 80 |

Assets held for sale

There are no assets and liabilities held for sale at 31 March 2025.

Assets and liabilities held for sale at 31 March 2024 comprised Vodafone Spain and Vodafone Italy. The relevant

assets and liabilities are detailed in the table below.

|  |  |  |  |
| --- | --- | --- | --- |
|  | Vodafone | Vodafone |  |
|  | Spain | Italy | Total |
|  | €m | €m | €m |
| Non-current assets |  |  |  |
| Goodwill | – | 2,398 | 2,398 |
| Other intangible assets | 987 | 3,331 | 4,318 |
| Property, plant and equipment | 4,957 | 4,307 | 9,264 |
| Other investments | 2 | – | 2 |
| Deferred tax assets | – | 461 | 461 |
| Trade and other receivables | 223 | 167 | 390 |
|  | 6,169 | 10,664 | 16,833 |
| Current assets |  |  |  |
| Inventory | 39 | 134 | 173 |
| Taxation recoverable | – | 77 | 77 |
| Trade and other receivables | 805 | 1,117 | 1,922 |
| Cash and cash equivalents | 13 | 29 | 42 |
|  | 857 | 1,357 | 2,214 |
| Assets held for sale | 7,026 | 12,021 | 19,047 |
| Non-current liabilities |  |  |  |
| Borrowings | 878 | 1,509 | 2,387 |
| Deferred tax liabilities | 3 | - | 3 |
| Post employment benefits | – | 45 | 45 |
| Provisions | 158 | 115 | 273 |
| Trade and other payables | 43 | 120 | 163 |
|  | 1,082 | 1,789 | 2,871 |
| Current liabilities |  |  |  |
| Borrowings | 346 | 673 | 1,019 |
| Taxation liabilities | – | 12 | 12 |
| Provisions | 23 | 67 | 90 |
| Trade and other payables | 1,203 | 1,723 | 2,926 |
|  | 1,572 | 2,475 | 4,047 |
| Liabilities held for sale | 2,654 | 4,264 | 6,918 |

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Strategic report

Governance

Financials

Other information

Vodafone Group Plc

Annual Report 2025

153

8. Earnings per share

Basic earnings per share is the amount of profit generated for the financial year attributable to

equity shareholders divided by the weighted average number of shares in issue during the

year.

|  |  |  |  |
| --- | --- | --- | --- |
|  | 2025 | 2024 | 2023 |
|  | Millions | Millions | Millions |
| Weighted average number of shares for basic earnings per share | 26,149 | 27,056 | 27,680 |
| Effect of dilutive potential shares: Employee share schemes | – | 95 | 95 |
| Weighted average number of shares for diluted earnings per |  |  |  |
| share | 26,149 | 27,151 | 27,775 |

|  |  |  |  |
| --- | --- | --- | --- |
|  | 2025 | 2024 | 2023 |
|  | €m | €m | €m |
| (Loss)/profit for earnings per share from continuing operations |  |  |  |
| attributable to owners | (4,147) | 1,205 | 12,085 |
| Loss for earnings per share from discontinued operations attributable |  |  |  |
| to owners | (22) | (65) | (247) |
| (Loss)/profit for basic and diluted earnings per share | (4,169) | 1,140 | 11,838 |

|  |  |  |  |
| --- | --- | --- | --- |
|  | 2025 | 2024 | 2023 |
|  | eurocents | eurocents | eurocents |
| Basic (loss)/earnings per share from continuing operations | (15.86)c | 4.45c | 43.66c |
| Basic (loss) per share from discontinued operations | (0.08)c | (0.24)c | (0.89)c |
| Basic (loss)/earnings per share | (15.94)c | 4.21c | 42.77c |

|  |  |  |  |
| --- | --- | --- | --- |
|  | 2025 | 2024 | 2023 |
|  | eurocents | eurocents | eurocents |
| Diluted (loss)/earnings per share from continuing operations | (15.86)c | 4.44c | 43.51c |
| Diluted loss per share from discontinued operations | (0.08)c | (0.24)c | (0.89)c |
| Diluted (loss)/earnings per share | (15.94)c | 4.20c | 42.62c |

9. Equity dividends

Dividends are one type of shareholder return, historically paid to our shareholders in February

and August.

2025

2024

2023

€m

€m

€m

Declared during the financial year

Final dividend for the year ended 31 March 2024: 4.50 eurocents per

share

(2023: 4.50 eurocents per share, 2022: 4.50 eurocents per share)

1,212

1,215

1,265

Interim dividend for the year ended 31 March 2025: 2.25 eurocents

per share

(2024: 4.50 eurocents per share, 2023: 4.50 eurocents per share)

583

1,218

1,237

1,795

2,433

2,502

Proposed after the end of the year and not recognised as a

liability

Final dividend for the year ended 31 March 2025: 2.25 eurocents per

(2024: 4.50 eurocents per share, 2023: 4.50 eurocents per share)

558

1,219

1,215

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Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

154

10. Intangible assets

The consolidated statement of financial position contains significant intangible assets, mainly

in relation to goodwill and licences and spectrum. Goodwill, which arises when we acquire a

business and pay a higher amount than the fair value of its net assets primarily due to the

synergies we expect to create, is not amortised but is subject to annual impairment reviews.

Licences and spectrum are amortised over the life of the licence. For further details see

‘Critical accounting judgements and key sources of estimation uncertainty’ in note 1 ‘Basis of

preparation ‘ to the consolidated financial statements.

Accounting policies

Identifiable intangible assets are recognised when the Group controls the asset, it is probable that future

economic benefits attributed to the asset will flow to the Group and the cost of the asset can be reliably

measured. Identifiable intangible assets are recognised at fair value when the Group completes a business

combination. The determination of the fair values of the separately identified intangibles, is based, to a

considerable extent, on management’s judgement.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group’s

interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised

at the date of acquisition.

Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated

impairment losses. Goodwill is not subject to amortisation but is tested for impairment annually or whenever

there is evidence that it may be impaired. Goodwill is denominated in the currency of the acquired entity and

revalued to the closing exchange rate at each reporting period date.

Negative goodwill arising on an acquisition is recognised directly in the consolidated income statement.

On disposal of a subsidiary or a joint arrangement, the attributable amount of goodwill is included in the

determination of the profit or loss recognised in the consolidated income statement on disposal.

Finite lived intangible assets

Intangible assets with finite lives are stated at acquisition or development cost, less accumulated amortisation.

The amortisation period and method are reviewed at least annually. Changes in the expected useful life or the

expected pattern of consumption of future economic benefits embodied in the asset are accounted for by

changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates.

Licence and spectrum fees

Amortisation periods for licence and spectrum fees are determined primarily by reference to the unexpired

licence period, the conditions for licence renewal and whether licences are dependent on specific technologies.

Amortisation is charged to the consolidated income statement on a straight-line basis over the estimated useful

lives from the commencement of related network services.

Software

Computer software comprises software purchased from third parties as well as the cost of internally developed

software. Computer software licences are capitalised on the basis of the costs incurred to acquire and bring into

use the specific software. Costs that are directly associated with the production of identifiable and unique

software products controlled by the Group, and are probable of producing future economic benefits, are

recognised as intangible assets. Direct costs of software development include employee costs and directly

attributable overheads.

Software integral to an item of hardware equipment is classified as property, plant and equipment.

Costs associated with maintaining software programs are recognised as an expense when they are incurred.

Amortisation is charged to the consolidated income statement on a straight-line basis over the estimated useful

life from the date the software is available for use.

Other intangible assets

Other intangible assets, including brands and customer bases, are recorded at fair value at the date of acquisition.

Amortisation is charged to the consolidated income statement, over the estimated useful lives of intangible

assets from the date they are available for use, on a straight-line basis. The amortisation basis adopted for each

class of intangible asset reflects the Group’s consumption of the economic benefit from that asset.

Estimated useful lives

The estimated useful lives of finite lived intangible assets are as follows:

|  |  |
| --- | --- |
| Licence and spectrum fees | 3 - 40 years |
| Software | 3 - 10 years |
| Brands | 1 - 30 years |
| Customer bases | 2 - 37 years |

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</svg>)

Strategic report

Governance

Financials

Other information

Vodafone Group Plc

Annual Report 2025

155

10. Intangible assets (continued)

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  | Licence and | Computer | Customer |  |  |
|  | Goodwill | spectrum fees | software | bases | Other | Total |
|  | €m | €m | €m | €m | €m | €m |
| Cost |  |  |  |  |  |  |
| 1 April 2023 | 96,904 | 34,306 | 18,474 | 11,905 | 539 | 162,128 |
| Exchange movements | (1,042) | (435) | (414) | (130) | (60) | (2,081) |
| Additions | – | 283 | 2,615 | – | 17 | 2,915 |
| Disposals | – | (986) | (989) | – | (2) | (1,977) |
| Transfer of assets held for resale | (19,498) | (6,258) | (2,600) | (2,517) | (57) | (30,930) |
| Hyperinflation impacts | 888 | 382 | 348 | 62 | 49 | 1,729 |
| 31 March 2024 | 77,252 | 27,292 | 17,434 | 9,320 | 486 | 131,784 |
| Exchange movements | (252) | 62 | (63) | 17 | (18) | (254) |
| Acquisition of subsidiaries | 7 | – | – | 4 | – | 11 |
| Additions | – | 236 | 2,414 | – | 5 | 2,655 |
| Disposals | – | (98) | (772) | – | (1) | (871) |
| Hyperinflation impacts | 709 | 301 | 291 | 49 | 39 | 1,389 |
| Other | – | – | (45) | – | – | (45) |
| 31 March 2025 | 77,716 | 27,793 | 19,259 | 9,390 | 511 | 134,669 |
| Accumulated impairment losses and amortisation |  |  |  |  |  |  |
| 1 April 2023 | 69,289 | 24,337 | 12,462 | 8,307 | 526 | 114,921 |
| Exchange movements | (897) | (144) | (324) | (120) | (56) | (1,541) |
| Charge for the year  1 | – | 1,031 | 2,484 | 606 | 1 | 4,122 |
| Disposals | – | (985) | (951) | – | – | (1,936) |
| Transfer of assets held for resale | (16,984) | (2,704) | (1,871) | (2,517) | (57) | (24,133) |
| Hyperinflation impacts | 888 | 196 | 304 | 62 | 49 | 1,499 |
| 31 March 2024 | 52,296 | 21,731 | 12,104 | 6,338 | 463 | 92,932 |
| Exchange movements | (318) | 106 | (58) | 16 | (14) | (268) |
| Impairments | 4,515 | – | – | – | – | 4,515 |
| Charge for the year  1 | – | 651 | 2,431 | 605 | 8 | 3,695 |
| Disposals | – | (98) | (767) | – | (1) | (866) |
| Hyperinflation impacts | 709 | 176 | 250 | 49 | 39 | 1,223 |
| 31 March 2025 | 57,202 | 22,566 | 13,960 | 7,008 | 495 | 101,231 |
| Net book value |  |  |  |  |  |  |
| 31 March 2024 | 24,956 | 5,561 | 5,330 | 2,982 | 23 | 38,852 |
| 31 March 2025 | 20,514 | 5,227 | 5,299 | 2,382 | 16 | 33,438 |

Note:

1. Included in the charge for the year ended 31 March 2025 is €nil (2024: €607 million) in respect of Vodafone Italy and Vodafone Spain,

which are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information.

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Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

156

10. Intangible assets (continued)

For licences and spectrum fees and other intangible assets, amortisation is included within the cost of sales line

within the consolidated income statement. Included in the net book value of computer software and licenses

and spectrum fees are assets in the course of construction, which are not depreciated, with a cost of €1,035

million (2024: €1,200 million) and €151m (2024: €25 million) respectively.

The net book value and expiry dates of the most significant licences are as follows:

|  |  |  |  |
| --- | --- | --- | --- |
|  |  | 2025 | 2024 |
|  | Expiry dates | €m | €m |
| Germany | 2025 - 2040 | 2,392 | 2,686 |
| UK | 2033 - 2041 | 965 | 989 |
| Vodacom | 2026 - 2042 | 771 | 687 |

The remaining amortisation period for each of the licences in the table above corresponds to the expiry date of

the respective licence. A summary of the Group’s most significant spectrum licences can be found on page 235.

11. Property, plant and equipment

The Group makes significant investments in network equipment and infrastructure – the base

stations and technology required to operate our networks – that form the majority of our

tangible assets. All assets are depreciated over their useful economic lives. For further details

on the estimation of useful economic lives, see ‘Critical accounting judgements and key

sources of estimation uncertainty’ in note 1 ‘Basis of preparation ‘to the consolidated financial

statements.

Accounting policies

Land and buildings held for use are stated in the consolidated statement of financial position at their cost, less

any accumulated depreciation and any accumulated impairment losses.

Amounts for equipment, fixtures and fittings, which includes network infrastructure assets are stated at cost less

accumulated depreciation and any accumulated impairment losses.

Assets in the course of construction are carried at cost, less any recognised impairment losses. Depreciation of

these assets commences when the assets are ready for their intended use.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their

acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than land, using the straight-line method, over

their estimated useful lives, as follows:

|  |  |
| --- | --- |
| Land and buildings |  |
| Freehold buildings | 25 - 50 years |
| Leasehold premises | The term of the lease |
| Equipment, fixtures and fittings |  |
| Network infrastructure and other | 1 - 35 years |

Depreciation is not provided on freehold land.

Right-of-use assets arising from the Group’s lease arrangements are depreciated over their reasonably certain

lease term, as determined under the Group’s leases policy (see note 20 ‘Leases’ and ‘Critical accounting

judgements and key sources of estimation uncertainty’ in note 1 ‘Basis of preparation’ for details).

The gain or loss arising on the disposal, retirement or granting of a finance lease on an item of property, plant and

equipment is determined as the difference between any proceeds from sale or receivables arising on a lease and

the carrying amount of the asset and is recognised in the consolidated income statement.

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Vodafone Group Plc

Annual Report 2025

157

11. Property, plant and equipment (continued)

|  |  |  |  |
| --- | --- | --- | --- |
|  |  | Equipment, |  |
|  | Land and | fixtures |  |
|  | buildings | and fittings | Total |
|  | €m | €m | €m |
| Cost |  |  |  |
| 1 April 2023 | 1,997 | 74,460 | 76,457 |
| Exchange movements | (31) | (1,878) | (1,909) |
| Additions | 34 | 4,753 | 4,787 |
| Disposals | (15) | (2,070) | (2,085) |
| Transfer of assets held for resale | (439) | (18,530) | (18,969) |
| Hyperinflation impacts | 9 | 1,376 | 1,385 |
| Other | 2 | 90 | 92 |
| 31 March 2024 | 1,557 | 58,201 | 59,758 |
| Exchange movements | 5 | (381) | (376) |
| Additions | 27 | 4,447 | 4,474 |
| Disposals | (13) | (904) | (917) |
| Hyperinflation impacts | 5 | 1,172 | 1,177 |
| Other | (16) | 282 | 266 |
| 31 March 2025 | 1,565 | 62,817 | 64,382 |
| Accumulated depreciation and impairment |  |  |  |
| 1 April 2023 | 1,240 | 49,323 | 50,563 |
| Exchange movements | (7) | (1,258) | (1,265) |
| Charge for the year  1 | 56 | 4,814 | 4,870 |
| Disposals | (15) | (2,039) | (2,054) |
| Transfer of assets held for resale | (287) | (12,507) | (12,794) |
| Hyperinflation impacts | 2 | 1,037 | 1,039 |
| 31 March 2024 | 989 | 39,370 | 40,359 |
| Exchange movements | 4 | (308) | (304) |
| Charge for the year  1 | 36 | 3,838 | 3,874 |
| Disposals | (14) | (867) | (881) |
| Hyperinflation impacts | 2 | 849 | 851 |
| Other | (12) | 93 | 81 |
| 31 March 2025 | 1,005 | 42,975 | 43,980 |
| Net book value |  |  |  |
| 31 March 2024 | 568 | 18,831 | 19,399 |
| 31 March 2025 | 560 | 19,842 | 20,402 |

Note:

1. Included in the charge for the year ended 31 March 2025 was €Nil (2024: €988 million) in respect of Vodafone Italy and Vodafone

Spain, which was reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more

information.

Included in the net book value of land and buildings and equipment, fixtures and fittings are assets in the course

of construction, which are not depreciated, with a cost of €15 million (2024: €4 million) and €1,355 million

(2024: €1,401 million) respectively. Also included in the book value of equipment, fixtures and fittings are assets

leased out by the Group under operating leases, with a cost of €1,653 million (2024: €1,623 million),

accumulated depreciation of €1,133 million (2024: €1,040 million) and net book value of €520 million (2024:

€583 million).

Right-of-use assets arising from the Group’s lease arrangements are recorded within property, plant and

equipment:

|  |  |  |
| --- | --- | --- |
|  | 2025 | 2024 |
|  | €m | €m |
| Property, plant and equipment (owned assets) | 20,402 | 19,399 |
| Right-of-use assets | 10,310 | 9,100 |
| 31 March | 30,712 | 28,499 |

Additions of €4,656 million (2024: €4,173 million) and a depreciation charge of €3,235 million (2024: €4,108

million) were recorded in respect of right-of-use assets during the year ended 31 March 2025. Included in the

depreciation charge for the year ended 31 March 2025 was €Nil (2024: €1,091 million) in respect of Vodafone

Italy and Vodafone Spain, which are reported as discontinued operations. See note 7 ‘Discontinued operations

and assets held for sale’.

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Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

158

12. Associates and joint arrangements

The Group holds interests in associates in Kenya, where we have significant influence, as well

as in a number of joint arrangements, notably in the Netherlands, India, Australia and Oak

Holdings 1 GmbH and its markets, where we share control with one or more third parties. See

note 1 ‘Basis of preparation’ to the consolidated financial statements for further details.

Accounting policies

Interests in joint arrangements

A joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic

activity that is subject to joint control; that is, when the relevant activities that significantly affect the investee’s

returns require the unanimous consent of the parties sharing control. Joint arrangements are either joint

operations or joint ventures.

Gains or losses resulting from the contribution or sale of a subsidiary as part of the formation of a joint

arrangement are recognised in respect of the Group’s entire equity holding in the subsidiary.

Joint operations

A joint operation is a joint arrangement whereby the parties that have joint control have the rights to the assets,

and obligations for the liabilities, relating to the arrangement or that other facts and circumstances indicate that

this is the case. The Group’s share of assets, liabilities, revenue, expenses and cash flows are combined with the

equivalent items in the consolidated financial statements on a line-by-line basis.

Any goodwill arising on the acquisition of the Group’s interest in a joint operation is accounted for in accordance

with the Group’s accounting policy for goodwill arising on the acquisition of a subsidiary.

Joint ventures

A joint venture is a joint arrangement whereby the parties that have joint control have the rights to the net assets

of the arrangement.

At the date of acquisition, any excess of the cost of acquisition over the Group’s share of the net fair value of the

identifiable assets, liabilities and contingent liabilities of the joint venture is recognised as goodwill. The goodwill

is included within the carrying amount of the investment.

The results and assets and liabilities of joint ventures, other than those joint ventures or part thereof that are held

for sale (see note 7 ‘Discontinued operations and assets held for sale’), are incorporated in the consolidated

financial statements using the equity method of accounting. Under the equity method, investments in joint

ventures are carried in the consolidated statement of financial position at cost adjusted for post-acquisition

changes in the Group’s share of the net assets of the joint venture, less any impairment in the value of the

investment. The Group’s share of post-tax profits or losses are recognised in the consolidated income statement.

Losses of a joint venture in excess of the Group’s interest in that joint venture are recognised only to the extent

that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture.

Associates

An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an

interest in a joint arrangement.

Significant influence is the power to participate in the financial and operating policy decisions of the investee but

where the Group does not have control or joint control over those policies.

At the date of acquisition, any excess of the cost of acquisition over the Group’s share of the net fair value of the

identifiable assets, liabilities and contingent liabilities of the associate is recognised as goodwill. The goodwill is

included within the carrying amount of the investment.

The results and assets and liabilities of associates are incorporated in the consolidated financial statements using

the same equity method of accounting used for joint ventures, described above.

Joint ventures and associates

|  |  |  |
| --- | --- | --- |
|  | 2025 | 2024 |
|  | €m | €m |
| Investments in joint ventures | 6,342 | 8,203 |
| Investments in associates | 550 | 1,829 |
| 31 March | 6,892 | 10,032 |
| Share of net liabilities in joint ventures | (96) | – |
| 31 March | (96) | – |

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Strategic report

Governance

Financials

Other information

Vodafone Group Plc

Annual Report 2025

159

12. Associates and joint arrangements (continued)

Joint ventures

The financial and operating activities of the Group’s joint ventures are jointly controlled by the participating

shareholders. The participating shareholders have rights to the net assets of the joint ventures through their

equity shareholdings. Unless otherwise stated, the Group’s principal joint ventures all have share capital

consisting solely of ordinary shares and are all indirectly held. The country of incorporation or registration of all

joint ventures is also their principal place of operation.

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  |  | Country of | Percentage | Percentage |
|  |  | incorporation or | shareholdings  1 | shareholdings  1 |
| Name of joint venture | Principal activity | registration | 2025 | 2024 |
| Oak Holdings 1 GmbH | Network infrastructure | Germany | 50.0 | 60.3 |
| VodafoneZiggo Group Holding B.V. | Network operator | Netherlands | 50.0 | 50.0 |
| OXG Glasfaser Beteiligungs GmbH | Fibre infrastructure | Germany | 50.0 | 50.0 |
| Vodafone Idea Limited  2 | Network operator | India | 24.4 | 31.4 |
| TPG Telecom Limited  3 | Network operator | Australia | 25.1 | 25.1 |

Notes:

1.

Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent.

2.

At 31 March 2025 the

fair value of the Group’s interest in Vodafone Idea Limited was INR 118

billion (€1,283

million) (2024: INR 208

billion (€2,313

million)) based on the quoted share price on the National Stock Exchange of India. On 30 March 2025, Vodafone Idea

announced that the Government of India had agreed to convert US$4.3 billion (€4.0 billion) of outstanding spectrum dues to equity

and

the associated dues were reported within equity as at 31 March 2025. The Group’s shareholding

in Vodafone Idea Limited was

subsequently diluted to 16.1% in April 2025.

3.

At 31 March 2025 the

fair value of the Group’s interest in TPG Telecom Limited was AUD 2,236

million (€1,290

million) (2024: AUD

2,101 million

(€1,269 million)) based on the quoted share price on ASX.

Oak Holdings 1 GmbH

On 22 July 2024, the Group announced the sale of a further 10.3% stake in Oak Holdings 1 GmbH, the

partnership that co-controls

Vantage Towers, for €1,336 million, leaving the Group’s retained interest at 50.0%.

Oak Holdings 1 GmbH owns 89.3% of Vantage Towers.

A net gain on disposal of €26 million has been recorded within Other income in the Consolidated income

statement.

OXG Glasfaser Beteiligungs GmbH

In March 2023, the Group entered into an agreement with Altice Luxembourg S.A. to create a joint venture, OXG

Glasfaser Beteiligungs GmbH (‘OXG’), with 50.0% shareholding held by each shareholder. Each shareholder is

committed to contribute funding of up to

€950 million to OXG for the deployment of fibre-to-the-home

in

Germany. During the year ended 31 March 2025, the Group provided €36 million (2024: €32

million) of capital

contributions to OXG. The remaining funding commitment of €882

million is expected to be contributed

between 2025 and 2029. The amount and timing of the funding depends on the speed and size of the fibre

deployment. The contribution can be in the form of free capital reserves, shareholder loan, loan notes or similar

instruments as agreed by the shareholders.

Vodafone Idea Limited

The Group’s carrying value in Vodafone Idea Limited (‘VIL’) reduced to €nil at 30 September 2019. The Group’s

share of VIL’s losses not recognised at 31 March 2025 is €1,758

million (2024: €4,528 million).

During the year VIL has undertaken equity fund-raisings

totalling €2.5 billion and has undertaken a further

conversion of debt due to the Government of India during April 2025, resulting

in the Group’s interest in VIL

reducing to 16.1%.

TPG Telecom Limited

TPG Telecom Limited is listed on the Australian

Securities Exchange (‘ASX’). Vodafone and Hutchison

Telecommunications (Australia) Limited each own an economic interest of 25.05%, with the remaining 49.9%

listed as free float on the ASX. The financial information presented in the tables below includes debt held within

the structure that holds the Group’s interest in TPG,

for which the Group provides a guarantee over its share (see

note 22 ‘Capital and financial risk management’).

Dividends received from joint ventures

During the year ended 31 March 2025, the Group received dividends included in the consolidated statement of

cash flows from VodafoneZiggo Group Holding B.V. of €63 million (2024: €100 million, 2023: €165 million), TPG

Telecom Limited of €24 million (2024: €23 million, 2023: €24 million) and Oak Holdings 1 GmbH of €307

million (2024: €196 million, 2023: €nil).

Aggregated financial information

The table below provides aggregated financial information for the Group’s joint ventures as it relates to the

amounts recognised in the consolidated income statement and consolidated statement of financial position.

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | Investment in joint ventures  1 | | (Loss)/profit for the financial year  2 | | |
|  | 2025 | 2024 | 2025 | 2024 | 2023 |
|  | €m | €m | €m | €m | €m |
| Oak Holdings 1 GmbH | 5,943 | 7,620 | (74) | (85) | – |
| VodafoneZiggo Group Holding B.V. | 330 | 516 | (125) | (177) | 137 |
| TPG Telecom Limited | (96) | (2) | (97) | (74) | 48 |
| INWIT S.p.A. | – | – | – | – | 30 |
| Other | 69 | 69 | (65) | (43) | (15) |
| Total | 6,246 | 8,203 | (361) | (379) | 200 |

Notes:

1.

Includes share of net liabilities in joint ventures.

2.

Total Other comprehensive (expense)/income is not materially different to (loss)/profit for the financial year.

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Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

160

12. Associates and joint arrangements (continued)

Summarised financial information

Summarised financial information for the Group’s material joint ventures on a 100% ownership basis is set out

below.

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | Oak Holdings 1 GmbH | | | VodafoneZiggo Group Holding B.V. | | |
|  | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 |
|  | €m | €m | €m | €m | €m | €m |
| Income statement |  |  |  |  |  |  |
| Revenue | 1,249 | 1,166 | – | 4,082 | 4,128 | 4,063 |
| Operating expenses | (117) | (130) | – | (2,190) | (2,195) | (2,124) |
| Depreciation and amortisation | (953) | (868) | – | (1,600) | (1,555) | (1,527) |
| Other income/(expense) | (26) | 5 | – | – | – | – |
| Operating profit | 153 | 173 | – | 292 | 378 | 412 |
| Interest income | 7 | 5 | – | – | – | – |
| Interest expense | (538) | (455) | – | (652) | (809) | 11 |
| (Loss)/profit before tax | (378) | (277) | – | (360) | (431) | 423 |
| Income tax credit/(expense) | 212 | 132 | – | 111 | 77 | (150) |
| (Loss)/profit for the financial |  |  |  |  |  |  |
| year  1 | (166) | (145) | – | (249) | (354) | 273 |

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | Vodafone Idea Limited | | | TPG Telecom Limited | | |
|  | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 |
|  | €m | €m | €m | €m | €m | €m |
| Income statement |  |  |  |  |  |  |
| Revenue | 4,797 | 4,749 | 5,046 | 3,359 | 3,371 | 3,027 |
| Operating expenses | (3,005) | (3,066) | (3,280) | (2,320) | (2,238) | (1,870) |
| Depreciation and amortisation | (2,142) | (2,178) | (2,396) | (902) | (891) | (700) |
| Other income | – | 83 | – | – | – | – |
| Operating (loss)/profit | (350) | (412) | (630) | 137 | 242 | 457 |
| Interest income | 107 | 7 | 9 | – | – | – |
| Interest expense | (2,539) | (2,718) | (2,567) | (391) | (368) | (172) |
| (Loss)/profit before tax | (2,782) | (3,123) | (3,188) | (254) | (126) | 285 |
| Income tax (expense)/credit | (2) | (95) | – | 27 | (8) | (25) |
| (Loss)/profit for the financial |  |  |  |  |  |  |
| year  1 | (2,784) | (3,218) | (3,188) | (227) | (134) | 260 |

|  |  |  |  |
| --- | --- | --- | --- |
|  | INWIT S.p.A. | | |
|  | 2025 | 2024 | 2023 |
|  | €m | €m | €m |
| Income statement |  |  |  |
| Revenue | – | – | 853 |
| Operating expenses | – | – | (73) |
| Depreciation and amortisation | – | – | (508) |
| Operating profit | – | – | 272 |
| Interest expense | – | – | (81) |
| Profit before tax | – | – | 191 |
| Income tax expense | – | – | (1) |
| Profit for the financial year  1 | – | – | 190 |

Note:

1.

Total Other comprehensive income/(expense) is not materially different to profit/(loss) for the financial year.

As disclosed above, the Group’s investment in VIL was reduced to €nil in the year ended 31 March 2020 and the

Group has not recorded any profit or loss in respect of its share of VIL’s results since that date.

Financial information is presented for TPG Telecom Limited (‘TPG’) for the year to, and as at 31 December 2024

on the basis that full-year information in relation to TPG has not been released at the date of approval of these

consolidated financial statements and as such is market sensitive for TPG.

Financial information presented for INWIT S.p.A. for the years to 31 March 2023 is based on the financial results

and financial position as at 31 December 2022.

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Strategic report

Governance

Financials

Other information

Vodafone Group Plc

Annual Report 2025

161

12. Associates and joint arrangements (continued)

Summarised financial information

Summarised financial information for the Group’s material joint ventures on a 100% ownership basis is set out

below.

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Oak Holdings 1 GmbH | | VodafoneZiggo Group | |
|  | 2025 | 2024 | Holding B.V.  2025 | 2024 |
|  | €m | €m | €m | €m |
| Statement of financial position |  |  |  |  |
| Non-current assets | 24,149 | 24,015 | 15,012 | 15,753 |
| Current assets | 749 | 746 | 788 | 884 |
| Total assets | 24,898 | 24,761 | 15,800 | 16,637 |
| Equity shareholders’ funds | 11,887 | 12,630 | 660 | 1,033 |
| Non-current liabilities | 10,167 | 9,386 | 12,773 | 13,145 |
| Current liabilities | 2,844 | 2,745 | 2,367 | 2,459 |
| Cash and cash equivalents within current assets | 240 | 267 | 144 | 61 |
| Non-current liabilities excluding trade and other |  |  |  |  |
| payables and provisions | 9,560 | 8,751 | 12,640 | 12,995 |
| Current liabilities excluding trade and other payables and |  |  |  |  |
| provisions | 502 | 502 | 1,094 | 1,171 |

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Vodafone Idea Limited | | TPG Telecom Limited | |
|  | 2025 | 2024 | 2025 | 2024 |
|  | €m | €m | €m | €m |
| Statement of financial position |  |  |  |  |
| Non-current assets | 16,069 | 16,251 | 9,024 | 9,663 |
| Current assets | 2,817 | 1,654 | 734 | 900 |
| Total assets | 18,886 | 17,905 | 9,758 | 10,563 |
| Equity shareholders’ (deficit)/funds | (9,479) | (13,710) | 2,175 | 2,606 |
| Non-current liabilities | 22,636 | 25,855 | 6,523 | 6,789 |
| Current liabilities | 5,729 | 5,760 | 1,060 | 1,168 |
| Cash and cash equivalents within current assets | 1,145 | 60 | 85 | 192 |
| Non-current liabilities excluding trade and other |  |  |  |  |
| payables and provisions | 22,612 | 25,837 | 6,437 | 6,704 |
| Current liabilities excluding trade and other payables and |  |  |  |  |
| provisions | 2,307 | 2,044 | 105 | 102 |

The reconciliation of summarised financial information presented to the carrying amount of our interest in joint

ventures is set out below.

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | Oak Holdings 1 GmbH | | VodafoneZiggo Group Holding B.V. | | |
|  | 2025 | 2024 | 2025 | 2024 | 2023 |
|  | €m | €m | €m | €m | €m |
| Equity shareholders’ funds | 11,887 | 12,630 | 660 | 1,033 |  |
| Interest in joint ventures  1 | 5,943 | 7,620 | 330 | 516 |  |
| Carrying value | 5,943 | 7,620 | 330 | 516 |  |
| (Loss)/profit for the financial year | (166) | (145) | (249) | (354) | 273 |
| Share of (loss)/profit  1 | (74) | (85) | (125) | (177) | 137 |

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | Vodafone Idea Limited | | | TPG Telecom Limited | | |
|  | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 |
|  | €m | €m | €m | €m | €m | €m |
| Equity shareholders’ |  |  |  |  |  |  |
| (deficit)/funds | (9,479) | (13,710) |  | 2,175 | 2,606 |  |
| Interest in joint ventures  1 | (1,524) | (4,300) |  | (144) | (53) |  |
| Impairment | (234) | (240) |  | – | – |  |
| Goodwill | – | – |  | 48 | 51 |  |
| Investment proportion not |  |  |  |  |  |  |
| recognised | 1,758 | 4,540 |  | – | – |  |
| Carrying value | – | – |  | (96) | (2) |  |
| (Loss)/profit for the financial year | (2,784) | (3,218) | (3,188) | (227) | (134) | 260 |
| Share of (loss)/profit  1 | (660) | (1,009) | (1,030) | (97) | (74) | 48 |
| Share of loss not recognised | 660 | 1,009 | 1,030 | – | – | – |
| Share of (loss)/profit  1 | – | – | – | (97) | (74) | 48 |

|  |  |  |  |
| --- | --- | --- | --- |
|  | INWIT S.p.A. | | |
|  | 2025 | 2024 | 2023 |
|  | €m | €m | €m |
| Equity  shareholders’ funds | – | – |  |
| Interest in joint ventures | – | – |  |
| Carrying value | – | – |  |
| Profit for the financial year | – | – | 190 |
| Share of profit | – | – | 63 |
| Share of profit not recognised as |  |  |  |
| held for sale | – | – | (33) |
| Share of profit | – | – | 30 |

Note:

1.

The Group’s effective ownership percentages of Oak

Holdings 1 GmbH, VodafoneZiggo Group Holding B.V., Vodafone Idea Limited and

TPG Telecom Limited are 50.0%, 50.0%, 24.4% and 25.1%, respectively, rounded to the nearest tenth of one percent.

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Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

162

12. Associates and joint arrangements (continued)

Associates

Unless otherwise stated, the Group’s principal associates all have share capital consisting solely of ordinary

shares and are all indirectly held. The country of incorporation or registration is also their place of operation.

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  |  | Country of | Percentage | Percentage |
|  |  | incorporation | shareholding  1 | shareholding  1 |
|  | Principal activity | or registration | 2025 | 2024 |
| Safaricom PLC  1 | Network operator | Kenya | 39.9 | 39.9 |
| Indus Towers Limited | Network infrastructure | India | – | 21.0 |

Notes:

1. Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent.

2. At 31 March 2025, the fair value of the Group’s interest in Safaricom PLC was KES 293 billion (€2,096 million) (2024: KES 284 billion

(€1,996 million)) based on the closing quoted share price on the Nairobi Stock Exchange.

3. At 31 March 2025, the fair value of the Group’s interest in Indus Towers Limited was nil (2024: INR 165 billion (€1,833 million)).

Aggregated financial information

The table below provides aggregated financial information for the Group’s associates as it relates to the amounts

recognised in the consolidated income statement and consolidated statement of financial position.

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | Investment in associates | | Profit/(loss) for the financial year | | |
|  | 2025 | 2024 | 2025 | 2024 | 2023 |
|  | €m | €m | €m | €m | €m |
| Safaricom PLC  1 | 500 | 627 | 201 | 159 | 195 |
| Indus Towers Limited | – | 1,104 | 55 | 140 | 50 |
| Other | 50 | 98 | (18) | (16) | (12) |
| Total | 550 | 1,829 | 238 | 283 | 233 |

Note:

1. Other comprehensive income includes loss for the financial year, together with €103 million loss (2024: €76 million gain) in respect of

the application of IAS 29 to Safaricom’s operations in Ethiopia.

Indus Towers Limited

On 19 June 2024, the Group announced the sale of an 18.0% stake in Indus Towers Limited (‘Indus’) through an

accelerated book-building offering (‘placing’). The placing raised INR 153.0 billion (€1,684 million) in gross

proceeds. Following the placing, the Group de-recognised its remaining associate investment in Indus, which was

classified as an Other Investment recorded at fair value through profit and loss. A net gain on disposal of €714

million has been recorded within other income in the Consolidated income statement. In August 2024 and

December 2024, the Group disposed of its remaining 3.0% stake in Indus for cash consideration of €329m.

Dividends received from associates

During the year ended 31 March 2025, the Group received dividends included in the consolidated statement of

cash flows from Safaricom PLC of €136 million (2024: €122 million, 2023: €250 million) and from Indus Towers

Limited of €Nil (2024: €nil, 2023: €75 million).

Summarised financial information

Summarised financial information for each of the Group’s material associates on a 100% ownership basis is set

out in the following table, together with the reconciliation to the carrying amount of our interest in the associate.

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | Safaricom PLC | | | Indus Towers Limited | | |
|  | 2025 | 2024 | 2023 | 2025  2 | 2024 | 2023 |
|  | €m | €m | €m | €m | €m | €m |
| Income statement |  |  |  |  |  |  |
| Revenue | 2,792 | 2,210 | 2,468 | 835 | 3,185 | 3,343 |
| Operating expenses | (1,561) | (1,189) | (1,353) | (286) | (1,598) | (2,240) |
| Depreciation and amortisation | (489) | (523) | (432) | (167) | (637) | (588) |
| Other income | 79 | 142 | 68 | – | – | – |
| Operating profit | 821 | 640 | 751 | 382 | 950 | 515 |
| Interest income | 17 | 16 | 13 | 11 | 126 | 26 |
| Interest expense | (167) | (121) | (69) | (48) | (218) | (200) |
| Profit before tax | 671 | 535 | 695 | 345 | 858 | 341 |
| Income tax expense | (340) | (266) | (285) | (82) | (192) | (102) |
| Profit for the financial year | 331 | 269 | 410 | 263 | 666 | 239 |
| and total comprehensive |  |  |  |  |  |  |
| income |  |  |  |  |  |  |
| Attributable to: |  |  |  |  |  |  |
| - Owners of the parent | 503 | 399 | 489 | 263 | 666 | 239 |
| - Non-controlling interests | (172) | (130) | (79) | – | – | – |
| Statement of financial |  |  |  |  |  |  |
| position |  |  |  |  |  |  |
| Non-current assets | 3,062 | 3,901 |  | – | 6,082 |  |
| Current assets | 600 | 578 |  | – | 1,230 |  |
| Total assets | 3,662 | 4,479 |  | – | 7,312 |  |
| Equity shareholders' funds | 1,246 | 1,566 |  | – | 4,086 |  |
| Non-controlling interests | 331 | 767 |  | – | – |  |
| Non-current liabilities | 975 | 968 |  | – | 2,098 |  |
| Current liabilities | 1,110 | 1,178 |  | – | 1,128 |  |
| Cash and cash equivalents |  |  |  |  |  |  |
| within current assets | 215 | 163 |  | – | 7 |  |
| Non-current liabilities |  |  |  |  |  |  |
| excluding trade and other |  |  |  |  |  |  |
| payables and provisions | 791 | 784 |  | – | 1,716 |  |
| Current liabilities excluding |  |  |  |  |  |  |
| trade and other payables and |  |  |  |  |  |  |
| provisions | 357 | 349 |  | – | 583 |  |
| Equity shareholders' funds | 1,246 | 1,566 |  |  | 4,086 |  |
| Interest in associates  1 | 498 | 625 |  |  | 860 |  |
| Goodwill | 2 | 2 |  |  | 244 |  |
| Carrying value | 500 | 627 |  |  | 1,104 |  |
| Profit for the financial year | 503 | 399 | 489 | 263 | 666 | 239 |
| Share of profit | 201 | 159 | 195 | 55 | 140 | 50 |

Note:

1. The Group’s effective ownership percentage of Safaricom PLC is 39.9%, rounded to the nearest tenth of one percent.

2. Financial information for 2025 relates to the period to 19th June 2024.

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Strategic report

Governance

Financials

Other information

Vodafone Group Plc

Annual Report 2025

163

13. Other investments

The Group holds a number of other listed and unlisted investments, mainly comprising

managed funds, deposits and government bonds.

Accounting policies

Other investments comprising debt and equity instruments are recognised and derecognised on settlement

date and are initially measured at fair value, including transaction costs.

Debt securities that are held for collection of contractual cash flows where those cash flows represent solely

payments of principal and interest are measured at amortised cost using the effective interest method, less any

impairment. Debt securities that do not meet the criteria for amortised cost are measured at fair value through

profit and loss.

Equity securities are classified and measured at fair value through other comprehensive income where the

possibility of sale in the near term is considered low at the time of acquisition; other equity securities are

recorded at fair value through the income statement. For equity securities valued at fair value through other

comprehensive income, there is no subsequent reclassification of fair value gains and losses to profit or loss

following derecognition of the investment.

|  |  |  |
| --- | --- | --- |
|  | 2025 | 2024 |
|  | €m | €m |
| Included within non-current assets |  |  |
| Equity securities  1 | 1,279 | 65 |
| Bonds and debt securities  2 | 1,874 | 941 |
|  | 3,153 | 1,006 |
| Included within current assets |  |  |
| Short-term investments: |  |  |
| Bonds and debt securities  3 | 2,139 | 1,201 |
| Managed investment funds  1 | 3,141 | 2,024 |
|  | 5,280 | 3,225 |
| Collateral assets  4 | 1,010 | 741 |
| Other investments  5 | 1,134 | 1,126 |
|  | 7,424 | 5,092 |

Notes:

1. Items measured at a fair value, €306 million (2024: €27 million) of equity securities have a valuation basis of level 1 classification, which

comprises financial instruments where fair value is determined by unadjusted quoted prices in active markets for identical assets and

liabilities. €937 million (2024: nil) of equity securities have a valuation basis level 3 classification, due to some of the inputs to the

valuation model being unobservable inputs. The remaining items are measured at fair value and the basis is level 2 classification, which

comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either

directly or indirectly.

2. Includes €913 million (2024: nil) of non-current investments in sovereign securities measured at amortised cost and a fair value of €909

million (2024: nil) with a valuation basis of level 1 classification. Also includes €864 million (2024: €830 million) of items with a fair value

of €788 million (2024: €810 million) with a valuation basis of level 2 classification. The fair value of the remaining balance approximates

the carrying value measured at amortised cost.

3. Items are measured at fair value and the valuation basis is level 1 classification.

4. Items are measured at amortised cost and the carrying amount approximates fair value.

5. Includes investments measured at a fair value of €365 million (2024: €459 million). The valuation basis is level 1. The remaining items

are measured at amortised cost and the carrying amount approximates fair value.

Equity securities that have been classified as level 3 valuation basis include €937 million (2024: nil) investments

in Zegona shares. Valuation approach and sensitivity to key valuation inputs have been disclosed in note 22

‘Capital and financial risk management’. Investments in Zegona shares are measured at fair value through profit

and loss, while the remaining equity securities are measured at fair value through other comprehensive income.

Non-current bond securities have maturity dates in 2027 and 2028 and include €609 million (2024: €nil) of

German; €204 million (2024: €nil) of Dutch and €100 million (2024: €nil) of European Union government

securities. Non-current debt securities within non-current assets include €864 million (2024: €830 million) of

loan notes issued by VodafoneZiggo Holding B.V.

The Group invests surplus cash positions across a portfolio of short-term investments to manage liquidity and

credit risk whilst achieving suitable returns. Collateral arrangements on derivative financial instruments result in

cash being paid/(held), repayable when the derivatives are settled. These assets do not meet the definition of

cash and cash equivalents but are included in the Group’s net debt based on their liquidity.

Short-term bonds and debt securities includes €624 million (2024: €587 million) of highly liquid French; €nil

million (2024: €308 million) Dutch; €573 million (2024: €306 million) Japanese; €498 million (2024: €nil)

German and €444 million (2024: €nil) Belgian government securities.

Managed investment funds of €3,141 million (2024: €2,024 million) are in funds with liquidity of up to 90 days.

Collateral assets of €1,010 million (2024: €741 million) represents collateral paid on derivative financial

instruments.

Other investments are excluded from net debt based on their liquidity and primarily consist of restricted debt

securities including amounts held in qualifying assets by Group insurance companies to meet regulatory

requirements.

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Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

164

14. Trade and other receivables

Trade and other receivables mainly consist of amounts owed to us by customers and amounts

that we pay to our suppliers in advance. Derivative financial instruments with a positive market

value are reported within this note as are contract assets, which represent an asset for accrued

revenue in respect of goods or services delivered to customers for which a trade receivable

does not yet exist, and finance lease receivables recognised where the Group acts as a lessor.

See note 20 ‘Leases’ for more information on the Group’s leasing activities.

Accounting policies

Trade receivables represent amounts owed by customers where the right to receive payment is conditional only

on the passage of time. Trade receivables that are recovered in instalments from customers over an extended

period are discounted at market rates and interest revenue is accreted over the expected repayment period.

Other trade receivables do not carry any interest and are stated at their nominal value. When the Group

establishes a practice of selling portfolios of receivables from time to time these portfolios are recorded at fair

value through other comprehensive income; all other trade receivables are recorded at amortised cost.

The carrying value of all trade receivables, contract assets and finance lease receivables recorded at amortised

cost is reduced by allowances for lifetime estimated credit losses. Estimated future credit losses are first

recorded on the initial recognition of a receivable and are based on the ageing of the receivable balances,

historical experience and forward-looking considerations. Individual balances are written off when management

deems them not to be collectible.

|  |  |  |
| --- | --- | --- |
|  | 2025 | 2024 |
|  | €m | €m |
| Included within non-current assets |  |  |
| Trade receivables | 6 | 8 |
| Trade receivables held at fair value through other comprehensive income | 289 | 294 |
| Net investment in leases | 372 | 211 |
| Contract assets | 496 | 450 |
| Contract-related costs | 822 | 676 |
| Other receivables | 82 | 78 |
| Prepayments | 300 | 239 |
| Derivative financial instruments | 4,064 | 4,011 |
|  | 6,431 | 5,967 |

|  |  |  |
| --- | --- | --- |
|  | 2025 | 2024 |
|  | €m | €m |
| Included within current assets |  |  |
| Trade receivables | 3,236 | 2,841 |
| Trade receivables held at fair value through other comprehensive income | 421 | 441 |
| Net investment in leases | 88 | 99 |
| Contract assets | 2,473 | 2,413 |
| Contract-related costs | 1,253 | 1,169 |
| Amounts owed by associates and joint ventures | 166 | 130 |
| Other receivables | 928 | 686 |
| Prepayments | 706 | 600 |
| Derivative financial instruments  1 | 133 | 215 |
|  | 9,404 | 8,594 |

Note:

1. Includes €nil (2024: €22 million) of embedded derivative option for which fair value is based on level 3 of the fair value hierarchy (see

section on fair value carrying value information within note 22 ‘Capital and financial risk management’). All other items are measured at

fair value and the valuation basis is level 2 classification, which comprises items where fair value is determined from inputs other than

quoted prices that are observable for the asset or liability, either directly or indirectly.

The Group’s trade receivables and contract assets are classified at amortised cost unless stated otherwise and are

measured after allowances for future expected credit losses, see note 22 ‘Capital and financial risk management’

for more information on credit risk.

The carrying amounts of trade and other receivables, which are measured at amortised cost, approximate their

fair value and are predominantly non-interest bearing.

The Group’s contract-related costs comprise €2,000 million (2024: €1,814 million) relating to costs incurred to

obtain customer contracts and €75 million (2024: €31 million) relating to costs incurred to fulfil customer

contracts; an amortisation and impairment expense, excluding discontinued operations in Spain and Italy, of

€935 million (2024: €853 million) was recognised in operating profit during the year.

Other than for the embedded derivative option described above, the fair values of the derivative financial

instruments are calculated by discounting the future cash flows to net present values using appropriate market

interest rates and foreign currency rates prevailing at 31 March.

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Strategic report

Governance

Financials

Other information

Vodafone Group Plc

Annual Report 2025

165

15. Trade and other payables

Trade and other payables mainly consist of amounts owed to suppliers that have been

invoiced or are accrued and contract liabilities relating to consideration received from

customers in advance. They also include taxes and social security amounts due in relation to

the Group’s role as an employer. Derivative financial instruments with a negative market value

are reported within this note.

Accounting policies

Trade payables are not interest-bearing and are stated at their nominal value.

|  |  |  |
| --- | --- | --- |
|  | 2025 | 2024 |
|  | €m | €m |
| Included within non-current liabilities |  |  |
| Other payables | 245 | 222 |
| Insurance liabilities | 226 | 254 |
| Accruals | 40 | 41 |
| Contract liabilities | 812 | 343 |
| Derivative financial instruments  1 | 1,824 | 1,468 |
|  | 3,147 | 2,328 |
| Included within current liabilities |  |  |
| Trade payables  2 | 6,157 | 5,613 |
| Amounts owed to associates and joint ventures | 332 | 346 |
| Other taxes and social security payable | 846 | 887 |
| Other payables | 1,038 | 846 |
| Insurance liabilities | 54 | 48 |
| Accruals  3 | 4,138 | 4,037 |
| Contract liabilities | 1,416 | 1,565 |
| Derivative financial instruments  1 | 82 | 56 |
|  | 14,063 | 13,398 |

Notes:

1. Items are measured at fair value and the valuation basis is level 2 classification, which comprises items where fair value is determined

from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.

2. Included in Trade payables are invoices that are registered for the Group’s supply chain financing programme of €2,198 million (1 April

2024: €1,772 million); suppliers had drawn early payments of €1,443 million relating to these invoices at 31 March 2025.

3. Includes €132 million (2024: €nil) payable in relation to the irrevocable and non-discretionary share buyback programme announced in

February 2025.

The carrying amounts of trade and other payables approximate their fair value.

Materially all of the €1,565 million recorded as current contract liabilities at 1 April 2024 was recognised as

revenue during the year.

Insurance liabilities included within non-current liabilities include €226 million (2024: €254 million) in respect of

the re-insurance of a third party annuity policy related to the Vodafone and CWW Sections of the Vodafone UK

Group Pension Scheme.

The fair values of the derivative financial instruments are calculated by discounting the future cash flows to net

present values using appropriate market interest rates and foreign currency rates prevailing at 31 March.

Supplier financing arrangements

Trade payables

The Group evaluates supplier arrangements against a number of indicators to assess if the payable continues to

hold the characteristics of a trade payable or should be classified as borrowings; these indicators include whether

the payment terms exceed the shorter of customary payment terms in the industry or 180 days. At 31 March

2025, none of the payables subject to supplier financing arrangements met the criteria to be reclassified as

borrowings.

Supply chain financing arrangements

The Group offers eligible suppliers the opportunity to use supply chain financing (‘SCF’), allowing suppliers that

decide to use it to receive payment earlier than the invoice due date. The Group does not provide any financial

guarantees to the financial institutions that run the SCF programme and continues to cash settle supplier

payables in accordance with their contractual terms.

The Group does not use the SCF programme to extend its payments terms with suppliers except for €148 million

of Trade payables for which the Group has extended payment terms from 30 to 90 days (31 March 2024: €nil) via

the use of reverse factoring.

Payment terms

The Group has a range of payment terms up to 180 days for both SCF and non-SCF invoices. The majority of non-

SCF and SCF invoices by value are payable under 30 and 90 days respectively.

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Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

166

16. Provisions

A provision is a liability recorded in the Consolidated statement of financial position, where

there is uncertainty over the timing or amount that will be paid, and is therefore often

estimated. The main provisions we hold are in relation to asset retirement obligations, which

include the cost of returning network infrastructure sites to their original condition at the end

of the lease and claims for legal and regulatory matters.

Accounting policies

Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past

event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made

of the amount of the obligation. Provisions are measured based on the best estimate of the expenditure required

to settle the obligation at the reporting date and are discounted to present value where the effect is material.

Where the timing of settlement is uncertain amounts are classified as non-current where settlement is expected

more than 12 months from the reporting date.

Asset retirement obligations

In the course of the Group’s activities, a number of sites and other assets are utilised which are expected to have

costs associated with decommissioning. The associated cash outflows are substantially expected to occur at the

dates of decommissioning of the assets to which they relate, and are long term in nature.

Legal and regulatory

The Group is involved in a number of legal and other disputes, including where the Group has received

notifications of possible claims. The Directors of the Company, after taking legal advice, have established

provisions considering the facts of each case. For a discussion of certain legal issues potentially affecting the

Group see note 29 ‘Contingent liabilities and legal proceedings’ to the consolidated financial statements.

Restructuring

The Group undertakes periodic reviews of its operations and recognises provisions as required based on the

outcomes of these reviews. The associated cash outflows for restructuring costs are primarily less than one year.

Other

Comprises various items that do not fall within the Group’s other categories of provisions.

The table below is a summary of provisions by type and between current and non-current amounts.

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | Asset |  |  |  |  |
|  | retirement | Legal and |  |  |  |
|  | obligations | regulatory | Restructuring | Other | Total |
|  | €m | €m | €m | €m | €m |
| 1 April 2023 | 1,030 | 430 | 508 | 278 | 2,246 |
| Exchange movements | (7) | (24) | 3 | (3) | (31) |
| Amounts capitalised in the year | 146 | – | – | – | 146 |
| Amounts charged to the income statement | – | 162 | 774 | 206 | 1,142 |
| Utilised in the year - payments | (54) | (72) | (290) | (116) | (532) |
| Amounts released to the income statement | (5) | (131) | (7) | (43) | (186) |
| Transfer to liabilities held for sale | (177) | (96) | (46) | (31) | (350) |
| Other | – | – | – | 13 | 13 |
| 31 March 2024 | 933 | 269 | 942 | 304 | 2,448 |
| Exchange movements | 2 | (12) | 1 | (1) | (10) |
| Amounts capitalised in the year | 71 | – | – | – | 71 |
| Amounts charged to the income statement | – | 85 | 133 | 280 | 498 |
| Utilised in the year - payments | (38) | (46) | (238) | (108) | (430) |
| Amounts released to the income statement | (9) | (21) | (7) | (44) | (81) |
| 31 March 2025 | 959 | 275 | 831 | 431 | 2,496 |

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | Asset |  |  |  |  |
|  | retirement | Legal and |  |  |  |
|  | obligations | regulatory | Restructuring | Other | Total |
|  | €m | €m | €m | €m | €m |
| Current liabilities | 56 | 222 | 478 | 310 | 1,066 |
| Non-current liabilities | 903 | 53 | 353 | 121 | 1,430 |
| 31 March 2025 | 959 | 275 | 831 | 431 | 2,496 |

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | Asset |  |  |  |  |
|  | retirement | Legal and |  |  |  |
|  | obligations | regulatory | Restructuring | Other | Total |
|  | €m | €m | €m | €m | €m |
| Current liabilities | 59 | 232 | 361 | 181 | 833 |
| Non-current liabilities | 874 | 37 | 581 | 123 | 1,615 |
| 31 March 2024 | 933 | 269 | 942 | 304 | 2,448 |

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Strategic report

Governance

Financials

Other information

Vodafone Group Plc

Annual Report 2025

167

17. Called up share capital

Called up share capital is the number of shares in issue at their par value. A number of shares

were allotted during the year in relation to employee share schemes.

Accounting policies

Equity instruments issued by the Group are recorded at the amount of the proceeds received, net of direct

issuance costs.

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 2025 |  | 2024 |  |
|  | Number | €m | Number | €m |
| Ordinary shares of 20  20  ⁄  21  US cents |  |  |  |  |
| each allotted, issued and fully paid:  1,2 |  |  |  |  |
| 1 April | 28,818,683,808 | 4,797 | 28,818,256,058 | 4,797 |
| Allotted during the year | 455,190 | – | 427,750 | – |
| Cancelled during the year | (2,430,853,096) | (478) | – | – |
| 31 March | 26,388,285,902 | 4,319 | 28,818,683,808 | 4,797 |

Notes:

1. At 31 March 2025, there were 50,000 (2024: 50,000) 7% cumulative fixed rate shares of £1 each in issue.

2. At 31 March 2025, the Group held 1,416,813,312 (2024: 1,738,561,954) treasury shares with a nominal value of €232 million (2024:

€289 million). The market value of shares held was €1,234 million (2024: €1,434 million). During the year, 99,750,090 (2024:

87,129,475) treasury shares were reissued under Group share schemes and 2,208,854,544 (2024: nil) shares were repurchased

following the disposal of Vodafone Spain.

18. Reconciliation of net cash flow from operating activities

The table below shows how our (loss)/profit for the year from continuing operations translates

into cash flows generated from our operating activities.

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  |  | 2025 | 2024 | 2023 |
|  | Note | €m | €m | €m |
| (Loss)/profit for the financial year |  | (3,746) | 1,505 | 12,335 |
| Loss/(Profit) for the financial year from discontinued |  |  |  |  |
| operations |  | 22 | 65 | 247 |
| (Loss)/profit for the financial year from continuing |  |  |  |  |
| operations |  | (3,724) | 1,570 | 12,582 |
| Investment income | 5 | (864) | (581) | (232) |
| Financing costs | 5 | 1,931 | 2,626 | 1,609 |
| Income tax expense | 6 | 2,246 | 50 | 492 |
| Operating (loss)/profit |  | (411) | 3,665 | 14,451 |
| Adjustments for: |  |  |  |  |
| Share-based payments and other non-cash charges |  | 68 | 98 | 58 |
| Depreciation and amortisation | 10, 11 | 10,804 | 10,414 | 10,255 |
| Loss on disposal of property, plant and equipment and |  |  |  |  |
| intangible assets |  | 13 | 34 | 33 |
| Share of result of equity accounted associates and joint |  |  |  |  |
| ventures | 12 | 123 | 96 | (433) |
| Impairment charge/(reversal) | 4 | 4,515 | (64) | 64 |
| Other income | 3 | (565) | (372) | (9,402) |
| Decrease / (increase) in inventory |  | 134 | 177 | (168) |
| (Increase)/decrease in trade and other receivables | 14 | (774) | (597) | (486) |
| Increase/(decrease) in trade and other payables | 15 | 710 | 534 | 1,446 |
| Cash generated by operations |  | 14,617 | 13,985 | 15,818 |
| Net tax paid |  | (901) | (724) | (1,228) |
| Cashflows from discontinued operations |  | 1,657 | 3,296 | 3,464 |
| Net cash flow from operating activities |  | 15,373 | 16,557 | 18,054 |

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Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

168

19. Cash and cash equivalents

The majority of the Group’s cash is held in bank deposits or money market funds which have a

maturity of three months or less from acquisition to enable us to meet our short-term liquidity

requirements.

Accounting policies

Cash and cash equivalents comprise cash and bank deposits, and other short-term highly liquid investments that

are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.

Assets in money market funds, whose contractual cash flows do not represent solely payments of interest and

principal, are measured at fair value with gains and losses arising from changes in fair value included in net profit

or loss for the period. All other cash and cash equivalents are measured at amortised cost.

|  |  |  |
| --- | --- | --- |
|  | 2025 | 2024 |
|  | €m | €m |
| Cash and bank deposits  1 | 8,871 | 4,168 |
| Money market funds  2 | 2,130 | 2,015 |
| Cash and cash equivalents as presented in the consolidated statement of |  |  |
| financial position | 11,001 | 6,183 |
| Bank overdrafts | (108) | (111) |
| Cash and cash equivalents of discontinued operations | – | 42 |
| Cash and cash equivalents as presented in the consolidated statement of |  |  |
| cash flows | 10,893 | 6,114 |

Notes:

1. Includes bank deposits under repurchase agreements of €6,531 million (2024: €2,034 million).

2. Items are measured at fair value and the valuation basis is level 1 classification, which comprises financial instruments where fair value is

determined by unadjusted quoted prices in active markets.

The carrying amount of balances at amortised cost approximates their fair value.

Cash and cash equivalents of €1,922 million (2024: €1,629 million) are held in countries with restrictions on

remittances but where the balances could be used to repay subsidiaries’ third party liabilities. In addition, those

balances could also be used to repay €800 million (2024: €790 million) of intercompany liabilities as at 31 March

2025.

20. Leases

The Group leases assets from other parties (the Group is a lessee) and also leases assets to other

parties (the Group is a lessor). This note describes how the Group accounts for leases and

provides details about its lease arrangements.

Accounting policies

As a lessee

When the Group leases an asset, a ‘right-of-use asset’ is recognised for the leased item and a lease liability is

recognised for any lease payments to be paid over the lease term at the lease commencement date. The right-

of-use asset is initially measured at cost, being the present value of the lease payments paid or payable, plus any

initial direct costs incurred in entering the lease and less any lease incentives received.

Right-of-use assets are depreciated on a straight-line basis from the commencement date to the earlier of the

end of the asset’s useful life or the end of the lease term. The lease term is the non-cancellable period of the

lease plus any periods for which the Group is ‘reasonably certain’ to exercise any extension options (see below).

The useful life of the asset is determined in a manner consistent to that for owned property, plant and equipment

(as described in note 11 ‘Property, plant and equipment’). If right-of-use assets are considered to be impaired, the

carrying value is reduced accordingly.

Lease liabilities are initially measured at the present value of the lease payments over the lease term that are not

paid at the commencement date and are usually discounted using the incremental borrowing rates of the

applicable Group entity for the relevant maturity (the rate implicit in the lease is used if it is readily determinable).

Lease payments included in the lease liability include both fixed payments and in-substance fixed payments

during the term of the lease.

After initial recognition, the lease liability is recorded at amortised cost using the effective interest rate method. It

is remeasured when there is a change in future lease payments arising from a change in an index or rate (e.g. an

inflation related increase) or if the Group’s assessment of the lease term changes; any changes in the lease

liability as a result of these changes also results in a corresponding change in the recorded right-of-use asset

unless the right-of-use asset is reduced to zero in which case the remaining amount of the remeasurement is

recognised in profit or loss.

Lease modifications that increase the scope of a lease by adding the right to use one or more underlying assets

in return for consideration commensurate with the stand-alone price for the additional lease components are

treated as separate leases. If a lease modification decreases the scope of the lease, the Group remeasures both

the right-of-use asset and the lease liability and recognises any gain or loss in profit or loss. Other lease

modifications result in a remeasurement of the lease liability with an adjustment to the right-of-use asset.

Remeasured lease liabilities are discounted at the modification date using a current discount rate.

As a lessor

Where the Group is a lessor, it determines at inception whether the lease is a finance or an operating lease. When

a lease transfers substantially all the risks and rewards of ownership of the underlying asset then the lease is a

finance lease; otherwise the lease is an operating lease.

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Strategic report

Governance

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Other information

Vodafone Group Plc

Annual Report 2025

169

20. Leases (continued)

Where the Group is an intermediate lessor, the interests in the head lease and the sublease are accounted for

separately and the lease classification of a sublease is determined by reference to the right-of-use asset arising

from the head lease.

Income from operating leases is recognised on a straight-line basis over the lease term. Income from finance

leases is recognised at lease commencement with any interest income recognised over the lease term.

Lease income is recognised as revenue for transactions that are part of the Group’s ordinary activities (i.e.

primarily leases of handsets or other equipment to customers, leases of wholesale access to the Group’s fibre

and cable networks and leases of tower infrastructure assets). The Group uses IFRS 15 principles to allocate the

consideration in contracts between any lease and non-lease components.

The Group’s leasing activities as a lessee

The Group leases buildings for its retail stores, offices and data centres, land on which to construct mobile base

stations, space on mobile base stations to place active RAN equipment and network space (primarily rack space

or duct space). In addition, the Group leases fibre and other fixed connectivity to provide internal connectivity for

the Group’s operations and on a wholesale basis from other operators to provide fixed connectivity services to

the Group’s customers.

The Group’s general approach to determining lease term by class of asset is described in note 1 ‘Basis of

preparation’ under ‘Critical accounting judgements and key sources of estimation uncertainty’.

Most of the Group’s leases include future price increases through fixed percentage increases, indexation to

inflation measures on a periodic basis or rent review clauses. Other than fixed percentage increases the lease

liability does not reflect the impact of these future increases unless the measurement date has passed. The

Group’s leases contain no material variable payments clauses other than those related to the number of

operators sharing space on third party mobile base stations.

Optional lease periods

Where practicable the Group seeks to include extension or break options in leases to provide operational

flexibility, therefore many of the Group’s lease contracts contain optional periods. The Group’s policy on

assessing and reassessing whether it is reasonably certain that the optional period will be included in the lease

term is described in note 1 ‘Basis of preparation’ under ‘Critical accounting judgements and key sources of

estimation uncertainty’.

After initial recognition of a lease, the Group only reassesses the lease term when there is a significant event or a

significant change in circumstances, which was not anticipated at the time of the previous assessment.

Significant events or significant changes in circumstances could include merger and acquisition or similar

activity, significant expenditure on the leased asset not anticipated in the previous assessment, or detailed

management plans indicating a different conclusion on optional periods to the previous assessment. Where a

significant event or significant change in circumstances does not occur, the lease term and therefore lease

liability and right-of-use asset value, will decline over time.

The Group’s cash outflow for leases in the year ended 31 March 2025 was €3,770 million (2024: €3,567 million,

2023: €3,067 million) and absent significant future changes in the volume of the Group’s activities or other

strategic or structural changes to the Group resulting in the use of more or fewer owned assets, this level of cash

outflow from leases would be expected to continue for future periods, subject to contractual price increases. The

future cash outflows included within lease liabilities are shown in the maturity analysis below. The maturity

analysis only includes the reasonably certain payments to be made; cash outflows in these future periods will

likely exceed these amounts as payments will be made on optional periods not considered reasonably certain at

present and on new leases entered into in future periods.

The Group’s leases for customer connectivity are normally either under regulated access or network sharing or

similar preferential access arrangements and as a result the Group normally has significant flexibility over the

term it can lease such connections for; generally the notice period required to cancel the lease is less than the

notice period included in the service contract with the end customer. As a result, the Group does not have any

significant cash exposure to optional periods on customer connectivity as the Group can cancel the lease when

the service agreement ends. In some circumstances the Group is committed to minimum spend amounts for

connectivity leases, which are included within reported lease liabilities.

Sale and leaseback

In the year ended 31 March 2023, the Group disposed of its interest in Vantage Towers A.G. (‘Vantage Towers’)

into a new joint venture, Oak Holdings 1 GmbH (‘Oak’). The Group has agreements with Vantage Towers to lease

back spaces on its towers and, as a result, €680 million of the gain on disposal was recorded in the year ended 31

March 2023 as a reduction in the value of the right-of-use asset. €121 million of the gain deferral related to

Vodafone Spain which was disposed of during the year ended 31 March 2025; the remainder will be realised as a

reduction in depreciation over the term of the leaseback until November 2028. Other sale and leaseback

transactions entered into by the Group were not material, individually or in aggregate.

Amounts recognised in the primary financial statements in relation to lessee transactions

Right-of-use assets

The carrying value of the Group’s right-of-use assets, depreciation charge for the year and additions during the

year are disclosed in note 11 ‘Property, plant and equipment’.

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Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

170

20. Leases (continued)

Lease liabilities

The Group’s lease liabilities are disclosed in note 21 ‘Borrowings’. The maturity profile of the Group’s lease

liabilities is as follows:

|  |  |  |
| --- | --- | --- |
|  | 2025 | 2024 |
|  | €m | €m |
| Within one year | 2,765 | 2,603 |
| In more than one year but less than two years | 2,081 | 1,984 |
| In more than two years but less than three years | 1,756 | 1,599 |
| In more than three years but less than four years | 1,434 | 1,461 |
| In more than four years but less than five years | 965 | 1,129 |
| In more than five years | 3,868 | 2,366 |
|  | 12,869 | 11,142 |
| Effect of discounting | (2,043) | (1,470) |
| Lease liability - as disclosed in note 21 ‘Borrowings’ | 10,826 | 9,672 |

At 31 March 2025 the Group has committed to enter into future lease contracts with future undiscounted lease

payments of €1,464 million (31 March 2024: €1,339 million) which includes €1,102 million (31 March

2024: €1,031 million) of commitments to Vantage Towers A.G., a subsidiary of the Group’s joint arrangement

Oak Holdings 1 GmbH, for tower leases which are due to commence over the period until March 2026 and which

will be payable during the eight year lease term following the commencement of respective individual leases.

Interest expense on lease liabilities for the year is disclosed in note 5 ‘Investment income and financing costs’.

The Group has no material liabilities under residual value guarantees and makes no material variable payments

not included in the lease liability. The Group does not apply either the short term or low value expedient options

in IFRS 16 ‘Leases’.

The Group’s leasing activities as a lessor

The Group has a wide range of lessor activities with consumer and enterprise customers, other

telecommunication companies and other companies. With consumer and enterprise customers, the Group

generates lease income from the provision of handsets, routers and other communications equipment. The

Group provides wholesale access to the Group’s fibre and cable networks, leases out space on the Group’s owned

mobile base stations to other telecommunication companies and subleases certain retained mobile base station

sites to telecommunication tower companies. In addition, the Group subleases retail stores to franchise partners

in certain markets and leases out surplus assets (e.g. vacant offices and retail stores) to other companies.

Lessor transactions are classified as operating or finance leases based on whether the lease transfers

substantially all of the risks and rewards incidental to ownership of the asset. Leases are individually assessed, but

generally, the Group’s lessor transactions in the year are classified as:

−

Operating leases where the Group provides wholesale access to its fibre and cable networks, provides routers

or similar equipment to fixed customers or is lessor of space on owned mobile base stations; and

−

Finance leases where the Group is sub-lessor of handsets or similar items in back-to-back arrangements or

where surplus assets or certain retained mobile base stations sites are sublet out for all or substantially all of

the remaining head lease term.

The Group’s income as a lessor in the year is as follows:

|  |  |  |  |
| --- | --- | --- | --- |
|  | 2025 | 2024 | 2023 |
|  | €m | €m | €m |
| Operating leases |  |  |  |
| Lease revenue (note 2 ‘Revenue disaggregation and segmental analysis’) | 423 | 463 | 673 |
| Income from leases not recognised as revenue | 36 | 38 | 37 |

Substantially all of the Group’s income as a lessor is operating lease income.

The committed amounts to be received from the Group’s operating leases are as follows:

|  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Maturity | | | | | | |
|  | Within one | In one to | In two to | In three to | In four to | In more than |  |
|  | year | two years | three years | four years | five years | five years | Total |
|  | €m | €m | €m | €m | €m | €m | €m |
| Committed operating lease |  |  |  |  |  |  |  |
| payments due to the Group as a |  |  |  |  |  |  |  |
| lessor |  |  |  |  |  |  |  |
| 31 March 2025 | 261 | 98 | 31 | 18 | 11 | 14 | 433 |
| 31 March 2024 | 296 | 121 | 29 | 16 | 9 | 20 | 491 |
| 31 March 2023 | 275 | 114 | 30 | 14 | 7 | 4 | 444 |

The Group recognises a net investment in leases (receivables) as a result of providing finance leases as a lessor,

which are disclosed in note 14 ‘Trade and other receivables’. The maturity profile of the Group’s net investment in

leases is as follows:

|  |  |  |
| --- | --- | --- |
|  | 2025 | 2024 |
|  | €m | €m |
| Within one year | 106 | 106 |
| In more than one year but less than two years | 82 | 80 |
| In more than two years but less than three years | 59 | 56 |
| In more than three years but less than four years | 51 | 49 |
| In more than four years but less than five years | 42 | 35 |
| In more than five years | 238 | 17 |
|  | 578 | 343 |
| Unearned finance income | (118) | (33) |
| Net investment in leases - as disclosed in note 14 ‘Trade and other receivables’ | 460 | 310 |

The Group has no material lease income arising from variable lease payments.

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)

Strategic report

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Vodafone Group Plc

Annual Report 2025

171

21. Borrowings

The Group’s sources of borrowing for funding and liquidity purposes come from a range of

committed bank facilities and through short-term and long-term issuances in the capital

markets including bond and commercial paper issues and bank loans. Liabilities arising from

the Group’s lease arrangements are also reported in borrowings; see note 20 ‘Leases’. We

manage the basis on which we incur interest on debt between fixed interest rates and floating

interest rates depending on market conditions using interest rate derivatives. The Group

enters into foreign exchange contracts to mitigate the impact of exchange rate movements

on certain monetary items.

Accounting policies

Interest-bearing bonds, loans and overdrafts are initially measured at fair value (which is equal to cost at

inception), and are subsequently measured at amortised cost, using the effective interest rate method. Where

they are identified as a hedged item in a designated fair value hedge relationship, fair value adjustments are

recognised in accordance with our policy (see note 22 ‘Capital and financial risk management’). Any difference

between the proceeds net of transaction costs and the amount due on settlement or redemption of borrowings

is recognised over the term of the borrowing.

Borrowings

|  |  |  |
| --- | --- | --- |
|  |  | Re-presented  1 |
|  | 2025 | 2024 |
|  | €m | €m |
| Non-current borrowings |  |  |
| Bonds | 34,873 | 40,382 |
| Bank loans | 1,009 | 402 |
| Lease liabilities (note 20 'Leases') | 8,480 | 7,416 |
| Other borrowings  2 | 1,734 | 1,059 |
|  | 46,096 | 49,259 |
| Current borrowings |  |  |
| Bonds | 1,529 | 361 |
| Bank loans | 204 | 365 |
| Lease liabilities (note 20 'Leases') | 2,346 | 2,256 |
| Collateral liabilities | 2,357 | 2,628 |
| Bank borrowings secured against Indian assets | – | 1,720 |
| Other borrowings  2 | 611 | 398 |
|  | 7,047 | 7,728 |
| Borrowings | 53,143 | 56,987 |

Note:

1. On 1 April 2024, the Group adopted amendments to IAS 1 ‘Presentation of Financial statements’ which has impacted the classification

of certain bonds between current borrowings and non-current borrowings. As a result of the reclassification, comparatives at 31 March

2024, have been re-presented in accordance with IFRS requirements. See note 1 ‘Basis of preparation’ to the consolidated financial

statements for more information.

2. Includes €700 million (2024: €862 million) and €187 million (2024: €158 million) of licence and spectrum fees payable, and €307

million (2024: €20 million) and €196 million (2024: €40 million) of supplier payables classified as borrowings, in non-current and

current borrowings respectively.

The fair value of the Group’s financial liabilities held at amortised cost approximate to fair value with the

exception of long-term bonds with a carrying value of €34,873 million (2024 re-presented

1

: €40,382 million)

which have a fair value of €31,325 million (2024 re-presented

1

: €36,787 million). Fair value is based on level 1 of

the fair value hierarchy using quoted market prices.

The Group’s current borrowings also included €nil (2024: €1,720 million) of bank borrowings that were secured

against the Group’s shareholdings in Indus Towers and Vodafone Idea (see note 12 ‘Associates and joint

arrangements’ for further details of these assets) that were repaid following the realisation of proceeds from

those assets. This arrangement contained an embedded derivative option which was separately fair valued and

was presented within derivative assets in current assets (see note 14 ‘Trade and other receivables’).

The Group’s borrowings, which mainly include certain bonds that have been designated in hedge relationships,

are carried at €899 million (2024: €1,229 million) higher than their euro equivalent redemption value. In

addition, where bonds are issued in currencies other than euros, the Group has entered into foreign currency

swaps to fix the euro cash outflows on redemption. The impact of these swaps is not reflected in borrowings and

would decrease the euro equivalent redemption value of the bonds by €1,132 million (2024: €1,559 million).

Commercial paper programmes

The Group currently have US and euro commercial paper programmes of US$15 billion (€13.9 billion) and €10

billion respectively which are available to be used to meet short-term liquidity requirements. At 31 March 2025

both programmes remained undrawn. The commercial paper facilities were supported by US$4.0 billion (€3.7

billion) and €4.1 billion of syndicated committed bank facilities. No amounts had been drawn under these

facilities.

Bonds

We have two €30 billion euro medium-term note programmes and a US shelf programme which are used to

meet medium to long-term funding requirements. At 31 March 2025 the total nominal amounts in issue under

these programmes split by currency were US$18.4 billion, €13.0 billion, £4.0 billion, CHF0.2 billion, HKD$1.8

billion, AUS$0.3 billion, JPY10.0 billion, and NOK0.2 billion.

At 31 March 2025 the Group had bonds outstanding with a nominal value equivalent to €35.5 billion. During the

year ended 31 March 2025, bonds with a nominal value of €0.6 billion and US$3.0 billion (€2.8 billion) were

issued utilising the euro medium-term note and US shelf programmes. During the year bonds with nominal value

of US$3.3 billion (€3.1 billion), €2.6 billion, NOK2.0 billion (€0.2 billion), AUS$0.2 billion (€0.1 billion), £0.1 billion

(€0.1 billion), CHF0.1 billion (€0.1 billion) and HKD$0.3 billion (€0.04 billion) were re-purchased and bonds with a

carrying value of US$1.0 billion (€0.9 billion) and CHF0.4 billion (€0.4 billion) matured. Bonds mature between

2025 and 2086 (2024: 2024 and 2063) and have interest rates between 0.5% and 8% (2024: 0.375% and 8%).

Treasury shares

The Group held a maximum of 2,305,697,477 (2024: 1,825,624,610) of its own shares during the year which

represented 8.2% (2024: 6.3%) of issued share capital at that time.

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RkIiBkPSJNNzMuNiA3NS40SDc3VjcyLjFINzMuNnYzLjNaIiBjbGFzcz0iZzJfMTc0Ii8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTMyMi42IDc1LjRIMzI2VjcyLjFoLTMuNHYzLjNaIiBjbGFzcz0iZzJfMTc0Ii8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTMyMi42IDc1LjRIMzI2VjcyLjFoLTMuNHYzLjNaIiBjbGFzcz0iZzJfMTc0Ii8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTczLjYgOTYuNEg3N1Y5M0g3My42djMuNFoiIGNsYXNzPSJnMl8xNzQiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNzMuNiA5Ni40SDc3VjkzSDczLjZ2My40WiIgY2xhc3M9ImcyXzE3NCIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik0zMjIuNiA5Ni40SDMyNlY5M2gtMy40djMuNFoiIGNsYXNzPSJnMl8xNzQiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNMzIyLjYgOTYuNEgzMjZWOTNoLTMuNHYzLjRaIiBjbGFzcz0iZzJfMTc0Ii8+Cjwvc3ZnPg==)

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

172

22. Capital and financial risk management

This note details the treasury management and financial risk management objectives and

policies, as well as the exposure and sensitivity of the Group to credit, liquidity, interest and

foreign exchange risk, and the policies in place to monitor and manage these risks.

Accounting policies

Financial instruments

Financial assets and financial liabilities, in respect of financial instruments, are recognised on the Group’s

consolidated statement of financial position when the Group becomes a party to the contractual provisions of

the instrument.

Financial liabilities and equity instruments

Financial liabilities and equity instruments issued by the Group are classified according to the substance of the

contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An

equity instrument is any contract that provides a residual interest in the assets of the Group after deducting all of

its liabilities and includes no obligation to deliver cash or other financial assets. The accounting policies adopted

for specific financial liabilities and equity instruments are set out below.

Derivative financial instruments and hedge accounting

The Group’s activities expose it to the financial risks of changes in foreign exchange rates and interest rates which

it manages using derivative financial instruments. The use of financial derivatives is governed by the Group’s

policies approved by the Board of Directors, which provide written principles on the use of financial derivatives

consistent with the Group’s risk management strategy. The Group does not use derivative financial instruments

for speculative purposes.

The Group designates certain derivatives as:

−

hedges of the change in fair value of recognised assets and liabilities (‘fair value hedges’);

−

hedges of highly probable forecast transactions or hedges of foreign currency or interest rate risks of firm

commitments (‘cash flow hedges’); or

−

hedges of net investments in foreign operations.

Derivative financial instruments are initially measured at fair value on the contract date and are subsequently re-

measured to fair value at each reporting date. Changes in values of all derivatives of a financing nature are

included within investment income and financing costs in the income statement unless designated in an

effective cash flow hedge relationship or a hedge of a net investment in foreign operations when the effective

portion of changes in value are deferred to other comprehensive income. Hedge effectiveness is determined at

the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure

that an economic relationship exists between the hedged item and hedging instrument. For fair value hedges,

the carrying value of the hedged item is also adjusted for changes in fair value for the hedged risk, with gains and

losses recognised in the income statement.

Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised or no

longer qualifies for hedge accounting. When hedge accounting is discontinued, any gain or loss recognised in

other comprehensive income at that time remains in equity and is recognised in the income statement when the

hedged transaction is ultimately recognised in the income statement.

For cash flow hedges, when the hedged item is recognised in the income statement, amounts previously

recognised in other comprehensive income and accumulated in equity for the hedging instrument are

reclassified to the income statement. However, when the hedged transaction results in the recognition of a non-

financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive

income and accumulated in equity are transferred from equity and included in the initial measurement of the

cost of the non-financial asset or non-financial liability. If a forecast transaction is no longer expected to occur,

the gain or loss accumulated in equity is recognised immediately in the income statement.

For net investment hedges, gains and losses accumulated in other comprehensive income are included in the

income statement when the foreign operation is disposed of.

Capital management

The following table summarises the capital of the Group at 31 March:

|  |  |  |
| --- | --- | --- |
|  | 2025 | 2024 |
|  | €m | €m |
| Borrowings (note 21) | 53,143 | 56,987 |
| Cash and cash equivalents (note 19) | (11,001) | (6,183) |
| Derivative financial instruments included in trade and other receivables (note 14) | (4,197) | (4,226) |
| Derivative financial instruments included in trade and other payables (note 15) | 1,906 | 1,524 |
| Non-current investments in sovereign securities (note 13) | (913) | – |
| Short-term investments (note 13) | (5,280) | (3,225) |
| Collateral assets (note 13) | (1,010) | (741) |
| Financial liabilities under put option arrangements | 97 | – |
| Equity | 53,916 | 60,998 |
| Capital | 86,661 | 105,134 |

The Group’s policy is to borrow centrally using a mixture of long-term and short-term capital market issues and

borrowing facilities to meet anticipated funding requirements. These borrowings, together with cash generated

from operations, are loaned internally or contributed as equity to certain subsidiaries.

Dividends from joint ventures and associates and to non-controlling shareholders

Dividend policies within shareholder agreements for certain of the Group’s associates and joint ventures give the

Group certain rights to receive dividends but are generally paid at the discretion of the Board of Directors or

shareholders. We do not have existing obligations to pay dividends to non-controlling interest partners of our

subsidiaries. The amount of dividends received and paid in the year are disclosed in the consolidated statement

of cash flows.

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Strategic report

Governance

Financials

Other information

Vodafone Group Plc

Annual Report 2025

173

22. Capital and financial risk management (continued)

Sale of trade receivables

During the year, the Group sold certain trade receivables to a number of financial institutions. Whilst there are no

repurchase obligations in respect of these receivables, the Group provided credit guarantees which would only

become payable if default rates were significantly higher than historical rates. The credit guarantee is not

considered substantive and substantially all risks and rewards associated with the receivables passed to the

purchaser at the date of sale, therefore the receivables were derecognised. The maximum payable under the

guarantees at 31 March 2025 was €1,765 million (2024: €1,929 million). No provision has been made in respect

of these guarantees as the likelihood of a cash outflow has been assessed as remote.

Supply chain financing arrangements

The Group offers eligible suppliers the opportunity to use supply chain financing, allowing suppliers that decide

to use it to receive payment earlier than the invoice due date (see note 15 ‘Trade and other payables’). The Group

does not provide any financial guarantees to the financial institutions that run the supply chain financing

programme and continues to cash settle supplier payables in accordance with their contractual terms.

Financial risk management

The Group’s treasury function centrally manages the Group’s funding requirement, net foreign exchange

exposure, interest rate management exposures and counterparty risk arising from investments and derivatives.

Treasury operations are conducted within a framework of policies and guidelines authorised and reviewed by the

Board, most recently in March 2023. Treasury risk management is overseen by a committee comprising of the

Group’s Chief Financial Officer, Group General Counsel and Company Secretary, Group Corporate Finance

Director, Group Treasury Director and Group Director of Financial Controlling and Operations. The committee

receives management information relating to treasury activities on a quarterly basis. The Group’s Internal Auditor

reviews the internal control environment regularly.

No bonds issued by the Group or the Revolving Credit Facilities are subject to financial covenant ratios.

Approximately €30 billion (2024: €32 billion) of issued bonds have a change of control clause. The Group uses

derivative instruments for currency and interest rate risk management purposes that are transacted by specialist

treasury personnel. The Group mitigates banking sector credit risk by the use of collateral support agreements.

The Group’s financial risk management policies seek to reduce the Group’s exposure to any future disruption to

financial markets, including any future impacts from global economic and political uncertainty and other macro

economic events.

The Group has combined cash and cash equivalent and investments included in net debt of €17.2 billion,

providing significant headroom over short-term liquidity requirements. Additionally the Group maintains

undrawn revolving credit facilities of €7.8 billion euro equivalent. As at 31 March 2025 and after hedging,

substantially all the Group’s borrowings are held on a fixed interest basis, mitigating exposure to interest rate risk.

The Group has no significant currency exposures other than positions in economic hedging relationships. The

Group’s credit risk under financing activities is spread across a portfolio of highly rated institutions to reduce

counterparty exposures and derivative balances are substantially all collateralised. The Group’s operating

activities result in customer credit risk, for which provisions for expected credit losses are recognised.

Credit risk

Credit risk is the risk that a counterparty will not meet its obligations under a financial asset leading to a

financial loss for the Group. The Group is exposed to credit risk from its operating activities and from its

financing activities, the Group considers its maximum exposure to credit risk at 31 March to be:

|  |  |  |
| --- | --- | --- |
|  | 2025 | 2024 |
|  | €m | €m |
| Cash and bank deposits (note 19) | 8,871 | 4,168 |
| Money market funds (note 19) | 2,130 | 2,015 |
| Managed investment funds (note 13) | 3,141 | 2,024 |
| Bonds and debt securities (note 13) | 4,013 | 2,142 |
| Collateral assets (note 13) | 1,010 | 741 |
| Other investments (note 13) | 1,134 | 1,126 |
| Derivative financial instruments (note 14) | 4,197 | 4,226 |
| Trade receivables (note 14)  1 | 5,717 | 5,513 |
| Contract assets and other receivables (note 14) | 4,605 | 4,067 |
| Financial Guarantees  2 | 1,518 | 2,038 |
|  | 36,336 | 28,060 |

Notes:

1. Includes amounts guaranteed under sales of trade receivables €1,765 million (2024: €1,929 million).

2. Principally comprises Vodafone Group Plc’s guarantee of the Group’s share in a multicurrency loan facility, amounting to US$1 billion

and €0.6 billion (2024: US$1.0 billion and €0.6 billion), which forms part of its overall joint venture investment in TPG Telecom Ltd. The

Group’s share of these loan balances is included in the net investment in joint venture (see note 12 'Associates and joint arrangements').

Financial guarantees also includes €nil (2024: INR 42.5 billion) in relation to the secondary pledge over shares owned by Vodafone

Group in Indus Towers (see note 29 'Contingent liabilities and legal proceedings').

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Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

174

22. Capital and financial risk management (continued)

Financing activities

The Group invests in government securities on the basis they generate a fixed rate of return and are amongst the

most creditworthy of investments available.

Investments are made in accordance with established internal treasury policies which dictate the scaled

maximum exposure permissible in relation to an investment’s long-term credit rating. The Group invests in AAA

unsecured money market mutual funds, where the investment is limited to 10% of each fund; A to AAA

government securities, both directly and through money market mutual funds; and has two managed

investment funds that hold securities with an average credit quality of AA.

In respect of financial instruments used by the Group’s treasury function, the aggregate credit risk the Group may

have with one counterparty is limited by reference to the long-term credit ratings assigned for that counterparty.

Furthermore, collateral support agreements reduce the Group’s exposure to counterparties who must post cash

or non-cash collateral when there is value due to the Group under outstanding derivative contracts that exceeds

a contractually agreed threshold amount. When value is due to the counterparty the Group is required to post

collateral on identical terms. Such cash collateral is adjusted daily as necessary. Non-cash collateral is not

recognised on balance sheet but it would become payable to the Group in the event of a counterparty default on

the related derivative financial assets.

In the event of any default, ownership of the collateral would revert to the respective holder at that point.

Detailed below is the value of the cash collateral, which is reported within current borrowings, held by the Group

at 31 March.

|  |  |  |
| --- | --- | --- |
|  | 2025 | 2024 |
|  | €m | €m |
| Collateral liabilities (note 21) | 2,357 | 2,628 |

In addition, as discussed in note 29 ‘Contingent liabilities and legal proceedings’, the Group has covenanted to

provide security in favour of the trustee of the Vodafone Group UK Pension Scheme in respect of the funding

deficit in the scheme. The Group has also pledged cash as collateral against derivative financial instruments as

disclosed in note 13 ‘Other investments’.

Operating activities

Customer credit risk is managed by the Group’s business units which each have policies, procedures and controls

relating to customer credit risk management. Outstanding trade receivables and contract assets are regularly

reviewed to monitor any changes in credit risk with concentrations of credit risk considered to be limited given

that the Group’s customer base is large and unrelated. The Group applies the simplified approach and records

lifetime expected credit losses for trade receivables and contract assets. Expected credit losses are measured

using historical cash collection data for periods of at least 24 months wherever possible and grouped into various

customer segments based on product or customer type. The historical loss rates are adjusted where

macroeconomic factors, for example changes in interest rates or unemployment rates, or other commercial

factors are expected to have a significant impact when determining future expected credit loss rates.

For trade receivables the expected credit loss provision is calculated using a provision matrix, in which the

provision increases as balances age, and for receivables paid in instalments and contract assets a weighted loss

rate is calculated to reflect the period over which the amounts become due for payment by the customer. Trade

receivables and contract assets are written off when each business unit determines there to be no reasonable

expectation of recovery and enforcement activity has ceased.

Movements in the allowance for expected credit losses during the year were as follows:

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  | Trade receivables held | |
|  |  |  | Trade receivables held | | at fair value through | |
|  | Contract assets | | at amortised cost | | other comprehensive income | |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
|  | €m | €m | €m | €m | €m | €m |
| 1 April | 20 | 78 | 765 | 1,149 | 78 | 71 |
| Exchange movements | 1 | (1) | (7) | (41) | – | 1 |
| Amounts charged to credit losses |  |  |  |  |  |  |
| on financial assets | 85 | 96 | 360 | 419 | 31 | 82 |
| Transfer of assets held for sale | – | (31) | – | (324) | – | (16) |
| Other  1 | (60) | (122) | (253) | (438) | (32) | (60) |
| 31 March | 46 | 20 | 865 | 765 | 77 | 78 |

Note:

1. Primarily utilisation of the provision by way of write-off.

Expected credit losses are presented as net credit losses on financial assets within operating profit and

subsequent recoveries of amounts previously written off are credited against the same line item.

The majority of the Group’s trade receivables are due for maturity within 90 days and largely comprise amounts

receivable from consumers and business customers. The table below presents information on trade receivables

past due¹ and their associated expected credit losses:

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | Trade receivables at amortised cost past due | | | | | |
|  |  | 30 days | 31–60 | 61–180 | 180 |  |
|  | Due | or less | days | days | days+ | Total |
| 31 March 2025 | €m | €m | €m | €m | €m | €m |
| Gross carrying amount | 2,553 | 400 | 134 | 284 | 736 | 4,107 |
| Expected credit loss allowance | (67) | (59) | (27) | (129) | (583) | (865) |
| Net carrying amount | 2,486 | 341 | 107 | 155 | 153 | 3,242 |

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | Trade receivables at amortised cost past due | | | | | |
|  |  | 30 days | 31–60 | 61–180 | 180 |  |
|  | Due | or less | days | days | days+ | Total |
| 31 March 2024 | €m | €m | €m | €m | €m | €m |
| Gross carrying amount | 2,199 | 347 | 122 | 308 | 638 | 3,614 |
| Expected credit loss allowance | (52) | (56) | (26) | (111) | (520) | (765) |
| Net carrying amount | 2,147 | 291 | 96 | 197 | 118 | 2,849 |

Note:

1. Contract assets relate to amounts not yet due from customers. These amounts will be reclassified as trade receivables before they

become due. Trade receivables at fair value through other comprehensive income are not materially past due.

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22. Capital and financial risk management (continued)

Strategic report

Governance

Financials

Other information

Vodafone Group Plc

Annual Report 2025

175

Liquidity risk

Liquidity is reviewed daily on at least a 12-month rolling basis and stress tested on the assumption that any

commercial paper outstanding matures and is not reissued. The Group maintains substantial cash and cash

equivalents which at 31 March 2025 amounted

to cash €11.0

billion (2024:

€6.2 billion) and undrawn committed

facilities of €8.0

billion (2024:

€8.0 billion), principally US dollar and euro revolving credit facilities of US$4.0

billion (€3.7

billion) and €4.1 billion and which mature in 2028 and 2030

respectively. The Group manages

liquidity risk on non-current borrowings by maintaining a varied maturity profile with a cap on the level of debt

maturity in any one calendar year, therefore minimising refinancing risk. Non-current borrowings mature

between 1 and 61 years.

The maturity profile

of the anticipated future cash flows including interest in relation to the Group’s non-

derivative financial liabilities on an undiscounted basis which, therefore, differs from both the carrying value and

fair value, is as follows:

|  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  | Trade |  |
|  |  |  |  |  |  | payables and |  |
|  |  |  | Lease |  | Total | other financial |  |
|  | Bank loans | Bonds | liabilities | Other  2 | Borrowings | liabilities  3 | Total |
| Maturity profile  1 | €m | €m | €m | €m | €m | €m | €m |
| Within one year | 223 | 3,626 | 2,765 | 2,969 | 9,583 | 11,719 | 21,302 |
| One to two years | 171 | 4,426 | 2,081 | 253 | 6,931 | 138 | 7,069 |
| Two to three years | 79 | 2,034 | 1,756 | 673 | 4,542 | – | 4,542 |
| Three to four years | 176 | 2,628 | 1,434 | 469 | 4,707 | – | 4,707 |
| Four to five years | 69 | 4,893 | 965 | 422 | 6,349 | – | 6,349 |
| More than five years | 769 | 41,898 | 3,868 | 90 | 46,625 | – | 46,625 |
|  | 1,487 | 59,505 | 12,869 | 4,876 | 78,737 | 11,857 | 90,594 |
| Effect of discount / |  |  |  |  |  |  |  |
| financing rates | (274) | (23,103) | (2,043) | (174) | (25,594) | (8) | (25,602) |
| 31 March 2025 | 1,213 | 36,402 | 10,826 | 4,702 | 53,143 | 11,849 | 64,992 |
| Within one year | 365 | 2,871 | 2,603 | 4,747 | 10,586 | 10,891 | 21,477 |
| One to two years | 140 | 5,860 | 1,984 | 247 | 8,231 | 128 | 8,359 |
| Two to three years | 27 | 5,608 | 1,599 | 245 | 7,479 | – | 7,479 |
| Three to four years | 91 | 2,310 | 1,461 | 226 | 4,088 | – | 4,088 |
| Four to five years | 161 | 3,437 | 1,129 | 422 | 5,149 | – | 5,149 |
| More than five years | 72 | 40,826 | 2,366 | 277 | 43,541 | – | 43,541 |
|  | 856 | 60,912 | 11,142 | 6,164 | 79,074 | 11,019 | 90,093 |
| Effect of discount / |  |  |  |  |  |  |  |
| financing rates | (89) | (20,169) | (1,470) | (359) | (22,087) | (7) | (22,094) |
| 31 March 2024 | 767 | 40,743 | 9,672 | 5,805 | 56,987 | 11,012 | 67,999 |

Notes:

1.

Maturities reflect contractual cash flows applicable except in the event of a change of control or event of default, upon which lenders

have the right, but not the obligation, to request payment within 30 days. This also applies to undrawn committed facilities. There is no

debt that is subject to a material adverse change clause. Where there is a choice of contractual cash flow dates, principally on ‘hybrid

bonds’, the expected settlement date is used.

2.

Includes spectrum licence payables with maturity profile €187

million (2024:

€153 million)

within one year, €187

million (2024:

€187

million) in one to two years, €187

million (2024:

€187 million)

in two to three years, €187

million (2024:

€187 million) in three to four

years, €187

million (2024:

€187 million)

in four to five years and €89

million (2024:

€276 million) in more than five years. Also includes

€2,357 million (2024:

€2,628 million) in relation to cash received under collateral support agreements shown within 1 year.

3.

Includes financial liabilities under put option arrangements and non-derivative financial liabilities presented within trade and other

payables.

The maturity profile of the Group’s financial derivatives (which include interest rate swaps, cross-currency

interest rate swaps and foreign exchange swaps) using undiscounted cash flows, is as follows:

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | 2025 | | | 2024 | | |
|  | Payable  1 | Receivable  1 | Total | Payable  1 | Receivable  1 | Total |
|  | €m | €m | €m | €m | €m | €m |
| Within one year | (8,207) | 8,792 | 585 | (7,181) | 7,886 | 705 |
| In one to two years | (5,780) | 6,180 | 400 | (4,984) | 5,466 | 482 |
| In two to three years | (2,363) | 2,807 | 444 | (5,496) | 5,910 | 414 |
| In three to four years | (5,782) | 6,326 | 544 | (2,457) | 2,909 | 452 |
| In four to five years | (4,174) | 4,666 | 492 | (3,451) | 4,020 | 569 |
| In more than five years | (47,357) | 53,987 | 6,630 | (40,415) | 46,561 | 6,146 |
|  | (73,663) | 82,758 | 9,095 | (63,984) | 72,752 | 8,768 |
| Effect of discount/financing rates |  |  | (6,804) |  |  | (6,066) |
| Financial derivative net receivable |  |  | 2,291 |  |  | 2,702 |

Note:

1.

Payables and receivables are stated separately in the table above where cash settlement is on a gross basis.

Market risk

Interest rate management

Under the Group’s interest rate management

policy, interest rates on long-term monetary assets and liabilities

are principally maintained on a fixed rate basis.

At 31 March 2025 and after hedging, substantially all of our outstanding liabilities are held on a fixed interest rate

basis in accordance with treasury policy.

For each one hundred basis point rise in market interest rates for all currencies in which the Group had

borrowings at 31 March 2025 there would be a decrease

in profit before tax by €26

million (2024:

€13 million

increase) including mark to market revaluations of interest rate and other derivatives and the potential interest

on cash and short-term investments. There would be no material impact on equity.

At 31 March 2025, the Group had limited exposure through interest rate derivatives and floating rate bonds

referencing LIBOR and other interbank offered rates (IBORs).

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Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

176

22. Capital and financial risk management (continued)

Foreign exchange management

As Vodafone’s primary listing is on the London Stock Exchange its share price is quoted in sterling. Since the

sterling share price represents the value of its future multi-currency cash flows, principally in euro, South African

rand and sterling, the Group maintains the currency of debt and interest charges in proportion to its expected

future principal cash flows and has a policy to hedge external foreign exchange risks on transactions

denominated in other currencies above a certain de minimis level.

At 31 March 2025 9% of net debt was denominated in currencies other than euro (4% South African rand and 5%

other). This allows South African rand to be serviced in proportion to expected future cash flows and therefore

provides a partial economic hedge against income statement translation exposure.

Under the Group’s foreign exchange management policy, foreign exchange transaction exposure in Group

companies is generally maintained at the lower of €5 million per currency per month or €15 million per currency

over a six-month period.

The Group recognises foreign exchange movements in equity for the translation of net investment hedging

instruments and balances treated as investments in foreign operations. However, there is no net impact on

equity for exchange rate movements on net investment hedging instruments as there would be an offset in the

currency translation of the foreign operation. At 31 March 2025 the Group held financial liabilities in a net

investment hedge against the Group’s South African rand operations. Sensitivity to foreign exchange movements

on the hedging liabilities, analysed against a strengthening of the South African rand by 9% (2024: 10%) would

result in a decrease in equity of €106 million (2024: €154 million) which would be fully offset by foreign

exchange movements on the hedged net assets. In addition, cash flow hedges of principally US dollar

borrowings would result in an increase in equity of €34 million (2024: €73million) against a strengthening of US

dollar by 1% (2024: 3%).

The Group income statement is exposed to foreign exchange risk from both the generation of profits and losses

in currencies other than euro and from the translation of balance sheet items not held in functional currency.

The following table details the Group’s sensitivity to foreign exchange risk. The percentage movement applied to

the currency is based on the average movements in the previous three annual reporting periods.

|  |  |  |
| --- | --- | --- |
|  | 2025 | 2024 |
|  | €m | €m |
| Increase/ (decrease) in Profit before taxation |  |  |
| EGP 41% change (2024: 43%) | 224 | 191 |
| TRY 38% change (2024: 54%) | 118 | 104 |
| ZAR 9% change (2024: 10%) | 114 | 60 |
| GBP 3% change (2024: 2%) | (27) | (50) |

Equity risk

There is no material equity risk relating to the Group’s equity investments which are detailed in note 13 ‘Other

investments’.

Risk management strategy of hedge relationships

The risk strategies of the designated cash flow, fair value, and net investment hedges reflect the above market

risk strategies.

The objective of the cash flow hedges is principally to convert foreign currency denominated fixed rate

borrowings in US dollar, Pound sterling, Australian dollar, Swiss franc, Hong Kong dollar, Japanese yen,

Norwegian krona and floating rate borrowings into euro fixed rate borrowings and hedge the foreign exchange

spot rate and interest rate risk. There are also cash flow hedges of certain subsidiary expenditure not

denominated in functional currency of the entity, to hedge foreign exchange risk. Derivative financial

instruments designated in cash flow hedges are cross-currency interest rate swaps and foreign exchange swaps

and forwards. The swap maturity dates and liquidity profiles of the nominal cash flows match those of the

underlying borrowings and exposures.

The objective of the net investment hedges is to hedge foreign exchange risk in foreign operations. Derivative

financial instruments designated in net investment hedges are cross-currency interest rate swaps and foreign

exchange swaps. The hedging instruments are rolled on an ongoing basis as determined by the nature of the

business.

Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective

effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging

instrument.

For hedges of foreign currency denominated borrowings and investments, the Group uses a combination of

cross-currency and foreign exchange swaps to hedge its exposure to foreign exchange risk and interest rate risk

and enters into hedge relationships where the critical terms of the hedging instrument match with the terms of

the hedged item. Therefore, the Group expects a highly effective hedging relationship with the swap contracts

and the value of the corresponding hedged items to change systematically in the opposite direction in response

to movements in the underlying exchange rates and interest rates. The Group therefore performs a qualitative

assessment of effectiveness. If changes in circumstances affect the terms of the hedged item such that the

critical terms no longer match with the critical terms of the hedging instrument, the Group uses the hypothetical

derivative method to assess effectiveness. Hedge ineffectiveness may occur due to:

a) The fair value of the hedging instrument on the hedge relationship designation date if the fair value is not nil;

b) Changes in the contractual terms or timing of the payments on the hedged item; and

c) A change in the credit risk of the Group or the counterparty with the hedging instrument.

The hedge ratio for each designation will be established by comparing the quantity of the hedging instrument

and the quantity of the hedged item to determine their relative weighting; for all of the Group’s existing hedge

relationships the hedge ratio has been determined as 1:1.

The fair values of the derivative financial instruments are calculated by discounting the future cash flows to net

present values using appropriate market rates and foreign currency rates prevailing at 31 March. The valuation

basis is level 2 of the fair value hierarchy. This classification comprises items where fair value is determined from

inputs other than quoted prices that are observable for the asset and liability, either directly or indirectly.

Derivative financial assets and liabilities are included within trade and other receivables and trade and other

payables in the statement of financial position.

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Strategic report

Governance

Financials

Other information

Vodafone Group Plc

Annual Report 2025

177

22. Capital and financial risk management (continued)

The table below shows the carrying values and nominal amounts of derivatives in a continued hedge relationship as at 31 March.

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  | Other comprehensive income | | | | Weighted average | | |
|  |  | Carrying | Carrying | Opening | (Gain)/loss | Gain/(Loss) | Closing |  |  | Euro |
|  | Nominal | value | value | balance | deferred | recycled to | balance | Maturity |  | interest |
|  | amounts | assets | liabilities | 1 April 2024 | to OCI | financing costs | 31 March 2025  1 | year | FX rate | rate |
| At 31 March 2025 | €m | €m | €m | €m | €m | €m | €m |  |  | % |
| Cash flow hedges - foreign currency risk  2 |  |  |  |  |  |  |  |  |  |  |
| Cross-currency and foreign exchange swaps: |  |  |  |  |  |  |  |  |  |  |
| - US dollar bonds | 16,097 | 2,245 | 138 | (810) | (307) | 56 | (1,061) | 2044 | 1.15 | 3.51 |
| - Australian dollar bonds | 163 | – | 11 | (13) | 14 | (2) | (1) | 2027 | 1.56 | 1.58 |
| - Swiss franc bonds | 204 | 37 | – | (10) | (23) | 24 | (9) | 2030 | 1.08 | 1.53 |
| - Pound sterling bonds | 4,642 | 58 | 444 | 333 | 86 | 70 | 489 | 2043 | 0.86 | 3.84 |
| - Hong Kong dollar bonds | 216 | 20 | – | – | (4) | 3 | (1) | 2028 | 9.14 | 1.62 |
| - Japanese yen bonds | 78 | – | 14 | (6) | 2 | 1 | (3) | 2037 | 128.53 | 2.47 |
| - Norwegian krona bonds | 25 | – | 4 | (5) | 3 | 2 | – | 2025 | 9.25 | 0.37 |
| - Foreign exchange forwards  3 | – | – | – | (42) | (1) | 43 | – | – | – | – |
| Cash flow hedges - foreign currency and interest rate risk  2 |  |  |  |  |  |  |  |  |  |  |
| Cross currency swaps - US dollar bonds | – | – | – | – | – | – | – | – | – | – |
| Net investment hedge - foreign exchange risk  4 |  |  |  |  |  |  |  |  |  |  |
| Cross currency and foreign exchange swaps - South African rand investment | 1,203 | 124 | – | 898 | 96 | – | 994 | 2026 | 17.62 | 2.76 |
|  | 22,628 | 2,484 | 611 | 345 | (134) | 197 | 408 |  |  |  |

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  | Other comprehensive income | | | | Weighted average | | |
|  |  | Carrying | Carrying | Opening | (Gain)/loss | Gain/(Loss) | Closing |  |  | Euro |
|  | Nominal | value | value | balance | deferred | recycled to | balance | Maturity |  | interest |
|  | amounts | assets | liabilities | 1 April 2023 | to OCI | financing costs | 31 March 2024  1 | year | FX rate | rate |
| At 31 March 2024 | €m | €m | €m | €m | €m | €m | €m |  |  | % |
| Cash flow hedges - foreign currency risk  2 |  |  |  |  |  |  |  |  |  |  |
| Cross-currency and foreign exchange swaps: |  |  |  |  |  |  |  |  |  |  |
| - US dollar bonds | 16,756 | 2,689 | 188 | (2,709) | 1,775 | 124 | (810) | 2039 | 1.18 | 3.29 |
| - Australian dollar bonds | 288 | – | 2 | (21) | 14 | (6) | (13) | 2027 | 1.56 | 1.57 |
| - Swiss franc bonds | 624 | 80 | – | (3) | (22) | 15 | (10) | 2026 | 1.08 | 1.57 |
| - Pound sterling bonds | 4,771 | 45 | 362 | (37) | 244 | 126 | 333 | 2043 | 0.86 | 4.05 |
| - Hong Kong dollar bonds | 233 | 20 | – | (5) | 2 | 3 | – | 2028 | 9.08 | 1.92 |
| - Japanese yen bonds | 78 | – | 11 | (12) | 15 | (9) | (6) | 2037 | 128.53 | 2.47 |
| - Norwegian krona bonds | 241 | – | 47 | (12) | 13 | (6) | (5) | 2026 | 9.15 | 1.12 |
| - Foreign exchange forwards  3 | 287 | – | 42 | (34) | (15) | 7 | (42) | 2024 | 29.88 | – |
| Cash flow hedges - foreign currency and interest rate risk  2 |  |  |  |  |  |  |  |  |  |  |
| Cross currency swaps - US dollar bonds | – | – | – | (11) | 11 | – | – | – | – | – |
| Net investment hedge - foreign exchange risk  4 |  |  |  |  |  |  |  |  |  |  |
| Cross currency and foreign exchange swaps - South African rand investment | 1,505 | 176 | – | 952 | (54) | – | 898 | 2026 | 17.81 | 2.19 |
|  | 24,783 | 3,010 | 652 | (1,892) | 1,983 | 254 | 345 |  |  |  |

Notes:

1.

Fair value movement deferred into other comprehensive income includes €200 million gain (2024: €251 million loss) and €1 million gain (2024: €10 million gain) of foreign currency basis outside the cash flow and net investment hedge relationships respectively.

2.

For cash flow hedges, the movement in the hypothetical derivative (hedged item) mirrors that of the hedging instrument. Hedge ineffectiveness of the swaps designated in a cash flow hedge during the period was €28 million (2024: €67 million).

3.

Includes euro and US dollar forward contracts against Turkish lira to hedge foreign currency forecast expenditures in local markets. Notional amounts of €nil (2024: €166 million) and $nil (2024: $130 million or €121 million equivalent) with weighted average exchange rates of nil (2024: 29.68) and nil (2024:

30.15) respectively to Turkish lira.

4.

Hedge ineffectiveness of swaps designated in a net investment hedge during the period was €nil (2024: €nil).

The carrying value of bonds includes an additional €457 million loss (2024: €710 million loss) in relation to fair value of other bonds previously designated in fair value hedge relationships.

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Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

178

22. Capital and financial risk management (continued)

Changes in assets and liabilities arising from financing activities

The tables below present the changes in assets and liabilities arising from financing activities at 31 March 2025 and 31 March 2024.

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  |  | Assets and |
|  |  |  |  |  | liabilities |
|  |  |  | Financial |  | arisi |
|  |  | Derivative | liabilities |  | from |
|  |  | assets and | under | Other | financing |
|  | Borrowings | liabilities | put options | liabilities  3 | activities |
|  | €m | €m | €m | €m | €m |
| 1 April 2024 | 56,987 | (2,702) | – | 105 | 54,390 |
| Cash movements |  |  |  |  |  |
| Proceeds from issuance of long-term |  |  |  |  |  |
| borrowings | 4,680 | – | – | – | 4,680 |
| Repayment of borrowings  1 | (12,963) | – | – | – | (12,963) |
| Net movement in short-term borrowings | 78 | – | – | – | 78 |
| Net movement in derivatives | – | 404 | – | – | 404 |
| Interest paid  1 | (2,975) | 348 | 4 | (82) | (2,705) |
| Purchase of treasury shares | – | – | – | (1,868) | (1,868) |
| Non-cash movements |  |  |  |  |  |
| Fair value movements | – | (45) | – | – | (45) |
| Foreign exchange | 121 | 61 | – | (4) | 178 |
| Interest costs  2 | 2,196 | (356) | – | 43 | 1,883 |
| Lease additions | 4,361 | – | – | – | 4,361 |
| Other | 658 | (1) | 93 | 2,000 | 2,750 |
| 31 March 2025 | 53,143 | (2,291) | 97 | 194 | 51,143 |

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  |  | Assets and |
|  |  |  |  |  | liabilities |
|  |  |  | Financial |  | arisi |
|  |  | Derivative | liabilities |  | from |
|  |  | assets and | under | Other | financing |
|  | Borrowings | liabilities | put options | liabilities | activities |
|  | €m | €m | €m | €m | €m |
| 1 April 2023 | 66,390 | (4,702) | 485 | 103 | 62,276 |
| Cash movements |  |  |  |  |  |
| Proceeds from issuance of long-term |  |  |  |  |  |
| borrowings | 1,533 | – | – | – | 1,533 |
| Repayment of borrowings  1 | (10,106) | – | – | – | (10,106) |
| Net movement in short-term borrowings | (1,636) | – | – | – | (1,636) |
| Net movement in derivatives | – | 144 | – | – | 144 |
| Interest paid  1 | (2,531) | 272 | (17) | (54) | (2,330) |
| Other | – | – | (493) | – | (493) |
| Non-cash movements |  |  |  |  |  |
| Fair value movements | – | 2,233 | – | – | 2,233 |
| Foreign exchange | 61 | (231) | – | 1 | (169) |
| Interest costs  2 | 2,766 | (395) | 13 | 56 | 2,440 |
| Lease additions | 3,915 | – | – | – | 3,915 |
| Transfer of assets and liabilities held for sale | (3,455) | (23) | – | (1) | (3,479) |
| Other | 50 | – | 12 | – | 62 |
| 31 March 2024 | 56,987 | (2,702) | – | 105 | 54,390 |

Notes:

1. Includes €nil (2024: €1,136 million) in Repayment of borrowings and €nil (2024: €103 million) in Interest paid that are presented within Cash

outflows from discontinued operations in the Consolidated statement of cash flows.

2. Includes €nil (2024: €111 million) of Interest costs presented within Discontinued operations in the Consolidated income statement.

3. Movement in Other liabilities primarily relate to share buyback programmes.

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Strategic report

Governance

Financials

Other information

Vodafone Group Plc

Annual Report 2025

179

22. Capital and financial risk management (continued)

Fair value and carrying value information

The carrying value and valuation basis of the Group’s financial assets are set out in notes 13 ‘Other investments’,

14 ‘Trade and other receivables’ and 19 ‘Cash and cash equivalents’. For all financial assets held at amortised cost

the carrying values approximate fair value except as disclosed in note 13 ‘Other investments’.

The carrying value and valuation basis of the Group’s financial liabilities are set out in notes 15 ‘Trade and other

payables’ and 21 ‘Borrowings’. The carrying values approximate fair value for the Group’s trade payables and

other payables categories. For other financial liabilities a comparison of fair value and carrying value is disclosed

in note 21 ‘Borrowings’.

Level 3 financial instruments

The Group’s borrowings include €nil (2024: €1,720 million) of bank borrowings that were secured against the

Group’s shareholdings in Indus Towers and Vodafone Idea (see note 12 ‘Associates and joint arrangements’ for

further details of these assets) that were repaid during the year through the sale of the shareholding in Indus

Towers. This arrangement contained an embedded derivative option which was separately fair valued. The 31

March 2024 valuation of the embedded derivative asset of €22 million was presented within derivative assets in

current assets (see note 14 ‘Trade and other receivables’).

A Black Scholes model for European put options was used as a valuation model and primarily used market inputs

(quoted share prices and volatilities for Indus Towers and Vodafone Idea) along with a strike price equal to the

amount payable under the loan. The valuation included an unobservable adjustment to reflect the potential

timeframe to settle the loan and was modelled using a range of potential durations up to 30 September 2025. As

a result of this unobservable adjustment, the option was classified as a level 3 instrument under the fair value

hierarchy.

Following the completion of the sale of Vodafone Spain on 31 May 2024 (See note 7 ‘Discontinued operations

and assets held for sale’), the Group received the non-cash consideration component in the form of €900 million

Redeemable Preference Shares (‘RPS’) issued by EJLSHM Funding Ltd (‘EJLSHM’). The RPS will be redeemed 6

years after completion, or earlier if there is a material liquidity event or exit from Zegona that releases funds to its

shareholders. The RPS have a nominal value, including accrued interest, of €937 million on 31 March 2025.

EJLSHM subscribed for new ordinary shares in Zegona, equivalent to the value of the RPS, the future proceeds

from which will be used to repay the RPS. Per the contractual arrangement, these ordinary shares do not carry

voting rights, and their value is capped at the nominal value, including accrued interest, of the RPS. EJSHM is a

consolidated special purpose entity for the Group, resulting in the elimination of the RPS and the recognition of

an investment in the Zegona shares for the Group. The Zegona shares are recorded at fair value through profit

and loss and have a fair value of €937 million on 31 March 2025.

The valuation approach for the Zegona shares reflects the contractual terms of the RPS arrangement and utilises

a bespoke option model which draws on observable Level 2 market data inputs, including bond yields, share

prices, and foreign exchange rates. The model also includes certain key inputs that requires judgement. These

include the timing of when EJLSHM will sell its shares in Zegona to settle its RPS liability to the Group, Zegona’s

share price volatility and the share’s expected dividend yield.

The only judgement that has a material impact on the valuation is the Zegona share price volatility. An

increase/(decrease) of the share price volatility by 10% would have €nil impact due to fair value being capped at

the nominal value of the RPS, including accrued interest at 31 March 2025.

Net financial instruments

The table below shows the Group’s financial assets and liabilities that are subject to offset in the balance sheet

and the impact of enforceable master netting or similar agreements.

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  | Related amounts not set off in the balance sheet | | |
|  |  |  | Amounts | Right of set off | Collateral |  |
|  |  |  | presented in | with derivative | (liabilities)/ |  |
|  | Gross amount | Amount set off | balance sheet | counterparties | assets  1 | Net amount |
| At 31 March 2025 | €m | €m | €m | €m | €m | €m |
| Derivative financial assets | 4,197 | – | 4,197 | (1,146) | (2,357) | 694 |
| Derivative financial liabilities | (1,906) | – | (1,906) | 1,146 | 1,010 | 250 |
| Total | 2,291 | – | 2,291 | – | (1,347) | 944 |

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  | Related amounts not set off in the balance sheet | | |
|  |  |  | Amounts | Right of set off | Collateral |  |
|  |  |  | presented in | with derivative | (liabilities)/ |  |
|  | Gross amount | Amount set off | balance sheet | counterparties | assets  1 | Net amount |
| At 31 March 2024 | €m | €m | €m | €m | €m | €m |
| Derivative financial assets | 4,226 | – | 4,226 | (899) | (2,628) | 699 |
| Derivative financial liabilities | (1,524) | – | (1,524) | 899 | 741 | 116 |
| Total | 2,702 | – | 2,702 | – | (1,887) | 815 |

Note:

1. Excludes non-cash collateral of €613 million (2024: €370 million) which is not recognised on balance sheet, but which would become

payable to the Group in the event of a counterparty default on the related derivative financial assets.

Financial assets and liabilities are offset and the net amount reported in the consolidated balance sheet when

there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net

basis or realise the asset and settle the liability simultaneously. Derivative financial instruments that do not meet

the criteria for offset could be settled net in certain circumstances under ISDA (‘International Swaps and

Derivatives Association’) agreements where each party has the option to settle amounts on a net basis in the

event of default from the other. Collateral may be offset and net settled against derivative financial instruments

in the event of default by either party. The aforementioned collateral balances are recorded in notes 13 ‘Other

investments’ or 21 ‘Borrowings’ respectively.

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Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

180

23. Directors and key management compensation

This note details the total amounts earned by the Company’s Directors and members of the

Executive Committee.

Directors

Aggregate emoluments of the Directors of the Company were as follows:

|  |  |  |  |
| --- | --- | --- | --- |
|  | 2025 | 2024 | 2023 |
|  | €m | €m | €m |
| Short-term remuneration | 8 | 8 | 6 |
| Long-term incentive schemes  1 | 1 | 1 | 3 |
|  | 9 | 9 | 9 |

Note:

1.

Relates to share-based payments.

No Directors serving during the year exercised share options in the year ended 31 March 2025 (2024: None;

2023: None).

Key management compensation

Aggregate compensation for key management, being the Directors and members of the Executive Committee,

was as follows:

|  |  |  |  |
| --- | --- | --- | --- |
|  | 2025 | 2024 | 2023 |
|  | €m | €m | €m |
| Short-term employee benefits | 24 | 27 | 25 |
| Share-based payments | 9 | 7 | 12 |
|  | 33 | 34 | 37 |

24. Employees

This note shows the average number of people employed by the Group during the year, in

which areas of our business our employees work and where they are based. It also shows total

employment costs.

|  |  |  |  |
| --- | --- | --- | --- |
|  | 2025 | 2024 | 2023 |
|  | Employees | Employees | Employees |
| By activity |  |  |  |
| Operations | 15,440 | 15,707 | 15,808 |
| Selling and distribution | 21,830 | 22,928 | 24,676 |
| Customer care and administration | 55,564 | 57,647 | 57,619 |
|  | 92,834 | 96,282 | 98,103 |
| By segment |  |  |  |
| Germany | 14,341 | 15,115 | 15,242 |
| UK | 9,332 | 9,640 | 9,312 |
| Other Europe | 11,744 | 11,441 | 14,189 |
| Africa | 14,036 | 13,578 | 13,633 |
| T  ü  rkiye  1 | 3,164 | 3,126 | 3,688 |
| Vantage Towers | – | – | 753 |
| Common Functions | 36,163 | 34,273 | 31,561 |
|  | 88,780 | 87,173 | 88,378 |
| Discontinued operations | 4,054 | 9,109 | 9,725 |
| Total | 92,834 | 96,282 | 98,103 |

The cost incurred in respect of these employees (including Directors) was:

|  |  |  |  |
| --- | --- | --- | --- |
|  | 2025 | 2024 | 2023 |
|  | €m | €m | €m |
| Wages and salaries | 4,369 | 4,674 | 4,384 |
| Social security costs | 512 | 497 | 468 |
| Other pension costs (note 25 'Post employment benefits') | 245 | 217 | 212 |
| Share-based payments (note 26 'Shared-based payments') | 110 | 110 | 128 |
|  | 5,236 | 5,498 | 5,192 |
| Discontinued operations | 286 | 748 | 650 |
| Total | 5,522 | 6,246 | 5,842 |

Note:

1. In the year ended 31 March 2023, the segment was named Other Markets and also included the results of Vodafone Ghana which, as

previously reported, was sold in February 2023. Other Markets was re-named to Türkiye because this segment comprised only

Vodafone Türkiye in the years ended 31 March 2024 and 31 March 2025.

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Strategic report

Governance

Financials

Other information

Vodafone Group Plc

Annual Report 2025

181

25. Post employment benefits

The Group operates a number of Defined Benefit and Defined Contribution retirement plans

for our employees. The Group’s largest defined benefit plan is in the UK. For further details see

‘Critical accounting judgements and key sources of estimation uncertainty’ in note 1 ‘Basis of

preparation’.

Accounting policies

For defined benefit retirement plans, the difference between the fair value of the plan assets and the present

value of the plan liabilities is recognised as an asset or a liability on the consolidated statement of financial

position. Defined benefit plan liabilities are assessed using the projected unit funding method and applying the

principal actuarial assumptions at the reporting period date. Assets are valued at market value.

Actuarial gains and losses are taken to the consolidated statement of comprehensive income for defined benefit

plans or consolidated income statement for cash leaver plans as incurred. For this purpose, actuarial gains and

losses comprise both the effects of changes in actuarial assumptions and experience adjustments arising from

differences between the previous actuarial assumptions and what has actually occurred. The return on plan

assets, in excess of interest income, and costs incurred for the management of plan assets are also taken to other

comprehensive income.

Other movements in the net surplus or deficit are recognised in the consolidated income statement, including

the current service cost, any past service cost and the effect of any settlements. The interest cost less the

expected interest income on assets is also charged to the consolidated income statement. The amount charged

to the consolidated income statement in respect of these plans is included within operating costs, profit or loss

or in the Group’s share of the results of equity accounted operations, as appropriate.

The Group’s contributions to defined contribution pension plans are charged to the consolidated income

statement as they fall due.

Background

At 31 March 2025 the Group operated a number of retirement plans for the benefit of its employees throughout

the world, with varying rights and obligations depending on the conditions and practices in the countries

concerned. The Group’s philosophy is to provide access to defined contribution retirement plans where feasible

and to manage legacy defined benefit retirement arrangements. Defined benefit plans provide benefits based on

the employees’ length of pensionable service and their final pensionable salary or other criteria. Defined

contribution plans offer employees individual funds that are converted into benefits at the time of retirement.

The Group operates defined benefit plans in Germany, India, Ireland, Italy

1

, the UK, the United States and

defined benefit indemnity plans in Greece and Türkiye. Defined contribution plans are currently provided in

Albania, Egypt, Germany, Greece, India, Ireland, Italy

1

, Portugal, South Africa and the UK.

Note:

1. Vodafone Italia S.p.A’s (‘Vodafone Italy’s’) defined contribution and defined benefit schemes have been transferred to Swisscom AG (see

note 27 ‘Acquisitions and disposals’). However, some small Group Italian schemes remain.

Income statement expense/(income)

|  |  |  |  |
| --- | --- | --- | --- |
|  | 2025 | 2024 | 2023 |
|  | €m | €m | €m |
| Defined contribution plans | 194 | 183 | 175 |
| Defined benefit plans | 51 | 34 | 37 |
| Total amount charged to staff costs (note 24 ‘Employees’) | 245 | 217 | 212 |
| Defined benefit net interest (income) in financing costs | (4) | – | – |
| Total amount charged to income statement | 241 | 217 | 212 |

Defined benefit plans

The Group’s retirement policy is to provide competitive pension provision, in each operating country, in line with

the market median for that location. The Group’s preferred retirement provision is focused on Defined

Contribution arrangements and/or State provision for future service.

The Group’s main defined benefit funding liability is the Vodafone UK Group Pension Scheme (‘Vodafone UK

plan’). Since June 2014 the Vodafone UK plan has consisted of two segregated sections: the Vodafone Section

and the Cable & Wireless Section (‘CWW Section’). Both sections are closed to new entrants and to future accrual.

The Group also operates smaller funded and unfunded plans in the UK, funded and unfunded plans in Germany

and a funded plan in Ireland. Defined benefit pension provision exposes the Group to actuarial risks such as

longer than expected longevity of participants, lower than expected return on investments and higher than

expected inflation, which may increase the liabilities or reduce the value of assets of the plans.

The main defined benefit plans are administered by trustee boards which are legally separate from the Group

and consist of representatives who are employees, former employees or are independent from the Group. The

trustee boards of the pension plans are required by legislation to act in the best interest of the participants, set

the investment strategy and contribution rates and are subject to statutory funding regimes.

The Vodafone UK plan is registered as an occupational pension plan with HM Revenue and Customs (‘HMRC’)

and is subject to UK legislation and operates within the framework outlined by the Pensions Regulator. UK

legislation requires that pension plans are funded prudently and that valuations are undertaken at least every

three years. Separate valuations are required for the Vodafone Section and CWW Section.

The trustees obtain regular actuarial valuations to check whether the statutory funding objective is met and

whether a recovery plan is required to restore funding to the level of the agreed technical provisions. The 31

March 2022 triennial actuarial valuation for the Vodafone Section and CWW Section of the Vodafone UK plan

showed a net surplus of £248 million (€296 million) on the funding basis, comprising of a £97 million (€116

million) surplus for the Vodafone Section and a £151 million (€180 million) surplus for the CWW Section. No

further contributions are due in respect of the Vodafone UK plan at this time.

The next actuarial valuation has an

effective date of 31 March 2025 but will only become available during the next financial year.

These plan-specific actuarial valuations differ to the IAS 19 ‘Employee Benefits’ accounting basis, which is used

to measure pension assets and liabilities presented in the Group’s consolidated statement of financial position.

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Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

182

25. Post employment benefits (continued)

Funding plans are individually agreed for each of the Group’s other defined benefit plans with the respective

trustees or governing board, taking into account local regulatory requirements. It is expected that ordinary

contributions of €20 million will be paid into the Group’s defined benefit plans during the year ending 31 March

2026. The Group has also provided certain guarantees in respect of the Vodafone UK plan; further details are

provided in note 29 ‘Contingent liabilities and legal proceedings’ to the consolidated financial statements.

The investment strategy for the UK plans is controlled by the trustees in consultation with the Group and the

plans have no direct investments in the Group’s equity securities or in property or other assets currently used by

the Group. The allocation of assets between different classes of investment is reviewed regularly and is a key

factor in the trustee investment policy. The trustees aim to achieve the plan’s investment objectives through

investing partly in a diversified mix of growth assets which, over the long term, are expected to grow in value by

more than the low-risk assets. The low-risk assets include cash and gilts, inflation and interest rate hedging and

in-substance insured pensioner annuity policies in both the Vodafone Section and CWW Sections of the

Vodafone UK plan and an insured pensioner annuity policy in the Vodafone Ireland Pension Plan. A number of

investment managers are appointed to promote diversification by assets, organisation and investment style and

current market conditions and trends are regularly assessed, which may lead to adjustments in the asset

allocation.

The key risks in relation to the Vodafone UK plan are set out below, alongside a summary of the steps taken to

mitigate each risk

|  |  |
| --- | --- |
| Risk description | Mitigation |
| Investment strategy risk | The plan adopts a liability driven investment framework, by |
| Underperformance of the investment | investing in assets that aim to match the characteristics of |
| strategy relative to the changes in the | the Vodafone UK Plan's liabilities. This can help to hedge the |
| Vodafone UK Plan's liabilities, which are | risk of future changes in interest rate and inflation and also |
| sensitive to interest rates and inflation, | reduce balance sheet volatility. |
| potentially leading to shortfalls in meeting |  |
| pension obligations. |  |
| Longevity risk | The Vodafone UK Plan's funding targets include a margin for |
| Pensions paid by the Vodafone UK Plan are | prudence to reflect uncertainty in future life expectancy. |
| guaranteed for life, and, therefore, if | Both sections of the Vodafone UK Plan have pensioner |
| members are expected to live longer, the | annuity policies which help reduce exposure to changes in |
| liabilities increase. | longevity. Longevity risk is also monitored by the trustees on |
|  | a regular basis through its risk management framework. |
| Regulatory risk | There is open communication with the trustees and advisors |
| Changes in pension regulations and | of the Vodafone UK Plan to understand the impact of any |
| accounting standards can impact the Group's | changes in regulation and to proactively address potential |
| pension obligations and reporting | resulting risks. |
| requirements. |  |

Actuarial assumptions

The Group’s plan liabilities are measured using the projected unit credit method using the principal

actuarial assumptions set out below:

|  |  |  |  |
| --- | --- | --- | --- |
|  | 2025 | 2024 | 2023 |
|  | % | % | % |
| Weighted average actuarial assumptions used at 31 March  1 |  |  |  |
| Rate of inflation  2 | 2.8 | 2.9 | 3.0 |
| Rate of increase in salaries  3 | 3.1 | 3.0 | 3.0 |
| Discount rate | 5.1 | 4.5 | 4.5 |

Notes:

1. Figures shown represent a weighted average assumption of the individual plans.

2. The rate of increase in pensions in payment and deferred revaluation are dependent on the rate of inflation.

3. Relates only to schemes open to future accrual primarily in Germany, Ireland and India.

Mortality assumptions used are based on recommendations from the individual local actuaries which include

adjustments for the experience of the Group where appropriate. The Group’s largest plan is the Vodafone UK

plan. Life expectancies assumed for the UK plans are 22.5/24.3 years (2024: 22.6/24.3 years) for a male/female

pensioner currently aged 65 years and 23.5/25.4 years (2024: 23.6/25.4 years) from age 65 for a male/female

non-pensioner member currently aged 40.

Charges made to the consolidated income statement and consolidated statement of comprehensive income

(‘SOCI’) on the basis of the assumptions stated above are shown in the table below.

|  |  |  |  |
| --- | --- | --- | --- |
|  | 2025 | 2024 | 2023 |
|  | €m | €m | €m |
| Current service cost | 36 | 42 | 44 |
| Net past service cost | 15 | – | – |
| Net interest (income) included within staff costs | – | (8) | (7) |
| Total net cost included within staff costs | 51 | 34 | 37 |
| Net interest (income) included in financing costs | (4) | – | – |
| Total net cost included within profit and loss | 47 | 34 | 37 |
| Actuarial losses recognised in the SOCI | 12 | 77 | 213 |

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Strategic report

Governance

Financials

Other information

Vodafone Group Plc

Annual Report 2025

183

25. Post employment benefits (continued)

Duration of the benefit obligations

The weighted average duration of the defined benefit obligation at 31 March 2025 is 13 years (2024: 15 years).

Fair value of the assets and present value of the liabilities of the plans

The amount included in the consolidated statement of financial position arising from the Group’s obligations in

respect of its defined benefit plans is as follows:

|  |  |  |  |
| --- | --- | --- | --- |
|  | Assets | Liabilities | Net surplus |
|  | €m | €m | €m |
| 1 April 2023 | 5,047 | (4,976) | 71 |
| Service cost | – | (42) | (42) |
| Interest income/(cost) | 223 | (215) | 8 |
| Return on plan assets excluding interest income | (102) | – | (102) |
| Actuarial gains arising from changes in demographic assumptions | – | 72 | 72 |
| Actuarial gains arising from changes in financial assumptions | – | 30 | 30 |
| Actuarial losses arising from experience adjustments | – | (77) | (77) |
| Employer cash contributions | 41 | – | 41 |
| Member cash contributions | 15 | (15) | – |
| Benefits paid | (173) | 173 | – |
| Exchange rate movements | 104 | (73) | 31 |
| Liabilities held for sale | – | 51 | 51 |
| Other movements | (7) | – | (7) |
| 31 March 2024 | 5,148 | (5,072) | 76 |
| Service cost | – | (51) | (51) |
| Interest income/(cost) | 229 | (225) | 4 |
| Return on plan assets excluding interest income | (467) | – | (467) |
| Actuarial gains arising from changes in demographic assumptions | – | 6 | 6 |
| Actuarial gains arising from changes in financial assumptions | – | 465 | 465 |
| Actuarial losses arising from experience adjustments | – | (16) | (16) |
| Employer cash contributions | 41 | – | 41 |
| Member cash contributions | 19 | (19) | – |
| Benefits paid | (192) | 192 | – |
| Exchange rate movements | 84 | (79) | 5 |
| Other movements | (8) | – | (8) |
| 31 March 2025 | 4,854 | (4,799) | 55 |

The table below provides an analysis of the net surplus for the Group as a whole.

|  |  |  |
| --- | --- | --- |
|  | 2025 | 2024 |
|  | €m | €m |
| Analysis of net surplus: |  |  |
| Total fair value of plan assets | 4,854 | 5,148 |
| Present value of funded plan liabilities | (4,722) | (5,017) |
| Net surplus for funded plans | 132 | 131 |
| Present value of unfunded plan liabilities | (77) | (55) |
| Net surplus | 55 | 76 |
| Net surplus is analysed as: |  |  |
| Assets  1 | 242 | 257 |
| Liabilities | (187) | (181) |

Note:

1. All net surpluses are reported as non-current assets in the consolidated statement of financial position. Pension assets are deemed to

be recoverable and there are no adjustments in respect of minimum funding requirements as economic benefits are available to the

Group either in the form of future refunds or, for plans still open to benefit accrual, in the form of possible reductions in future

contributions.

An analysis of net surplus is provided below for the Vodafone UK plan, which is a funded plan. As part of the

merger of the Vodafone UK plan and the Cable and Wireless Worldwide Retirement Plan (‘CWWRP’) plan on 6

June 2014 the assets and liabilities of the CWW Section are segregated from the Vodafone Section and hence are

reported separately below.

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | CWW Section | | Vodafone Section | |
|  | 2025 | 2024 | 2025 | 2024 |
|  | €m | €m | €m | €m |
| Analysis of net surplus: |  |  |  |  |
| Total fair value of plan assets | 1,640 | 1,781 | 1,805 | 1,983 |
| Present value of plan liabilities | (1,550) | (1,676) | (1,750) | (1,924) |
| Net surplus  1 | 90 | 105 | 55 | 59 |

Note:

1.

All net surpluses are reported as non-current assets in the consolidated statement of financial position.

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Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

184

25. Post employment benefits (continued)

Fair value of plan assets

|  |  |  |
| --- | --- | --- |
|  | 2025 | 2024 |
|  | €m | €m |
| Cash and cash equivalents | 61 | 52 |
| Equity investments: |  |  |
| With quoted prices in an active market | 471 | 261 |
| Without quoted prices in an active market | 37 | 293 |
| Debt instruments: |  |  |
| With quoted prices in an active market | 1,151 | 928 |
| Without quoted prices in an active market | 683 | 944 |
| Property: |  |  |
| With quoted prices in an active market | 17 | 16 |
| Without quoted prices in an active market | 313 | 374 |
| Derivatives  :  1 |  |  |
| Without quoted prices in an active market | 927 | 1,040 |
| Investment funds | 572 | 580 |
| Annuity policies |  |  |
| Without quoted prices in an active market | 622 | 660 |
| Total | 4,854 | 5,148 |

Note:

1. Derivatives include collateral held in the form of cash. Assets are valued using ‘level 2’ inputs under IFRS 13 ‘Fair Value Measurement’

principles and classified as unquoted accordingly.

The fair value of plan assets, which have been measured in accordance with IFRS 13 ‘Fair Value Measurement’,

are analysed by asset category above and are subdivided by assets that have a quoted market price in an active

market and those that do not, such as investment funds. Where available, the fair values are quoted prices (e.g.

listed equity, sovereign debt and corporate bonds). Unlisted investments without quoted prices in an active

market (e.g. private equity) are included at values provided by the fund manager in accordance with relevant

guidance. Other significant assets are valued based on observable inputs such as yield curves. The Vodafone UK

plan annuity policies fully match the pension obligations of those pensioners insured and therefore are set equal

to the present value of the related obligations. Investment funds of €572 million at 31 March 2025 (2024: €580

million) include investments in diversified alternative beta funds held in the Vodafone Section of the Vodafone

UK plan.

The actual return on plan assets over the year to 31 March 2025 was a loss of €238 million (2024: €121 million

gain).

Sensitivity analysis

Measurement of the Group’s defined benefit retirement obligation is sensitive to changes in certain key

assumptions. The sensitivity analysis below shows how a reasonably possible increase or decrease in a

particular assumption would, in isolation, result in an increase or decrease in the present value of the

defined benefit obligation as at 31 March 2025.

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  | Rate of increase | |  |  |  |  |
|  | Rate of inflation | | in salaries | | Discount rate | | Life expectancy | |
|  | Decrease | Increase | Decrease | Increase | Decrease | Increase | Decrease | Increase |
|  | by 0.5% | by 0.5% | by 0.5% | by 0.5% | by 0.5% | by 0.5% | by 1 year | by 1 year |
|  | €m | €m | €m | €m | €m | €m | €m | €m |
| (Decrease)/increase in the present |  |  |  |  |  |  |  |  |
| value of the defined benefit |  |  |  |  |  |  |  |  |
| obligation  1 | (198) | 189 | (2) | 2 | 286 | (264) | (108) | 111 |

Note:

1. The sensitivity analysis may not be representative of an actual change in the defined benefit obligation as it is unlikely that changes in

assumptions would occur in isolation of one another. In presenting this sensitivity analysis, the change in the present value of the

defined benefit obligation has been calculated on the same basis as prior years using the projected unit credit method at the end of the

year, which is the same as that applied in calculating the defined benefit obligation liability recognised in the statement of financial

position. The rate of inflation assumption sensitivity factors in the impact of changes to all assumptions relating to inflation including

the rate of increase in salaries, pension increases and deferred revaluations.

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Strategic report

Governance

Financials

Other information

Vodafone Group Plc

Annual Report 2025

185

-

26. Share based payments

The Group has a number of share plans used to award shares to Executive Directors and

employees as part of their remuneration package. A charge is recognised over the vesting

period in the consolidated income statement to record the cost of these, based on the fair

value of the award on the grant date.

Accounting policies

The Group issues equity-settled share-based awards to certain employees. Equity-settled share-based awards are

measured at fair value (excluding the effect of non-market-based vesting conditions) at the date of grant. The fair

value determined at the grant date of the equity-settled share-based award is expensed on a straight-line basis

over the vesting period, based on the Group’s estimate of the shares that will eventually vest and adjusted for the

effect of non-market-based vesting conditions. A corresponding increase in additional paid-in capital is also

recognised.

Some share awards have an attached market condition, based on total shareholder return (‘TSR’), which is taken

into account when calculating the fair value of the share awards. The valuation for the TSR is based on

Vodafone’s ranking within the same group of companies, where possible, over the past five years.

The fair value of awards of non-vested shares is a calculation of the closing price of the Company’s shares on the

day prior to the grant date, adjusted for the present value of the delay in receiving dividends where appropriate.

The maximum aggregate number of ordinary shares which may be issued in respect of share options or share

plans will not (without shareholder approval) exceed:

−

10% of the ordinary share capital of the Company in issue immediately prior to the date of grant, when

aggregated with the total number of ordinary shares which have been allocated in the preceding ten year

period under all plans; and

−

5% of the ordinary share capital of the Company in issue immediately prior to the date of grant, when

aggregated with the total number of ordinary shares which have been allocated in the preceding ten year

period under all plans, other than any plans which are operated on an all-employee basis.

Share options

Vodafone Sharesave Plan

Under the Vodafone Sharesave Plan UK staff may acquire shares in the Company through monthly savings of up

to £375 over a three and/or five year period. The savings may then be used to purchase shares at the option

price, which is set at the beginning of the invitation period at a discount of up to 20% to the then prevailing

market price of the Company’s shares.

Share plans

Vodafone Group executive plans

Under the Vodafone Global Incentive Plan awards of shares are granted to Directors and certain employees. The

release of these shares is conditional upon continued employment and for some awards achievement of certain

performance targets measured over a three year period.

Movements in outstanding ordinary share options

|  |  |  |  |
| --- | --- | --- | --- |
|  | Ordinary share options | | |
|  | 2025 | 2024 | 2023 |
|  | Millions | Millions | Millions |
| 1 April | 70 | 62 | 61 |
| Granted during the year | 13 | 63 | 50 |
| Forfeited during the year | (1) | (1) | (2) |
| Exercised during the year | – | – | (8) |
| Expired during the year | (17) | (54) | (39) |
| 31 March | 65 | 70 | 62 |
| Weighted average exercise price: |  |  |  |
| 1 April | £0.66 | £0.87 | £1.02 |
| Granted during the year | £0.61 | £0.58 | £0.83 |
| Forfeited during the year | £0.63 | £0.81 | £1.02 |
| Exercised during the year | £0.58 | £1.06 | £1.05 |
| Expired during the year | £0.74 | £0.82 | £1.01 |
| 31 March | £0.62 | £0.66 | £0.87 |

Summary of options outstanding

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | 31 March 2025 | | | 31 March 2024 | | |
|  | Outstanding | Weighted | Weighted | Outstanding | Weighted | Weighted |
|  | Millions | price | Months | Millions | price | Months |
| Vodafone Group Sharesave Plan: |  |  |  |  |  |  |
| £0.58 - £1.57 | 65 | £0.62 | 23 | 70 | £0.66 | 31 |

Share awards

Movements in non-vested shares are as follows:

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | 2025 | | 2024 | | 2023 | |
|  |  | Weighted |  | Weighted |  | Weighted |
|  |  | average fair |  | average fair |  | average fair |
|  |  | value at |  | value at |  | value at |
|  | Millions | grant date | Millions | grant date | Millions | grant date |
| 1 April | 317 | £0.92 | 261 | £1.14 | 270 | £1.07 |
| Granted | 187 | £0.70 | 177 | £0.72 | 120 | £1.17 |
| Vested | (85) | £1.09 | (76) | £1.17 | (70) | £1.15 |
| Forfeited | (50) | £0.90 | (45) | £0.99 | (59) | £0.89 |
| 31 March | 369 | £0.77 | 317 | £0.92 | 261 | £1.14 |

Other information

The total fair value of shares vested during the year ended 31 March 2025 was £93 million (2024: £89 million;

2023: £81 million).

The compensation cost included in the consolidated income statement in respect of share options and share

plans was €112 million (2024: €125 million; 2023: €141 million) which is comprised principally of equity-settled

transactions.

The average share price for the year ended 31 March 2025 was 71.3 pence (2024: 74.7 pence; 2023: 108.2

pence).

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Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

186

27. Acquisitions and disposals

The note below provides details of acquisition and disposal transactions for the current year as well as

those completed in the prior year. For further details see ‘Critical accounting judgements and key

sources of estimation uncertainty’ in note 1 ‘Basis of preparation’ to the consolidated financial

statements.

Accounting policies

Business combinations

Acquisitions of subsidiaries are accounted for using the acquisition method. The cost of the acquisition is measured

at the aggregate of the fair values at the date of exchange of assets given, liabilities incurred or assumed and equity

instruments issued by the Group. Acquisition-related costs are recognised in the consolidated income statement as

incurred. The acquiree’s identifiable assets and liabilities are recognised at their fair values at the acquisition date,

which is the date on which control is transferred to the Group. Goodwill is measured as the excess of the sum of the

consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the

Group’s previously held equity interest in the acquiree, if any, over the net amounts of identifiable assets acquired

and liabilities assumed at the acquisition date. The interest of the non-controlling shareholders in the acquiree may

initially be measured either at fair value or at the non-controlling shareholders’ proportion of the net fair value of the

identifiable assets acquired, liabilities and contingent liabilities assumed. The choice of measurement basis is made

on an acquisition-by-acquisition basis.

Acquisition of interests from non-controlling shareholders

In transactions with non-controlling parties that do not result in a change in control, the difference between the fair

value of the consideration paid or received and the amount by which the non-controlling interest is adjusted, is

recognised in equity.

Disposals

The difference between the carrying value of the net assets disposed of and the fair value of consideration received is

recorded as a gain or loss on disposal. Foreign exchange translation gains or losses relating to subsidiaries, joint

arrangements and associates that the Group has disposed of, and that have previously been recorded in other

comprehensive income or expense, are also recognised as part of the gain or loss on disposal.

Purchase of subsidiaries

The aggregate cash consideration in respect of the purchase of subsidiaries, net of cash acquired, is as follows:

|  |  |  |
| --- | --- | --- |
|  | 2025 | 2024 |
|  | €m | €m |
| Cash consideration (paid) |  |  |
| Other | (9) | – |
|  | (9) | – |

Other transactions with non-controlling shareholders in subsidiaries

The aggregate cash consideration in respect of other transactions with non-controlling shareholders in subsidiaries,

net of cash acquired, is as follows:

|  |  |  |
| --- | --- | --- |
|  | 2025 | 2024 |
|  | €m | €m |
| Cash consideration received / (paid) |  |  |
| Other | 8 | (16) |
|  | 8 | (16) |

Disposals

The aggregate cash consideration in respect of the disposal of subsidiaries, net of cash disposed, is as follows:

|  |  |  |
| --- | --- | --- |
|  | 2025 | 2024 |
|  | €m | €m |
| Cash consideration received/(paid) |  |  |
| Vodafone Spain | 3,669 | – |
| Vodafone Italy | 7,707 | – |
| Vodafone Hungary | – | (4) |
| Net cash disposed | (155) | (63) |
|  | 11,221 | (67) |

Vodafone Spain

On 31 May 2024, the Group announced it had completed the sale of Vodafone Holdings Europe, S.L.U. (‘Vodafone

Spain’) to Zegona Communications plc (‘Zegona’) for €4,069 million in cash (subject to closing accounts

adjustments) and up to €900 million of non-cash consideration in the form of redeemable preference shares. €400

million of the cash received relates to future services to be provided by the Group to Zegona and has been deferred

on the Group’s statement of financial position. The table below summarises the net assets disposed and the

resulting loss on disposal of €148 million.

|  |  |
| --- | --- |
|  | €m |
| Other intangible assets | (996) |
| Property, plant and equipment | (5,058) |
| Other investments | (3) |
| Inventory | (40) |
| Trade and other receivables | (1,033) |
| Cash and cash equivalents | (91) |
| Current and deferred taxation | 2 |
| Borrowings | 1,205 |
| Trade and other payables | 1,143 |
| Provisions | 181 |
| Net assets disposed | (4,690) |
| Cash proceeds  1 | 3,669 |
| Non-cash consideration (Zegona shares)  2 | 807 |
| Other effects | 66 |
| Net loss on disposal  3 | (148) |

Notes:

1. Excludes €400 million of consideration related to future services to be provided by the Group to Zegona.

2. The non-cash consideration comprises an investment in Zegona shares with a fair value of €807 million at the transaction date.

3. Included in ‘Loss for the financial year - Discontinued operations’ in the consolidated income statement.

![](data:image/svg+xml;base64,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)

27. Acquisitions and disposals (continued)

Strategic report

Governance

Financials

Other information

Vodafone Group Plc

Annual Report 2025

187

Vodafone Italy

On 31 December 2024, the Group announced it had completed the sale of Vodafone Italia S.p.A. (‘Vodafone

Italy’) to

Swisscom AG for €7,885

million in cash (subject to closing accounts adjustments). €178

million of the cash received

relates to future services to be provided by the Group to Swisscom AG and

has been deferred on the Group’s

statement of financial position. The table below summarises the net assets disposed and the resulting loss on

disposal of €1,133

million.

|  |  |
| --- | --- |
|  | €m |
| Goodwill | (2,398) |
| Other intangible assets | (3,479) |
| Property, plant and equipment | (5,230) |
| Inventory | (122) |
| Trade and other receivables | (1,275) |
| Cash and cash equivalents | (64) |
| Current and deferred taxation | (144) |
| Borrowings | 2,089 |
| Trade and other payables | 1,733 |
| Post employment benefits | 35 |
| Provisions | 181 |
| Net assets disposed | (8,674) |
| Cash proceeds  1 | 7,707 |
| Other effects | (166) |
| Net loss on disposal  2 | (1,133) |

Notes:

1.

Excludes €178

million of consideration related to future services to be provided by the Group to Swisscom AG.

2.

Included in ‘Loss for the financial year -

Discontinued operations’ in the consolidated income statement.

M-Pesa Holdings

In the comparative period, on 28 September 2023, the Group sold M-Pesa

Holding Company Limited (‘MPHCL’)

which holds funds on trust for M-Pesa

customers, to Safaricom Plc for US$1. Balances included in the Group’s

consolidated statement of financial position

at the date of disposal included cash of €63 million, together with

short-term investments of €1,195 million and €1,156 million due to M-Pesa

customers recorded within Other

investments and Trade and other payables, respectively.

Merger of Vodafone and Three in the UK

On 31 May 2025,

the Group and CK Hutchison Group Telecom Holdings Limited (‘CKHGT’), a wholly owned

subsidiary of CK Hutchison Holdings Limited (‘Hutchison’), transferred their UK telecommunication businesses,

respectively Vodafone Limited (‘Vodafone UK’) and Three

UK Limited (‘Three UK’), into VodafoneThree

Holdings

Limited (‘VTHL’). Following completion, VTHL is a subsidiary of the Group, in which the Group owns 51% of the

issued share capital and CKHGT indirectly owns 49%, and Vodafone UK and Three UK are wholly owned

subsidiaries of VTHL.

Consideration paid by the Group to Hutchison was 49% of Vodafone UK’s equity. No

cash consideration was paid

in connection with the combination or the grant of options (see below). Vodafone UK and Three UK were

contributed with differential debt amounts owing to their respective shareholders at closing to achieve the

required ownership structure. The Group advanced loans of £6,010 million to VTHL of which £1,684 million was

utilised to settle Three UK’s outstanding debt with Hutchison. In addition, Vodafone and Hutchison committed to

an additional £800 million of equity funding in proportion to their shareholdings, which VTHL can draw, if

required.

As part of the transaction, Vodafone and Hutchison agreed a framework to enable Vodafone to acquire

Hutchison’s 49% shareholding in VTHL

through a Vodafone call or a Hutchison put option which may be

exercised at fair market value, subject to customary third party approvals and consents, and settled in cash or

new Vodafone Group Plc shares, at the Group’s option, subject to certain conditions.

The call and put options will

become exercisable after three full financial years following closing providing that the fair market enterprise

value of VTHL reaches a minimum of £16.5 billion until after the seventh financial year following completion,

when this threshold will cease to apply to the exercise of the Hutchison put option.

As the Group has the ability

to settle the put option with Vodafone Group Plc shares, no put option liability will initially be recorded.

While VTHL is a controlled subsidiary of the Group, under certain very limited circumstances, including significant

financial underperformance of VTHL, Hutchison may acquire additional rights that might result in a loss of

control for accounting purposes.

Access to information required to assess the fair value to be assigned to individual assets acquired and liabilities

assumed at the date of acquisition was limited in the period prior to the date of approval of the consolidated

financial statements. Consequently, the fair value of the net assets acquired from Three UK and any resultant

goodwill to be recognised as a result of the combination have not yet been determined.

![](data:image/svg+xml;base64,PHN2ZyB2aWV3Qm94PSIwIDAgMTI4NiA5MDkiIHZlcnNpb249IjEuMSIgeG1sbnM9Imh0dHA6Ly93d3cudzMub3JnLzIwMDAvc3ZnIj4KPGRlZnM+CjxjbGlwUGF0aCBpZD0iYzBfMTkwIj48cGF0aCBkPSJNLS4yIDkwOS44Vi0uMkgxMjg2LjV2OTEwWiIvPjwvY2xpcFBhdGg+CjxzdHlsZT4KLmcwXzE5MHtmaWxsOiNFOUU5RTk7fQouZzFfMTkwe2ZpbGw6IzAwMDt9Ci5nMl8xOTB7ZmlsbDojRTYwMDAwO30KLmczXzE5MHtmaWxsOm5vbmU7c3Ryb2tlOiNBNEE2QTY7c3Ryb2tlLXdpZHRoOjAuNDU4O3N0cm9rZS1taXRlcmxpbWl0OjEwO30KPC9zdHlsZT4KPC9kZWZzPgo8cGF0aCBkPSJNMTEwMS42IDIwMS4yaDUyLjd2LS4zaC01Mi43di4zWiIgY2xhc3M9ImcwXzE5MCIvPgo8cGF0aCBkPSJNMTEwMS42IDIwMS4yaDUyLjd2LS4zaC01Mi43di4zWiIgY2xhc3M9ImcwXzE5MCIvPgo8cGF0aCBkPSJNMTEwNC42IDIwMGg0My4yVjE4NS4yaC00My4yVjIwMFoiIGNsYXNzPSJnMF8xOTAiLz4KPHBhdGggZD0iTTUwNy42IDMwNS45aDQzLjFWMjkxLjFINTA3LjZ2MTQuOFoiIGNsYXNzPSJnMF8xOTAiLz4KPHBhdGggZD0iTTgwNS43IDM4LjVoMjAzLjZWMEg4MDUuN1YzOC41WiIgY2xhc3M9ImcwXzE5MCIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik0xMTAxLjYgMjAwaDUyLjdWMTg0LjhoLTUyLjdWMjAwWiIgY2xhc3M9ImcwXzE5MCIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik01MDQuNSAzMDUuOWg1Mi43VjI3NC43SDUwNC41djMxLjJaIiBjbGFzcz0iZzBfMTkwIi8+CjxwYXRoIGQ9Ik02NzAuNyAyMDAuOGg0MzAuOVYyMDBINjcwLjd2LjhaIiBjbGFzcz0iZzFfMTkwIi8+CjxwYXRoIGQ9Ik0xMTAxLjYgMjAwLjhoLjdWMjAwaC0uN3YuOFoiIGNsYXNzPSJnMV8xOTAiLz4KPHBhdGggZD0iTTExMDIuMyAyMDAuOGg1MlYyMDBoLTUydi44WiIgY2xhc3M9ImcxXzE5MCIvPgo8cGF0aCBkPSJNMTE1NC4zIDIwMC44aC43VjIwMGgtLjd2LjhaIiBjbGFzcz0iZzFfMTkwIi8+CjxwYXRoIGQ9Ik0xMTU1IDIwMC44aDUyVjIwMGgtNTJ2LjhaIiBjbGFzcz0iZzFfMTkwIi8+CjxwYXRoIGQ9Ik02NzAuNyAxODQuN2g0MzAuOVYxODRINjcwLjd2LjdaIiBjbGFzcz0iZzFfMTkwIi8+CjxwYXRoIGQ9Ik0xMTAxLjYgMTg0LjdoLjdWMTg0aC0uN3YuN1oiIGNsYXNzPSJnMV8xOTAiLz4KPHBhdGggZD0iTTExMDIuMyAxODQuN2g1MlYxODRoLTUydi43WiIgY2xhc3M9ImcxXzE5MCIvPgo8cGF0aCBkPSJNMTE1NC4zIDE4NC43aC43VjE4NGgtLjd2LjdaIiBjbGFzcz0iZzFfMTkwIi8+CjxwYXRoIGQ9Ik0xMTU1IDE4NC43aDUyVjE4NGgtNTJ2LjdaIiBjbGFzcz0iZzFfMTkwIi8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTY3NC4xIDk2LjRIOTQ5LjdWOTNINjc0LjF2My40WiIgY2xhc3M9ImcyXzE5MCIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik05NDkuNyA5M2gzLjRWNzUuNGgtMy40VjkzWiIgY2xhc3M9ImcyXzE5MCIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik02NzAuNyA5M2gzLjRWNzUuNGgtMy40VjkzWiIgY2xhc3M9ImcyXzE5MCIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik02NzQuMSA3NS40SDk0OS43VjcyLjFINjc0LjF2My4zWiIgY2xhc3M9ImcyXzE5MCIvPgo8cGF0aCBkPSJNNzIuNSAzMDYuN2g0MzJWMzA2SDcyLjV2LjdaIiBjbGFzcz0iZzFfMTkwIi8+CjxwYXRoIGQ9Ik01MDMuNCAzMDYuN2guN1YzMDZoLS43di43WiIgY2xhc3M9ImcxXzE5MCIvPgo8cGF0aCBkPSJNNTA0LjEgMzA2LjdoNTMuMVYzMDZINTA0LjF2LjdaIiBjbGFzcz0iZzFfMTkwIi8+CjxwYXRoIGQ9Ik01NTYuMSAzMDYuN2guN1YzMDZoLS43di43WiIgY2xhc3M9ImcxXzE5MCIvPgo8cGF0aCBkPSJNNTU2LjggMzA2LjdoNTMuMVYzMDZINTU2Ljh2LjdaIiBjbGFzcz0iZzFfMTkwIi8+CjxwYXRoIGQ9Ik03My42IDI3NC42SDUwNC41di0uOEg3My42di44WiIgY2xhc3M9ImcxXzE5MCIvPgo8cGF0aCBkPSJNNTA0LjUgMjc0LjZoLjd2LS44aC0uN3YuOFoiIGNsYXNzPSJnMV8xOTAiLz4KPHBhdGggZD0iTTUwNS4yIDI3NC42aDUydi0uOGgtNTJ2LjhaIiBjbGFzcz0iZzFfMTkwIi8+CjxwYXRoIGQ9Ik01NTcuMiAyNzQuNmguN3YtLjhoLS43di44WiIgY2xhc3M9ImcxXzE5MCIvPgo8cGF0aCBkPSJNNTU3LjkgMjc0LjZoNTJ2LS44aC01MnYuOFoiIGNsYXNzPSJnMV8xOTAiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNzcgOTYuNEgxODMuN1Y5M0g3N3YzLjRaIiBjbGFzcz0iZzJfMTkwIi8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTE4My43IDkzaDMuNFY3NS40aC0zLjRWOTNaIiBjbGFzcz0iZzJfMTkwIi8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTczLjYgOTNINzdWNzUuNEg3My42VjkzWiIgY2xhc3M9ImcyXzE5MCIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik03NyA3NS40SDE4My43VjcyLjFINzd2My4zWiIgY2xhc3M9ImcyXzE5MCIvPgo8cGF0aCBjbGlwLXBhdGg9InVybCgjYzBfMTkwKSIgZD0iTTczLjkgMzguMlYtMTIuOSIgY2xhc3M9ImczXzE5MCIvPgo8cGF0aCBkPSJNNzMuNiAzOC41aDQ3LjltMCAwSDM5OC43IiBjbGFzcz0iZzNfMTkwIi8+CjxwYXRoIGNsaXAtcGF0aD0idXJsKCNjMF8xOTApIiBkPSJNMzk4LjcgMzguMlYtMTIuOSIgY2xhc3M9ImczXzE5MCIvPgo8cGF0aCBkPSJNMzk4LjcgMzguNUg2MDIuMm0yMDMuNSAwaDIwMy42IiBjbGFzcz0iZzNfMTkwIi8+CjxwYXRoIGNsaXAtcGF0aD0idXJsKCNjMF8xOTApIiBkPSJNMTAwOS4zIDM4LjJWLTEyLjkiIGNsYXNzPSJnM18xOTAiLz4KPHBhdGggZD0iTTEwMDkuMyAzOC41aDIwMy44IiBjbGFzcz0iZzNfMTkwIi8+CjxwYXRoIGNsaXAtcGF0aD0idXJsKCNjMF8xOTApIiBkPSJNNjAyLjIgMzguMlYtMTIuOSIgY2xhc3M9ImczXzE5MCIvPgo8cGF0aCBkPSJNNjAyLjIgMzguNUg4MDUuNyIgY2xhc3M9ImczXzE5MCIvPgo8cGF0aCBjbGlwLXBhdGg9InVybCgjYzBfMTkwKSIgZD0iTTgwNS43IDM4LjJWLTEyLjltNDA3LjEgNTEuMVYtMTIuOSIgY2xhc3M9ImczXzE5MCIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik03NyA5M0gxODMuN1Y3NS40SDc3VjkzWiIgY2xhc3M9ImcyXzE5MCIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik03My42IDc1LjRINzdWNzIuMUg3My42djMuM1oiIGNsYXNzPSJnMl8xOTAiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNzMuNiA3NS40SDc3VjcyLjFINzMuNnYzLjNaIiBjbGFzcz0iZzJfMTkwIi8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTE4My43IDc1LjRoMy40VjcyLjFoLTMuNHYzLjNaIiBjbGFzcz0iZzJfMTkwIi8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTE4My43IDc1LjRoMy40VjcyLjFoLTMuNHYzLjNaIiBjbGFzcz0iZzJfMTkwIi8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTczLjYgOTYuNEg3N1Y5M0g3My42djMuNFoiIGNsYXNzPSJnMl8xOTAiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNzMuNiA5Ni40SDc3VjkzSDczLjZ2My40WiIgY2xhc3M9ImcyXzE5MCIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik0xODMuNyA5Ni40aDMuNFY5M2gtMy40djMuNFoiIGNsYXNzPSJnMl8xOTAiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNMTgzLjcgOTYuNGgzLjRWOTNoLTMuNHYzLjRaIiBjbGFzcz0iZzJfMTkwIi8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTY3NC4xIDkzSDk0OS43Vjc1LjRINjc0LjFWOTNaIiBjbGFzcz0iZzJfMTkwIi8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTY3MC43IDc1LjRoMy40VjcyLjFoLTMuNHYzLjNaIiBjbGFzcz0iZzJfMTkwIi8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTY3MC43IDc1LjRoMy40VjcyLjFoLTMuNHYzLjNaIiBjbGFzcz0iZzJfMTkwIi8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTk0OS43IDc1LjRoMy40VjcyLjFoLTMuNHYzLjNaIiBjbGFzcz0iZzJfMTkwIi8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTk0OS43IDc1LjRoMy40VjcyLjFoLTMuNHYzLjNaIiBjbGFzcz0iZzJfMTkwIi8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTY3MC43IDk2LjRoMy40VjkzaC0zLjR2My40WiIgY2xhc3M9ImcyXzE5MCIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik02NzAuNyA5Ni40aDMuNFY5M2gtMy40djMuNFoiIGNsYXNzPSJnMl8xOTAiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNOTQ5LjcgOTYuNGgzLjRWOTNoLTMuNHYzLjRaIiBjbGFzcz0iZzJfMTkwIi8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTk0OS43IDk2LjRoMy40VjkzaC0zLjR2My40WiIgY2xhc3M9ImcyXzE5MCIvPgo8L3N2Zz4=)

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188

28. Commitments

A commitment is a contractual obligation to make a payment in the future, mainly in relation to

agreements to buy assets such as mobile devices, network infrastructure and IT systems and leases

that have not commenced. These amounts are not recorded in the consolidated statement of

financial position since we have not yet received the goods or services from the supplier.

Capital commitments

The amounts below are the minimum amounts that we are committed to pay.

|  |  |  |
| --- | --- | --- |
|  | 2025 | 2024 |
|  | €m | €m |
| Contracts placed for future capital expenditure not provided in the financial |  |  |
| statements  1, 2 | 2,264 | 2,442 |

Notes:

1. Commitment includes contracts placed for property, plant and equipment and intangible assets.

2. Includes €nil (2024: €423 million) in respect of Vodafone Italy and Vodafone Spain, which are reported as discontinued operations. See note

7 ‘Discontinued operations and assets held for sale’ for more information.

Leases entered into by the Group but not commenced at 31 March 2025 are disclosed in note 20 ‘Leases’.

In March 2023, the Group entered into an agreement with Altice Luxembourg S.A. to create a joint venture, OXG

Glasfaser Beteiligungs GmbH (‘OXG’), with 50.0% shareholding held by each shareholder. Each shareholder is

committed to contribute funding of up to €950 million to OXG for the deployment of fibre-to-the-home in

Germany.

During the year ended 31 March 2025, the Group provided €36 million (2024: €32 million) of capital

contributions to OXG. The remaining funding commitment of €882 million is expected to be contributed

between 2025 and 2029. The amount and timing of the funding depends on the speed and size of the fibre

deployment. The contribution can be in the form of free capital reserves, shareholder loan, loan notes or similar

instruments as agreed by the shareholders.

29. Contingent liabilities and legal proceedings

Contingent liabilities are potential future cash outflows, where the likelihood of payment is

considered more than remote, but is not considered probable or cannot be measured reliably.

|  |  |  |
| --- | --- | --- |
|  | 2025 | 2024 |
|  | €m | €m |
| Performance and payment bonds  1 | 1,313 | 1,399 |

Note:

1. Performance bonds require the Group to make payments to third parties in the event that the Group does not perform what is expected of it

under the terms of any related contracts or commercial arrangements.

UK pension schemes

The Group’s main defined benefit plan is the Vodafone UK Group Pension Scheme (‘Vodafone UK plan’) which has

two segregated sections, the Vodafone Section and the CWW Section, as detailed in note 25 ‘Post employment

benefits’.

The Group has covenanted to provide security in favour of both the Vodafone Section and CWW Section when they

are in a deficit position. The deficit is measured on a prescribed basis agreed between the Group and the Trustee,

which differs from the IAS 19 accounting basis or the funding basis per the triennial actuarial valuation reported in

note 25 ‘Post employment benefits’. Consequently, the future level of security may vary in line with movements in

the Vodafone UK plan deficit. The Group provides surety bonds as the security.

As at 31 March 2025, the Vodafone UK plan holds security over €119 million (notional value) for the Vodafone

Section and no security is currently required for the CWW Section. The security may be substituted either on a

voluntary or mandatory basis. The Company has also provided two guarantees to the Vodafone Section of the

Vodafone UK plan for a combined value up to €1.49 billion to provide security over the deficit under certain defined

circumstances, including insolvency of the employers. The Company has also agreed a similar guarantee of up to

€1.49 billion for the CWW Section.

An additional smaller UK defined benefit plan, the THUS Plc Group Scheme, has a guarantee from the Company for

up to €119 million.

![](data:image/svg+xml;base64,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)

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Annual Report 2025

189

29. Contingent liabilities and legal proceedings (continued)

Vodafone Idea

As part of the agreement to merge Vodafone India and Idea Cellular in 2017, the parties agreed a mechanism for

payments between the Group and Vodafone Idea Limited (‘VIL’) pursuant to the difference between the

crystallisation of certain identified contingent liabilities in relation to legal, regulatory, tax and other matters, and

refunds relating to Vodafone India and Idea Cellular (the

‘CLAM indemnity’).

Cash payments or cash receipts relating

to these matters must have been made or received by VIL before any amount becomes due from or owed to the

Group. Any future payments by the Group to VIL as a result of this agreement would only be made after satisfaction

of this and other contractual conditions.

The Group’s maximum potential exposure under this mechanism is capped

at INR 64 billion (€695 million).

The final liability calculation date under the CLAM indemnity has been agreed to be extended to 30 September

2025. No further cash payments are considered probable from the Group as at 31 March 2025.

The carrying value of the Group’s investment in VIL is €nil and the Group is recording no further share of losses in

respect of VIL. The Group’s potential exposure to liabilities within VIL is capped by the mechanism described above;

consequently, contingent liabilities arising from litigation in India concerning the operations of Vodafone India are

not reported.

Indus Towers

Under the terms of the Indus and Bharti Infratel merger in November 2020, a security package was agreed for the

benefit of the newly created merged entity, Indus Towers, which could be invoked in the event that VIL was unable

to make payments to Indus Towers for the use of towers space. The remaining element of the security package at 31

March 2024 was a secondary pledge over the shares owned by Vodafone Group in Indus Towers, ranking behind

Vodafone’s existing lenders for the outstanding bank borrowings of €1.7 billion as at 31 March 2024 secured against

Indian assets (‘the bank borrowings’), with a maximum liability cap of INR 42.5 billion (€472 million).

In the event of

non-payment of relevant liabilities by VIL, Indus Towers had recourse to any secondary pledged shares, after

repayment of the bank borrowings in full, up to the value of the liability cap.

The Group disposed of its investment in Indus Towers in two tranches during June and December 2024 (see note 12

‘Associates and joint arrangements’).

Following the sales the bank borrowings were fully repaid and, in January 2025,

surplus proceeds of INR 19.1 billion (€207 million) were invested in newly issued VIL equity, which VIL immediately

used to partially settle outstanding MSA obligations to Indus Towers resulting in the release of the secondary

pledge.

Legal proceedings

The Group is currently involved in a number of legal proceedings, including inquiries from, or discussions with,

government authorities that are incidental to its operations.

Legal proceedings where the Group considers that the likelihood of material future outflows of cash or other

resources is more than remote are disclosed below. Where the Group assesses that it is probable that the outcome

of legal proceedings will result in a financial outflow, and a reliable estimate can be made of the amount of that

obligation, a provision is recognised for these amounts.

In all cases, determining the probability of successfully defending a claim against the Group involves the application

of judgement as the outcome is inherently uncertain. The determination of the value of any future outflows of cash

or other resources, and the timing of such outflows, involves the use of estimates. The costs incurred in complex

legal proceedings, regardless of outcome, can be significant.

The Group is not involved in any material proceedings in which any of the Group’s Directors, members of senior

management or affiliates are either a party adverse to the Group or have a material interest adverse to the Group.

Tax cases

VISPL tax claims

Vodafone India Services Private Limited (‘VISPL’) has outstanding tax disputes with the Indian tax authorities

predominantly relating to Vodafone’s acquisition of Hutchison Essar (later renamed as Vodafone India Limited)

covering five assessment years between 2008-09 and 2014-15. The total value of the tax authority claims for

those assessment years as at 31 March 2024 was approximately €468 million plus interest, and penalties of up to

300% of the principal.

VISPL is taking part in a tax amnesty scheme to resolve these tax disputes. As part of this scheme, in February

2025, VISPL made a payment of €130 million to the Indian tax authorities

for assessment year 2008-09. For the

other assessment years, once multiple tax credits, offsets and all tax technical issues have been resolved for the

different assessment years, we anticipate VISPL will obtain a net repayment

of €13 million. The amnesty gives

rise to an income statement tax charge of €185 million due to tax deposits previously held as recoverable assets

being written-off.

Netherlands tax case

Vodafone Europe BV (‘VEBV’) received assessments totalling €267 million in tax and interest from the Dutch tax

authorities, who challenged the application of the arm’s length principle in relation to various intra-group

financing

transactions. VEBV appealed against these assessments to the District Court of the Hague where a hearing was held

in March 2023. The District Court issued its judgement in July 2023, upholding VEBV’s appeal in relation to the

majority of issues and requiring the Dutch tax authorities to significantly reduce its assessments. VEBV and the Dutch

tax authorities subsequently appealed the District Court’s judgement before the Court of Appeal of The Hague

where the appeal hearing was held in February 2025. A decision is expected during summer 2025.

The Group continues to believe it has robust defences but

has recorded a provision of €26 million for tax and

accrued interest reflecting the July 2023 judgement and the Group’s current view of the probable financial outflow

required to fully resolve the issue.

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Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

190

29. Contingent liabilities and legal proceedings (continued)

Other cases in the Group

Germany: price increase class action

In November 2023, the Verbraucherzentrale Bundesverband (Federation of German Consumer Organisations)

initiated a class action against Vodafone Germany in the Hamm Higher Regional Court. Vodafone Germany

implemented price increases of €5 per month for fixed lines services in 2023 in response to higher costs. The claim

alleges that terms regarding price increases

in the consumer contracts entered into by Vodafone Germany’s

customers up until August 2023 are invalid under German civil law and seeks reimbursement of the additional

charges plus interest. Customers must enter their details onto the register of collective actions on the Federal Office

of Justice website in order to participate in the claim. The register opened in April 2024 and as at 31 March 2025,

approximately 99,200 customers had registered. Vodafone Germany filed its defence in August 2024 and a hearing

will take place on 3 December 2025.

Whilst the Group intends to defend the claim, it is not able to determine the likelihood or estimate the amount of any

possible financial loss at this stage of the proceedings.

Germany: claims regarding transfer of data to credit agencies

Individual consumers are bringing claims against Vodafone Germany and/or the other national network

operators alleging that information was passed to credit agencies up to February 2024 about contracts for

mobile services without consumer consent. The claims seek damages of up to €5,000 per contract for GDPR

(General Data Protection Regulation) infringement. As at 28 March 2025, Vodafone Germany had been notified

of 534 claims filed in various regional courts. Out of 314 court judgements issued so far, Vodafone Germany has

been successful in all but seven claims in which damages in the range of €100 -

€400 were awarded

to the

consumer. The other national network operators are facing similar claims.

The Group’s position is that the transfer of data about the existence of a consumer contract (and not about

payments in relation to the contract) to credit agencies is standard practice and justified for the purposes of fraud

prevention. However, given the consumer claims, Vodafone Germany has stopped this activity.

Although the total potential number of claims and financial losses is uncertain, the Group believes it has valid

defences and that no present obligation exists based on all available evidence.

Germany: investigation by federal data protection authority

In 2021, the BfDI (Federal Commissioner for Data Protection and Freedom of Information) started investigations

into potential breaches of the GDPR in relation to systems used to manage and protect customer data. Vodafone

Germany has made an immaterial payment to the BfDI in settlement of these investigations.

Germany: investigation by competition authority regarding 1&1

In December 2021 1&1 entered into an agreement with Vantage Towers for the provision of infrastructure for

antenna sites. Vantage Towers sub-contracted certain aspects of the delivery under the agreement to Vodafone

Germany.

In March 2023, Vodafone Germany and Vodafone Group (together ‘Vodafone’) were informed that 1&1 had

submitted a complaint to the Bundeskartellamt (‘BkA’), the competition authority in Germany, alleging

infringements of competition law. Following the start of a formal investigation in June 2023, the BkA issued a

Statement of Objections on 11 April 2025 with its view that the delayed provision by Vodafone and Vantage

Towers of the contractually agreed tower locations acted as an obstacle to 1&1’s market entry

and an abuse of

dominance.

Vodafone’s response to the Statement of Objections is

currently due to be submitted to the BkA on

27 June 2025.

Vodafone is currently unable to estimate any possible loss but, while the outcome is uncertain, the Group

believes it has valid defences and that it is probable no present obligation exists.

Italy: Iliad v Vodafone Italy

In July 2019, Iliad filed a claim for €500 million against Vodafone Italy in the Civil Court of Milan. The claim

alleges anti-competitive behaviour in relation to customer portability and certain advertising campaigns by

Vodafone Italy. The main hearing on the merits of the claim took place on 8 June 2021. On 17 April 2023, the

Civil Court issued a judgement in Vodafone Italy's favour and rejected Iliad's claim for damages in full. Iliad filed

an appeal before the Court of Appeal of Milan in June 2023. The appeal process is ongoing and a hearing will take

place on 25 June 2025 for final arguments.

Following the divestment of Vodafone Italy, this claim is subject to an indemnity provided by the Group to

Swisscom. The Group is currently unable to estimate any possible loss in this claim in the event of an adverse

judgement on appeal but, while the outcome is uncertain, the Group believes that Vodafone Italy has valid

defences and that it is probable that no present obligation exists.

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Strategic report

Governance

Financials

Other information

Vodafone Group Plc

Annual Report 2025

191

29. Contingent liabilities and legal proceedings (continued)

Greece: Papistas Holdings SA, Mobile Trade Stores (formerly Papistas SA) and Athanasios and Loukia Papistas v

Vodafone Greece

In October 2019, Mr. and Mrs. Papistas, and companies owned or controlled by them, filed several claims against

Vodafone Greece with a total value of approximately €330 million for purported damage caused by the alleged

abuse of dominance and wrongful termination of a franchise arrangement with a Papistas company. Lawsuits

which the Papistas claimants had previously brought against Vodafone Greece, including one also citing

Vodafone Group Plc and certain Directors and officers of Vodafone as defendants, were either withdrawn or left

dormant. Vodafone Greece filed a counter claim and all claims were heard in February 2020. All of the Papistas

claims were rejected by the Athens Court of First Instance because the stamp duty payments required to have

the merits of

the case considered had not been made.

Vodafone Greece’s counter claim was also rejected. The

Papistas claimants and Vodafone Greece each filed appeals. Following hearings in February and May 2023, the

Court of Appeal dismissed both of the appeals, in the case of the Papistas claimants because the stamp duty

payments had again not been made. Whether the Papistas claimants will appeal the judgement is unknown as at

the date of this report. There was a further hearing in February 2025 about one aspect of the appeal proceedings

and the decision of the Court of Appeal is awaited.

Vodafone is continuing vigorously to defend the claims and based on the progress of the litigation so far the

Group believes that it is highly unlikely that there will be an adverse ruling for the Group. On this basis, the Group

does not expect the outcome of these claims to have a material financial impact.

UK: Phones 4U in Administration v Vodafone Limited, Vodafone Group Plc and Others

In December 2018, the administrators of former UK indirect seller, Phones 4U, sued the three main UK mobile

network operators (‘MNOs’), including Vodafone, and their parent companies in the English High Court. The

administrators alleged collusion between the MNOs to withdraw their business from Phones 4U thereby causing

its collapse. The judge ordered that there should be a split trial between liability and damages. The first trial on

liability took place from May to July 2022. On 10 November 2023, the High Court issued a judgement in

Vodafone’s favour and rejected Phones 4U’s allegations that the defendants were in breach of competition law,

consistent with Vodafone’s previously stated position that a present obligation does not exist. Phones 4U was

granted permission to appeal the judgement from the Court of Appeal. The appeal hearing took place before the

Court of Appeal from 19 - 23 May 2025. We are waiting to receive the judgement.

The Group is vigorously defending the appeal and is not able to estimate any possible loss in the event of an

adverse judgement on appeal.

South Africa: Kenneth Makate v Vodacom (Pty) Limited

Mr Kenneth Makate,

a former employee of Vodacom Pty Limited (‘Vodacom South Africa’), started legal

proceedings in 2008 claiming compensation for a business idea that led to the development of a service known

as ‘Please Call Me’ (‘PCM’). In July 2014, the Gauteng High Court (‘the High Court’) ruled that Mr Makate had

proven the existence of a contract, but that Vodacom South Africa was not bound by that contract because the

responsible director did not have authority to enter into such an agreement on Vodacom South Africa’s

behalf.

The High Court and Supreme Court of Appeal (‘the SCA’) turned down Mr Makate’s application for leave to appeal

in December 2014 and March 2015, respectively.

In April 2016, the Constitutional Court of South Africa (‘the Constitutional Court’) granted leave to appeal and

upheld Mr Makate’s appeal. It found that Vodacom South Africa is bound by an agreement and ordered the

parties to negotiate, in good faith, and agree a reasonable compensation amount payable to Mr Makate or, in the

event of a deadlock, for the matter to be referred to Vodacom Group’s Chief Executive Officer (‘the CEO’) for

determination. Mr Makate’s application for the aforementioned order to be varied

from the determination of an

amount to a compensation model based on a share of revenue was dismissed by the Constitutional Court. In

accordance with the Constitutional Court order, and after negotiations failed, the CEO issued his determination

on 9

January 2019. However, the CEO’s award of R47million (€2 million) was rejected by Mr Makate, who

subsequently brought an application in the High Court for the review of the CEO’s determination and award.

The High Court, in a judgement delivered on 8 February 2022, set aside the CEO’s determination and ordered

him to reassess the amount employing a set of criteria which would have resulted in the payment of a higher

compensation amount, for the benefit of Mr Makate, than that determined by the CEO. Vodacom South Africa

appealed against the judgement and the order of the High Court to the SCA. The SCA heard the appeal on 9 May

2023 and its judgement was handed down on 6 February 2024. A majority of three judges, with a minority of two

judges dissenting, dismissed the appeal and ruled that Mr Makate is entitled to be paid 5% - 7.5% of the total

revenue of the PCM product from March 2001 to the date of the judgement, plus interest.

On 27 February 2024, Vodacom South Africa applied for leave to appeal the judgement and order of the SCA to

the Constitutional Court, resulting in the suspension of the operation of the judgement and order of the SCA. On

26 August 2024, the Constitutional Court

issued a directive that it would hear Vodacom South Africa’s

application for leave to appeal in tandem with its appeal against the SCA judgement and order. The matter was

heard on 21 November 2024 and Vodacom South Africa awaits a decision from the Constitutional Court.

Vodacom South Africa is challenging the SCA’s judgement and order on various grounds including, but not

limited to, the SCA ignoring the evidence placed before it on the computation of the quantum of compensation

payable to Mr Makate, as well as the SCA issuing orders that are incapable of implementation and enforcement.

The CEO’s determination in 2019 amounted to R47 million (€2 million). The minority judgement of the SCA

raised Mr Makate’s compensation to an amount payable of R186 million (€10

million). The value of the

compensation amount for Mr Makate, as per the SCA’s majority judgement and order, would at a minimum be

R29 billion (€1.5

billion). Mr Makate, in his recent submissions to the Constitutional Court, has stated that his

request is for compensation

in the capital amount of R9.4 billion (€473

million), plus interest from 18 January

2019. Consequently, the range of the possible compensation outcomes in this matter is very wide.

The amount ultimately payable to Mr Makate is uncertain and will depend on the success of Vodacom South

Africa’s appeal to the Constitutional Court against the judgement and order of the SCA, on the merits of the case.

The Group is continuing to challenge the level of compensation payable to Mr Makate and a provision immaterial

to the financial statements has been recorded.

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Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

192

29. Contingent liabilities and legal proceedings (continued)

UK: Mr Justin Gutmann v Vodafone Limited and Vodafone Group Plc

In November 2023, Mr Gutmann issued claims in the Competition Appeal Tribunal (‘CAT’) seeking permission, as

a proposed class representative, to bring collective proceedings on an opt-out basis against the four UK mobile

network operators (‘MNOs’) and, in the case of Vodafone Limited and EE Limited, their respective parent

companies. Vodafone Group Plc and Vodafone Limited are named defendants to one of the claims with an

alleged value of £1.4 billion (approximately €1.7 billion), including interest. It is alleged that Vodafone and the

other MNOs used their alleged market dominance to overcharge customers after the expiry of the minimum

terms of certain mobile contracts (referred to as a ‘loyalty penalty’). A hearing took place before the CAT from 31

March to 2 April 2025 to determine Mr Gutmann’s application for certification of the class and Vodafone’s

application for strike out of certain parts of the claim based on limitation. The decision is expected later this year.

Taking into account all available evidence at this stage, the Group’s assessment is that the allegations are

without merit and it intends to defend the claim. The Group is currently unable to estimate any possible loss in

regards to this issue but, while the outcome is uncertain, the Group believes it is probable that no present

obligation exists.

30. Related party transactions

The Group has a number of related parties including joint arrangements and associates, pension

schemes and Directors and Executive Committee members (see note 12 ‘Associates and joint

arrangements’, note 25 ‘Post employment benefits’ and note 23 ‘Directors and key management

compensation’).

Transactions with joint arrangements and associates

Related party transactions with the Group’s joint arrangements and associates primarily comprise fees for the use of

products and services including network airtime and access charges, fees for the provision of network infrastructure

and cash pooling arrangements. No related party transactions have been entered into during the year which might

reasonably affect any decisions made by the users of these consolidated financial statements except as disclosed

below.

|  |  |  |  |
| --- | --- | --- | --- |
|  | 2025 | 2024 | 2023 |
|  | €m | €m | €m |
| Sales of goods and services to associates | 13 | 25 | 20 |
| Purchase of goods and services from associates | 6 | 6 | 8 |
| Sales of goods and services to joint arrangements | 280 | 267 | 220 |
| Purchase of goods and services from joint arrangements | 761 | 932 | 263 |
| Interest income receivable from joint arrangements  1 | 66 | 52 | 52 |
| Interest expense payable to joint arrangements  1 | 243 | 239 | 33 |
| Trade balances owed: |  |  |  |
| by associates | 3 | 19 |  |
| to associates | 1 | 1 |  |
| by joint arrangements | 210 | 190 |  |
| to joint arrangements | 331 | 379 |  |
| Other balances owed by joint arrangements  1 | 1,265 | 1,105 |  |
| Other balances owed to joint arrangements  2 | 3,941 | 4,940 |  |

Notes:

1. Amounts arise primarily through VodafoneZiggo and Oak Holdings 1 GmbH. Interest is paid/received in line with market rates.

2. Amounts are primarily in relation to leases of tower space from Oak Holdings 1 GmbH.

Details of the Group’s commitment to enter into future lease contracts with Oak Holdings 1 GmbH are disclosed in

Note 20 ‘Leases’.

Dividends received from associates and joint ventures are disclosed in the consolidated statement of cash flows.

Transactions with Directors other than compensation

During the three years ended 31 March 2025 and as of 3 June 2025, no Director nor any other executive officer, nor

any associate of any Director or any other executive officer, was indebted to the Group. During the three years ended

31 March 2025 and as of 3 June 2025, the Group has not been a party to any other material transaction, or proposed

transactions, in which any member of the key management personnel (including Directors, any other executive

officer, senior manager, any spouse or relative of any of the foregoing or any relative of such spouse) had or was to

have a direct or indirect material interest.

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Strategic report

Governance

Financials

Other information

Vodafone Group Plc

Annual Report 2025

193

31. Related undertakings

A full list of all of our subsidiaries, joint arrangements and associated undertakings is

detailed below.

A full list of subsidiaries, joint arrangements and associated undertakings (as defined in the Large and Medium-

sized Companies and Groups (Accounts and Reports) Regulations 2008) as at 31 March 2025 is detailed below.

No subsidiaries are excluded from the Group consolidation. Unless otherwise stated the Company’s subsidiaries

all have share capital consisting solely of ordinary shares and are indirectly held. The percentage held by Group

companies reflect both the proportion of nominal capital and voting rights unless otherwise stated.

Summarised financial information is provided in respect of the Group’s most significant associates and joint

arrangements in note 12 ‘Associates and joint arrangements’.

Subsidiaries

A subsidiary is an entity directly or indirectly controlled by the Company. Control is achieved where the Company

has existing rights that give it the current ability to direct the activities that affect the Company’s returns and

exposure or rights to variable returns from the entity. The results of subsidiaries acquired or disposed of during

the year are included in the consolidated income statement from the effective date of acquisition or up to the

effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of

subsidiaries to bring their accounting policies into line with those used by the Group. All intra-group transactions,

balances, income and expenses are eliminated on consolidation. Non-controlling interests in the net assets of

consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests

consist of the amount of those interests at the date of the original business combination and the non-controlling

shareholder’s share of changes in equity since the date of the combination. Total comprehensive income is

attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance.

|  |  |  |  |
| --- | --- | --- | --- |
|  |  | % of share class held |  |
|  | Company name | by Group companies | Share class |
|  | Albania |  |  |
|  | Autostrada Tirane-Durres, Rruga: “Pavaresia”, Nr 61, Kashar, Tirana, Albania |  |  |
|  | Vodafone Albania Sh.A | 100.00 | Ordinary shares |
|  | Rruga “Ibrahim Rugova”, Sky Tower, Kati I 5, Hyrja , Tiranë 1000, Albania |  |  |
|  | \_VOIS Albania Shpk. | 85.71 | Ordinary shares |
|  | Australia |  |  |
|  | Mills Oakley, Level 7, 151 Clarence Street, Sydney NSW 2000, Australia |  |  |
|  | Vodafone Enterprise Australia Pty Limited | 100.00 | Ordinary shares |
|  | Austria |  |  |
|  | Eversheds Sutherland Rechtsanwälte GmbH, Kärntner Ring 12, 3. Stock, 1010, |  |  |
|  | Wien, Austria |  |  |
|  | Vodafone Enterprise Austria GmbH | 100.00 | Quotas shares |
|  | Bahrain |  |  |
|  |  |  |  |
|  | RSM Bahrain, 3  rd  floor Falcon Tower, Diplomatic Area, Manama, PO BOX 11816, |  |  |
|  | Bahrain |  |  |

|  |  |  |
| --- | --- | --- |
|  | % of share class held |  |
| Company name | by Group companies | Share class |
| Vodafone Enterprise Bahrain W.L.L. | 100.00 | Ordinary shares |
| Belgium |  |  |
| Malta House, rue Archimède 25, 1000 Bruxelles, Belgium |  |  |
| Vodafone Belgium SA/NV | 100.00 | Ordinary shares |
| Brazil |  |  |
| Av. Paulista 37 – 4° andar, Sala 427, Bela Vista, CEP, 01311-902, São Paulo, Brazil |  |  |
| Vodafone Empresa Brasil Telecomunicações Ltda | 100.00 | Ordinary shares |
| Rua Boa Vista, No. 254, room 1304 (parte), Centro, São Paulo, 01014907, Brazil |  |  |
| Vodafone Serviços Empresariais Brasil Ltda | 100.00 | Ordinary shares |
| Bulgaria |  |  |
| 10 Tsar Osvoboditel Blvd., 3  rd  Floor, Spredets Region, Sofia, 1000, Bulgaria |  |  |
| Vodafone Enterprise Bulgaria EOOD | 100.00 | Ordinary shares |
| Canada |  |  |
| c/o ARC Information Services Inc., 3-84 Castlebury Crescent, Toronto ON M2H |  |  |
| 1W8, Canada |  |  |
| Vodafone Canada Inc. | 100.00 | Common shares |
| Cayman Islands |  |  |
| One Nexus Way, Camana Bay, Grand Cayman, KY1-9005, Cayman Islands |  |  |
| CGP Investments (Holdings) Limited | 100.00 | Ordinary shares |
| China |  |  |
| Level 9, Tower 2, China Central Place, Room 941, No. 79 Jianguo Road, Chaoyang |  |  |
| District, Beijing, 100025, China |  |  |
| Vodafone Enterprise Communications Technical Service (Shanghai) Co., Ltd. |  |  |
| Beijing Branch  2 | 100.00 | Branch |
| Room 1603, 16  th  Floor, 1200 Pudong Avenue, Free Trade Zone, Shanghai, China |  |  |
| Vodafone Enterprise Communications Technical Service (Shanghai) Co., Ltd. | 100.00 | Ordinary shares |
| Room 625, Floor 6, Building 1-A, No. 19, Ronghua Middle Road, Beijing Economic |  |  |
| and Technological Development Zone, Beijing, China |  |  |
| Vodafone Automotive Technologies (Beijing) Co, Ltd | 100.00 | Ordinary shares |
| Congo, The Democratic Republic of the |  |  |
| 292 Avenue de La Justice, Commune de la Gombe, Kinshasa, The Democratic |  |  |
| Republic of the Congo |  |  |
| Vodacom Congo (RDC) SA  5 | 33.20 | Ordinary shares |
| 540 avenue de la justice, second floor, Gombe, Kinshasa, The Democratic Republic |  |  |
| of the Congo |  |  |
| Vodacash S.A  5 | 33.20 | Ordinary shares |

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Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

194

31. Related undertakings (continued)

|  |  |  |
| --- | --- | --- |
|  | % of share class held |  |
| Company name | by Group companies | Share class |
| Cyprus |  |  |
| Ali Riza  Caddesi No:  33/A  Ortaköy,  Lefkoşa,  Cyprus |  |  |
| Vodafone Evde Operations Ltd | 100.00 | Ordinary shares |
| Vodafone Mobile Operations Limited | 100.00 | Ordinary shares |
| Czech Republic |  |  |
| Námĕstí  Junkových  2,  Prague  5,  15500,  Czech  Republic |  |  |
| Nadace Vodafone Česká Republika | 100.00 | Trustee |
| Oskar Mobil s.r.o. | 100.00 | Ordinary shares |
| Vodafone Czech Republic A.S. | 100.00 | Ordinary shares |
| Vodafone Enterprise Europe (UK) Limited - Czech Branch  2 | 100.00 | Branch |
| Praha  4,  Závišova  502/5,  14000,  Nusle,  Czech  Republic |  |  |
| Závišova  Real Estate,  s.r.o. | 100.00 | Ordinary shares |
| Denmark |  |  |
| c/o Lundgrens Advokatpartnerselskab, Tuborg Boulevard 12, 2900, Hellerup,  Denmark |  |  |
| Vodafone Enterprise Denmark A/S | 100.00 | Ordinary shares |
| Egypt |  |  |
| 37 Kasr El Nil St, 4  th  Floor, Cairo, Egypt |  |  |
| Starnet  5 | 35.81 | Ordinary shares |
| 54 El Batal Ahmed Abed El Aziz, Mohandseen, Giza, Egypt |  |  |
| Sarmady Communications  5 | 35.82 | Ordinary shares |
| Building  no.  2109 “VHUB1”,  Smart  Village,  Cairo  Alexandria,  Egypt |  |  |
| Vodafone International Services LLC  5 | 85.71 | Ordinary shares |
| Site No 15/3C, Central Axis, 6  th  October City, Egypt |  |  |
| Vodafone Egypt Telecommunications S.A.E.  5 | 35.82 | Ordinary shares |
| Smart Village C3 Vodafone Building, Egypt |  |  |
| Vodafone Data  5 | 35.81 | Ordinary shares |
| Vodafone Building Zahraa EL Maadi, Building A, Service Area D, Maadi, Cairo, Egypt |  |  |
| Vodafone For Trading  5 | 35.78 | Ordinary shares |
| Finland |  |  |
| c/o Eversheds Asianajotoimisto Oy, Fabianinkatu 29B, Helsinki, 00100, Finland |  |  |
| Vodafone Enterprise Finland Oy | 100.00 | Ordinary shares |
| France |  |  |
| 1300 route de Cretes, Le WTC, Bat I1, 06560, Valboone Soph, France |  |  |
| Vodafone Automotive Telematics Development S.A.S | 100.00 | Ordinary shares |
| La Défense Cours Valmy , 1-7 Le Belvédère , 92800, Puteaux, France |  |  |
| Vodafone Automotive France S.A.S | 100.00 | Ordinary shares |
| Le Belvédère, 1-7 cours Valmy, 92800, Puteaux, France |  |  |

|  |  |  |
| --- | --- | --- |
|  | % of share class held |  |
| Company name | by Group companies | Share class |
| Vodafone Enterprise France SAS | 100.00 | New euro shares |
| Rue Champollion, 22300, Lannion, France |  |  |
| Apollo Submarine Cable System Ltd - French Branch  2 | 100.00 | Branch |
| Germany |  |  |
| Altes Forsthaus 2, 67661, Kaiserslautern, Germany |  |  |
| TKS Telepost Kabel-Service Kaiserslautern GmbH  3 | 100.00 | Ordinary shares |
| BetastraBe 6-8, 85774 Unterföhring, Germany |  |  |
| Vodafone Deutschland GmbH | 100.00 | Ordinary shares |
| Buschurweg 4, 76870 Kandel, Germany |  |  |
| Vodafone Automotive Deutschland GmbH | 100.00 | Ordinary shares |
| Ferdinand-Braun-Platz 1, 40549, Düsseldorf, Germany |  |  |
| Vodafone Enterprise Germany GmbH | 100.00 | Ordinary A shares, |
|  |  | Ordinary B shares |
| Vodafone GmbH | 100.00 | Ordinary A shares, |
|  |  | Ordinary B shares |
| Vodafone Group Services GmbH | 85.71 | Ordinary shares |
| Vodafone IoT Germany GmbH | 100.00 | Ordinary shares |
| Vodafone Stiftung Deutschland Gemeinnützige GmbH | 100.00 | Ordinary shares |
| Vodafone West GmbH | 100.00 | Ordinary shares |
| Friedrich-Wilhelm-Strasse 2, 38100, Braunschweig, Germany |  |  |
| KABELCOM Braunschweig Gesellschaft Für Breitbandkabel-Kommunikation Mit | 100.00 | Ordinary shares |
| Beschränkter Haftung  3 |  |  |
| KABELCOM Wolfsburg Gesellschaft für Breitbandkabel-Kommunikation mit | 100.00 | Ordinary shares |
| beschränkter Haftung  3 |  |  |
| Holzmarkt 1, 50676, Köln, North Rhine-Westphalia, Germany |  |  |
| Grandcentrix GmbH | 100.00 | Ordinary shares |
| Nobelstrasse 55, 18059, Rostock, Germany |  |  |
| Urbana Teleunion Rostock GmbH & Co. KG  3 | 70.00 | Ordinary shares |
| Greece |  |  |
| 12,5 km National Road Athens-Lamia, Metamorfosi, Athens, 14452, Greece |  |  |
| Vodafone Innovus S.A. | 99.87 | Ordinary shares |
| 1-3 Tzavella str, 152 31 Halandri, Athens, Greece |  |  |
| Fiber2All S.A. | 99.87 | Ordinary shares |
| Fiber2All Holdings S.A. | 99.87 | Ordinary shares |
| Vodafone-Panafon Hellenic Telecommunications Company S.A. | 99.87 | Ordinary shares |
| Pireos 163 & Ehelidon, Athens, 11854, Greece |  |  |
| 360 Connect S.A. | 99.87 | Ordinary shares |

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|  |  |  |
| --- | --- | --- |
|  | % of share class held |  |
| Company name | by Group companies | Share class |
| Guernsey |  |  |
| Plaza House, Third Floor, Elizabeth Avenue, St. Peter Port, GY1 2HU, Guernsey |  |  |
| Silver Stream Investments Limited | 100.00 | Ordinary shares |
| Roseneath, The Grange, St. Peter Port, GY1 2QJ, Guernsey |  |  |
| VBA Holdings Limited  5 | 65.10 | Ordinary shares, |
|  |  | Non-voting |
|  |  | irredeemable non- |
|  |  | cumulative preference |
|  |  | shares |
| VBA International Limited  5 | 65.10 | Ordinary shares, |
|  |  | Non-voting |
|  |  | irredeemable non- |
|  |  | cumulative preference |
|  |  | shares |
| Hong Kong |  |  |
| Level 24, Dorset House, Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong |  |  |
| Vodafone Enterprise Hong Kong Ltd | 100.00 | Ordinary shares |
| Hungary |  |  |
| 40-44 Hungaria Krt., Budapest, H-1087, Hungary |  |  |
| VSSB  Vodafone  Szolgáltató Központ  Budapest  Zártkörűen  Működő | 85.71 | Registered ordinary |
| Részvénytársaság |  | shares |
| India |  |  |
| 10  th  Floor, Tower A&B, Global Technology Park, (Maple Tree Building), Marathahalli |  |  |
| Outer Ring Road, Devarabeesanahalli Village, Varthur Hobli, Bengaluru, Karnataka,  560103, India |  |  |
| Cable & Wireless Networks India Private Limited | 100.00 | Equity shares |
|  |  |  |
| Cable and Wireless (India) Limited - Branch  2 | 100.00 | Branch |
| Cable and Wireless Global (India) Private Limited | 100.00 | Equity shares |
| 201-206, Shiv Smriti Chambers, 49/A, Dr. Annie Besant Road, Mumbai, |  |  |
| Maharashtra, Worli, 400018, India |  |  |
| Omega Telecom Holdings Private Limited | 100.00 | Equity shares |
| Vodafone India Services Private Limited | 100.00 | Equity shares |
| Flat No. 1, 1st Floor, 3A, New Bowbazar Lane, Bowbazar, Kolkata, West Bengal, |  |  |
| 700012, India |  |  |
| Usha Martin Telematics Limited | 100.00 | Equity shares |
| Table Space, 5th Floor, Tower B, Panchshil Business Park, Viman Nagar, Pune, |  |  |
| Maharashtra, 411014, India |  |  |
| Vodafone Global Services Private Limited | 100.00 | Equity shares |
| Ireland |  |  |
| 3rd Floor, Waterloo Exchange, Waterloo Road, Dublin 4, D04 E5W7, Ireland |  |  |
| Vodafone International Financing Designated Activity Company | 100.00 | Ordinary shares |
| 38/39 Fitzwilliam Square West, Dublin 2, DO2 NX53, Ireland |  |  |

|  |  |  |
| --- | --- | --- |
|  | % of share class held |  |
| Company name | by Group companies | Share class |
| Vodafone Enterprise Global Limited | 100.00 | Ordinary shares |
| Vodafone Global Network Limited | 100.00 | Ordinary shares |
| Mountainview, Leopardstown, Dublin 18, Ireland |  |  |
| Vodafone Group Services Ireland Limited | 85.71 | Ordinary shares |
| Vodafone Ireland Limited | 100.00 | Ordinary shares |
| Vodafone Ireland Retail Limited | 100.00 | Ordinary shares |
| Italy |  |  |
| Via Astico 41, 21100 Varese, Italy |  |  |
| Vodafone Automotive Electronic Systems S.r.L | 100.00 | Ordinary shares |
| Vodafone Automotive S.p.A | 100.00 | Ordinary shares |
| Vodafone Automotive Telematics S.r.L | 100.00 | Ordinary shares |
| Via Bisceglie 73, 20152, Milan, Italy |  |  |
| Vodafone Enterprise Italy S.r.L | 100.00 | Euro shares |
| Vodafone Servizi E Tecnologie S.R.L. | 100.00 | Equity shares |
| Via Gabriele D'Annunzio, 4, 21010 Vizzola Ticino, VA, Italy |  |  |
| Vodafone Automotive Italia S.p.A | 100.00 | Ordinary shares |
| Via Lorenteggio 240, Milan, Italy |  |  |
| Vodafone IoT Italy, S.R.L. | 100.00 | Quotas shares |
| Japan |  |  |
| KAKiYA building, 9F, 2-7-17 Shin-Yokohama, Kohoku-ku, Yokoha-City, Kanagawa, |  |  |
| 222-0033, Japan |  |  |
| Vodafone Automotive Japan KK | 100.00 | Ordinary shares |
| The Executive Centre, Level 20, Shin Marunouchi Center Building, 1-6-2 |  |  |
| Marunouchi, Chiyoda-ku, Tokyo, 100-0005, Japan |  |  |
| Vodafone Enterprise U.K. - Japanese Branch  2 | 100.00 | Branch |
| Vodafone Global Enterprise (Japan) K.K. | 100.00 | Ordinary shares |
| Jersey |  |  |
| 44 Esplanade, St Helier, JE4 9WG, Jersey |  |  |
| Vodafone International 2 Limited | 100.00 | Ordinary shares |
| Kenya |  |  |
| 6th Floor, ABC Towers, ABC Place, Waiyaki Way, Nairobi, 00100, Kenya |  |  |
| Vodafone Kenya Limited  5 | 69.46 | Ordinary voting shares |
| The Riverfront, 4th floor, Prof. David Wasawo Drive, Off Riverside Drive, Nairobi, |  |  |
| Kenya |  |  |
| Vodacom Business (Kenya) Limited  5 | 52.08 | Ordinary shares |
| Korea, Republic of |  |  |
| ASEM Tower level 37, 517 Yeongdong-daero, Gangnam-gu, Seoul, 135-798, Korea, |  |  |
| Republic of |  |  |
| Vodafone Enterprise Korea Limited | 100.00 | Ordinary shares |

Strategic report

Governance

Financials

Other information

Vodafone Group Plc

Annual Report 2025

195

31. Related undertakings (continued)

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Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

196

31. Related undertakings (continued)

|  |  |  |
| --- | --- | --- |
|  | % of share class held |  |
| Company name | by Group companies | Share class |
| Lesotho |  |  |
| 585 Mabile Road, Vodacom Park, Maseru, Lesotho |  |  |
| VCL Financial Services (PTY) Ltd  5 | 52.08 | Ordinary shares |
| Vodacom Lesotho (Pty) Limited  5 | 52.08 | Ordinary shares |
| Luxembourg |  |  |
| 15 rue Edward Steichen, Luxembourg, 2540, Luxembourg |  |  |
| Tomorrow Street GP S.à r.l. | 100.00 | Ordinary shares |
|  |  | Ordinary euro |
| Vodafone Enterprise Luxembourg S.A. | 100.00 | shares |
| Vodafone Global Connect S.à r.l. | 100.00 | Ordinary shares |
| Vodafone International 1 S.à r.l. | 100.00 | Ordinary shares |
| Vodafone International M S.à r.l. | 100.00 | Ordinary shares |
| Vodafone Investments Luxembourg S.à r.l. | 100.00 | Ordinary shares |
| Vodafone Luxembourg S.à r.l. | 100.00 | Ordinary shares |
| Vodafone Procurement Company S.à r.l. | 100.00 | Ordinary shares |
| Vodafone Roaming Services S.à r.l. | 100.00 | Ordinary shares |
| Malaysia |  |  |
| Suite 13.03, 13th Floor, Menara Tan & Tan, 207 Jalan Tun Razak, 50400 Kuala |  |  |
| Lumpur, Malaysia |  |  |
| Vodafone Global Enterprise (Malaysia) Sdn Bhd | 100.00 | Ordinary shares |
| Malta |  |  |
| Portomaso Business Tower, Level 15B, St Julians, STJ 4011, Malta |  |  |
| Vodafone Holdings Limited | 100.00 | ‘A’ Ordinary shares, |
|  |  | ‘B’ Ordinary shares |
| Vodafone Insurance Limited | 100.00 | ‘A’ Ordinary shares, |
|  |  | ‘B’ Ordinary shares |
| Mauritius |  |  |
| 10th Floor, Standard Chartered Towers, 19 Cybercity, Ebene, Mauritius |  |  |
| Mobile Wallet VM1  5 | 65.10 | Ordinary shares |
| Mobile Wallet VM2  5 | 65.10 | Ordinary shares |
| VBA (Mauritius) Limited  5 | 65.10 | Ordinary shares, |
|  |  | Redeemable |
|  |  | preference shares |
| Vodacom International Limited  5 | 65.10 | Ordinary shares, |
|  |  | Non Cumulative |
|  |  | preference shares |
| Fifth Floor, Ebene Esplanade, 24 Bank Street, Cybercity, Ebene, Mauritius |  |  |
| Al-Amin Investments Limited | 100.00 | Ordinary shares |
| Array Holdings Limited | 100.00 | Ordinary shares |
| Asian Telecommunication Investments (Mauritius) Limited | 100.00 | Ordinary shares |
| CCII (Mauritius), Inc. | 100.00 | Ordinary shares |

|  |  |  |
| --- | --- | --- |
|  | % of share class held |  |
| Company name | by Group companies | Share class |
| CGP India Investments Ltd. | 100.00 | Ordinary shares |
| Euro Pacific Securities Ltd. | 100.00 | Ordinary shares |
| Mobilvest | 100.00 | Ordinary shares |
| Prime Metals Ltd. | 100.00 | Ordinary shares |
| Trans Crystal Ltd. | 100.00 | Ordinary shares |
| Vodafone Mauritius Ltd. | 100.00 | Ordinary shares |
| Vodafone Telecommunications (India) Limited | 100.00 | Ordinary shares |
| Vodafone Tele-Services (India) Holdings Limited | 100.00 | Ordinary shares |
| Mexico |  |  |
| Avenida Insurgentes Sur No. 1647, Piso 12, despacho 1202, Colonia San José |  |  |
| Insurgentes, Alcaldía Benito Juárez, C.P. 03900, Ciudad de México, Mexico |  |  |
| Vodafone Empresa México S.de R.L. de C.V. | 100.00 | Corporate |
|  |  | certificate series A |
|  |  | shares, |
|  |  | Corporate |
|  |  | certificate series B |
|  |  | shares |
| Mozambique |  |  |
| Rua dos Desportistas, Numero 649, Cidade de Maputo, Mozambique |  |  |
| Vodacom Moçambique, SA  5 | 55.33 | Ordinary shares |
| Vodacom M-Pesa, SA  5 | 55.33 | Ordinary shares |
| Netherlands |  |  |
| Rivium Quadrant 173, 15th Floor, 2909 LC, Capelle aan den IJssel, Netherlands |  |  |
| Vodafone Enterprise Netherlands B.V. | 100.00 | Ordinary shares |
| Vodafone Europe B.V. | 100.00 | Ordinary shares |
| Vodafone International Holdings B.V. | 100.00 | Ordinary shares |
| Zuid - hollanden 7, Rode Olifant, Spaces, 2596AL, den Haag, Netherlands |  |  |
| IOT.NXT B.V.  5 | 42.32 | Ordinary shares |
| IoT.nxt EMENA B.V  5 | 42.32 | Ordinary shares |
| IoT.nxt Europe BV  5 | 42.32 | Ordinary shares |
| New Zealand |  |  |
| 74 Taharoto Road, Takapuna, Auckland, 0622, New Zealand |  |  |
| Vodafone Enterprise Hong Kong Limited - New Zealand Branch  2 | 100.00 | Branch |
| Norway |  |  |
| c/o EconPartner AS, Dronning Mauds gate 15, Oslo, 0250, Norway |  |  |
| Vodafone Enterprise Norway AS | 100.00 | Ordinary shares |
| Oman |  |  |
| Knowledge Oasis Muscat, Al-seeb, Muscat, Governorate P.O Box 104 135, Oman |  |  |
| Vodafone Services LLC | 100.00 | Shares |

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Strategic report

Governance

Financials

Other information

Vodafone Group Plc

Annual Report 2025

197

31. Related undertakings (continued)

|  |  |  |
| --- | --- | --- |
|  | % of share class held |  |
| Company name | by Group companies | Share class |
| Poland |  |  |
| ul. Towarowa 28, 00-839, Warsaw, Poland |  |  |
| Vodafone Business Poland sp. z o.o. | 100.00 | Ordinary shares |
| Portugal |  |  |
| Av. D. João II, nº 36 - 8º Piso, 1998 - 017, Parque das Nações, Lisboa, Portugal |  |  |
| Oni Way - Infocomunicacoes, S.A | 100.00 | Ordinary shares |
| Vodafone Enterprise Spain, S.L.U. – Portugal Branch  2 | 100.00 | Branch |
| Vodafone IoT Portugal, Unipessoal Lda. | 100.00 | Quotas shares |
| Vodafone Portugal - Comunicacoes Pessoais, S.A. | 100.00 | Ordinary shares |
| Vodafone Solutions, Unipessoal LDA | 100.00 | Quota shares |
| Romania |  |  |
| 1 A Constantin Ghercu Street, 10th Floor, 6th District, Bucharest, Romania |  |  |
| UPC Services S.R.L. (in liquidation) | 100.00 | Ordinary shares |
| 13 Duca Voda Street, Ploiesti, Prahova County, Romania |  |  |
| Isys Professional SRL | 100.00 | Ordinary shares |
| 18 Diligenței Steet, 1st floor, Building C1, Ploiesti, Prahova County, Romania |  |  |
| Evotracking SRL | 100.00 | Ordinary shares |
| 201 Barbu Vacarescu Street, 5th floor, 2nd District, Bucharest, Romania |  |  |
| Vodafone External Services SRL | 100.00 | Ordinary shares |
| 201 Barbu Vacarescu Street, Mezzanine, District 2, Bucharest, Romania |  |  |
| Vodafone Foundation | 100.00 | Sole member |
| 201 Barbu Vacarescu, 4th floor, 2nd District, Bucharest, Romania |  |  |
| Vodafone Romania S.A | 100.00 | Ordinary shares |
| 62 D Nordului Street, District 1, Bucharest, Romania |  |  |
| UPC Foundation | 100.00 | Sole member |
| Oltenitei Street no. 2, City Offices Building,  3rd Floor, Bucharest 4th District, Romania |  |  |
| Vodafone România Technologies SRL | 85.71 | Ordinary shares |
| Sectorul 2, Strada Barbu Văcărescu, Nr. 201, Etaj 1, Bucharest, Romania |  |  |
| Vodafone România M - Payments SRL | 100.00 | Ordinary shares |
| Russian Federation |  |  |
| Build. 2, 14/10, Chayanova str., 125047, Moscow, Russian Federation |  |  |
| Cable & Wireless CIS Svyaz LLC | 100.00 | Charter capital shares |
| Serbia |  |  |
| Vladimira Popovića 38-40,  New Belgrade, 11070, Serbia |  |  |
| Vodafone Enterprise Equipment Limited Ogranak u Beogradu - Serbia Branch  2 | 100.00 | Branch |
| Singapore |  |  |
| Asia Square Tower 2, 12 Marina View, #17-01, 018961, Singapore |  |  |
| Vodafone Enterprise Singapore Pte.Ltd | 100.00 | Ordinary shares |
| Slovakia |  |  |
| Karadžičova 2, mestská časť Staré mesto, Bratislava, 811 09, Slovakia |  |  |

|  |  |  |
| --- | --- | --- |
|  | % of share class held |  |
| Company name | by Group companies | Share class |
| Vodafone Global Network Limited - organizačná  zložka (Slovakia Branch)  2 | 100.00 | Branch |
| Prievozská 6, Bratislava, 821 09, Slovakia |  |  |
| Vodafone Czech Republic A.S. - Slovakia Branch  2 | 100.00 | Branch |
| South Africa |  |  |
| 9 Kinross Street, Germiston South, 1401, South Africa |  |  |
| Vodafone Holdings (SA) Proprietary Limited | 100.00 | Ordinary shares |
| Vodafone Investments (SA) Proprietary Limited | 100.00 | Ordinary A shares, ‘B’ |
|  |  | Ordinary no par value |
|  |  | shares |
| Irene Link Building C, Third Floor, 5 Impala Avenue, Doringkloof, Centurion, Gauteng, |  |  |
| 0046, South Africa |  |  |
| 10T Holdings Proprietary Limited  5 | 42.32 | Ordinary shares |
| IoT.nxt (Pty) Limited  5 | 42.32 | Ordinary shares |
| IoT.nxt Development (Pty) Limited  5 | 42.32 | Ordinary shares |
| Knightsbridge Office Park, 33 Sloane Street, Bryanston, Sandton, Gauteng, 2191, |  |  |
| South Africa |  |  |
| MAST Services Proprietary Limited  5 | 65.10 | Ordinary shares |
| Vodacom Corporate Park, 082 Vodacom Boulevard, Midrand, 1685, South Africa |  |  |
| Infinity Services Partner Company  5 | 65.10 | Ordinary shares |
| Jupicol (Proprietary) Limited  5 | 45.57 | Ordinary shares |
| Mezzanine Ware Proprietary Limited  5 | 58.59 | Ordinary shares |
| Motifprops 1 (Proprietary) Limited  5 | 65.10 | Ordinary shares |
| Nexio (Proprietary) Limited  5 | 33.20 | Ordinary shares |
| Sphinx Investment Holding Company (RF) (Proprietary) Limited  5 | 65.10 | Ordinary shares |
| Vodacom (Pty) Limited  5 | 65.10 | Ordinary shares, |
|  |  | Ordinary A shares |
| Vodacom Business Africa Group (Pty) Limited  5 | 65.10 | Ordinary shares |
| Vodacom Business Africa SA (Pty) Limited  5 | 65.10 | Ordinary shares |
| Vodacom Financial Services (Proprietary) Limited  5 | 65.10 | Ordinary shares |
| Vodacom Group Limited | 65.10 | Ordinary shares |
| Vodacom Insurance Administration Company (Proprietary) Limited  5 | 65.10 | Ordinary shares |
| Vodacom Insurance Company (RF) Limited  5 | 65.10 | Ordinary shares |
| Vodacom International Holdings (Pty) Limited  5 | 65.10 | Ordinary shares |
| Vodacom Life Assurance Company (RF) Limited  5 | 65.10 | Ordinary shares |
| Vodacom Payment Services (Proprietary) Limited  5 | 65.10 | Ordinary shares |
| Vodacom Properties No 1 (Proprietary) Limited  5 | 65.10 | Ordinary shares |
| Vodacom Properties No.2 (Pty) Limited  5 | 65.10 | Ordinary shares |
| Wheatfields Investments 276 (Proprietary) Limited  5 | 65.10 | Ordinary shares |
| XLink Communications (Proprietary) Limited  5 | 65.10 | Ordinary A shares |

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|  |  |  |
| --- | --- | --- |
|  | % of share class held |  |
| Company name | by Group companies | Share class |
| Spain |  |  |
| Antracita, 7 - 28045, Madrid, Spain |  |  |
| Vodafone Automotive Iberia S.L. | 100.00 | Ordinary shares |
| Avenida de América 115, 28042, Madrid, Spain |  |  |
| Vodafone Enterprise Spain SLU | 100.00 | Ordinary euro |
|  |  | shares |
| Torre Norte Adif, Explanada de la Estación no 7, 29002, Málaga, Spain |  |  |
| Vodafone Intelligent Solutions España, S.L.U. | 100.00 | Ordinary shares |
| Vodafone IoT Spain, S.L. | 100.00 | Ordinary shares |
| Sweden |  |  |
| C/o Aspia AB, Kopparbergsvägen 11a, 722 13, Västerås, Sweden |  |  |
| Vodafone Enterprise Sweden AB | 100.00 | Ordinary shares, |
|  |  | Shareholder’s |
|  |  | contribution shares |
| Switzerland |  |  |
| C/o BDO AG, Schiffbaustrasse 2, 8005, Zurich, Switzerland |  |  |
| Vodafone Enterprise Switzerland AG | 100.00 | Ordinary shares |
| Taiwan |  |  |
| 22F., No.100, Songren Road., Xinyi District, Taipei City, 11070, Taiwan |  |  |
| Vodafone Global Enterprise Taiwan Limited | 100.00 | Ordinary shares |
| Tanzania, United Republic of |  |  |
| 15 Floor, Vodacom Tower, Ursino Estate, Plot No. 23, Bagamoyo Road, Dar es Sala  am, |  |  |
| United Republic of Tanzania |  |  |
| M-Pesa Limited  5 | 48.82 | Ordinary A shares, |
|  |  | Ordinary B shares |
| Shared Networks Tanzania Limited  5 | 48.82 | Ordinary shares |
| Smile Communications Tanzania Limited  5 | 48.82 | Ordinary shares |
| Vodacom Tanzania Public Limited Company  5 | 48.82 | Ordinary shares |
| 3rd Floor, Maktaba (Library), ComplexBibi, Titi Mohaned Road, Dar es Salaam, Unit  ed |  |  |
| Republic of Tanzania |  |  |
| Gateway Communications Tanzania Limited  5 | 64.45 | Ordinary shares |
| Thailand |  |  |
| 725 Metropolis Building, 20th floor, Unit 100, Sukhumvit Road, Klongton Nua Sub- |  |  |
| district, Watthana District, Bangkok, 10110, Thailand |  |  |
| Vodafone Business Siam Co., Ltd. | 100.00 | Ordinary shares |
| Türkiye |  |  |
| Büyükdere  Caddesi,  No:  251,  Maslak,  Şişli  /  İstanbul,  34398,  T  ürkiye |  |  |
| Vodafone Bilgi Ve Iletisim Hizmetleri AS | 100.00 | Registered shares |
| Vodafone Dagitim, Servis ve Icerik Hizmetleri A.S. | 100.00 | Ordinary shares |
| Vodafone Holding A.S. | 100.00 | Registered shares |
| Vodafone Kule ve Altyapi Hizmetleri A.S. | 100.00 | Ordinary shares |
| Vodafone Mall Ve Elektronik Hizmetler Ticaret AS | 100.00 | Ordinary shares |

|  |  |  |
| --- | --- | --- |
|  | %  of share class held |  |
| Company name | by  Group companies | Share class |
| Vodafone  Net  İletişim  Hizmetleri  A.S. | 100.00 | Ordinary shares |
| Vodafone Telekomunikasyon A.S | 100.00 | Registered shares |
| İTÜ Ayazağa  Kampüsü,  Koru  Yolu,  Arı  Teknokent  Arı  3  Binası,  Maslak,  İstanbul, |  |  |
| 586553, Türkiye |  |  |
| Vodafone Teknoloji Hizmetleri A.S. | 100.00 | Registered shares |
| Maslak Mah. AOS 55 Sk. 42 Maslak  Sit. B Blok Apt.  No: 4/663 ,  Sarıyer Istanbul, T  ürkiye |  |  |
| Vodafone Finansman A.S. | 100.00 | Ordinary shares |
| Vodafone Elektronik Para Ve Ödeme Hizmetleri A.S. | 100.00 | Registered shares |
| Vodafone Sigorta Aracilik Hizmetleri A.S. | 100.00 | Ordinary shares |
| Maslak  Mah.  Büyükdere  Cad.  Büyükdere  No:  251,  Sarıyer,  Istanbul  ,  34453,  T  ürkiye |  |  |
| VOIS Turkey  Akilli  Çözümler  Limited  Şirketi | 85.71 | Ordinary shares |
| Ukraine |  |  |
| Bohdana Khmelnytskogo Str. 19-21, Kyiv, Ukraine |  |  |
| LLC Vodafone Enterprise Ukraine | 100.00 | Ownership |
|  |  | percentage shares |
| United Arab Emirates |  |  |
| 16-SD 129, Ground Floor, Building 16-Co Work, Dubai Internet City, United Arab |  |  |
| Emirates |  |  |
| Vodacom Fintech Services FZ-LLC  5 | 65.10 | Ordinary shares |
| DSO ABCN 81010, ABCN DSO HQ, Dubai Silicon Oasis, Dubai, UAE, United Arab  Emirates |  |  |
| Sarmady Middle East FZE  5 | 35.82 | Ordinary shares |
| Office 101, 1st Floor, DIC Building 1, Dubai Internet City, Dubai, United Arab Emirates |  |  |
| Vodafone Enterprise Europe (UK) Limited - Dubai Branch  2 | 100.00 | Branch |

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

198

31. Related undertakings (continued)

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Strategic report

Governance

Financials

Other information

Vodafone Group Plc

Annual Report 2025

199

31. Related undertakings (continued)

|  |  |  |
| --- | --- | --- |
|  | % of share class held |  |
| Company name | by Group companies | Share class |
| United Kingdom |  |  |
| 11 Staple Inn Building, London, WC1V 7QH, United Kingdom |  |  |
| Vodacom Business Africa Group Services Limited  5 | 65.10 | Ordinary shares, |
|  |  | Preference shares |
| Vodacom UK Limited  5 | 65.10 | Ordinary shares, |
|  |  | Ordinary B shares, |
|  |  | Non-redeemable |
|  |  | ordinary A shares, |
|  |  | Non-redeemable |
|  |  | preference shares |
| 50 Lothian Road, Festival Square,  Edinburgh, EH3 9WJ, United Kingdom |  |  |
| Thus Group Holdings Limited | 100.00 | Ordinary shares |
| Thus Group Limited | 100.00 | Ordinary shares |
| Vodafone (Scotland) Limited | 100.00 | Ordinary shares |
| 3 More London, Riverside, London, SE12AQ, United Kingdom |  |  |
| IoT Nxt UK Limited  5 | 42.32 | Ordinary shares |
| Quarry Corner, Dundonald, Belfast, BT16 1UD, Northern Ireland |  |  |
| Energis (Ireland) Limited | 100.00 | A ordinary shares, |
|  |  | B ordinary shares, |
|  |  | C ordinary shares, |
|  |  | D ordinary shares |
| Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, United Kingdom |  |  |
| Apollo Submarine Cable System Limited | 100.00 | Ordinary shares |
| Cable & Wireless Aspac Holdings Limited | 100.00 | Ordinary shares |
| Cable & Wireless CIS Services Limited | 100.00 | Ordinary shares |
| Cable & Wireless Communications Data Network Services Limited | 100.00 | ‘A’ Ordinary shares, |
|  |  | ‘B’ Ordinary  shares |
| Cable & Wireless Europe Holdings Limited | 100.00 | Ordinary shares |
| Cable & Wireless Global Telecommunication Services Limited | 100.00 | Ordinary shares |
| Cable & Wireless UK Holdings Limited | 100.00 | Ordinary shares |
| Cable & Wireless Worldwide Limited | 100.00 | Ordinary shares |
| Cable and Wireless (India) Limited | 100.00 | Ordinary shares |
| Cable and Wireless Nominee Limited | 100.00 | Ordinary shares |
| Central Communications Group Limited | 100.00 | Ordinary shares, |
|  |  | Ordinary A shares |
| Energis Communications Limited | 100.00 | Ordinary shares |
| Energis Squared Limited | 100.00 | Ordinary shares |
| London Hydraulic Power Company (The) | 100.00 | Ordinary shares, |
|  |  | 5% Non-Cumulative |
|  |  | preference shares |
| Navtrak Ltd | 100.00 | Ordinary shares |
| Project Telecom Holdings Limited  1 | 100.00 | Ordinary shares |
| Rian Mobile Limited | 100.00 | Ordinary shares |
| Talkmobile Limited | 100.00 | Ordinary shares |

|  |  |
| --- | --- |
|  | % of share class held |
| Company name | by Group companies  Share class |
| The Eastern Leasing Company Limited | 100.00  Ordinary shares |
| Thus Limited | 100.00  Ordinary shares |
| Vodafone 2. | 100.00  Ordinary shares |
| Vodafone Automotive UK Limited | 100.00  Ordinary shares |
| Vodafone Consolidated Holdings Limited | 100.00  Ordinary shares |
| Vodafone Corporate Limited | 100.00  Ordinary shares |
| Vodafone Corporate Secretaries Limited  1 | 100.00  Ordinary shares |
| Vodafone DC Pension Trustee Company Limited  1 | 100.00  Ordinary shares |
| Vodafone Distribution Holdings Limited | 100.00  Ordinary shares |
| Vodafone Enterprise Corporate Secretaries Limited | 100.00  Ordinary shares |
| Vodafone Enterprise Equipment Limited | 100.00  Ordinary shares |
| Vodafone Enterprise Europe (UK) Limited | 100.00  Ordinary shares |
| Vodafone Enterprise U.K. | 100.00  Ordinary shares |
| Vodafone European Investments  1 | 100.00  Ordinary shares |
| Vodafone Finance Limited  1 | 100.00  Ordinary shares |
| Vodafone Finance Management | 100.00  Ordinary shares |
| Vodafone Global Enterprise Limited | 100.00  Ordinary shares, |
|  | Deferred shares, |
|  | B deferred shares |
| Vodafone Group (Directors) Trustee Limited  1 | 100.00  Ordinary shares |
| Vodafone Group Pension Trustee Limited  1 | 100.00  Ordinary shares |
| Vodafone Group Services Limited | 100.00  Ordinary shares, |
|  | Deferred shares |
| Vodafone Group Services No.2 Limited  1 | 100.00  Ordinary shares |
| Vodafone Group Share Trustee Limited  1 | 100.00  Ordinary shares |
| Vodafone International 2 Limited - UK Branch  2 | 100.00  Branch |
| Vodafone International Operations Limited | 100.00  Ordinary shares |
| Vodafone Investments Limited  1 | 100.00  Ordinary shares, |
|  | Zero coupon |
|  | redeemable |
|  | preference shares |
| Vodafone IoT UK Limited | 100.00  Ordinary shares |
| Vodafone IP Licensing Limited  1 | 100.00  Ordinary shares |
| Vodafone Limited | 100.00  Ordinary shares |

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|  |  |  |
| --- | --- | --- |
|  | % of share class held |  |
| Company name | by Group companies | Share class |
| United Kingdom (continued) |  |  |
| Vodafone Mobile Network Limited | 100.00 | Ordinary shares |
| Vodafone Nominees Limited  1 | 100.00 | Ordinary shares |
| Vodafone Oceania Limited | 100.00 | Ordinary shares |
| Vodafone Overseas Finance Limited | 100.00 | Ordinary shares |
| Vodafone Partner Services Limited | 100.00 | Ordinary shares, |
|  |  | Redeemable |
|  |  | preference shares |
| Vodafone Retail (Holdings) Limited | 100.00 | Ordinary shares |
| Vodafone Sales & Services Limited | 100.00 | Ordinary shares |
| Vodafone Shared Operations Limited  7 | 85.71 | Ordinary shares |
| Vodafone Shared Services UK Limited | 85.71 | Ordinary shares |
| Vodafone UK Investments Limited  1 | 100.00 | Ordinary shares |
| Vodafone UK Trading Holdings Limited | 100.00 | Ordinary shares |
| Vodafone Ventures Limited  1 | 100.00 | Ordinary shares |
| Vodaphone Limited | 100.00 | Ordinary shares |
| Your Communications Group Limited | 100.00 | B Ordinary shares, |
|  |  | Redeemable |
|  |  | preference shares |
| United States |  |  |
| 1209 Orange, Orange Street, Wilmington, New Castle DE 19801, United States |  |  |
| IoT nxt USA Inc  5 | 42.32 | Common stock shares |
| 1450 Broadway, Fl 11, Suite 104, New York NY 10018, United States |  |  |
| Cable & Wireless Americas Systems, Inc. | 100.00 | Common stock shares |
| Vodafone Americas Virginia Inc. | 100.00 | Common stock shares |
| Vodafone IoT Incorporated | 100.00 | Common stock shares |
| Vodafone US Inc. | 100.00 | Common stock shares |
| 1615 Platte Street, Suite 02-115, Denver CO 80202, United States |  |  |
| Vodafone Americas Foundation | 100.00 | Trustee |

Associated undertakings and joint arrangements

|  |  |  |
| --- | --- | --- |
|  | % of share class held |  |
| Company name | by Group companies | Share class |
| Australia |  |  |
| Level 27, Tower Two, International Towers Sydney, 200 Barangaroo Avenue, |  |  |
| Barangaroo NSW 2000, Australia |  |  |
| 3.6 GHz Spectrum Pty Ltd | 25.05 | Ordinary shares |
| AAPT Limited | 25.05 | Ordinary shares |
| ACN 088 889 230 Pty Ltd | 25.05 | Ordinary shares |
| ACN 139 798 404 Pty Ltd | 25.05 | Ordinary shares |
| Adam Internet Holdings Pty Ltd | 25.05 | Ordinary shares |
| Adam Internet Pty Ltd | 25.05 | A shares, B shares, |
|  |  | Ordinary shares |
| Agile Pty Ltd | 25.05 | Ordinary shares |
| AlchemyIT Pty Ltd | 25.05 | Ordinary shares |
| Chariot Pty Ltd | 25.05 | Ordinary shares |
| Chime Communications Pty Ltd | 25.05 | Ordinary shares |
| Connect West Pty Ltd | 25.05 | Ordinary shares |
| Destra Communications Pty Ltd | 25.05 | Ordinary shares |
| Digiplus Contracts Pty Ltd | 25.05 | Ordinary shares |
| Digiplus Holdings Pty Ltd | 25.05 | Ordinary shares |
| Digiplus Investments Pty Ltd | 25.05 | Ordinary shares |
| Digiplus Pty Ltd | 25.05 | Ordinary shares |
| H3GA Properties (No. 3) Pty Ltd | 25.05 | Ordinary shares |
| iiNet Labs Pty Ltd | 25.05 | Ordinary shares |
| iiNet Limited | 25.05 | Ordinary shares |
| Internode Pty Ltd | 25.05 | Ordinary shares, |
|  |  | Class B shares |
| IntraPower Pty Ltd | 25.05 | Ordinary shares |
| Intrapower Terrestrial Pty Ltd | 25.05 | Ordinary shares |
| IP Group Pty Ltd | 25.05 | Ordinary shares |
| IP Services Xchange Pty Ltd | 25.05 | A shares, B shares |
| Kooee Communications Pty Ltd | 25.05 | Ordinary shares |
| Kooee Mobile Pty Ltd | 25.05 | Ordinary shares |
| Mercury Connect Pty Ltd | 25.05 | Ordinary shares, |
|  |  | E class shares |
| Mobile JV Pty Limited | 25.05 | Ordinary shares |
| Mobileworld Communications Pty Limited | 25.05 | Ordinary shares |
| Mobileworld Operating Pty Ltd | 25.05 | Ordinary shares |
| Netspace Online Systems Pty Ltd | 25.05 | Ordinary shares |
| Numillar IPS Pty Ltd | 25.05 | Ordinary shares |

31. Related undertakings (continued)

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

200

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Strategic report

Governance

Financials

Other information

Vodafone Group Plc

Annual Report 2025

201

31. Related undertakings (continued)

|  |  |  |
| --- | --- | --- |
|  | % of share class held |  |
| Company name | by Group companies | Share class |
| Australia (continued) |  |  |
| PIPE International (Australia) Pty Ltd | 25.05 | Ordinary shares |
| PIPE Networks Pty Limited | 25.05 | Ordinary shares |
| PIPE Transmission Pty Limited | 25.05 | Ordinary shares |
| PowerTel Limited | 25.05 | Ordinary shares |
| Request Broadband Pty Ltd | 25.05 | Ordinary shares |
| Soul Communications Pty Ltd | 25.05 | Ordinary shares |
| Soul Contracts Pty Ltd | 25.05 | Ordinary shares |
| Soul Pattinson Telecommunications Pty Ltd | 25.05 | Ordinary shares |
| SPT Telecommunications Pty Ltd | 25.05 | Ordinary shares |
| SPTCom Pty Ltd | 25.05 | Ordinary shares |
| Telecom Enterprises Australia Pty Limited | 25.05 | Ordinary shares |
| Telecom New Zealand Australia Pty Ltd | 25.05 | Ordinary shares, |
|  |  | Redeemable |
|  |  | preference shares |
| TPG Corporation Limited | 25.05 | Ordinary shares |
| TPG Energy Pty Ltd | 25.05 | Ordinary shares |
| TPG Finance Pty Ltd | 25.05 | Ordinary shares |
| TPG Holdings Pty Ltd | 25.05 | Ordinary shares |
| TPG Internet Pty Ltd | 25.05 | Ordinary shares |
| TPG JV Company Pty Ltd | 25.05 | Ordinary shares |
| TPG Network Pty Ltd | 25.05 | Ordinary shares |
| TPG Telecom Limited | 25.05 | Ordinary shares |
| TransACT Capital Communications Pty Ltd | 25.05 | Ordinary shares |
| TransACT Communications Pty Ltd | 25.05 | Ordinary shares |
| TransACT Victoria Communications Pty Ltd | 25.05 | Ordinary shares |
| TransACT Victoria Holdings Pty Ltd | 25.05 | Ordinary shares |
| Trusted Cloud Pty Ltd | 25.05 | Ordinary shares |
| Trusted Cloud Solutions Pty Ltd | 25.05 | Ordinary shares |
| Value Added Network Pty Ltd | 25.05 | Ordinary shares |
| Vision Network Pty Ltd | 25.05 | Ordinary shares |
| Vodafone Australia Pty Limited | 25.05 | Ordinary shares, |
|  |  | Class B shares, |
|  |  | Redeemable |
|  |  | preference shares |
| Vodafone Foundation Australia Pty Limited |  |  |
|  | 25.05 | Ordinary shares |
| Vodafone Hutchison Receivables Pty Limited | 25.05 | Ordinary shares |
| Vodafone Hutchison Spectrum Pty Limited | 25.05 | Ordinary shares |
| Vodafone Network Pty Limited | 25.05 | Ordinary shares |

|  |  |  |
| --- | --- | --- |
|  | % of share class held |  |
| Company name | by Group companies | Share class |
| Vodafone Pty Limited | 25.05 | Ordinary shares |
| VtalkVoip Pty Ltd | 25.05 | Ordinary shares |
| Westnet Pty Ltd | 25.05 | Ordinary shares |
| Belgium |  |  |
| Space Court of Justic, Rue aux Laines 70, 1000 Brussels, Belgium |  |  |
| Utiq S.A | 25.00 | Ordinary shares |
| Bermuda |  |  |
| Clarendon House, 2 Church St, Hamilton, HM11, Bermuda |  |  |
| PPC 1 Limited | 25.05 | Ordinary shares |
| Czech Republic |  |  |
| Praha 4, Závišova 502/5, 14000, Nusle, Czech Republic |  |  |
| Vantage Towers s.r.o.  4 | 44.66 | Ordinary shares |
| U Rajské zahrady 1912/3, Praha 3, 13000, Czech Republic |  |  |
| COOP Mobil s.r.o. | 33.33 | Ordinary shares |
| Egypt |  |  |
| 23 Kasr El Nil St, Cairo, 11211, Egypt |  |  |
| Wataneya Telecommunications S.A.E | 50.00 | Ordinary shares |
| Ethiopia |  |  |
| Kirkos Sub City, Woreda 01, House No. New, Addis Ababa, Ethiopia |  |  |
|  |  |  |
| Safaricom M-PESA Mobile Financial Services Plc  5 | 18.07 | Ordinary shares |
|  |  |  |
| Safaricom Telecommunications Ethiopia Private Limited Company  5 | 18.07 | Ordinary shares |
| Germany |  |  |
| 38 Berliner Allee, 40212, Düsseldorf, Germany |  |  |
| MNP Deutschland Gesellschaft bürgerlichen Rechts | 33.33 | Partnership share |
| Ferdinand-Braun-Platz 1, 40549, Düsseldorf, Germany |  |  |
| OXG Glasfaser Beteiligungs GmbH | 50.00 | Ordinary shares |
| OXG Glasfaser GmbH | 50.00 | Ordinary shares |
| Nobelstrasse 55, 18059, Rostock, Germany |  |  |
| Verwaltung Urbana Teleunion Rostock GmbH  3 | 50.00 | Ordinary shares |
| Prinzenallee 11-13, 40549, Düsseldorf, Germany |  |  |
| Oak Holdings 1 GmbH | 50.00 | Ordinary shares |
| Oak Holdings 2 GmbH | 50.00 | Ordinary shares |
| Oak Holdings GmbH | 50.00 | Ordinary shares |
| Oak Renewables GmbH | 50.00 | Ordinary shares |
| Vantage Towers AG | 44.66 | Ordinary shares |
| Vantage Towers Erste Verwaltungsgesellschaft GmbH  4 | 44.66 | Ordinary shares |

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Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

202

31. Related undertakings (continued)

|  |  |  |
| --- | --- | --- |
|  | % of share class held |  |
| Company name | by Group companies | Share class |
| Greece |  |  |
| 2 Adrianeiou str, Athens, 11525, Greece |  |  |
| Vantage Towers Single Member Societe Anonyme  4 | 44.66 | Ordinary shares |
| 12 Rizareiou str, Halandri, 15233, Greece |  |  |
| Tilegnous IKE | 33.29 | Ordinary shares |
| 43-45 Valtetsiou Str., Athens, Greece |  |  |
| Safenet N.P,A. | 24.97 | Issued shares |
| Marathonos Ave 18 kn & Pylou, Pallini, Attica, 15351 Greece |  |  |
| Victus Networks S.A. | 49.94 | Ordinary shares |
| Hungary |  |  |
| Boldizsár utca 2, Budapest, 1112, Hungary |  |  |
|  |  |  |
| Vantage  Towers Zártkörűen  Működő,  Részvénytársaság  4 | 44.66 | Ordinary shares |
| India |  |  |
| 10  th  Floor, Birla Centurion, Century Mills Compound, Pandurang Budhkar Marg, |  |  |
| Worli, Mumbai, Maharashtra, 400030, India |  |  |
| Vodafone Foundation  6 | 24.03 | Ordinary shares |
| Vodafone Idea Next-Gen Solutions Limited  6 | 24.39 | Ordinary shares |
| Vodafone Idea Shared Services Limited  6 | 24.39 | Ordinary shares |
| Vodafone Idea Technology Solutions Limited  6 | 24.39 | Ordinary shares |
| You Broadband India Limited  6 | 24.39 | Equity shares |
| Suman Tower, Plot No. 18, Sector No. 11, Gandhinagar, 382011, Gujarat, India |  |  |
| Vodafone Idea Limited | 24.39 | Equity shares |
|  |  |  |
| Vodafone Idea Manpower Services Limited  6 | 24.10 | Ordinary shares |
| Vodafone House, Corporate Road, Prahladnagar, Off S. G. Highway, Ahmedabad, |  |  |
| Gujarat, 380051, India |  |  |
| Vodafone Idea Business Services Limited  6 | 24.39 | Ordinary shares |
| Vodafone Idea Communication Systems Limited  6 | 24.39 | Ordinary shares |
| Vodafone Idea Telecom Infrastructure Limited  6 | 24.39 | Ordinary shares |
| Ireland |  |  |
| Mountainview, Leopardstown, Dublin 18, Ireland |  |  |
| Vantage Towers Limited  4 | 44.66 | Ordinary shares |
| The Herbert Building, The Park, Carrickmines, Dublin, Ireland |  |  |
| Siro DAC | 50.00 | Ordinary shares |
| Siro JV Holdco Limited | 50.00 | Ordinary B shares |
| Italy |  |  |
| Via Gaetana Negri 1, 20123, Milano, Italy |  |  |
| Infrastrutture Wireless Italiane S.p.A. | 16.79 | Ordinary shares |

|  |  |  |
| --- | --- | --- |
|  | % of share class held |  |
| Company name | by Group companies | Share class |
| Kenya |  |  |
| 6  th  Floor, ABC Towers, ABC Place, Waiyaki Way, Nairobi, 00100, Kenya |  |  |
| M-PESA Holding Co. Limited | 27.74 | Ordinary equity |
|  |  | shares |
| LR No. 13263 Safaricom House, PO Box 66827, 00800, Nairobi, Kenya |  |  |
| Safaricom PLC | 27.74 | Ordinary shares |
| Safaricom House, Waiyaki Way Westlands, Nairobi, Kenya |  |  |
| M-PESA Africa Limited  5 | 46.42 | Ordinary shares |
| Luxembourg |  |  |
| 15 rue Edward Steichen, Luxembourg, 2540, Luxembourg |  |  |
| Tomorrow Street SCA | 50.00 | Ordinary B shares, |
|  |  | Ordinary C shares |
| Netherlands |  |  |
| Avenue Ceramique 300, 6221 Kx, Maastricht, Netherlands |  |  |
| Vodafone Antennelocaties B.V. | 50.00 | Ordinary shares |
| Vodafone Libertel B.V. | 50.00 | Ordinary shares |
| Boven Vredenburgpassage 128, 3511 WR, Utrecht, Netherlands |  |  |
| Amsterdamse Beheer-en Consultingmaatschappij B.V. | 50.00 | Ordinary shares |
| Esprit Telecom B.V. | 50.00 | Ordinary shares |
| Vodafone Financial Services B.V. | 50.00 | Ordinary shares |
| Vodafone Nederland Holding I B.V. | 50.00 | Ordinary shares |
| Vodafone Nederland Holding II B.V. | 50.00 | Ordinary shares |
| VodafoneZiggo Employment B.V. | 50.00 | Ordinary shares |
| VodafoneZiggo Group B.V. | 50.00 | Ordinary shares |
| VodafoneZiggo Group Holding B.V. | 50.00 | Ordinary shares |
| VZ Financing I B.V. | 50.00 | Ordinary shares |
| VZ Financing II B.V. | 50.00 | Ordinary shares |
| VZ FinCo B.V. | 50.00 | Ordinary shares |
| VZ PropCo B.V. | 50.00 | Ordinary shares |
| VZ Secured Financing B.V. | 50.00 | Ordinary shares |
| Ziggo B.V. | 50.00 | Ordinary shares |
| Ziggo Deelnemingen B.V. | 50.00 | Ordinary shares |
| Ziggo Netwerk II B.V. | 50.00 | Ordinary shares |

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Strategic report

Governance

Financials

Other information

Vodafone Group Plc

Annual Report 2025

203

31. Related undertakings (continued)

|  |  |  |
| --- | --- | --- |
|  | % of share class held |  |
| Company name | by Group companies | Share class |
| Ziggo Real Estate B.V. | 50.00 | Ordinary shares |
| Ziggo Services B.V. | 50.00 | Ordinary shares |
| Ziggo Services Employment B.V. | 50.00 | Ordinary shares |
| Ziggo Services Netwerk 2 B.V. | 50.00 | Ordinary shares |
| Ziggo Zakelijk  Services B.V. | 50.00 | Ordinary shares |
| ZUM B.V. | 50.00 | Ordinary shares |
| Media Parkboulevard 2, 1217 WE Hilversum, Netherlands |  |  |
| Liberty Global Content Netherlands B.V. | 50.00 | Ordinary shares |
| Regus, 3 More London Riverside, London SE1 2RE |  |  |
| Global Partnership for Ethiopia B.V. | 18.07 | Ordinary shares |
| Rivium Quadrant 175, 2909 LC, Capelle aan den Ijssel, Netherlands |  |  |
| Central Tower Holding Company B.V.  4 | 44.66 | Ordinary shares |
| Winschoterdiep 60, 9723 AB Groningen, Netherlands |  |  |
| Ziggo Bond Company B.V. | 50.00 | Ordinary shares |
| Ziggo Netwerk B.V. | 50.00 | Ordinary shares |
| Portugal |  |  |
| Av. D. João II, nº 36 - 8º Piso, 1998 - 017, Parque das Nações, Lisboa, Portugal |  |  |
| DABCO Portugal, Lda | 80.20 | Ordinary shares |
| Edif. Arquiparque VII, R Dr António Loureiro Borges, 7, 3.°, 1495-131 Algés, Oeiras, |  |  |
| Portugal |  |  |
| Vantage Towers, S.A.  4 | 44.66 | Ordinary shares |
| Rua Pedro e Inês, Lote 2.08.01, 1990-075,  Parque das Naçőes, Lisboa, Portugal |  |  |
| Sport TV Portugal, S.A. | 25.00 | Nominative shares |
| SÍTIO Sete Rios - Praça Nuno Rodrigues dos Santos, 7, 1600-171 , Lisboa, Portugal |  |  |
| Dual Grid – Gestão de Redes Partilhadas, S.A. | 50.00 | Ordinary shares |
| Romania |  |  |
|  |  |  |
| Calea Floreasca no. 169A, 3  rd  floor, District 1, Bucharest, Romania |  |  |
|  |  |  |
| Vantage Towers S.R.L.  4 | 44.66 | Ordinary shares |
| Floor 3, Module 2, Connected buildings III, Nr. 10A, Dimitrie Pompei Boulevard, |  |  |
| Bucharest, Sector 2, Romania |  |  |
| Netgrid Telecom SRL | 50.00 | Ordinary shares |
| Russian Federation |  |  |
| Building 3, 11, Promyshlennaya Street, Moscow, 115 516, Russian Federation |  |  |
| Autoconnex Limited | 35.00 | Ordinary shares |

|  |  |  |
| --- | --- | --- |
|  | % of share class held |  |
| Company name | by Group companies | Share class |
| South Africa |  |  |
| 76 Maude Street, Sandton, Johannesberg, 2196, South Africa |  |  |
| Waterberg Lodge (Proprietary) Limited  5 | 32.55 | Ordinary shares |
| Celtis Plaza North, 1085 Schoeman Street, Hatfield, Pretoria, 0028, South Africa |  |  |
| Afri G I S (Pty) Ltd  5 | 21.16 | Ordinary shares |
| Rigel Office Park Block A, No 446 Rigel Avenue South, Erasmu, South Africa |  |  |
| Canard Spatial Technologies Proprietary Limited  5 | 21.16 | Ordinary shares |
| Vodacom Corporate Park, 082 Vodacom Boulevard, Midrand, 1685, South Africa |  |  |
| M-Pesa S.A (Proprietary) Limited  5 | 46.42 | Ordinary shares |
| Spain |  |  |
| Calle San Severo 22, 28042, Madrid, Spain |  |  |
| Vantage Towers, S.L.U.  4 | 44.66 | Ordinary shares |
| Tanzania, United Republic of |  |  |
| Plot No. 23, Ursino Estate, Bagamoyo Road, Dar es Salaam, Tanzania, United |  |  |
| Republic of |  |  |
| Vodacom Trust Limited  5  (in liquidation) | 48.82 | Ordinary A shares, |
|  |  | Ordinary B shares |
| Türkiye |  |  |
| Çifte Havuzlar Mah Eski Londra Asfalti Cad No: 151/1E/301, Esenler, Istanbul, |  |  |
| Türkiye |  |  |
| FGS Bilgi Islem Urunler Sanayi ve Ticaret AS | 50.00 | Ordinary shares |
| Levazim Mahallesi Vadi Caddesi Zorlu Center No:2 Ic Kapi No: 347, Besiktas, |  |  |
| Istanbul, Türkiye |  |  |
| Red Haven Veri Merkezi Anonim Sirketi | 50.00 | Ordinary A Shares, |
|  |  | Ordinary B Shares |
| United Kingdom |  |  |
| One Kingdom Street, London, W2 6BY, United Kingdom |  |  |
| DABCO Limited  8 | 80.00 | Ordinary shares, |
|  |  | Series A - preference |
|  |  | shares |
| 24/25 The Shard, 32 London Bridge Street, London, SE1 9SG, United Kingdom |  |  |
| Digital Mobile Spectrum Limited | 25.00 | Ordinary shares |
| Floor 5, 20 Fenchurch Street, London, EC3M 3BY, United Kingdom |  |  |
| VodaFamily Ethiopia Holding Company Limited  5 | 31.47 | Ordinary shares |
| Griffin House, 161 Hammersmith Road, London, W6 8BS, United Kingdom |  |  |
| Cable & Wireless Trade Mark Management Limited | 50.00 | Ordinary A shares, |
|  |  | Ordinary B shares |
| Hive 2, 1530 Arlington Business Park, Theale, Reading, Berkshire, RG7 4SA, United |  |  |
| Kingdom |  |  |
| Cornerstone Telecommunications Infrastructure Limited  5 | 22.33 | Ordinary shares |

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Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

204

31. Related undertakings (continued)

|  |  |  |
| --- | --- | --- |
|  | % of share class held |  |
| Company name | by Group companies | Share class |
| Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, United Kingdom |  |  |
| Vodafone Hutchison (Australia) Holdings Limited | 50.00 | Ordinary shares |
| United States |  |  |
| 251 Little Falls Drive, Wilmington DE 19808, United States |  |  |
| PPC 1 (US) Inc. | 25.05 | Ordinary shares |
| Ziggo Financing Partnership | 50.00 | Partnership interest |

Notes:

1.

Directly held by Vodafone Group Plc.

2.

Branches.

3.

Shareholding is indirect through Vodafone Deutschland GmbH.

4.

Shareholding is indirect through Vantage Towers A.G.

5.

Shareholding is indirect through Vodacom Group Limited. The indirect shareholding is calculated using the 65.10% ownership interest

in Vodacom Group Limited.

6.

Includes the indirect interest held through Vodafone Idea Limited.

7.

Accenture Holdings B.V. holds 20% of the total voting rights in Vodafone Shared Operations Limited.

8.

SC DABCO Management LLC has joint control rights over DABCo Limited.

Selected financial information

The table below shows selected financial information in respect of subsidiaries that have non-controlling interests

that are material to the Group.

|  |  |  |
| --- | --- | --- |
|  | Vodacom Group Limited | |
|  | 2025 | 2024 |
|  | €m | €m |
| Summary comprehensive income information |  |  |
| Revenue | 7,791 | 7,420 |
| Profit for the financial year | 1,058 | 920 |
| Other comprehensive expense | (121) | 217 |
| Total comprehensive income | 937 | 1,137 |
| Other financial information |  |  |
| Profit for the financial year allocated to non-controlling interests | 422 | 368 |
| Dividends paid to non-controlling interests | 249 | 260 |
| Summary financial position information |  |  |
| Non-current assets | 8,002 | 7,517 |
| Current assets | 3,808 | 3,437 |
| Total assets | 11,810 | 10,954 |
| Non-current liabilities | (3,535) | (3,198) |
| Current liabilities | (3,802) | (3,446) |
| Total assets less total liabilities | 4,473 | 4,310 |
| Equity shareholders’ funds | 3,353 | 3,275 |
| Non-controlling interests | 1,120 | 1,035 |
| Total equity | 4,473 | 4,310 |
| Statement of cash flows |  |  |
| Net cash inflow from operating activities | 2,573 | 2,285 |
| Net cash outflow from investing activities | (1,101) | (943) |
| Net cash outflow from financing activities | (1,328) | (1,276) |
| Net cash inflow/(outflow) | 144 | 66 |
| Cash and cash equivalents brought forward | 1,052 | 1,075 |
| Exchange loss on cash and cash equivalents | (8) | (89) |
| Cash and cash equivalents | 1,188 | 1,052 |

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Strategic report

Governance

Financials

Other information

Vodafone Group Plc

Annual Report 2025

205

32. Subsidiaries exempt from audit

The following UK subsidiaries will take advantage of the audit exemption set out within section 479A

of the Companies Act 2006 for the year ended 31 March 2025.

|  |  |
| --- | --- |
| Name | Registration number |
| Cable & Wireless Aspac Holdings Limited | 04705342 |
| Cable & Wireless CIS Services Limited | 02964774 |
| Cable & Wireless Europe Holdings Limited | 04659719 |
| Cable & Wireless UK Holdings Limited | 03840888 |
| Cable & Wireless Worldwide Limited | 07029206 |
| Cable and Wireless Nominee Limited | 03249884 |
| Energis (Ireland) Limited | NI035793 |
| Energis Communications Limited | 02630471 |
| Energis Squared Limited | 03037442 |
| London Hydraulic Power Company (The) | ZC000055 |
| Project Telecom Holdings Limited | 03891879 |
| Eastern Leasing Company Limited (The) | 01672832 |
| Thus Group Holdings Limited | SC192666 |
| Thus Group Limited | SC226738 |
| Vodafone 2. | 04083193 |
| Vodafone Consolidated Holdings Limited | 05754561 |
| Vodafone Corporate Secretaries Limited | 02357692 |
| Vodafone Distribution Holdings Limited | 03357115 |
| Vodafone Enterprise Corporate Secretaries Limited | 02303594 |
| Vodafone Enterprise Equipment Limited | 01648524 |
| Vodafone Enterprise Europe (UK) Limited | 03137479 |
| Vodafone European Investments | 03961908 |
| Vodafone Finance Management | 02139168 |
| Vodafone International Operations Limited | 02797438 |
| Vodafone Investments Limited | 01530514 |
| Vodafone IOT UK Limited | 15364581 |
| Vodafone IP Licensing Limited | 06846238 |
| Vodafone Nominees Limited | 01172051 |
| Vodafone Overseas Finance Limited | 04171115 |
| Vodafone Partner Services Limited | 04012582 |
| Vodafone UK Investments Limited | 02227940 |

|  |  |
| --- | --- |
| Name | Registration number |
| Vodafone UK Trading Holdings Limited | 14903490 |
| Your Communications Group Limited | 04171876 |

33. Subsequent events

Merger of Vodafone and Three in the UK

On 31 May 2025, the planned transaction between the Group and CK Hutchison Group Telecom Holdings Limited

completed, after which the Group owns 51% of both Vodafone Limited and Hutchison 3G UK Holdings Limited. Further

details are provided in note 27 ‘Acquisitions

and disposals’.

Share buyback programme

On 20 May 2025, the Group commenced a programme to repurchase its ordinary share capital up to a maximum

consideration of €500 million.

The programme will end no later than 23 July 2025.

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Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

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Other information

206

Company statement of financial position of Vodafone Group Plc

At 31 March

|  |  |  |  |
| --- | --- | --- | --- |
|  |  |  | Re-presented  1 |
|  |  | 2025 | 2024 |
|  | Note | €m | €m |
| Fixed assets |  |  |  |
| Shares in Group undertakings | 2 | 84,320 | 83,470 |
| Current assets |  |  |  |
| Debtors: amounts falling due after more than one year | 3 | 4,069 | 4,025 |
| Debtors: amounts falling due within one year | 3 | 74,012 | 65,702 |
| Other investments | 4 | 1,010 | 766 |
| Cash at bank and in hand |  | 156 | 153 |
|  |  | 79,247 | 70,646 |
| Creditors: amounts falling due within one year | 5 | (82,948) | (66,941) |
| Net current (liabilities)/assets |  | (3,701) | 3,705 |
| Total assets less current liabilities |  | 80,619 | 87,175 |
| Creditors: amounts falling due after more than one year | 5 | (37,741) | (42,158) |
|  |  | 42,878 | 45,017 |
| Capital and reserves |  |  |  |
| Called up share capital | 6 | 4,319 | 4,797 |
| Share premium account |  | 20,385 | 20,385 |
| Capital redemption reserve |  | 589 | 111 |
| Other reserves |  | 1,182 | 1,153 |
| Own shares held |  | (6,926) | (7,780) |
| Profit and loss account  2 |  | 23,329 | 26,351 |
| Total equity shareholders’ funds |  | 42,878 | 45,017 |

Notes:

1. On 1 April 2024, the Group adopted amendments to IAS 1 ‘Presentation of Financial Statements’ which has impacted the classification of

certain bonds between creditors falling due within one year and creditors falling due after more than one year. As a result of the

reclassification, comparatives at 31 March 2024 have been provided in accordance with IFRS requirements. See note 1 ‘Basis of preparation’

to the consolidated financial statements for more information.

2. The profit for the financial year dealt with in the financial statements of the Company is €1,485 million (2024: €1,098 million loss).

The Company financial statements on pages 206 to 212 were approved by the Board of Directors and authorised for

issue on 3 June 2025 and were signed on its behalf by:

Margherita Della Valle

Luka Mucic

Group Chief Executive

Group Chief Financial Officer

The accompanying notes are an integral part of these financial statements.

Company statement of changes in equity of Vodafone Group Plc

For the years ended 31 March

|  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Called up |  | Capital |  |  |  | Total equity |
|  | share | Share | redemption | Other | Treasury | Accumulated | shareholders’ |
|  | capital  1 | premium  2 | reserve  2 | reserves  2 | shares  3 | profit  4 | funds |
|  | €m | €m | €m | €m | €m | €m | €m |
| 1 April 2023 | 4,797 | 20,385 | 111 | 1,110 | (7,854) | 31,605 | 50,154 |
| Issue or re-issue of shares | – | – | – | – | 74 | – | 74 |
| Loss for the financial year | – | – | – | – | – | (1,098) | (1,098) |
| Dividends | – | – | – | – | – | (2,433) | (2,433) |
| Capital contribution given |  |  |  |  |  |  |  |
| relating to share-based |  |  |  |  |  |  |  |
| payments | – | – | – | 115 | – | – | 115 |
| Contribution received |  |  |  |  |  |  |  |
| relating to share-based |  |  |  |  |  |  |  |
| payments | – | – | – | (72) | – | – | (72) |
| Other movements  5 | – | – | – | – | – | (1,723) | (1,723) |
| 31 March 2024 | 4,797 | 20,385 | 111 | 1,153 | (7,780) | 26,351 | 45,017 |
| Issue or re-issue of shares | – | – | – | – | 84 | – | 84 |
| Profit for the financial year | – | – | – | – | – | 1,485 | 1,485 |
| Dividends | – | – | – | – | – | (1,795) | (1,795) |
| Capital contribution given |  |  |  |  |  |  |  |
| relating to share-based |  |  |  |  |  |  |  |
| payments | – | – | – | 110 | – | – | 110 |
| Contribution received |  |  |  |  |  |  |  |
| relating to share-based |  |  |  |  |  |  |  |
| payments | – | – | – | (81) | – | – | (81) |
|  |  |  |  |  |  |  |  |
| Purchase of treasury shares  6 | – | – | – | – | (2,000) | – | (2,000) |
| Cancellation of shares | (478) | – | 478 | – | 2,770 | (2,770) | – |
| Other movements  5 | – | – | – | – | – | 58 | 58 |
| 31 March 2025 | 4,319 | 20,385 | 589 | 1,182 | (6,926) | 23,329 | 42,878 |

Notes:

1. See note 6 ‘Called up share capital’.

2. These reserves are not distributable.

3. Own shares relate to treasury shares which are purchased out of distributable profits and therefore reduce reserves available for distribution.

4. The Company has determined what amounts within this reserve are distributable and non-distributable in accordance with the guidance

provided by ICAEW TECH 02/17BL and the requirements of UK law. In accordance with UK Companies Act 2006 s831(2), a public company

may make a distribution only if, after giving effect to such distribution, the amount of its net assets is not less than the aggregate of its’ called

up share capital and non-distributable reserves.

5. Includes the impact of the Company’s cash flow hedges with €229 million net gain deferred to other comprehensive income during the year

(2024: €2,051 million net loss), €154 million net gain (2024: €247 million net gain) recycled to the income statement and a tax charge of €19

million (2024: tax credit of €575 million). These hedges primarily relate to foreign exchange exposure on fixed borrowings, with any foreign

exchange on nominal balances directly impacting income statement in each period but interest cash flows unwinding to the income

statement over the life of the hedges, up to 2064. See note 22 ‘Capital and financial risk management’ to the consolidated financial

statements for further details.

6. Represents the irrevocable and non-discretionary share buyback programmes which completed on 6 August 2024, 13 November 2024, 22

January 2025 and the programme that commenced on 4 February 2025, which completed on 19 May 2025.

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Strategic report

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Vodafone Group Plc

Annual Report 2025

207

1. Basis of preparation

The separate financial statements of the Company are drawn up in accordance with the Companies Act 2006

and Financial Reporting Standard 101 ‘Reduced disclosure framework’ (‘FRS 101’). The Company will continue to

prepare its financial statements in accordance with FRS 101 on an ongoing basis until such time as it notifies

shareholders of any change to its chosen accounting framework.

The Company financial statements have been prepared using the historical cost convention, as modified by the

revaluation of certain financial assets and financial liabilities and in accordance with the UK Companies Act 2006. The

financial statements have been prepared on a going concern basis.

The following exemptions available under FRS 101 have been applied:

−

Paragraphs 45(b) and 46 to 52 of IFRS 2 ‘Shared-based payment’ (details of the number and weighted-average

exercise prices of share options, and how the fair value of goods or services received was determined);

−

IFRS 7 ‘Financial Instruments: Disclosures’;

−

Paragraph 91 to 99 of IFRS 13 ‘Fair value measurement’ (disclosure of valuation techniques and inputs used

for fair value measurement of assets and liabilities);

−

Paragraph 38 of IAS 1 ‘Presentation of financial statements’ comparative information requirements in respect

of paragraph 79(a)(iv) of IAS 1;

−

The following paragraphs of IAS 1 ‘Presentation of financial statements’:

−

10(d) (statement of cash flows);

−

16 (statement of compliance with all IFRS);

−

38A (requirement for minimum of two primary statements, including cash flow statements);

−

38B-D (additional comparative information);

−

40A-D (requirements for a third statement of financial position);

−

111 (cash flow statement information); and

−

134-136 (capital management disclosures).

−

IAS 7 ‘Statement of cash flows’;

−

Paragraph 30 and 31 of IAS 8 ‘Accounting policies, changes in accounting estimates and errors’ (requirement

for the disclosure of information when an entity has not applied a new IFRS that has been issued but is not yet

effective);

−

The requirements in IAS 24 ‘Related party disclosures’ to disclose related party transactions entered into

between two or more members of a group;

−

The requirements in IAS 36 ‘Impairment of asset’ to disclose valuation technique and assumptions used in

determining recoverable amount.

As permitted by section 408(3) of the Companies Act 2006, the income statement of the Company is not

presented in this Annual Report. These separate financial statements are not intended to give a true and fair view

of the profit or loss or cash flows of the Company. The Company has not published its individual cash flow

statement as its liquidity, solvency and financial adaptability are dependent on the Group rather than its own

cash flows.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of Company financial statements in conformity with FRS 101 requires management to make

judgements and estimates in respect of items where the choice of specific policy, accounting judgement,

estimate or assumption to be followed could materially affect the Company’s reported financial position or

results and disclosure of contingent assets or liabilities during the reporting period; it may later be determined

that a different choice may have been more appropriate. The estimates and underlying assumptions are

reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the

estimate is revised if the revision affects only that period; they are recognised in the period of the revision and

future periods if the revision affects both current and future periods.

Management regularly reviews, and revises as necessary, the accounting judgements that significantly impact

the amounts recognised in the financial statements and the estimates that are considered to be ‘critical

estimates’ due to their potential to give rise to material adjustments in the Company’s financial statements.

A source of estimation uncertainty for the Company relates to the review for impairment of investment carrying

values and the estimates used when determining the recoverable value of the investment. However, there is not

considered to be a significant risk of material adjustment from revisions to these estimates within the next

financial year (see note 2 ‘Fixed assets’).

Significant accounting policies applied in the current reporting period that relate to the

financial statements as a whole

Foreign currencies

Transactions in foreign currencies are initially recorded at the functional rate of currency prevailing on the date

of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the

Company’s functional currency at the rates prevailing on the reporting period date. Non-monetary items carried

at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial

transaction dates. Non-monetary items measured in terms of historical cost in a foreign currency are not

retranslated. Exchange differences arising on the settlement of monetary items, and on the retranslation of

monetary items, are included in the income statement for the period. Exchange differences arising on the

retranslation of non-monetary items carried at fair value are included in the income statement for the period.

Borrowing costs

All borrowing costs are recognised in the income statement in the period in which they are incurred.

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208

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

1. Basis of preparation (continued)

Taxation

Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or

recovered) using the tax rates and laws that have been enacted or substantively enacted by the reporting period

date.

Deferred tax is provided in full on temporary differences that exist at the reporting period date and that result in

an obligation to pay more tax, or a right to pay less tax in the future. The deferred tax is measured at the rate

expected to apply in the periods in which the temporary differences are expected to reverse, based on the tax

rates and laws that are enacted or substantively enacted at the reporting period date. Temporary differences

arise from the inclusion of items of income and expenditure in taxation computations in periods different from

those in which they are included in the Company financial statements. Deferred tax assets are recognised to the

extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are

not discounted.

Financial instruments

Financial assets and financial liabilities, in respect of financial instruments, are recognised on the Company

statement of financial position when the Company becomes a party to the contractual provisions of the

instrument.

Financial liabilities and equity instruments

Financial liabilities and equity instruments issued by the Company are classified according to the substance of

the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An

equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting

all of its liabilities and includes no obligation to deliver cash or other financial assets. The accounting policies

adopted for specific financial liabilities and equity instruments are set out below.

Derivative financial instruments and hedge accounting

The Company’s activities expose it to the financial risks of changes in foreign exchange rates and interest rates

which it manages using derivative financial instruments.

The use of derivative financial instruments is governed by the Group’s policies approved by the Board of

Directors, which provide written principles on the use of derivative financial instruments consistent with the

Group’s risk management strategy. Changes in values of all derivative financial instruments are included within

the income statement unless designated in an effective cash flow hedge relationship when changes in value are

deferred to other comprehensive income or equity respectively. The Company does not use derivative financial

instruments for speculative purposes.

Derivative financial instruments are initially measured at fair value on the contract date and are subsequently

remeasured to fair value at each reporting date. The Company designates certain derivatives as hedges of the

change of fair value of recognised assets and liabilities (‘fair value hedges’) or hedges of highly probable forecast

transactions or hedges of foreign currency or interest rate risks of firm commitments (‘cash flow hedges’). Hedge

accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised or no longer

qualifies for hedge accounting.

Cash flow hedges

Cash flow hedging is used by the Company to hedge certain exposures to variability in future cash flows. The

portion of gains or losses relating to changes in the fair value of derivatives that are designated and qualify as

effective cash flow hedges is recognised in other comprehensive income; gains or losses relating to any

ineffective portion are recognised immediately in the income statement. However, when the hedged transaction

results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously

recognised in other comprehensive income and accumulated in equity are transferred from equity and included

in the initial measurement of the cost of the non-financial asset or non-financial liability. When the hedged item

is recognised in the income statement, amounts previously recognised in other comprehensive income and

accumulated in equity for the hedging instrument are reclassified to the income statement. When hedge

accounting is discontinued, any gain or loss recognised in other comprehensive income at that time remains in

equity and is recognised in the income statement when the hedged transaction is ultimately recognised in the

income statement. If a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity

is recognised immediately in the income statement.

New accounting pronouncements

To the extent applicable the Company will adopt new accounting policies as set out in note 1 ‘Basis of

preparation’ in the consolidated financial statements.

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2. Fixed assets

Accounting policies

Shares in Group undertakings are stated at cost less any provision for impairment and capital related to

share-based payments. Contributions in respect of share-based payments are recognised in line with the

policy set out in note 7 ‘Share-based payments’.

The Company assesses investments for impairment whenever events or changes in circumstances

indicate that the carrying value of an investment may not be recoverable. If any such indication of

impairment exists, the Company makes an estimate of the recoverable amount. If the recoverable amount

is less than the carrying value, the investment is considered to be impaired and is written down to its

recoverable amount. An impairment loss is recognised immediately in the income statement.

Where there has been a change in the estimates used to determine recoverable amount and an

impairment loss subsequently reverses, the carrying amount of the investment is increased to the revised

estimate of its recoverable amount, not to exceed the carrying amount that would have been determined

had no impairment loss been recognised for the investment in prior years and an impairment loss reversal

is recognised immediately in the income statement.

The Company’s principal subsidiary is Vodafone European Investments (“VEI”). For

the purposes of VEI’s

impairment assessment, the Group’s operations are considered to be a single cash generating unit (‘CGU’)

held within VEI. In the impairment assessment of the investment in VEI, the Company applies the same

methodology and assumptions used by the Group for goodwill impairment testing purposes, as set out in

note 4 ‘Impairment losses’ to the consolidated financial statements. The pooling of the Company’s

interests within a single CGU significantly reduces the risk that movements in individual assumptions used

during the goodwill impairment testing will impact the result of the investment impairment assessment.

Whilst the underlying assumptions used are a source of estimation uncertainty, they do not give rise to a

significant risk of adjustment within the next financial year. For remaining investments, the recoverable

amount is determined based on the net asset position of the investees.

Shares in Group undertakings

2025

2024

€m

€m

Cost

1 April

84,253

84,471

Additions

67

–

Disposals

–

(261)

Capital contributions arising from share-based payments

110

115

Contributions received in relation to share-based payments

(81)

(72)

31 March

84,349

84,253

Amounts provided for:

1 April

783

1,044

Eliminated on disposals

–

(261)

Impairment reversal

1

(754)

–

31 March

29

783

Net book value

31 March

84,320

83,470

Note:

1. Reversal of impairment previously recognised for Vodafone UK Investments Limited to a carrying value of €4,768 million, due to an

increase in net assets.

At 31 March 2025 the Company had the following principal subsidiary:

Country of

Percentage

Name

Principal activity

incorporation

shareholding

Vodafone European Investments

Holding company

England

100

Details of direct and indirect related undertakings are set out in note 31 ‘Related undertakings’ to the

consolidated financial statements.

209

Strategic report

Governance

Financials

Other information

Vodafone Group Plc

Annual Report 2025

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210

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Accounting policies

Amounts owed by subsidiaries are classified and recorded at amortised cost and reduced by allowances for

expected credit losses. Estimated future credit losses are first recorded on initial recognition of a receivable and

are based on estimated probability of default. Individual balances are written off when management deems them

not to be collectible. Derivative financial instruments are measured at fair value through profit and loss.

2025

2024

€m

€m

Amounts falling due within one year

Amounts owed by subsidiaries

1

73,608

65,272

Taxation recoverable

2

156

185

Other debtors

100

4

Derivative financial instruments

148

241

74,012

65,702

Amounts falling due after more than one year

Deferred tax

–

5

Other debtors

5

8

Derivative financial instruments

4,064

4,012

4,069

4,025

Notes:

1. Amounts owned by subsidiaries are unsecured, have no fixed date of repayment and are repayable on demand with sufficient liquidity in the

Group to flow funds if required. The expected credit losses are considered to be immaterial.

2. Primarily relates to amounts owed by Group companies due to Group relief.

4. Other investments

Accounting policies

Investments are classified and measured at amortised cost using the effective interest rate method, less any

impairment.

2025

2024

€m

€m

Collateral

1,010

766

3. Debtors

5. Creditors

Accounting policies

Capital market and bank borrowings

Interest-bearing loans and overdrafts are initially measured at fair value (which is equal to cost at inception) and

are subsequently measured at amortised cost using the effective interest rate method, except where they are

identified as a hedged item in a designated fair value hedge relationship. Any difference between the proceeds

net of transaction costs and the amount due on settlement or redemption of borrowings is recognised over the

term of the borrowing.

Re-presented

1

2025

2024

€m

€m

Amounts falling due within one year

Bonds

1,529

361

Bank loans

3

–

Bank borrowings secured against Indian assets

–

1,720

Other borrowings

25

26

Collateral liabilities

2,283

2,622

Accruals and deferred income

2

132

3

Amounts owed to subsidiaries

3

78,828

62,153

Contract liabilities

25

–

Derivative financial instruments

123

56

82,948

66,941

Amounts falling due after more than one year

Bonds

32,741

38,586

Bank loans

600

2

Deferred tax

93

128

Amounts owed to subsidiaries

4

2,131

1,796

Contract liabilities

268

–

Derivative financial instruments

1,908

1,646

37,741

42,158

Notes:

1. On 1 April 2024, the Group adopted amendments to IAS 1 ‘Presentation of Financial statements’ which has impacted the classification

of certain bonds between creditors falling due within one year and creditors falling due after more than one year. As a result of the

reclassification, comparatives at 31 March 2024, have been re-presented in accordance with IFRS requirements. See note 1 ‘Basis of

preparation’ to the consolidated financial statements for more information.

2. Includes €132 million (2024: €nil) payable in relation to the irrevocable and non-discretionary share buyback programme announced in

February 2025.

3. Amounts owed to subsidiaries are unsecured, have no fixed date of repayment and are repayable on demand.

4. Amounts payable with a fixed interest rate range of 3.25% and 4% and maturity ranging from 2029 to 2043.

Included in total amounts falling due after more than one year are bonds of €32,741 million (2024

re-presented

1

: €38,586 million), of which €28,824 million (2024 re-presented

1

: €29,979 million) are due in more

than five years from 31 March 2025 and are payable otherwise than by instalments. Interest payable on these

bonds ranges from 0.5% to 8.0% (2024: 0.375% to 8.0%).

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6. Called up share capital

Accounting policies

Equity instruments issued by the Company are recorded at the amount of the proceeds received, net of direct

issuance costs.

2025

2024

Number

€m

Number

€m

Ordinary shares of 20

20

⁄

21

US cents

each allotted, issued and fully paid:

1,2

1 April

28,818,683,808

4,797

28,818,256,058

4,797

Allotted during the year

455,190

–

427,750

–

Cancelled during the year

(2,430,853,096)

(478)

–

–

31 March

26,388,285,902

4,319

28,818,683,808

4,797

Notes:

1.

At 31 March 2025, there were 50,000 (2024: 50,000) 7% cumulative fixed rate shares of £1 each in issue.

2.

At 31 March 2025, the Group held 1,416,813,312 (2024: 1,738,561,954) treasury shares with a nominal value of €232 million (2024:

€289 million). The market value of shares held was €1,234 million (2024: €1,434 million). During the year, 99,750,090 (2024:

87,129,475) treasury shares were reissued under Group share schemes and 2,208,854,544 (2024: nil) shares were repurchased

following the disposal of Vodafone Spain.

Share buyback programme

On 20 May 2025, the Company commenced a programme to repurchase its ordinary share capital up to a

maximum consideration of €500 million.

The programme will end no later than 23 July 2025.

7. Share-based payments

Accounting policies

The Group operates a number of equity-settled share-based payment plans for the employees of subsidiaries

using the Company’s equity instruments. The fair value of the compensation given in respect of these share-

based payment plans is recognised as a capital contribution to the Company’s subsidiaries over the vesting

period. The capital contribution is reduced by any payments received from subsidiaries in respect of these share-

based payments.

The Company currently uses a number of equity-settled share plans to grant options and shares to the Directors

and employees of its subsidiaries.

At 31 March 2025 the Company had 65 million ordinary share options outstanding (2024: 70 million).

The Company has made capital contributions to its subsidiaries in relation to share-based payments. At 31 March

2025, the cumulative capital contribution net of payments received from subsidiaries was €333 million (2024:

€304 million). During the year ended 31 March 2025, the total capital contribution arising from share-based

payments was €110 million (2024: €115 million), with payments of €81 million (2024: €72 million) received

from subsidiaries.

Full details of share-based payments, share option schemes and share plans are disclosed in note 26 ‘Share-

based payments’ to the consolidated financial statements.

8. Reserves

The Board is responsible for the Group’s capital management including the approval of dividends. This includes

an assessment of both the level of reserves legally available for distribution and consideration as to whether the

Company would be solvent and retain sufficient liquidity following any proposed distribution.

As Vodafone Group Plc is a Group holding company with no direct operations, its ability to make shareholder

distributions is dependent on its ability to receive funds for such purposes from its subsidiaries in a manner which

creates profits available for distribution for the Company. The major factors that impact the ability of the

Company to access profits held in subsidiary companies to fulfil its needs for distributable reserves on an

ongoing basis include:

−

the absolute size of the profit pools either currently available for distribution or capable of realisation into

distributable reserves in the relevant entities;

−

the location of these entities in the Group’s corporate structure;

−

profit and cash flow generation in those entities; and

−

the risk of adverse changes in business valuations giving rise to investment impairment charges, reducing

profits available for distribution.

The Group’s consolidated reserves set out on pages 129 and 130 do not reflect the profits available for

distribution in the Group.

9. Equity dividends

Accounting policies

Dividends paid and received are included in the Company financial statements in the period in which the related

dividends are actually paid or received or, in respect of the Company’s final dividend for the year, approved by

shareholders.

2025

2024

€m

€m

Declared during the financial year

Final dividend for the year ended 31 March 2024: 4.50 eurocents per share

(2023: 4.50 eurocents per share)

1,212

1,215

Interim dividend for the year ended 31 March 2025: 2.25 eurocents per share

(2024: 4.50 eurocents per share)

583

1,218

1,795

2,433

Proposed after the balance sheet date and not recognised as a liability

Final dividend for the year ended 31 March 2025: 2.25 eurocents per share

(2024: 4.50 eurocents per share)

558

1,219

211

Strategic report

Governance

Financials

Other information

Vodafone Group Plc

Annual Report 2025

![](data:image/svg+xml;base64,PHN2ZyB2aWV3Qm94PSIwIDAgMTI4NiA5MDkiIHZlcnNpb249IjEuMSIgeG1sbnM9Imh0dHA6Ly93d3cudzMub3JnLzIwMDAvc3ZnIj4KPGRlZnM+CjxjbGlwUGF0aCBpZD0iYzBfMjE0Ij48cGF0aCBkPSJNLS4yIDkwOS44Vi0uMkgxMjg2LjV2OTEwWiIvPjwvY2xpcFBhdGg+CjxzdHlsZT4KLmcwXzIxNHtmaWxsOiNFOUU5RTk7fQouZzFfMjE0e2ZpbGw6I0U2MDAwMDt9Ci5nMl8yMTR7ZmlsbDojMDAwO30KLmczXzIxNHtmaWxsOm5vbmU7c3Ryb2tlOiNBNEE2QTY7c3Ryb2tlLXdpZHRoOjAuNDU4O3N0cm9rZS1taXRlcmxpbWl0OjEwO30KPC9zdHlsZT4KPC9kZWZzPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik00OTcuNiAxNjUuN2g1OS42VjE0OS42SDQ5Ny42djE2LjFaIiBjbGFzcz0iZzBfMjE0Ii8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTQ5Ny42IDE0OS42aDU5LjZWMTM0LjRINDk3LjZ2MTUuMloiIGNsYXNzPSJnMF8yMTQiLz4KPHBhdGggZD0iTTQ5Ny42IDE2NS43aDU1VjE1MC44aC01NXYxNC45WiIgY2xhc3M9ImcwXzIxNCIvPgo8cGF0aCBkPSJNNDk3LjYgMTQ5LjZoNTVWMTM0LjhoLTU1djE0LjhaIiBjbGFzcz0iZzBfMjE0Ii8+CjxwYXRoIGQ9Ik04MDUuNyAzOC41aDIwMy42VjBIODA1LjdWMzguNVoiIGNsYXNzPSJnMF8yMTQiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNjc0LjEgOTYuNEg3NzcuOFY5M0g2NzQuMXYzLjRaIiBjbGFzcz0iZzFfMjE0Ii8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTc3Ny44IDkzaDMuNFY3NS40aC0zLjRWOTNaIiBjbGFzcz0iZzFfMjE0Ii8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTY3MC43IDkzaDMuNFY3NS40aC0zLjRWOTNaIiBjbGFzcz0iZzFfMjE0Ii8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTY3NC4xIDc1LjRINzc3LjhWNzIuMUg2NzQuMXYzLjNaIiBjbGFzcz0iZzFfMjE0Ii8+CjxwYXRoIGQ9Ik03Mi41IDE2Ni41SDQ5Ny42di0uN0g3Mi41di43WiIgY2xhc3M9ImcyXzIxNCIvPgo8cGF0aCBkPSJNNDk2LjUgMTY2LjVoLjd2LS43aC0uN3YuN1oiIGNsYXNzPSJnMl8yMTQiLz4KPHBhdGggZD0iTTQ5Ny4yIDE2Ni41aDYwdi0uN2gtNjB2LjdaIiBjbGFzcz0iZzJfMjE0Ii8+CjxwYXRoIGQ9Ik01NTYuMSAxNjYuNWguN3YtLjdoLS43di43WiIgY2xhc3M9ImcyXzIxNCIvPgo8cGF0aCBkPSJNNTU2LjggMTY2LjVoNjB2LS43aC02MHYuN1oiIGNsYXNzPSJnMl8yMTQiLz4KPHBhdGggZD0iTTczLjYgMTM0LjNoNDI0di0uN0g3My42di43WiIgY2xhc3M9ImcyXzIxNCIvPgo8cGF0aCBkPSJNNDk3LjYgMTM0LjNoLjd2LS43aC0uN3YuN1oiIGNsYXNzPSJnMl8yMTQiLz4KPHBhdGggZD0iTTQ5OC4zIDEzNC4zaDU4Ljl2LS43SDQ5OC4zdi43WiIgY2xhc3M9ImcyXzIxNCIvPgo8cGF0aCBkPSJNNTU3LjIgMTM0LjNoLjd2LS43aC0uN3YuN1oiIGNsYXNzPSJnMl8yMTQiLz4KPHBhdGggZD0iTTU1Ny45IDEzNC4zaDU4Ljl2LS43SDU1Ny45di43WiIgY2xhc3M9ImcyXzIxNCIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik03NyA5Ni40SDQyNC42VjkzSDc3djMuNFoiIGNsYXNzPSJnMV8yMTQiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNDI0LjYgOTNINDI4Vjc1LjRoLTMuNFY5M1oiIGNsYXNzPSJnMV8yMTQiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNzMuNiA5M0g3N1Y3NS40SDczLjZWOTNaIiBjbGFzcz0iZzFfMjE0Ii8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTc3IDc1LjRINDI0LjZWNzIuMUg3N3YzLjNaIiBjbGFzcz0iZzFfMjE0Ii8+CjxwYXRoIGNsaXAtcGF0aD0idXJsKCNjMF8yMTQpIiBkPSJNNzMuOSAzOC4yVi0xMi45IiBjbGFzcz0iZzNfMjE0Ii8+CjxwYXRoIGQ9Ik03My42IDM4LjVoNDcuOW0wIDBIMzk4LjciIGNsYXNzPSJnM18yMTQiLz4KPHBhdGggY2xpcC1wYXRoPSJ1cmwoI2MwXzIxNCkiIGQ9Ik0zOTguNyAzOC4yVi0xMi45IiBjbGFzcz0iZzNfMjE0Ii8+CjxwYXRoIGQ9Ik0zOTguNyAzOC41SDYwMi4ybTIwMy41IDBoMjAzLjYiIGNsYXNzPSJnM18yMTQiLz4KPHBhdGggY2xpcC1wYXRoPSJ1cmwoI2MwXzIxNCkiIGQ9Ik0xMDA5LjMgMzguMlYtMTIuOSIgY2xhc3M9ImczXzIxNCIvPgo8cGF0aCBkPSJNMTAwOS4zIDM4LjVoMjAzLjgiIGNsYXNzPSJnM18yMTQiLz4KPHBhdGggY2xpcC1wYXRoPSJ1cmwoI2MwXzIxNCkiIGQ9Ik02MDIuMiAzOC4yVi0xMi45IiBjbGFzcz0iZzNfMjE0Ii8+CjxwYXRoIGQ9Ik02MDIuMiAzOC41SDgwNS43IiBjbGFzcz0iZzNfMjE0Ii8+CjxwYXRoIGNsaXAtcGF0aD0idXJsKCNjMF8yMTQpIiBkPSJNODA1LjcgMzguMlYtMTIuOW00MDcuMSA1MS4xVi0xMi45IiBjbGFzcz0iZzNfMjE0Ii8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTc3IDkzSDQyNC42Vjc1LjRINzdWOTNaIiBjbGFzcz0iZzFfMjE0Ii8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTczLjYgNzUuNEg3N1Y3Mi4xSDczLjZ2My4zWiIgY2xhc3M9ImcxXzIxNCIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik03My42IDc1LjRINzdWNzIuMUg3My42djMuM1oiIGNsYXNzPSJnMV8yMTQiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNDI0LjYgNzUuNEg0MjhWNzIuMWgtMy40djMuM1oiIGNsYXNzPSJnMV8yMTQiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNDI0LjYgNzUuNEg0MjhWNzIuMWgtMy40djMuM1oiIGNsYXNzPSJnMV8yMTQiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNzMuNiA5Ni40SDc3VjkzSDczLjZ2My40WiIgY2xhc3M9ImcxXzIxNCIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik03My42IDk2LjRINzdWOTNINzMuNnYzLjRaIiBjbGFzcz0iZzFfMjE0Ii8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTQyNC42IDk2LjRINDI4VjkzaC0zLjR2My40WiIgY2xhc3M9ImcxXzIxNCIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik00MjQuNiA5Ni40SDQyOFY5M2gtMy40djMuNFoiIGNsYXNzPSJnMV8yMTQiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNjc0LjEgOTNINzc3LjhWNzUuNEg2NzQuMVY5M1oiIGNsYXNzPSJnMV8yMTQiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNjcwLjcgNzUuNGgzLjRWNzIuMWgtMy40djMuM1oiIGNsYXNzPSJnMV8yMTQiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNjcwLjcgNzUuNGgzLjRWNzIuMWgtMy40djMuM1oiIGNsYXNzPSJnMV8yMTQiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNzc3LjggNzUuNGgzLjRWNzIuMWgtMy40djMuM1oiIGNsYXNzPSJnMV8yMTQiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNzc3LjggNzUuNGgzLjRWNzIuMWgtMy40djMuM1oiIGNsYXNzPSJnMV8yMTQiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNjcwLjcgOTYuNGgzLjRWOTNoLTMuNHYzLjRaIiBjbGFzcz0iZzFfMjE0Ii8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTY3MC43IDk2LjRoMy40VjkzaC0zLjR2My40WiIgY2xhc3M9ImcxXzIxNCIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik03NzcuOCA5Ni40aDMuNFY5M2gtMy40djMuNFoiIGNsYXNzPSJnMV8yMTQiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIi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212

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

10. Guarantees, contingent liabilities and legal proceedings

11. Other matters

2025

2024

€m

€m

Performance and payment bonds

1

1,313

1,399

Guarantees

2

1,518

1,566

Notes:

1. Performance and payment bonds represent letter of credit arrangements provided to other Group companies.

2.

Principally comprises Vodafone Group Plc’s guarantee of the Group’s share in a multicurrency loan facility, amounting to US$1 billion

and €0.6 billion (2024: US$1 billion and €0.6 billion), which forms part of its overall joint venture investment in TPG Telecom Ltd (as

detailed in note 22 ‘Capital and financial risk management’ to the consolidated financial statements).

As detailed in note 25 ‘Post employment benefits’ to the consolidated financial statements, the Company is the

sponsor of the Group’s main defined benefit scheme in the UK, being the Vodafone Group UK Pension Scheme

(‘Vodafone UK plan’). The results, assets and liabilities associated with the Vodafone UK plan are recognised in

the financial statements of Vodafone Limited and Vodafone Group Services Limited.

As detailed in note 29 ‘Contingent liabilities and legal proceedings’ to the consolidated financial statements, the

Company has covenanted to provide security in favour of the trustees of the Vodafone Group UK Pension

Scheme and the trustees of THUS Plc Group Scheme.

Additionally, as detailed in note 32 ‘Subsidiaries exempt from audit’ to the consolidated financial statements, the

Company guarantees the debts and liabilities of certain of its UK subsidiaries at the balance sheet date in

accordance with section 479C of the Companies Act 2006.

Legal proceedings

Details regarding certain legal actions which involve the Company are set out in note 29 ‘Contingent liabilities

and legal proceedings’ to the consolidated financial statements.

The total remuneration of the Company’s auditor, Ernst & Young LLP and other member firms of Ernst & Young

Global Limited, during the year ended 31 March 2025 was €10 million (2024: €17 million). This comprised audit

fees of €8 million (2024: €7 million) and non-audit fees of €2 million (2024: €10 million).

The Company had two (2024: two) employees during the year. The executive directors were remunerated by the

Company for their services to the Group as a whole. No remuneration was paid to them specifically in respect of

their services to Vodafone Group Plc for either year. Full details of the Directors’ remuneration are disclosed in

the ‘Annual Report on Remuneration’ in the Annual Report and in note 23 ‘Directors and key management

compensation’.

Vodafone Group Plc is incorporated and domiciled in England and Wales (registration number 1833679). The

registered address of the Company is Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, England.

![](data:image/svg+xml;base64,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)

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Strategic report

Governance

Vodafone Group Plc

Annual Report 2025

213

Non GAAP measures

Unaudited information

Non-GAAP measure

Defined on

page

Closest equivalent GAAP

measure

Reconciled on

page

Gross debt

Page 218

Borrowings

Page 219

Net debt

Page 218

Borrowings less cash and

Page 219

cash equivalents

Pre-tax ROCE (controlled)

Page 219

ROCE calculated using

Page 220

GAAP measures

Post-tax ROCE (controlled and

Page 219

ROCE calculated using

Page 220

associates/joint ventures)

GAAP measures

Financing and Taxation metrics

Adjusted net financing costs

Page 221

Net financing costs

Page 24

Adjusted profit before taxation

Page 221

Profit before taxation

Page 221

Adjusted income tax expense

Page 221

Income tax expense

Page 221

Adjusted effective tax rate

Page 221

Income tax expense

Page 221

Adjusted share of results of equity

Page 221

Share of results of equity

Page 222

accounted associates and joint ventures

accounted associates and

joint ventures

Adjusted share of results of equity

Page 221

Share of results of equity

Page 222

accounted associates and joint ventures

accounted associates and

used in post-tax ROCE

joint ventures

In the discussion of the Group’s reported operating results, non-GAAP measures are presented to provide readers

with additional financial information that is regularly reviewed by management. This additional information

presented is not uniformly defined by all companies including those in the Group’s industry. Accordingly, it may

not be comparable with similarly titled measures and disclosures by other companies. Additionally, certain

information presented is derived from amounts calculated in accordance with IFRS but is not itself a measure

defined under GAAP. Such measures should not be viewed in isolation or as an alternative to the equivalent

GAAP measure.

The non-GAAP measures discussed in this document are listed below.

Defined on

Closest equivalent GAAP

Reconciled on

Non-GAAP measure

page

measure

page

Performance metrics

Organic revenue growth

Organic service revenue growth

Organic mobile service revenue growth

Organic fixed service revenue growth

Organic Vodafone Business service

revenue growth

Organic financial services revenue

growth in South Africa

M-Pesa revenue

Service revenue growth in Türkiye

excluding the impact of the

hyperinflationary adjustments

Group Adjusted EBITDAaL

Organic Adjusted EBITDAaL growth

Page 214

Revenue

Page 214

Service revenue

Page 214

Service revenue

Page 214

Service revenue

Page 214

Service revenue

Page 214

Service revenue

Page 214

Service revenue

Page 214

Service revenue

Page 214

Operating profit

Page 214

Not applicable

Pages 215 and

216

Pages 215 and

216

Pages 215 and

216

Pages 215 and

216

Pages 215 and

216

Page 215

Page 215

Pages 215 and

216

Page 139

Page 215

Other metrics

Adjusted profit attributable to owners of

Page 217

Profit attributable to

Page 217

the parent

owners of the parent

Adjusted basic earnings per share

Page 217

Basic earnings per share

Page 218

Cash flow, funding and capital

allocation metrics

Free cash flow

Page 218

Inflow from operating

Page 219

activities

Adjusted free cash flow

Page 218

Inflow from operating

Pages 26 and

activities

219

Financials

Other information

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Other information

Financials

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214

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Non GAAP measures

Unaudited information (continued)

Performance metrics

Non-GAAP measure

Purpose

Definition

Adjusted EBITDAaL

Adjusted EBITDAaL is used in

conjunction with financial measures

such as operating profit to assess our

operating performance and profitability.

It is a key external metric used by the

investor community to assess

performance of our operations.

It is our segment performance measure

in accordance with IFRS 8 (Operating

Segments).

Adjusted EBITDAaL margin

Adjusted EBITDAaL margin is Adjusted EBITDAaL divided by Revenue.

Adjusted EBITDAaL is operating profit

after depreciation on lease-related right

of use assets and interest on lease

liabilities but excluding depreciation,

amortisation and gains/losses on

disposal of owned assets and excluding

share of results of equity accounted

associates and joint ventures,

impairment losses/reversals,

restructuring costs arising from discrete

restructuring plans, other income and

expense and significant items that are

not considered by management to be

reflective of the underlying

performance of the Group.

Organic growth

Organic growth presents performance on a comparable basis, excluding the impact of foreign exchange rates,

mergers and acquisitions, the hyperinflationary adjustments in Türkiye and other adjustments to improve the

comparability of results between periods.

Organic growth is calculated for revenue and profitability metrics, as follows:

−

Revenue;

−

Service revenue;

−

Mobile service revenue;

−

Fixed service revenue;

−

Vodafone Business service revenue;

−

Financial services revenue in South Africa;

−

M-Pesa revenue;

−

Adjusted EBITDAaL; and

−

Adjusted EBITDAaL margin.

Whilst organic growth is not intended to be a substitute for reported growth, nor is it superior to reported growth,

we believe that the measure provides useful and necessary information to investors and other interested parties

for the following reasons:

−

It provides additional information on underlying growth of the business without the effect of certain factors

unrelated to its operating performance;

−

It is used for internal performance analysis; and

−

It facilitates comparability of underlying growth with other companies (although the term ‘organic’ is not a

defined term under GAAP and may not, therefore, be comparable with similarly-titled measures reported by

other companies).

We have not provided a comparative in respect of organic growth rates as the current rates describe the change

between the beginning and end of the current period, with such changes being explained by the commentary in

this document. If comparatives were provided, significant sections of the commentary for prior periods would

also need to be included, reducing the usefulness and transparency of this document.

Service revenue growth in Türkiye excluding the impact of the hyperinflationary adjustments

This growth metric presents performance in Türkiye excluding the hyperinflationary adjustments recorded in the

Group’s consolidated financial statements in accordance with IAS 29 ‘Financial Reporting in Hyperinflationary

Economies’.

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Financials

Other information

-

-

Strategic report

Governance

Vodafone Group Plc

Annual Report 2025

215

Non GAAP measures

Unaudited information (continued)

Reported

M&A and

Foreign

Organic

Reported

M&A and

Foreign

Organic

Year ended 31 March 2025

FY24

€m

growth

%

Other

pps

exchange

pps

growth

%

Year ended 31 March 2025

FY24

€m

growth

%

Other

pps

exchange

pps

growth

%

Service revenue

Adjusted EBITDAaL

Germany

10,876

11,453

(5.0)

–

–

(5.0)

Germany

4,384

5,017

(12.6)

-

-

(12.6)

Mobile service revenue

4,998

5,059

(1.2)

–

–

(1.2)

UK

1,558

1,408

10.7

-

(2.8)

7.9

Fixed service revenue

5,878

6,394

(8.1)

–

–

(8.1)

Other Europe

1,510

1,516

(0.4)

-

0.4

-

UK

5,887

5,631

4.5

–

(2.6)

1.9

T

ü

rkiye

842

510

65.1

16.7

28.7

110.5

Mobile service revenue

4,261

4,142

2.9

–

(2.6)

0.3

Africa

2,593

2,539

2.1

-

8.1

10.2

Fixed service revenue

1,626

1,489

9.2

–

(2.7)

6.5

Common Functions

45

29

Other Europe

4,805

4,722

1.8

-

0.3

2.1

Eliminations

–

–

T

ü

rkiye

1

2,484

1,746

42.3

16.5

24.6

83.4

Group

10,932

11,019

(0.8)

1.1

2.2

2.5

Africa

6,172

5,951

3.7

–

7.6

11.3

Common Functions

663

559

Percentage point change in Adjusted

Eliminations

(129)

(150)

EBITDAaL margin

Total service revenue

30,758

29,912

2.8

0.4

1.9

5.1

Germany

36.0%

38.7%

(2.7)

-

-

(2.7)

Other revenue

6,690

6,805

UK

22.0%

20.6%

1.4

-

-

1.4

Revenue

37,448

36,717

2.0

0.4

1.6

4.0

Other Europe

26.5%

27.5%

(1.0)

-

-

(1.0)

T

ü

rkiye

27.3%

21.6%

5.7

1.0

-

6.7

Other growth metrics

Africa

33.3%

34.2%

(0.9)

-

0.7

(0.2)

Vodafone Business ('VB') - Service revenue

8,003

7,735

3.5

0.1

0.4

4.0

Group

29.2%

30.0%

(0.8)

0.2

0.2

(0.4)

Germany - VB service revenue

2,366

2,422

(2.3)

–

–

(2.3)

UK - VB service revenue

2,179

2,144

1.6

–

(2.5)

(0.9)

Other Europe - VB service revenue

1,561

1,502

3.9

–

0.5

4.4

T

ü

rkiye - VB service revenue

375

233

60.9

18.6

27.6

107.1

Africa - Vodacom Business service revenue

1,126

1,068

5.4

–

4.6

10.0

South Africa - Financial services revenue

176

157

12.1

–

(4.2)

7.9

Vodacom International M-Pesa

428

389

10.0

–

1.3

11.3

Egypt - Vodafone Cash revenue

114

96

18.8

–

61.3

80.1

FY25

€m

FY25

€m

Note:

1. Reported service revenue growth in Türkiye of 42.3% includes -2.9pps in relation to the application of IAS 29 ‘Financial Reporting in

Hyperinflationary Economies’. Growth in Türkiye excluding the impact of these hyperinflationary adjustments was 45.2%.

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Other information

Financials

-

-

216

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Non GAAP measures

Unaudited information (continued)

Q3 FY25

€m

Reported

M&A and

Foreign

Quarter ended 31 March 2025

Q4 FY25

Q4 FY24

growth

Other

exchange

€m

€m

%

pps

pps

Organic

growth

%

(6.0)

(1.2)

(9.7)

3.1

1.8

6.4

0.8

73.2

13.5

Quarter ended 31 December 2024

Service revenue

Germany

Mobile service revenue

Fixed service revenue

UK

Mobile service revenue

Fixed service revenue

Other Europe

T

ü

rkiye

1

Africa

Common Functions

Eliminations

Q3 FY24

€m

2,892

1,272

1,620

1,400

1,034

366

1,175

393

1,543

137

(35)

Reported

growth

%

(6.4)

(1.0)

(10.7)

7.6

6.0

12.3

2.2

97.5

4.1

M&A and

Other

pps

–

–

–

–

–

–

–

13.7

–

Foreign

exchange

pps

–

–

–

(4.3)

(4.2)

(4.7)

0.4

(27.8)

7.5

Organic

growth

%

(6.4)

(1.0)

(10.7)

3.3

1.8

7.6

2.6

83.4

11.6

Service revenue

Germany

2,670

2,839

(6.0)

–

–

Mobile service revenue

1,242

1,257

(1.2)

–

–

Fixed service revenue

1,428

1,582

(9.7)

–

–

UK

1,489

1,409

5.7

–

(2.6)

Mobile service revenue

1,057

1,012

4.4

–

(2.6)

Fixed service revenue

432

397

8.8

–

(2.4)

Other Europe

1,194

1,181

1.1

–

(0.3)

T

ü

rkiye

1

605

525

15.2

22.1

35.9

Africa

1,614

1,484

8.8

–

4.7

Common Functions

176

140

Eliminations

(28)

(32)

Total service revenue

7,720

7,546

2.3

1.0

2.1

5.4

Other revenue

1,641

1,842

Revenue

9,361

9,388

(0.3)

1.0

2.1

2.8

Other growth metrics

Vodafone Business ('VB') - Service revenue

2,062

1,979

4.2

0.6

0.3

5.1

Germany - VB service revenue

588

605

(2.8)

–

–

(2.8)

UK - VB service revenue

565

545

3.7

–

(2.4)

1.3

Other Europe - VB service revenue

405

399

1.5

–

(0.3)

1.2

T

ü

rkiye - VB service revenue

98

71

38.0

23.8

43.3

105.1

Africa - Vodacom Business service revenue

296

270

9.6

–

1.9

11.5

Adjusted EBITDAaL

2,693

2,797

(3.7)

1.8

2.2

0.3

Note:

1. Reported service revenue growth in Türkiye of 15.2% (Q3 FY25: 97.5%) includes -37.3pps (Q3 FY25: 44.4pps) in relation to the

application of IAS 29 ‘Financial Reporting in Hyperinflationary Economies’. Growth in Türkiye excluding the impact of these

hyperinflationary adjustments was 52.5% (Q3 FY25: 53.1%).

2,706

1,259

1,447

1,507

1,096

411

1,201

776

1,607

165

(33)

Total service revenue

7,929

7,505

5.6

(0.2)

(0.2)

5.2

Other revenue

1,882

1,841

Revenue

9,811

9,346

5.0

(0.1)

(0.8)

4.1

Other growth metrics

Vodafone Business ('VB') - Service revenue

2,051

1,943

5.6

(0.2)

(1.1)

4.3

Germany - VB service revenue

594

612

(3.0)

–

–

(3.0)

UK - VB service revenue

560

540

3.7

–

(4.1)

(0.4)

Other Europe - VB service revenue

395

375

5.3

–

0.5

5.8

T

ü

rkiye - VB service revenue

115

53

117.0

15.4

(29.6)

102.8

Africa - Vodacom Business service revenue

289

271

6.6

–

4.2

10.8

Adjusted EBITDAaL

2,828

2,795

1.2

(1.2)

2.2

2.2

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Financials

Other information

-

-

Strategic report

Governance

Vodafone Group Plc

Annual Report 2025

217

FY25

FY24

Reported

Adjustments

Adjusted

Reported

Adjustments

Adjusted

€m

€m

€m

€m

€m

€m

Non GAAP measures

Unaudited information (continued)

Other metrics

Non-GAAP measure

Purpose

Definition

Adjusted profit

attributable to

owners of the parent

Adjusted basic

earnings per share

This metric is used in the calculation of

Adjusted basic earnings per share.

This performance measure is used in

discussions with the investor

community.

Adjusted profit attributable to owners of

the parent excludes restructuring costs

arising from discrete restructuring plans,

amortisation of customer bases and

brand intangible assets, impairment

losses/reversals, other income and

expense, mark-to-market and foreign

exchange movements and fair value

movements on Other investments

through profit and loss, together with

related tax effects.

Adjusted basic earnings per share is

Adjusted profit attributable to owners of

the parent divided by the weighted

average number of shares outstanding.

This is the same denominator used

when calculating basic earnings per

share.

Adjusted EBITDAaL and Adjusted profit attributable to owners of the parent

The table below reconciles Adjusted EBITDAaL and Adjusted profit attributable to owners of the parent to their

closest equivalent GAAP measures, being Operating profit and Profit attributable to owners of the parent,

respectively.

Adjusted EBITDAaL

10,932

–

10,932

11,019

–

11,019

Restructuring costs

(164)

164

–

(703)

703

–

Interest on lease liabilities

488

–

488

440

–

440

Loss on disposal of property, plant &

equipment and intangible assets

(25)

–

(25)

(34)

–

(34)

Depreciation and amortisation on

owned assets

1

(7,569)

605

(6,964)

(7,397)

606

(6,791)

Share of results of equity accounted

associates and joint ventures

2

(123)

276

153

(96)

323

227

Impairment (charge)/reversal

(4,515)

4,515

–

64

(64)

–

Other income

565

(565)

–

372

(372)

–

Operating (loss)/profit

(411)

4,995

4,584

3,665

1,196

4,861

Investment income

864

(247)

617

581

–

581

Financing costs

3

(1,931)

(1)

(1,932)

(2,626)

270

(2,356)

(Loss)/profit before taxation

Income tax expense

4

(1,478)

(2,246)

4,747

1,458

3,269

(788)

1,620

(50)

1,466

(650)

3,086

(700)

(Loss)/profit for the financial year -

Continuing operations

(3,724)

6,205

2,481

1,570

816

2,386

Loss for the financial year - Discontinued

operations

(22)

22

–

(65)

65

–

(Loss)/profit for the financial year

(3,746)

6,227

2,481

1,505

881

2,386

(Loss)/profit attributable to:

- Owners of the parent (Continuing)

(4,147)

6,205

2,058

1,205

816

2,021

- Owners of the parent (Total Group)

(4,169)

6,227

2,058

1,140

881

2,021

- Non-controlling interests

423

–

423

365

–

365

(Loss)/profit for the financial year

(3,746)

6,227

2,481

1,505

881

2,386

Notes:

1. Depreciation and amortisation on owned assets excludes depreciation on leased assets and loss on disposal of leased assets included

within Adjusted EBITDAaL. See page 222 for an analysis of depreciation and amortisation. The adjustment of €605 million (FY24: €606

million) relates to amortisation of customer bases and brand intangible assets.

2. See page 222 for a breakdown of the adjustments to Share of results of equity accounted associates and joint ventures to derive

Adjusted share of results of equity accounted associates and joint ventures.

3. See ‘Net financing costs’ on page 24 for further analysis.

4. See ‘Adjusted tax metrics’ on page 221 for further analysis.

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Other information

Financials

-

-

218

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Cash flow, funding and capital allocation metrics

Adjusted basic earnings per share

Non-GAAP measure

Purpose

Definition

The reconciliation of Adjusted basic earnings per share to the closest equivalent GAAP measure, Basic

Free cash flow

Internal performance reporting.

Free cash flow is Adjusted EBITDAaL

earnings per share, is provided below.

External metric used by the investor

after cash flows in relation to capital

FY25

FY24

community.

additions, working capital movements

€m

€m

Assists comparability with other

including in respect of capital additions,

(Loss)/profit attributable to owners of the parent

Adjusted profit attributable to owners of the parent

(4,169)

2,058

1,140

2,021

companies, although our metric may

not be directly comparable to similarly

disposal of property, plant and

equipment and intangible assets,

Weighted average number of shares outstanding - Basic

Million

26,149

Million

27,056

titled measures used by other

companies.

integration capital additions and

restructuring costs, together with

related working capital, licences and

Basic (loss)/earnings per share

Adjusted basic earnings per share

eurocent

eurocent

(15.94)c

4.21c

7.87c

7.47c

spectrum, interest received and paid

(excluding interest on bank borrowings

secured against Indian assets), taxation,

dividends received from associates and

joint ventures, dividends paid to non-

controlling shareholders in subsidiaries,

payments in respect of lease liabilities

and other.

Adjusted free cash

Internal performance reporting.

Adjusted free cash flow is Free cash flow

flow

External metric used by the investor

before licences and spectrum,

community.

restructuring costs arising from discrete

Setting director and management

restructuring plans, integration capital

remuneration.

additions and working capital related

Key external metric used to evaluate

items and M&A.

liquidity and the cash generated by our

operations.

Gross debt

Prominent metric used by debt rating

Non-current borrowings and current

agencies and the investor community.

borrowings, excluding lease liabilities,

collateral liabilities and borrowings

specifically secured against Indian

assets.

Net debt

Prominent metric used by debt rating

Gross debt less cash and cash

agencies and the investor community.

equivalents, short-term investments,

non-current investments in sovereign

securities, derivative financial

instruments excluding mark-to-market

adjustments and net collateral assets.

Non GAAP measures

Unaudited information (continued)

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Financials

Other information

-

-

Strategic report

Governance

Vodafone Group Plc

Annual Report 2025

219

Non GAAP measures

Unaudited information (continued)

Cash flow and funding

The table below presents the reconciliation between Inflow from operating activities and Free cash flow.

FY25

FY24

€m

€m

Inflow from operating activities

15,373

16,557

Net tax paid

901

724

Cashflows from discontinued operations

(1,657)

(3,296)

Cash generated by operations

14,617

13,985

Capital additions

(6,862)

(6,331)

Working capital movement in respect of capital additions

404

(141)

Disposal of property, plant and equipment and intangible assets

9

14

Integration capital additions

(31)

(81)

Working capital movement in respect of integration capital additions

8

(37)

Licences and spectrum

(421)

(454)

Interest received and paid

1

(1,598)

(1,685)

Taxation

(728)

(724)

Dividends received from associates and joint ventures

530

442

Dividends paid to non-controlling shareholders in subsidiaries

(249)

(260)

Payments in respect of lease liabilities

(3,288)

(3,135)

Payment for the future use of the Vodafone brand in Italy and Spain

(491)

–

Other

(50)

190

Free cash flow

1,850

1,783

Note:

1. Includes interest on lease liabilities of €451 million (FY24: €406 million), excluding discontinued operations.

The table below presents the reconciliation between Borrowings, Gross debt and Net debt.

Year-end

FY24

€m

Year-end

FY25

€m

Borrowings

(53,143)

(56,987)

Lease liabilities

10,826

9,672

Bank borrowings secured against Indian assets

–

1,720

Collateral liabilities

2,357

2,628

Gross debt

(39,960)

(42,967)

Collateral liabilities

(2,357)

(2,628)

Cash and cash equivalents

11,001

6,183

Non-current investments in sovereign securities

913

–

Short-term investments

5,280

3,225

Collateral assets

1,010

741

Derivative financial instruments

2,291

2,702

Less mark-to-market gains deferred in hedge reserves

(575)

(498)

Net debt

(22,397)

(33,242)

Return on Capital Employed

Non-GAAP measure

Purpose

Definition

Return on Capital

ROCE is a metric used by

Employed (‘ROCE’)

the investor community

and reflects how efficiently

we are generating profit

with the capital we deploy.

Pre-tax ROCE

As above.

(controlled)

Post-tax ROCE

(controlled and

associates/joint

ventures)

We calculate ROCE by dividing Operating profit by

the average of capital employed as reported in the

consolidated statement of financial position. Capital

employed includes borrowings, cash and cash

equivalents, derivative financial instruments

included in trade and other receivables/payables,

short-term investments, non-current investments in

sovereign securities, collateral assets, financial

liabilities under put option arrangements and equity.

We calculate pre-tax ROCE (controlled) by using

Operating profit excluding interest on lease

liabilities, restructuring costs arising from discrete

restructuring plans, impairment losses/reversals,

other income and expense, the impact of

hyperinflationary adjustments and the share of

results of equity accounted associates and joint

ventures. On a post-tax basis, the measure includes

our Adjusted share of results from associates and

joint ventures and a notional tax charge. Capital is

equivalent to net operating assets and is based on

the average of month end capital employed

balances during the period of: property, plant and

equipment (including leased assets and lease

liabilities), intangible assets (including goodwill),

operating working capital (including held for sale

assets and excluding derivative balances) and

provisions, excluding the impact of hyperinflationary

adjustments. Other assets that do not directly

contribute to returns are excluded from this

measure and include other investments, current and

deferred tax balances and post employment

benefits. On a post-tax basis, ROCE also includes our

investments in associates and joint ventures.

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Other information

Non-GAAP measures - Unaudited information (continued)

ROCE on a GAAP basis

The table below presents the calculation of ROCE using GAAP measures as reported in the consolidated income

statement and consolidated statement of financial position.

FY25

FY24

€m

€m

Operating (loss)/profit

1

(411)

3,665

Borrowings

53,143

56,987

Cash and cash equivalents

(11,001)

(6,183)

Derivative financial instruments included in trade and other receivables

(4,197)

(4,226)

Derivative financial instruments included in trade and other payables

1,906

1,524

Non-current investments in sovereign securities

(913)

–

Short-term investments

(5,280)

(3,225)

Collateral assets

(1,010)

(741)

Financial liabilities under put option arrangements

97

–

Equity

53,916

60,998

Capital employed at end of the year

86,661

105,134

Average capital employed for the year

95,898

107,771

ROCE on a GAAP basis

(0.4)%

3.4%

Note:

1.

Operating (loss)/profit includes Other income which includes merger and acquisition activity that is non-recurring in nature.

ROCE on a non-GAAP basis

The table below presents the calculation of ROCE using non-GAAP measures and reconciliations to the closest

equivalent GAAP measure.

FY25

FY24

€m

€m

Operating (loss)/profit

(411)

3,665

Interest on lease liabilities

(488)

(440)

Restructuring costs

164

703

Other income

(565)

(372)

Share of results of equity accounted associates and joint ventures

123

96

Impairment charge/(reversal)

4,515

(64)

Other adjustments

1

399

296

Adjusted operating profit for calculating pre-tax ROCE (controlled)

3,737

3,884

Adjusted share of results of equity accounted associates and joint ventures used in

post-tax ROCE

2

(159)

(116)

Notional tax at Adjusted effective tax rate

3

(905)

(923)

Adjusted operating profit for calculating post-tax ROCE (controlled and

associates/joint ventures)

2,673

2,845

Capital employed for calculating ROCE on a GAAP basis

86,661

105,134

Adjustments to exclude:

- Leases

(10,826)

(9,672)

- Deferred tax assets

(19,033)

(20,177)

- Deferred tax liabilities

798

699

- Taxation recoverable

(174)

(76)

- Taxation liabilities

578

393

- Other investments

(2,660)

(1,543)

- Associates and joint ventures

(6,796)

(10,032)

- Pension assets and liabilities

(55)

(76)

- Removal of capital employed related to discontinued operations

–

(12,129)

- Other adjustments

1

(1,193)

(1,009)

Adjusted capital employed for calculating pre-tax ROCE (controlled)

47,300

51,512

Associates and joint ventures

6,796

10,032

Adjusted capital employed for calculating post-tax ROCE (controlled and

associates/joint ventures)

54,096

61,544

Average capital employed for calculating pre-tax ROCE (controlled)

53,146

53,831

Average capital employed for calculating post-tax ROCE (controlled and

associates/joint ventures)

61,030

64,381

Pre-tax ROCE (controlled)

7.0%

7.2%

Post-tax ROCE (controlled and associates/joint ventures)

4.4%

4.4%

Notes:

1.

Comprises adjustments to exclude hyperinflationary accounting in Türkiye.

2.

Adjusted share of results of equity accounted associates and joint ventures used in post-tax ROCE is a non-GAAP measure and excludes

restructuring costs and other income.

3.

Includes tax at the Adjusted effective tax rate of 25.3% (FY24: 24.5%).

220

Financials

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

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Financials

Other information

-

-

Strategic report

Governance

Vodafone Group Plc

Annual Report 2025

221

Non GAAP measures

Unaudited information (continued)

Financing and Taxation metrics

Non-GAAP measure

Purpose

Definition

Adjusted net

financing costs

Adjusted profit

before taxation

This metric is used by both

management and the investor

community.

This metric is used in the

calculation of Adjusted basic

earnings per share.

This metric is used in the

calculation of the Adjusted

effective tax rate (see below).

Adjusted income tax

This metric is used in the

expense

calculation of the Adjusted

effective tax rate (see below).

Adjusted net financing costs exclude mark-to-

market and foreign exchange gains/losses,

together with fair value movements on Other

investments through profit and loss.

Adjusted profit before taxation excludes the tax

effects of items excluded from Adjusted basic

earnings per share, including: impairment

losses/reversals, amortisation of customer

bases and brand intangible assets, restructuring

costs arising from discrete restructuring plans,

other income and expense, mark-to-market and

foreign exchange movements and fair value

movements on Other investments through

profit and loss.

Adjusted income tax expense excludes the tax

effects of items excluded from Adjusted basic

earnings per share, including: impairment

losses/reversals, amortisation of customer

bases and brand intangible assets, restructuring

costs arising from discrete restructuring plans,

other income and expense, mark-to-market and

foreign exchange movements and fair value

movements on Other investments through

profit and loss. It also excludes deferred tax

movements relating to tax losses in

Luxembourg as well as other significant one-off

items.

Adjusted effective

This metric is used by both

Adjusted income tax expense (see above)

tax rate

management and the investor

divided by Adjusted profit before taxation (see

community.

above).

Adjusted share of

This metric is used in the

Share of results of equity accounted associates

results of equity

calculation of Adjusted effective

and joint ventures excluding restructuring costs,

accounted

tax rate.

amortisation of acquired customer base and

associates and joint

brand intangible assets and other income and

ventures

expense.

Non-GAAP measure

Purpose

Definition

Adjusted share of

This metric is used in the

Share of results of equity accounted associates

results of equity

calculation of post-tax ROCE

and joint ventures excluding restructuring costs

accounted

(controlled and associates/joint

and other income and expense.

associates and joint

ventures).

ventures used in

post-tax ROCE

Adjusted tax metrics

The table below reconciles Profit before taxation and Income tax expense to Adjusted profit before taxation,

Adjusted income tax expense and Adjusted effective tax rate.

FY25

FY24

€m

€m

(Loss)/profit before taxation

(1,478)

1,620

Adjustments to derive Adjusted profit before tax

4,747

1,466

Adjusted profit before taxation

3,269

3,086

Adjusted share of results of equity accounted associates and joint ventures

(153)

(227)

Adjusted profit before tax for calculating Adjusted effective tax rate

3,116

2,859

Income tax expense

(2,246)

(50)

Tax on adjustments to derive Adjusted profit before tax

8

(342)

Adjustments:

- Deferred tax on use of Luxembourg losses in the year

423

598

- UK corporate interest restriction

16

78

- Tax relating to inflation-related adjustments in T

ü

rkiye

146

35

- Deferred tax on rate change in Luxembourg

718

–

- Settlement of the VISPL tax cases

185

–

- Other

(38)

–

- Deferred tax on recognition of Luxembourg losses in the year

–

(1,019)

Adjusted income tax expense for calculating Adjusted tax rate

(788)

(700)

Adjusted effective tax rate

25.3%

24.5%

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</svg>)

Other information

Financials

-

-

-

222

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Non GAAP measures

Unaudited information (continued)

Additional information

Unaudited information

Adjusted share of results of equity accounted associates and joint ventures

The table below reconciles Adjusted share of results of equity accounted associates and joint ventures to the

closest GAAP equivalent, Share of results of equity accounted associates and joint ventures.

FY25

FY24

€m

€m

Share of results of equity accounted associates and joint ventures

(123)

(96)

Restructuring costs

21

7

Other income

(57)

(27)

Adjusted share of results of equity accounted associates and joint ventures used

in post-tax ROCE

(159)

(116)

Amortisation of acquired customer base and brand intangible assets

312

343

Adjusted share of results of equity accounted associates and joint ventures

153

227

Analysis of depreciation and amortisation

The table below presents an analysis of the different components of depreciation and amortisation discussed in

the document, reconciled to the GAAP amounts in the consolidated income statement.

FY25

FY24

€m

€m

Depreciation on leased assets - included in Adjusted EBITDAaL

3,205

3,003

Depreciation on leased assets - included in Restructuring costs

30

14

Depreciation on leased assets

3,235

3,017

Depreciation on owned assets

3,874

3,882

Amortisation of owned intangible assets

3,695

3,515

Depreciation and amortisation on owned assets

7,569

7,397

Total depreciation and amortisation on owned and leased assets

10,804

10,414

Loss on disposal of owned fixed assets

25

34

Loss on disposal of leased assets

(12)

–

Depreciation and amortisation - as recognised in the consolidated income

10,817

10,448

statement

Analysis of tangible and intangible additions

The table below presents an analysis of the different components of tangible and intangible additions discussed in

the document.

FY25

FY24

€m

€m

Capital additions

6,862

6,331

Integration related capital additions

31

81

Licence and spectrum additions

236

283

Additions

7,129

6,695

Intangible asset additions

2,655

2,622

Property, plant and equipment owned additions

4,474

4,073

Total additions

7,129

6,695

![](data:image/svg+xml;base64,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)

Vodafone Group Plc

Annual Report 2025

223

Strategic report

Governance

Financials

Other information

Shareholder information

Unaudited information

2025/26 financial calendar key dates

Ex-dividend date for final dividend

for ordinary shareholders

5 June 2025

Ex-dividend date for final dividend

for ADR holders

6 June 2025

Record date for final dividend

6 June 2025

AGM

29 July 2025

Final dividend payment

1 August

2025

Useful contacts

The Registrar

Equiniti, Aspect House, Spencer Road,

Lancing, West Sussex, BN99 6DA

Telephone: +44 (0) 371 384 2532

See

help.shareview.co.uk

for more information

about this service

ADS holders

EQ Shareowner Services P.O. Box 64504 St. Paul,

MN 55164-0504 United States of America

Telephone: +1 800 990 1135 (toll free), or for calls

from outside the United States: +1 651 453 2128

See

shareowneronline.com

for more information

about this service

Shareholder information

Managing your shares via Shareview

Our share registrar, Equiniti, operates a portfolio

service, Shareview, for investors in ordinary shares.

This provides our shareholders with online access

to information about their investments, as well as a

facility to help manage their holdings online, such

as being able to:

–

update your details online including your

address and dividend payment instructions;

–

buy and sell shares easily;

–

receive certain shareholder communications

electronically;

–

send your general meeting voting instructions

in advance of shareholder meetings;

–

view information about and join the Vodafone

Group Plc Dividend Reinvestment Plan (‘DRIP’);

and

–

access your online statements.

Equiniti also offers an internet and telephone share

dealing service to existing shareholders.

See

shareview.co.uk

for more information about this service

Shareholders with any queries regarding their

holding should contact Equiniti on the contact

details above.

Shareholders may also find the Investors section

of our corporate website useful for general queries

and information about the Company.

See

vodafone.com/investor

for further details

AGM

Our forty-first AGM will be held at The Pavilion,

Vodafone House, Newbury RG14 2FN on Tuesday,

29 July 2025 at 10.00 am.

Shareholder communications

We are taking steps to reduce our impact on our

planet. The use of electronic communications,

rather than printed paper documents, means

information about the Company can be accessed

through emails or the Company’s website, thus

supporting our efforts to reduce our impact on

the environment.

A growing number of our shareholders have

opted to receive communications from us

electronically. Shareholders who have done

so will be sent an email alert containing a link

to the relevant documents.

We encourage all our shareholders to sign up

for this service. You can register for this service

at shareview.co.uk or by contacting Equiniti on

the telephone number provided on the left of

this page.

See

vodafone.com/investor

for further information

about this service

ShareGift

We support ShareGift, the charity share donation

scheme (registered charity number 1052686).

Through ShareGift, shareholders who have only

a very small number of shares, which might be

considered uneconomic to sell, are able to donate

them to charity. Donated shares are aggregated

and sold by ShareGift, with the proceeds being

passed on to a wide range of UK charities.

See

sharegift.org

or call +44 (0)20 7930 3737

for further details

Warning to shareholders (‘boiler room’ scams)

Over recent years, we have become aware of

investors who have received unsolicited calls or

correspondence, in some cases purporting to have

been issued by us, concerning investment matters.

These callers typically make claims of highly

profitable investment opportunities that turn out

to be worthless or simply do not exist.

These approaches are usually made by

unauthorised companies and individuals and are

commonly known as ‘boiler room’ scams. Investors

are advised to be wary of any unsolicited advice or

offers to buy shares. If it sounds too good to be

true, it often is.

See the FCA website at

fca.org.uk/scamsmart

for more

detailed information about this or similar activities

Dividends

Read more on the dividend amount per share on

pages

29

and

153

.

Euro dividends

Dividends are declared in euros to align with the

functional currency of the Company, and paid in

euros and pounds sterling according to where the

shareholder is resident. Cash dividends to ADS

holders are paid by the ADS depositary bank in US

dollars. The foreign exchange rates at which

dividends declared in euros are converted into

pounds sterling and US dollars are calculated

based on the average exchange rate of the five

business days during the week prior to the

payment of the dividend.

Payment of dividends by direct credit

We pay cash dividends directly to shareholders’

bank or building society accounts. This ensures

secure delivery and means dividend payments are

credited to shareholders’ designated accounts on

the same day payment is made. For ordinary

shareholders, a dividend confirmation covering

both the interim and final dividends paid during

the financial year is sent to shareholders at the

time of the interim dividend in February.

Dividend reinvestment plan

We offer a dividend reinvestment plan which

allows holders of ordinary shares who choose to

participate to use their cash dividends to acquire

additional shares in the Company. These are

purchased on their behalf by the plan

administrator, Equiniti, through a low-cost dealing

arrangement. For ADS holders, J.P. Morgan,

through its transfer agent, EQ Shareowner

Services, maintains the Global Invest Direct

Program, which is a direct purchase and sale plan

for depositary receipts with a dividend

reinvestment facility.

See

vodafone.com/dividends

for further information

about dividend payments

Taxation of dividends

See page

227

for details on dividend taxation.

Shareholders as at 31 March 2025

Number of ordinary shares held

Number of

accounts

% of total of

issued shares

1–1,000

18,831

0.02

1,001–5,000

8,744

0.08

5,001–50,000

3,778

0.18

50,001–100,000

253

0.07

100,001–500,000

413

0.38

More than 500,000

829

99.26

![](data:image/svg+xml;base64,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)

224

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Shareholder information

continued

Unaudited information

Major shareholders

As at 27 May 2025, J.P. Morgan, as custodian of our

ADR programme, held approximately 13.88% of

our ordinary shares of 2020/21 US cents each as

nominee. At this date, the total number of ADRs

outstanding was 343,981,910.

As at 27 May 2025, 1,132 holders of ordinary

shares had registered addresses in the United

States and held a total of approximately 0.01%

of the ordinary shares of the Company.

As at 31 March 2025, the following voting rights

and percentage interests in the ordinary share

capital of the Company, disclosable under the

Disclosure Guidance and Transparency Rule (‘DTR’)

5, had been notified to the Directors.

Shareholder

Voting rights

Shareholding

1

Emirates

Telecommunications

Group Company

PJSC (‘e&’)

3,944,743,685

15.009711%

BlackRock, Inc.

1,743,626,604

6.50%

Liberty Global plc

1,355,000,000

5.018300%

Norges Bank

803,179,853

3.0004%

Notes:

1.

The percentage of voting rights detailed above was calculated

at the time of the relevant disclosures made in accordance

with DTR 5.

2.

On 14 February 2025, e& and two of its affiliates reported a total

shareholding in Vodafone of 15.62% as of 11 February 2025 in a

Schedule 13D filing with the SEC’

The Company is not aware of any other changes

in the interests disclosed under DTR 5 between

31 March 2025 and 2 June 2025.

As far as the Company is aware, between 1 April

2022 and 3 June 2025, no shareholder held 3% or

more of the voting rights attributable to the

ordinary shares of the Company other than (i) J.P.

Morgan, as custodian of our ADR program and (ii)

e&, BlackRock, Inc., Liberty Global plc and Norges

Bank (as described above).

The rights attaching to the ordinary shares of the

Company held by these shareholders are identical

in all respects to the rights attaching to all the

ordinary shares of the Company. As at 3 June

2025, the Directors are not aware of any other

interest of 3% or more in the ordinary share capital

of the Company. The Company is not directly or

indirectly owned or controlled by any foreign

government or any other legal entity. There are no

arrangements known to the Company that could

result in a change of control of the Company.

Other information

Articles of Association and applicable

English law

The following description summarises certain

provisions of the Company’s Articles of Association

and applicable English law. This summary is

qualified in its entirety by reference to the

Companies Act 2006 and the Company’s Articles

of Association. The Company is a public limited

company under the laws of England and Wales.

The Company is registered in England and Wales

under the name Vodafone Group Public Limited

Company with the registration number 1833679.

Full details of where copies of the Articles of

Association can be obtained are detailed on page

226

under ‘Documents on display’.

All of the Company’s ordinary shares are fully paid.

Accordingly, no further contribution of capital may

be required by the Company from the holders of

such shares.

English law specifies that any alteration to the

Articles of Association must be approved by a

special resolution of the Company’s shareholders.

Articles of Association

The Company’s Articles of Association do not

specifically restrict the objects of the Company.

Directors

The Directors are empowered under the Articles of

Association to exercise all the powers of the

Company subject to any restrictions in the Articles

of Association, the Companies Act 2006 (as

defined in the Articles of Association) and any

special resolution.

Under the Company’s Articles of Association, a

Director cannot vote in respect of any proposal in

which the Director, or any person connected with

the Director, has a material interest other than by

virtue of the Director’s interest in the Company’s

shares or other securities. However, this restriction

on voting does not apply in certain circumstances

as set out in the Articles of Association.

The Directors are empowered to exercise all the

powers of the Company to borrow money, subject

to the limitation that the aggregate amount of all

liabilities and obligations of the Group outstanding

at any time shall not exceed an amount equal to

1.5 times the aggregate of the Group’s share

capital and reserves calculated in the manner

prescribed in the Articles of Association, unless

sanctioned by an ordinary resolution of the

Company’s shareholders.

Purchase of own shares

The Company can make market purchases of its

own shares or agree to do so in the future provided

it is duly authorised by its members in a general

meeting and subject to and in accordance with

section 701 of the Companies Act 2006. Such

authority was given at the 2024 AGM. The

Company will be seeking a renewal of its current

permission from shareholders to purchase up to

15% of its own shares at the 2025 AGM.

In March 2024, following a broad capital allocation

review and consideration of the investment profile

within the Group’s reshaped strategic footprint, we

announced the intention to commence a share

buyback programme following the sale of

Vodafone Spain to Zegona Communications Plc

and the opportunity for further share buybacks

following the sale of Vodafone Italy to Swisscom AG.

Between (i) 15 May 2024 and 6 August 2024, (ii) 7

August 2024 and 13 November 2024, (iii) 14

November 2024 and 23 January 2025 and (iv) 4

February 2025 and 19 May 2025, Vodafone

undertook non-discretionary share buyback

programmes with Morgan Stanley & Co.

International Plc, Goldman Sachs International,

Citigroup Global Markets Limited, and Goldman

Sachs International respectively following the sale

of Vodafone Spain to Zegona Communications Plc.

Following the completion of the sale of Vodafone

Italy to Swisscom AG on 31 December 2024, the

Board approved the launch of a further non-

discretionary share buyback programme of up to

€2 billion, split into quarterly rolling programmes.

As part of this, an initial €500 million share

buyback programme commenced on 20 May 2025

with Citigroup Global Markets Limited.

As at 27 May 2025, the Company has purchased

1,804,297,088 ordinary shares under those

programmes, which is below the number

permitted to be purchased by the Company

pursuant to the authority granted by the

shareholders at the 2024 AGM.

Directors are not required under the Company’s

Articles of Association to hold any shares of the

Company as a qualification to act as a Director,

although the Executive Directors are required to

under the Company’s Remuneration Policy.

At each AGM, all Directors who are to remain on

the Board, shall offer themselves for election or

re-election, as applicable, in accordance with the

Company’s Articles of Association and in the

interests of good corporate governance.

Read more on the Remuneration Policy on pages

107–112

![](data:image/svg+xml;base64,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)

Vodafone Group Plc

Annual Report 2025

225

Strategic report

Governance

Financials

Other information

Shareholder information

continued

Unaudited information

Rights attaching to the Company’s shares

At 31 March 2025, the issued share capital and

percentage of total share capital represented by

each share class of the Company was as follows.

Number

Percentage

Preference shares

50,000

0.0002%

Ordinary shares

(excluding treasury

shares)

24,965,472,590

94.6080%

Treasury shares

1,422,813,312

5.3918%

Ordinary shares

(total)

26,388,285,902

99.9998%

Total shares

(preference and

ordinary)

26,388,335,902

100.0000%

Dividend rights

Holders of 7% cumulative fixed rate shares are

entitled to be paid in respect of each financial year,

or other accounting period of the Company, a fixed

cumulative preferential dividend of 7% p.a. on the

nominal value of the fixed rate shares. A fixed

cumulative preferential dividend may only be paid

out of available distributable profits that the

Directors have resolved should be distributed.

The fixed rate shares do not have any other right

to share in the Company’s profits.

Holders of the Company’s ordinary shares may, by

ordinary resolution, declare dividends but may not

declare dividends in excess of the amount

recommended by the Directors. The Board of

Directors may also pay interim dividends. No

dividend may be paid other than out of profits

available for distribution.

Dividends on ordinary shares can be paid to

shareholders in whichever currency the Directors

decide, using an appropriate exchange rate for any

currency conversions that are required.

If a dividend has not been claimed for one year

after the date of the resolution passed at a general

meeting declaring that dividend or the resolution

of the Directors providing for payment of that

dividend, the Directors may invest the dividend or

use it in some other way for the benefit of the

Company until the dividend is claimed. If the

dividend remains unclaimed for 12 years after the

relevant resolution either declaring that dividend

or providing for payment of that dividend, it will be

forfeited and belong to the Company.

Voting rights

At a general meeting of the Company, when voting

on substantive resolutions (i.e. any resolution that

is not a procedural resolution) each shareholder

who is entitled to vote and is present in person or

by proxy has one vote for every share held (a poll

vote). Procedural resolutions (such as a resolution

to adjourn a general meeting or a resolution on the

choice of Chair of a general meeting) shall be

decided on a show of hands, where each

shareholder who is present at the meeting has one

vote regardless of the number of shares held,

unless a poll is demanded.

Shareholders entitled to vote at general meetings

may appoint proxies who are entitled to vote, attend

and speak at general meetings. Two shareholders

present in person or by proxy constitute a quorum

for purposes of a general meeting of the Company.

Under English law, shareholders of a public

company such as the Company are not permitted

to pass resolutions by written consent. Record

holders of the Company’s ADSs are entitled to

attend, speak and vote on a poll or a show of hands

at any general meeting of the Company’s

shareholders by the depositary’s appointment of

them as corporate representatives or proxies with

respect to the underlying ordinary shares

represented by their ADSs. Alternatively, holders of

ADSs are entitled to vote by supplying their voting

instructions to the depositary or its nominee who

will vote the ordinary shares underlying their ADSs

in accordance with their instructions.

Holders of the Company’s ADSs are entitled to

receive notices of shareholders’ meetings under

the terms of the deposit agreement relating to

the ADSs.

Employees who hold vested shares in an

EquatePlus account are able to vote by submitting

instructions online through the EquatePlus

platform. Note there are two vested share

accounts with Computershare (SPA, in respect

of shares arising from a SAYE exercise, and

MyShareBank, in respect of vested shares from

the Global Incentive Plan).

Holders of the Company’s 7% cumulative fixed rate

shares are only entitled to vote on any resolution

to vary or abrogate the rights attached to the fixed

rate shares. Holders have one vote for every fully

paid 7% cumulative fixed rate share.

Liquidation rights

In the event of the liquidation of the Company,

after payment of all liabilities and deductions in

accordance with English law, the holders of the

Company’s 7% cumulative fixed rate shares would

be entitled to a sum equal to the capital paid up on

such shares, together with certain dividend

payments, in priority to holders of the Company’s

ordinary shares. The holders of the fixed rate

shares do not have any other right to share in the

Company’s surplus assets.

Pre-emptive rights and new issues of shares

Under section 549 of the Companies Act 2006

Directors are, with certain exceptions, unable to

allot the Company’s ordinary shares or securities

convertible into the Company’s ordinary shares

without the authority of the shareholders in a

general meeting. In addition, section 561 of the

Companies Act 2006 imposes further restrictions

on the issue of equity securities (as defined in the

Companies Act 2006 which includes the

Company’s ordinary shares and securities

convertible into ordinary shares) that are, or are to

be, paid up wholly in cash and not first offered to

existing shareholders. The Company’s Articles of

Association allow shareholders to authorise

Directors for a period specified in the relevant

resolution to allot (i) relevant securities generally

up to an amount fixed by the shareholders and (ii)

equity securities for cash other than in connection

with a pre-emptive offer up to an amount specified

by the shareholders and free of the pre-emption

restriction in section 561. At the 2024 AGM the

amount of relevant securities fixed by shareholders

under (i) above and the amount of equity securities

specified by shareholders under (ii) above were

in line with the Pre-Emption Group’s Statement

of Principles.

See

vodafone.com/agm

for further details of such

proposals provided in the 2025 Notice of AGM

Disclosure of interests in the

Company’s shares

There are no provisions in the Articles of

Association whereby persons acquiring, holding or

disposing of a certain percentage of the

Company’s shares are required to make disclosure

of their ownership percentage, although such

requirements exist under the DTRs.

General meetings and notices

Subject to the Articles of Association, AGMs are

held at such times and places as determined by

the Directors of the Company. The Directors may

also, when they see fit, convene other general

meetings of the Company. General meetings may

also be convened on requisition as provided by

the Companies Act 2006.

An AGM is required to be called on no less than

21 days’ notice in writing. Subject to obtaining

shareholder approval on an annual basis, the

Company may call other general meetings on

14 days’ notice. The Directors may determine that

persons entitled to receive notices of meetings are

those persons entered on the register at the close

of business on a day determined by the Directors,

but no later than 21 days before the date the

relevant notice is sent. The notice may also specify

the record date, the time of which shall be

determined in accordance with the Articles of

Association and the Companies Act 2006.

Under section 336 of the Companies Act 2006, the

AGM must be held each calendar year and within

six months of the Company’s year end.

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226

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Shareholder information

continued

Unaudited information

Variation of rights

If at any time the Company’s share capital is

divided into different classes of shares, the rights

attached to any class may be varied, subject to the

provisions of the Companies Act 2006, either with

the consent in writing of the holders of three

quarters in nominal value of the shares of that

class or at a separate meeting of the holders of the

shares of that class.

At every such separate meeting all of the

provisions of the Articles of Association relating to

proceedings at a general meeting apply, except

that (i) the quorum is to be the number of persons

(which must be at least two) who hold or represent

by proxy no less than one third in nominal value of

the issued shares of the class, or if such quorum is

not present at an adjourned meeting, one person

who holds shares of the class regardless of the

number of shares he holds; (ii) any person present

in person or by proxy may demand a poll; and (iii)

each shareholder will have one vote per share held

in that particular class in the event a poll is taken.

Class rights are deemed not to have been varied by

the creation or issue of new shares ranking equally,

with, or subsequent to that class of shares in

sharing in profits or assets of the Company or

by a redemption or repurchase of the shares by

the Company.

Limitations on transfer, voting and

shareholding

As far as the Company is aware there are no

limitations imposed on the transfer, holding or

voting of the Company’s ordinary shares other

than those limitations that would generally apply

to all of the shareholders, which apply by law (e.g.

due to insider dealing rules) or those that apply as

a result of failure to comply with a notice under

section 793 of the Companies Act 2006.

No shareholder has any securities carrying special

rights with regard to control of the Company. The

Company is not aware of any agreements between

holders of securities that may result in restrictions

on the transfer of securities.

Documents on display

The Company is subject to the information

requirements of the Exchange Act applicable to

foreign private issuers. In accordance with these

requirements, the Company files its Annual Report

on Form 20-F and other related documents with

the US Securities and Exchange Commission (the

‘SEC’). These documents may be inspected at the

SEC’s public reference rooms located at 100 F

Street, NE Washington, DC 20549. Information on

the operation of the public reference rooms can be

obtained in the United States by calling the SEC on

+1-800-SEC-0330. In addition, some of the

Company’s SEC filings, including all those filed on

or after 4 November 2002, are available on

the SEC’s website at sec.gov.

Click to download a copy of the

Company’s Articles

of Association

. Copies can also be obtained from

the Company’s registered office

Material contracts

At the date of this Annual Report, the Group is not

party to any contracts that are considered material

to its results or operations except for:

–

its EUR 3,840,000,000 (as increased to EUR

4,050,000,000) and USD 3,935,000,000 (as

increased to USD 4,004,000,000) revolving

credit facilities which are discussed in note 21

‘Borrowings’ to the consolidated statements;

–

the Implementation Agreement dated 20 March

2017, as amended, relating to the combination

of the Indian mobile telecommunications

businesses of Vodafone Group and Idea

Group as detailed in note 27 ‘Acquisitions and

disposals’ to the consolidated financial

statements;

–

the Relationship Agreement entered into with

Emirates Telecommunications Group Company

PJSC (‘e&’) on 11 May 2023, relating to (i) the

proposed appointment of up to two individuals

nominated by e& as non-executive directors to

the Board of Vodafone Group Plc and (ii) the

ongoing relationship between e& and

the Company.

–

the Contribution Agreement dated 14 June

2023 as amended on 31 May 2025 between

Brilliant Design (BVI) Limited (formerly known

as Brilliant Design Limited), CK Hutchison Group

Telecom Holdings Limited, CK Hutchison

Holdings Limited, Vodafone International

Operations Limited and Vodafone UK Trading

Holdings Limited relating to the merger of

Vodafone UK and Three UK, and associated

service agreements; and

–

the Shareholder Agreement dated 31 May 2025

between Vodafone International Operations

Limited, Vodafone Group Plc, Brilliant Design

(BVI) Limited, CK Hutchison Group Telecom

Holdings Limited and Vodafone UK Trading

Holdings Limited relating to the merger of

Vodafone UK and Three UK.

Exchange controls

There are no UK Government laws, decrees or

regulations that restrict or affect the export or

import of capital including, but not limited to,

foreign exchange controls on remittance of

dividends on the ordinary shares or on the conduct

of the Group’s operations.

Taxation

As tax is a complex area, investors should consult

their own tax adviser regarding the US federal,

state and local, the UK and other tax

consequences of owning and disposing of shares

and ADSs in their particular circumstances.

This section describes, primarily for a US holder (as

defined below), in general terms, the principal US

federal income tax and UK tax consequences of

owning or disposing of shares or ADSs in the

Company held as capital assets (for US and UK tax

purposes). This section does not, however, cover

the tax consequences for members of certain

classes of holders subject to special rules

including, for example, US expatriates and former

long-term residents of the United States; officers

and employees of the Company; holders that,

directly, indirectly or by attribution, hold 5% or

more of the Company’s stock (by vote or value);

financial institutions; insurance companies;

individual retirement accounts and other

tax-deferred accounts; tax-exempt organisations;

dealers in securities or currencies; investors that

will hold shares or ADSs as part of straddles,

hedging transactions or conversion transactions

for US federal income tax purposes; investors

holding shares or ADSs in connection with a trade

or business conducted outside of the US; or US

holders whose functional currency is not the

US dollar.

![](data:image/svg+xml;base64,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)

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Annual Report 2025

227

Strategic report

Governance

Financials

Other information

Shareholder information

continued

Unaudited information

A US holder is a beneficial owner of shares or ADSs

that is for US federal income tax purposes:

–

an individual citizen or resident of the United

States;

–

a US domestic corporation;

–

an estate, the income of which is subject to US

federal income tax regardless of its source; or

–

a trust, if a US court can exercise primary

supervision over the trust’s administration and

one or more US persons are authorised to

control all substantial decisions of the trust,

or the trust has validly elected to be treated

as a domestic trust for US federal income

tax purposes.

If an entity or arrangement treated as a partnership

for US federal income tax purposes holds the

shares or ADSs, the US federal income

tax treatment of a partner in such partnership will

generally depend on the status of the partner and

the tax treatment of the partnership. Holders that

are entities or arrangements treated as

partnerships for US federal income tax purposes

should consult their tax advisers concerning the

US federal income tax consequences to them and

their partners of the ownership and disposition

of shares or ADSs by the partnership.

This section is based on the US Internal Revenue

Code of 1986, as amended, its legislative history,

existing and proposed regulations thereunder,

published rulings and court decisions, and on the

tax laws of the UK, the Double Taxation Convention

between the United States and the UK (the ‘treaty’)

and current HM Revenue and Customs (‘HMRC’)

practice, all as of the date hereof. These laws and

such practice are subject to change, possibly on a

retroactive basis.

This section is further based in part upon the

representations of the depositary and assumes

that each obligation in the deposit agreement and

any related agreement will be performed in

accordance with its terms.

For the purposes of the treaty and the US-UK

double taxation convention relating to estate and

gift taxes (the ‘Estate Tax Convention’), and for US

federal income tax and UK tax purposes, this

section is based on the assumption that a holder

of ADRs evidencing ADSs will generally be treated

as the owner of the shares in the Company

represented by those ADRs. Investors should note

that a ruling by the first-tier tax tribunal in the UK

has cast doubt on this view, but HMRC have stated

that they will continue to apply their long-standing

practice of regarding the holder of such ADRs as

holding the beneficial interest in the underlying

shares. Similarly, the US Treasury has expressed

concern that US holders of depositary receipts

(such as holders of ADRs representing our ADSs)

may be claiming foreign tax credits in situations

where an intermediary in the chain of ownership

between such holders and the issuer of the

security underlying the depositary receipts, or a

party to whom depositary receipts or deposited

shares are delivered by the depositary prior to

the receipt by the depositary of the corresponding

securities, has taken actions inconsistent with the

ownership of the underlying security by

the person claiming the credit, such as a

disposition of such security. Such actions may

also be inconsistent with the claiming of the

reduced tax rates that may be applicable to certain

dividends received by certain non-corporate

holders, as described below. Accordingly, (i) the

creditability of any UK taxes and (ii) the availability

of the reduced tax rates for any dividends received

by certain non-corporate US holders, each as

described below, could be affected by actions

taken by such parties or intermediaries. Generally,

exchanges of shares for ADRs and ADRs for shares

will not be subject to US federal income tax or to

UK tax other than stamp duty or stamp duty

reserve tax.

Taxation of dividends

UK taxation

Under current UK law, there is no requirement to

withhold tax from the dividends that we pay.

Shareholders who are within the charge to UK

corporation tax will be subject to corporation tax

on the dividends we pay unless the dividends fall

within an exempt class and certain other

conditions are met. It is expected that the

dividends we pay would generally be exempt.

Individual shareholders in the Company who are

resident in the UK will be subject to the income tax

on the dividends we pay. Dividends will be taxable

in the UK at the dividend rates applicable

(currently up to 39.35%) where the income

received in a single tax year is above the dividend

allowance (currently £500) which is taxed at a nil

rate. Dividend income is treated as the highest

part of an individual shareholder’s income and the

dividend allowance will count towards the basic or

higher rate limits (as applicable) which may affect

the rate of tax due on any dividend income in

excess of the allowance.

US federal income taxation

Subject to the passive foreign investment

company (‘PFIC’) rules described below, a US

holder is subject to US federal income taxation

on the gross amount of any dividend we pay out of

our current or accumulated earnings and profits

(as determined for US federal income tax

purposes). Distributions in excess of current and

accumulated earnings and profits will be treated as

a non-taxable return of capital to the extent of

the US holder’s basis in the shares or ADSs and

thereafter as capital gain.

However, the Company does not maintain

calculations of its earnings and profits in

accordance with US federal income tax accounting

principles. US holders should therefore assume

that any distribution by the Company with respect

to shares will be reported as ordinary dividend

income. Dividends paid to a non-corporate US

holder will be taxable to the holder at the reduced

rate normally applicable to long-term capital gains

provided that certain requirements are met.

Dividends must be included in income when the

US holder, in the case of shares, or the depositary,

in the case of ADSs, actually or constructively

receives the dividend and will not be eligible for

the dividends-received deduction generally

allowed to US corporations in respect of dividends

received from other US corporations.

The amount of the dividend distribution to be

included in income will be the US dollar value of

the pound sterling or euro payments made

determined at the spot pound sterling/US dollar

rate or the spot euro/US dollar rate, as applicable,

on the date the dividends are received

by the US holder, in the case of shares, or the

depositary, in the case of ADSs, regardless of

whether the payment is in fact converted into

US dollars at that time. If dividends received in

pounds sterling or euros are converted into US

dollars on the day they are received, the US holder

generally will not be required to recognise any

foreign currency gain or loss in respect of the

dividend income.

Where UK tax is payable on any dividends received,

a US holder may be entitled, subject to certain

limitations, to a foreign tax credit in respect of

such taxes.

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228

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Shareholder information

continued

Unaudited information

Taxation of capital gains

UK taxation

A US holder that is not resident in the UK will

generally not be liable for UK tax in respect of any

capital gain realised on a disposal of our shares

or ADSs.

However, a US holder may be liable for both UK

and US tax in respect of a gain on the disposal of

our shares or ADSs if the US holder:

–

is a citizen of the US and is resident in the UK;

–

is an individual who realises such a gain during a

period of ‘temporary non-residence’ (broadly,

where the individual becomes resident in the

UK, having ceased to be so resident for a period

of five years or less, and was resident in the UK

for at least four out of the seven tax years

immediately preceding the year of departure

from the UK);

–

is a US domestic corporation resident in the UK

by reason of being centrally managed and

controlled in the UK; or

–

is a citizen or a resident of the United States, or a

US domestic corporation, that has used, held or

acquired the shares or ADSs in connection with

a branch, agency or permanent establishment in

the UK through which it carries on a trade,

profession or vocation in the UK.

In such circumstances, relief from double taxation

may be available under the treaty. Holders who

may fall within one of the above categories should

consult their professional advisers.

US federal income taxation

Subject to the PFIC rules described below, a US

holder that sells or otherwise disposes of our

shares or ADSs generally will recognise a capital

gain or loss for US federal income tax purposes

equal to the difference, if any, between the

US dollar value of the amount realised and the

holder’s adjusted tax basis, determined in US

dollars, in the shares or ADSs. This capital gain or

loss will be a long-term capital gain or loss if the

US holder’s holding period in the shares or ADSs

exceeds one year.

The gain or loss will generally be income or loss

from sources within the United States for foreign

tax credit limitation purposes. The deductibility

of losses is subject to limitations.

Additional tax considerations

UK inheritance tax

An individual who is domiciled in the United States

(for the purposes of the Estate Tax Convention)

and is not a UK national will not be subject to UK

inheritance tax in respect of our shares or ADSs on

the individual’s death or on a transfer of the shares

or ADSs during the individual’s lifetime, provided

that any applicable US federal gift or estate tax is

paid, unless the shares or ADSs are part of the

business property of a UK permanent

establishment or pertain to a UK fixed base used

for the performance of independent personal

services. Where the shares or ADSs have been

placed in trust by a settlor they may be subject to

UK inheritance tax unless, when the trust was

created, the settlor was domiciled in the

United States and was not a UK national. Where

the shares or ADSs are subject to both UK

inheritance tax and to US federal gift or estate

tax, the estate tax convention generally provides a

credit against US federal tax liabilities for UK

inheritance tax paid. The above description does

not take into account any change in law or practice

that may arise from proposed changes announced

by the UK government on 30 October 2024 to the

taxation of non-UK domiciled individuals, and

specific professional advice should be sought on

this matter if relevant.

UK stamp duty and stamp duty reserve tax

Stamp duty will, subject to certain exceptions, be

payable on any instrument transferring our shares

to the custodian of the depositary at the rate of

1.5% on the amount or value of the consideration

if on sale or on the value of such shares if not on

sale. Stamp duty reserve tax (‘SDRT’), at the rate of

1.5% of the amount or value of the consideration

or the value of the shares, could also be payable in

these circumstances but no SDRT will be payable if

stamp duty equal to such SDRT liability is paid.

However, such transfers will not attract stamp duty

or SDRT where they satisfy the conditions of an

exemption, including exemptions which can apply

to certain capital raising or qualifying listing

arrangements. Specific professional advice should

be sought before paying a 1.5% SDRT or stamp

duty charge in any circumstances.

No stamp duty should in practice be required to be

paid on any transfer of our ADSs provided that the

ADSs and any separate instrument of transfer are

executed and retained at all times outside the UK.

A transfer of our shares in registered form will

attract ad valorem stamp duty generally at the rate

of 0.5% of the purchase price of the shares. There

is no charge to ad valorem stamp duty on gifts.

SDRT is generally payable on an unconditional

agreement to transfer our shares in registered form

at 0.5% of the amount or value of the consideration

for the transfer, but if, within six years of the date of

the agreement, an instrument transferring the

shares is executed and stamped, any SDRT which

has been paid would be repayable or, if the SDRT

has not been paid, the liability to pay the tax (but not

necessarily interest and penalties) would be

cancelled. However, an agreement to transfer our

ADSs will not give rise to SDRT.

PFIC rules

We do not believe that our shares or ADSs will be

stock of a PFIC for US federal income tax purposes

for our current taxable year or the foreseeable

future. This conclusion is a factual determination

that is made annually and thus is subject to

change. If we are a PFIC, US holders of shares

would be required (i) to pay a special US addition

to tax on certain distributions and (ii) any gain

realised on the sale or other disposition of the

shares or ADSs would in general not

be treated as a capital gain unless a US holder

elects to be taxed annually on a mark-to-market

basis with respect to the shares or ADSs.

Otherwise a US holder would be treated as if he or

she has realised such gain and certain ‘excess

distributions’ rateably over the holding period for

the shares or ADSs and would be taxed at the

highest tax rate in effect for each such year to

which the gain was allocated. An interest charge in

respect of the tax attributable to each such

preceding year beginning with the first such year

in which our shares or ADSs were treated as stock

in a PFIC would also apply. In addition, dividends

received from us would not be eligible for the

reduced rate of tax described above under

‘Taxation of dividends – US federal income taxation’.

Back-up withholding and information reporting

Payments of dividends and other proceeds to

a US holder with respect to shares or ADSs, by

a US paying agent or other US intermediary will

be reported to the Internal Revenue Service and to

the US holder as may be required under applicable

regulations. Back-up withholding may apply to

these payments if the US holder fails to provide

an accurate taxpayer identification number or

certification of exempt status or fails to comply

with applicable certification requirements.

Certain US holders are not subject to back-up

withholding. US holders should consult their tax

advisers about these rules and any other reporting

obligations that may apply to the ownership or

disposition of shares or ADSs, including

requirements related to the holding of certain

foreign financial assets.

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Strategic report

Governance

Financials

Other information

History and development

Unaudited information

The Company was incorporated under English

law in 1984 as Racal Strategic Radio Limited

(registered number 1833679). After various name

changes, 20% of Racal Telecom Plc share capital

was offered to the public in October 1988. The

Company was fully demerged from Racal

Electronics Plc and became an independent

company in September 1991 at which time

it changed its name to Vodafone Group Plc.

Since then we have entered into various

transactions which impacted the development of

the Group. The most significant in the year ended

31 March 2025 are summarised below.

–

On 31 May 2024, after receiving the final

approval from the Spanish authorities on

14 May 2024, the sale of Vodafone Holdings

Europe, S.L.U. (‘Vodafone Spain’) to Zegona

Communications plc (‘Zegona’) completed

for €4.1 billion in cash and €0.9 billion in the

form of redeemable preference shares. On

15th May 2024, Vodafone commenced an initial

€500 million share buyback programme as

part of the plans to return €2.0 billion over

12 month following.

–

On 3 July 2024 Vodafone UK and Virgin Media

agreed to extend and enhance their existing

mobile network sharing agreement for more

than a decade, bolstering quality mobile

coverage across the country and delivering

improved services for customers.

–

On 5 December 2024, following the previous

announcement on 14 June 2023 of the

combination of Vodafone Group and CK

Hutchison Group Telecom Holdings Limited

(‘CKHGT’) UK telecommunication businesses,

respectively Vodafone UK and Three UK (the

‘Transaction’), after 18 months of detailed and

thorough analysis, the UK’s Competition and

Markets Authority (‘CMA’) approved the

combination of Vodafone UK and Three UK.

On 29 July 2024, Vodafone confirmed that the

Transaction was classified as a significant

transaction and Vodafone shareholder approval

was no longer required. On 30 September 2024,

Vodafone UK and Three UK responded to the

CMA’s Notice of Possible Remedies.

–

On 2 January 2025 Vodafone Group Plc

(‘Vodafone’) announced that it completed the

sale of its Italian operations (‘Vodafone Italy’) to

Swisscom AG (‘Swisscom’) for €7.9 billion in

cash. The transaction valued Vodafone Italy at a

multiple of 7.6x consensus Adjusted EBITDAaL

and c.26x OpFCF for FY24, representing a

premium to the Group’s trading multiple and the

highest OpFCF multiple of any Vodafone market

transaction in the last 10 years. As part of the

transaction, Vodafone and Swisscom entered

into an agreement whereby Vodafone will

continue to provide certain services to Vodafone

Italy for a period of up to five years post deal

completion. Proceeds from this sale will be used

to reduce Vodafone Group net debt and the

Board will target to return to shareholders up

to €2.0 billion, as already expressed in the

announcement of the transaction dated

15 March 2024, once the current buyback

programme has completed.

–

On 10 January 2025, further to the

announcements on 4 December 2024 and 19

June 2024, Vodafone Group Plc (‘Vodafone’)

announces that it has successfully completed

the placing of its remaining 79.2 million shares

in Indus Towers Limited (‘Indus’) representing

the remaining 3.0% of Indus’ outstanding share

capital through an accelerated book build

offering (the ‘Placing’) on 5 December 2024.

–

Subsequent event: On 31 May 2025, Vodafone

UK completed it’s merger with Three UK.

Click here to view a simplified holding structure for

the Vodafone Group:

investors.vodafone.com/

VodafoneGroupHoldingStructure

Read more in our financial statements, note 12

‘Investments in associate and joint arrangements’

Regulation

Unaudited information

Introduction

Our operating companies are generally subject

to regulation governing their business activities.

Such regulation typically takes the form of

industry-specific law and regulation covering

telecommunications services and general

competition (anti-trust) law applicable to all

activities. The following section describes the

regulatory frameworks and the key regulatory

developments at national and regional levels and

in the European Union (‘EU’), where we had

significant interests during the period ended

31 March 2025. Many of the regulatory

developments reported in the following section

involve ongoing proceedings or consideration of

potential proceedings that have not reached a

conclusion. Accordingly, we are unable to attach a

specific level of financial risk to our performance

from such matters.

EU

In June 2024, EU citizens were called upon to elect

the new European Parliament. This also resulted in

a pause for new legislation. With the start of the

new Commission, in December 2024, a new

legislative cycle began.

Telecommunications regulation

In February 2024, the European Commission (‘EC’)

adopted a digital connectivity package aimed at

fostering innovation, security and resilience of

digital infrastructures. The package includes (i) a

White Paper on ‘How to master Europe’s digital

infrastructure needs?’, and (ii) a Recommendation

on the security and resilience of submarine cable

infrastructures. A public consultation on the White

Paper ran until 30 June 2024. The contributions to

the White Paper will inform the work of the new EC,

which is expected to propose a revision of the

telecommunications framework by the end

of 2025.

Supporting the EC’s work, reports by Enrico Letta

and Mario Draghi considering the EU Single Market

and European Competitiveness, were published in

April and September 2024 respectively. These

reports push for an urgent overhaul of the sectoral

regulatory framework. Draghi’s report not only

endorses the European Commission’s telecoms

problem statement but elevates telecom as a top

priority for the upcoming mandate, suggesting an

EU Telecoms Act as a key framework overhaul.

Letta’s conclusions advocate for an updated EU

single market to secure Europe’s economic

resilience. These reports provide political guidance

and will feed into the work of the new EC.

Additionally, on 11 February 2025 the European

Commission published its Work Programme for

2025, which builds on its Competitiveness

Compass, published on 29 January 2025. The

Competitiveness Compass outlined the

Commission’s strategy through 2029, to achieve

EU’s competitiveness, economic security and

industrial decarbonisation, while the Work

Programme focuses on the immediate initiatives

for 2025. Key priorities for Vodafone from both

documents include (i) the Digital Networks Act,

scheduled for presentation in late 2025, which

aims, inter alia, at improving market incentives to

build the digital networks of the future, at creating

an integrated Single market for connectivity, and a

more coordinated EU spectrum policy, and (ii) the

revision of the Horizontal Merger Guidelines, which

currently does not have a set publication date. This

revision is set to ensure that companies can scale

up in global markets and that innovation, resilience

and the investment intensity of competition in

certain strategic sectors are given adequate

weight in light of the EU economy’s acute need.

Other relevant initiatives include, the Apply AI

Strategy, the 28th regime, the New State Aid

Framework, the Single Market Strategy, the Digital

package, and the several Omnibus packages on

sustainability, investment simplification

and defence.

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230

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Strategic report

Governance

Financials

Other information

Regulation

continued

Unaudited information

On infrastructure deployment, the Gigabit

Infrastructure Act (‘GIA’), revising the 2014

Broadband Cost Reduction Directive, was adopted

by the co-legislators at the end of April 2024. As

part of this, legislators agreed to prolong the current

caps on retail surcharges until 2029. Full abolition of

retail surcharges from 2029 onwards is conditional

on (i) an EC review/impact assessment by 2027 and

(ii) an EC implementing act on fair use provisions by

2028. Otherwise, the caps will expire in 2032.

On roaming, in 2023, the EU-Ukraine Association

Committee in Trade Configuration and the

EU-Moldova Association Committee in Trade

Configuration separately adopted decisions to apply

EU ‘roam like at home’, intra-EU communication

provisions and EU fixed termination rates (‘FTR’), and

mobile termination rates (‘MTR’, only Ukraine)

between the EU and Ukraine/the EU and Moldova.

Ukraine has notified its transposition of EU telecom

law to the Commission in December 2024. The

Commission is now in the process of confirming

Ukraine’s correct implementation and triggering a

Council decision. As final step, the trade committee

under the EU-Ukraine Association Agreement

needs to sign off Ukraine’s internal market

treatment. The timeline is uncertain due to the

novelty of the procedure, but it is anticipated to

conclude by July 2025 when the voluntary industry

agreement on connectivity support of Ukraine

expires. The timeframe for transposition by Moldova

is one year for intra-EU communications and two

years for roaming and MTR/FTR after

implementation of the decision.

On wholesale termination rates, in December

2024, the Commission published its mobile cost

model study results, which will inform this year’s

review of EU wholesale roaming and mobile

termination rates. The study does not prejudge any

future policy decisions by the Commission

including on the regulated rates which will

consider further inputs and market considerations.

The cost model study will feed into BEREC’s

opinion on the roaming review (expected Q1 2025)

and into the EC review of the roaming regulation

(due mid-2025) and the MTR regulation (end-

2025). However, the Commission might decide to

not proceed with an update of the Roaming

Regulation before mid-2027.

On network security, the final compromise text of

the Cyber Resilience Act (‘CRA’) was published in

the Official Journal of the European Union on

20 November 2024. The CRA introduces horizontal

cybersecurity requirements for products with

digital elements and associated services that are

placed on the European single market. Products in

scope will be subject to conformity assessment.

Highly critical products will be subject to European

cybersecurity certification schemes.

Digital platform regulation

The Digital Markets Act (‘DMA’) became fully

enforceable in March 2024 and enforcement

proceedings are now underway. Currently, seven

companies are designated as Gatekeepers under

the DMA, and are therefore required to take steps

to comply with the regulation and evidencing this

in the form of a report to be audited by the EC.

Upon entry into force, the EC immediately

launched investigations into three Gatekeepers for

possible non-compliance with their obligations

under the DMA: Apple, Alphabet/Google, and

Meta. These investigations focus inter alia on

conditions and charges for developers within the

Apple and the Google platform environment.

Within 12 months from the launch of the

investigations, the companies under investigation

will receive preliminary findings from the EC that

they (and other stakeholders) can respond to. The

EC will then make a final decision. Gatekeepers will

have two months to appeal to the EU courts if they

disagree with the findings of the final decision,

otherwise they must comply.

The Digital Services Act (‘DSA’) became fully

enforceable in February 2024. Since then, online

platforms and other intermediaries have been

subject to new and updated rules on content

moderation and due diligence. The EC has also

now designated 20 firms as Very Large Online

Platforms (‘VLOPS’), with additional obligations

and subject to its direct supervision. The EC has

opened enforcement proceedings into a number

of VLOPs including Meta, TikTok and X.

The AI Act entered into force on 1 August 2024.

Enforcement will take place over a two-year time

scale, starting with the prohibited AI systems from

2 February 2025 and concluding with the rules for

high-risk AI systems by August 2026. Vodafone has

signed a voluntary AI Pact, which launched in

September 2024, allowing companies to assess

their compliance with the Act by adhering to

several baseline commitments.

Sustainability regulation

The EC’s first two Omnibus were published on

26 February 2025: (1) Omnibus on Sustainable

Reporting Obligations, and (2) Omnibus to simplify

InvestEU. The first Omnibus aims to streamline and

simplify corporate sustainability rules, by

consolidating reporting obligations across the

Corporate Sustainability Reporting Directive

(‘CSRD’), the Corporate Sustainability Due

Diligence Directive (‘CSDDD’), the Carbon Border

Adjustment Mechanism (‘CBAM’) and the EU

Taxonomy, thus reducing compliance burdens

while addressing concerns over Europe’s economic

competitiveness and regulatory complexity.

The second Omnibus aims to enhance the

InvestEU programme’s risk-bearing capacity,

mobilising up to €50 billion in public and private

investment, particularly in clean tech, clean

mobility, and waste reduction. It also includes the

creation of a new Industrial Decarbonisation Bank

with €100 billion in funding, linked to the Clean

Industrial Deal’s pillar for investment.

On 26 February 2025, the EC launched the Clean

Industrial Deal (‘CID’), a proposed policy package

aimed at supporting European industries in

transitioning to a carbon-neutral economy while

maintaining global competitiveness. This

framework will include legislative and non-

legislative initiatives, for example, the

Decarbonisation Accelerator Act will address,

inter alia, clean energy, funding and investment.

On the same day, the EC launched Action Plan for

Affordable Energy, which sits as a cornerstone in

the CID.

The Ecodesign for Sustainable Products

Regulation (‘ESPR’) establishes ecodesign

requirements for placing mobile phones, cordless

phones and slate tablets on the market. The

Regulation entered into force on 18 July 2024.

Delegated acts will be set for different products

and material groups – a timetable is delayed due

to the new Commission mandate.

The Green Claims Directive, which was proposed

by the EC on 22 March 2023, aims at ensuring that

claims on the ‘green’ nature of products are

reliable, comparable and verifiable throughout the

EU. This has still not been adopted, with trilogues

between the EU Parliament and Council ongoing

since Q3 2024. The proposed directive will require

companies like Vodafone to substantiate the

voluntary green claims made in business-to-

consumer commercial practices.

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Vodafone Group Plc

Annual Report 2025

231

Strategic report

Governance

Financials

Other information

Regulation

continued

Unaudited information

Country specific

Germany

Licences for frequency allocations at 800MHz, parts

of 1800MHz, and 2600MHz will expire at the end of

2025. Vodafone Germany currently holds

allocations at 800MHz and 2600MHz. In

March 2025, the National Regulatory Authority

(‘NRA’) Bundesnetzagentur (‘BNetzA’) decided that

the existing licences will be extended by five years,

supplemented by a prolongation of the Vodafone

allocations at 1800 MHz by three years (2034 –

2036). The prolongation implies further coverage

obligations, for example, 99.5% area coverage,

additional household related obligations in remote

areas, as well as extended coverage of traffic routes.

In 2019, Vodafone acquired spectrum at 2.1GHz

and 3.6GHz. The spectrum allocation includes

coverage obligations which, depending on the

specifics of the obligation, have to be fulfilled by

end of either 2022 or 2024. All mobile network

operators have reported on time on the status of

obligation fulfilment, including given judicial or

factual circumstances hindering fulfilment. For the

2022 obligations, BNetzA assessed the reports,

including Vodafone’s, and informed Vodafone

about the results at the end of September 2023. As

a consequence, BNetzA has conducted an official

hearing with Vodafone on possible fines for a minor

number of cases of non-fulfilment but has not yet

issued a final decision. For the 2024 obligations,

BNetzA is currently assessing the reports.

In July 2022, BNetzA published the future access

regulation, which will apply to the access networks

of Deutsche Telekom. Under this new access

regulation, BNetzA has applied a lighter regulatory

approach in fibre networks than was previously

applied to Deutsche Telekom’s copper networks.

An important aspect of the BNetzA decision is

regulated access to ducts of Deutsche Telekom.

The complete operational implementation of the

new approach in regulated standard offers and

fees is still pending. In July 2024, BNetzA laid down

the fees for access to passive infrastructure held

by Deutsche Telekom, notably ducts.

United Kingdom

New Ofcom and Advertising Standards Agency

MCPR regulations came into force on 17 January

2025, requiring Vodafone to prominently explain

how prices will increase in pounds and pence

terms. Vodafone implemented these regulations

on time. Ofcom is expected to undertake a

monitoring review of implementation across

industry later this year.

Ofcom’s Telecom’s Access Review is now

underway. It is a far-reaching consultation that will

determine fixed wholesale market regulation for

business connectivity and broadband services in

the five years to April 2031. Ofcom have signalled

that they are keen to maintain market stability with

only modest changes anticipated.

Ofcom has confirmed that an auction of mmWave

spectrum will be held in September/October 2025.

It has additionally launched a review of annual

spectrum fees, with initial proposals suggesting an

annual reduction of around £10 million.

Vodacom: South Africa (‘SA’)

The NRA (‘ICASA’) has concluded its Review of the

Pro-competitive Conditions imposed on licensees

under the Call Termination Regulations and

published its findings document on 28 March

2022. ICASA gave notice on 26 May 2023 of the

Final Amendment to the Call Termination

Regulations. The final regulations were published

in the Government Gazette on 9 December 2024.

The first reduction in MTR and FTR will be effective

on 1 July 2025, with a further two reductions in

July 2026 and July 2027. Asymmetric MTRs for

existing mobile network operators will be removed

by July 2026, whilst new entrants will be entitled

to asymmetric MTRs and FTRs for three years post

entry. The NRA decided to undertake a separate

process on international call termination, which is

currently deregulated.

On 23 June 2023, the Department of

Communication and Digital Technology (‘DCDT’)

published proposed amendments to the Electronic

Communications Act (‘Bill’) for comment.

Vodacom SA submitted written comments on the

Bill on 31 August 2023. There have been no further

developments since the election of the new

Parliament and the establishment of the

Government of National Unity.

On 29 February 2024, the NRA published

draft amendments to the End-user and

Subscriber Service Charter (‘EUSSC’) Regulations

2016 for comment. These relate to bundle usage

sequencing and roll-over, and the transfer of

bundles (or portions thereof) of voice minutes,

SMS and data bundles. The NRA held a Public

Hearing on 1 and 2 October 2024. Vodacom is to

submit responses to questions following the

Public Hearings on 25 October 2024. The final

step in the process is the publications of the

Final Regulations.

The NRA has initiated an inquiry into a proposed

new Licensing Framework for Satellite Services

with the publication of a Discussion Document.

The deadline for public submissions was 12

November 2024. A public hearing was held on the

5, 6 and 7 February 2025. The NRA intends to (i)

develop a transparent regulatory framework with

clear rules to establish regulatory certainty for

potential investors; (ii) develop procedures for

authorising user-terminals operations in South

African territory; (iii) review spectrum fees, taking

also into account the increasing amount of

bandwidth used by satellite systems operating in

higher frequency bands, and; (iv) develop a

procedure for registration of international space

segment providers (including details of ITU

coordination status of the space segment) who

intend to provide a service either directly or

indirectly (through existing licensed operators) to

South African consumers.

The next step in the process is the publication of a

Findings document, followed by the publication of

Draft regulations and/or amendments, which will

be sent to the Radio Spectrum Regulations for

comment. The process will conclude with the

publication of Final regulations and/or

amendments to the Radio Spectrum Regulations.

The estimated date of publication is not yet known.

Other Europe: Ireland; Portugal; Romania;

Greece; Czech Republic; Albania

Spectrum

In Portugal, Vodafone Portugal continues to

appeal against certain aspects of the conditions for

the 5G auction, which concluded in November

2021, claiming the conditions between new

entrants and mobile network operators were

discriminatory. Legal proceedings are still ongoing,

with no expected date of conclusion, and the

rights of use remain in place in the meantime.

In Albania, the NRA (‘AKEP’) launched spectrum

auctions, which took place on 17 and 24 October

2024. The NRA auctioned a quantity of 280 MHz of

spectrum. Vodafone Albania (‘VFAL’) and One each

won a quantity of 120 MHz spectrum. VFAL offered

€5,436,500 for bands 3680–3800 MHz. One

Albania offered €5,437,355 for bands 3420–3540

MHz. Both spectrum bands are offered for a fifteen

years’ term, with an optional additional five years.

VFAL obtained the official licence on 11 November

2024 and has since rolled out the first 5G service

in Albania.

In Greece, concerns over electromagnetic

field (‘EMF’) radiation triggered a residents’

petition for the annulment of the 5G Auction

Tender document. Despite the auction process

completing in December 2020 and the assigned

spectrum already being in use by Vodafone

Greece, the petition against the Tender

document was heard in January 2022. The

High Administrative Court by its decision nο.

A1046/10-07-2024 has rejected the petition for

annulment of NRA’s (‘EETT’) decision. There is no

further right of appeal.

![](data:image/svg+xml;base64,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)

232

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Strategic report

Governance

Financials

Other information

Regulation

continued

Unaudited information

Also in Greece, institutional procedures for

harmonising EMF limits have started. A Committee

of Experts was set up on 30 August 2024 and are

due to issue a recommendation on harmonised

EMF limits, however, this has been delayed. Final

adoption of this recommendation by Joint

Ministerial Decision is expected by mid-2025. It is

possible, however, that Government reform

scenarios delay these timelines.

The Greek NRA (‘EETT’) set up a working group

that will examine the spectrum allocation

conditions for the Spectrum Rights of Use expiring

by 2027 (900MHz and 1800MHz). The working

group will explore the market interest on spectrum

and after conducting the relevant public

consultation will propose the spectrum allocation

procedure. The NRA, following the public

consultation, will propose to the Ministry the final

proposed approach on the spectrum allocation

conditions. Based on the timeline by the NRA, the

proposal to the Ministry of Digital Governance

must be completed by the end of November 2025.

In July 2023, EETT informed operators, including

Vodafone, of the findings from on-site audits

conducted from October 2021 to March 2023 in

relation to microwave link (MwL) emissions. The

findings indicated possible breaches, with

possibility of fines as a consequence. MNOs were

given opportunity to comment on their findings.

Vodafone Greece responded to EETT’s letter and

sought to obtain the proper licensing from EETT

to remedy the breaches.

In January 2024, EETT called operators to a

hearing on MwL emissions. Vodafone Greece

contributed to this hearing process via a written

memorandum and additional supporting

documentation on 19 February 2024.

On assessment, EETT issued a fine of €342,000 in

December 2024, with the total payable amount

reduced to €228,000 due to a 1/3 discount for

early payment for use of the unlicensed MwL

frequencies. Vodafone appealed on 25 February

2025 before the Administrative Court of Appeal for

a further reduction of the fine.

EETT continues to perform audits to prevent

unlicensed use of MwL frequencies. In November

and December 2024, EETT notified Vodafone

Greece of new cases of perceived breaches. Internal

risk mitigation planning is currently underway.

Furthermore, after completing the licensing

procedure for existing base stations (according to

Law 4635/2019), the NRA EETT launched a series

of hearings for 34 base stations where the licence

applications had been rejected or withdrawn.

Vodafone Greece submitted the relevant

memoranda for each case on 15 July 2024.

Decisions are expected by the end of Q4 FY25.

In the Czech Republic, the NRA (‘CTU’) renewed

900 MHz and 1800 MHz licences of O2 Czech

Republic and T-Mobile Czech Republic. The new

licences are valid until end of 2044 and include an

obligation to share passive infrastructure built in

selected rural areas and railway corridors with

other 900 MHz or 1800 MHz licence holders,

including Vodafone. In September 2024, Vodafone

submitted a formal request to the CTU to start the

renewal process of Vodafone’s 900 MHz and 1800

MHz licence. In October 2024 the CTU launched a

public consultation of Vodafone licence renewal

and the CTU published the settlement of

comments from the public consultation in

February 2025. Vodafone is in the process of

finalising the licence renewal, which will be valid

until June 2049.

Universal Service Obligations (‘USO’) and

Consumer Support Measures

Vodafone Greece has four active appeals against

EETT. These are in relation to charges of

approximately €16.75 million. Of this, €9.0 million

is in relation to the provision of universal services

by operator Hellenic Telecommunications

Organisation (‘OTE’) for the period of 2010 through

to 2011. Vodafone Greece has appealed these

costs. The hearings were held in April 2024 before

the Administrative Court of Appeal in relation to

the charges for 2010 and 2011, and the decision

was issued in March 2025. The Council of State

rejected the company’s appeals awaiting

finalisation. Vodafone has exhausted procedural

rights. Therefore, the decision is considered final

and irrevocable. The remaining €7.75 million is

related to USO net costs for the period of 2012

to 2016. Vodafone Greece also appealed these

costs. The appeal has been referred to the

Administrative Court of Appeal and the court’s

decision is pending.

In addition, the Universal Service Net Cost

Allocation Decision for the years 2017 to 2019 was

issued in October 2023, with the Vodafone share

(including CYTA, an operator subsidiary that

merged with Vodafone Greece in 2019) being

calculated at €2.2 million. Vodafone Greece

appealed these costs before the Administrative

Court of Appeal in April 2024, with the hearing

scheduled for 23 May 2025.

Similarly, Vodafone Portugal continues to

challenge payment notices totalling €34.8 million

issued by ANACOM regarding 2012 to 2014

extraordinary compensation of USO costs.

In Greece, a hearing for perceived breaches of

consumer regulation regarding 22 retail customer

cases was held by EETT on 20 May 2024. Vodafone

Greece submitted its memorandum on 7 August

2024 and the decision is still pending.

In Ireland, Eircom challenged the ComReg’s 2019

findings on USO cost for the periods 2010–2015.

For each year ComReg found the net cost of

provision of universal service did not represent an

unfair burden on Eircom for the years in question.

In 2020 the Irish court referred a question to the

Court of Justice of the EU (‘CJEU’) concerning the

unfair burden assessment. In 2022 the CJEU

delivered its judgment, and the Irish High Court

consequently made orders for ComReg to review

aspects of its decisions in accordance with the

CJEU judgment. ComReg has reviewed the years

2010–2011 and in June 2024 again found no unfair

burden. In January 2025, ComReg have also

published their final decision on the year 2011–

2012 and again found no unfair burden.

Access

In Albania the national MTRs have been reduced

from 1.11 Lek/minute to 1.02 Lek/minute effective

from 1 October 2024 according to the relevant

NRA decision following the market analysis

finalised in February 2024. This is the first step of

the two-year glidepath of national MTRs reduction

at the end of which the MTR will reach 0.75 Lek/

minute in 2027.

In Greece, after extensive discussions with

the incumbent (OTE) and following approvals

from the EC and EETT granted in July 2024, a

wholesale volume discount agreement for OTE

FTTH services was signed and entered into force

on 8 August 2024. Respective agreements with

United Fiber and Fiber2All entered into force in

December 2024.

EETT launched a public consultation on the main

principles of the NGA BULRIC+ model update

regarding the wholesale broadband access

services in January 2024. A second consultation

will follow on the model. Vodafone Greece will

push for an updated version to support

competition and fibre roll out targets. A final

decision is expected during Q3 2025.

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Vodafone Group Plc

Annual Report 2025

233

Strategic report

Governance

Financials

Other information

Regulation

continued

Unaudited information

In Romania, the NRA (‘ANCOM’) has started the

review of dominant operator M1’s Wholesale local

access provided at a fixed location, with the NRA

conclusions expected to be communicated by

June 2025. This is a result of Vodafone’s request for

the ANCOM to appropriately address competition

distortions within the market, as M1 has over 70%

of the market and continues to expand its position

each year.

In the Czech Republic, in July 2023, the CTU

published market analyses of fixed broadband

access markets. The CTU concluded that the

regulation of fixed broadband central access for

mass-market products is no longer justified. The

CTU removed the designation of the fixed

incumbent as an undertaking with significant

market power in this market and thereby removed

its regulatory obligations. There was a transition

period of 12 months following the CTU decision

which expired in February 2025.

Other Africa and Middle East: Democratic

Republic of the Congo (DRC); Tanzania;

Mozambique; Lesotho; Türkiye; Egypt.

Spectrum

In Mozambique, the 5G auction consultation

proposes a reserve price of $15m per 2x5 of 700

MHz, $15m per 2600 MHz and $15m per 3500

MHz. The price for 2600 and 3500MHz is

comparatively excessive against both Vodafone

and neighbouring markets benchmarks. The

proposed draft auction rules are also against best

practice. The Communications Regulator has

indicated a willingness to introduce coverage

obligations in exchange for marginally reduced

pricing, but these are yet to be reflected in the

official auction rules. The cabinet of ministers

approved the auction rules and terms and

conditions, which have now been published in the

Government Gazette, to legalise the launch of the

auction. The auction was expected be scheduled

60 days subsequent to the publication of the joint

dispatch; however, there is a risk that the auction

may have been postponed.

In Egypt, the NRA (‘NTRA’) initiated the issuance of

5G radio frequency spectrum licences; the initial

proposal included an indicative reserve price of

US$450 million and successful bidders were

expected to incur US$450 million in 5G-related

network investment. Subsequently, the NTRA

submitted a new proposal for the 5G licence terms

and conditions at a cost of US$150 million for

fifteen years with extension to all current licences

without spectrum. Vodafone Egypt did not accept

this. On 1 January 2024, Vodafone Egypt received

an offer from the NTRA for the 5G licence entailing

a licence fee of US$173 million for a fifteen-year

licence terms and renewal of the 2G/3G/4G

licences until 2038. This offer was valid until 15

January 2024. The President had also directed that

if the offer was not accepted by at least one of the

operators, the NTRA will be required to issue a new

offer entailing US$150 million and renewal of

existing licences. On 15 January 2024, Vodafone

Egypt rejected the offer, however, the

government-owned Telecom Egypt accepted the

offer and announced its acquisition of a 5G licence.

Following further negotiations, Vodafone Egypt

accepted the offer and paid US$150 million. The

5G licence was awarded on 7 October 2024 and

Vodafone Egypt plans to launch 5G services for its

customers by April 2025. Vodafone Egypt has

officially concluded acquisition of its 5G licence at

a price of US$150 million, in addition to

US$17 million paid for the renewal of Vodafone

Egypt’s existing licences.

Regulatory and legal disputes and fines

In the DRC, Vodacom DRC are in ongoing

negotiations with the NRA (‘ARPTC’) in relation to

new regulatory fees that were first introduced in

March 2022. On 22 October 2022, the MNOs

(including Vodacom DRC), Minister of

Communications, and ARPTC reached an

agreement and signed an Memorandum of

Understanding (‘MoU’) on the new regulatory fees,

setting out revised fees and modality of payment.

The MoU also provides for resolution of any

pending fines and legal actions in this regard.

Execution of each party’s obligations under the

MoU is ongoing.

In the DRC, the Minister of Communications further

extended the deadline for licence conversion under

the new Communications Act to 30 September

2024. Vodacom DRC has reviewed the final versions

of the licence terms and still awaits conclusion of

the licence conversion process.

In Tanzania, the TCRA found that Vodacom

Tanzania had failed to comply with regulatory

Quality of Service (‘QoS’) targets during 2023,

mostly in the Zanzibar region, and has ordered

Vodacom Tanzania to implement network

improvements. There have been further reports

during 2024 and 2025 where the TCRA has issued

reports highlighting Vodacom’s failed QoS KPIs in

Zanzibar and Dodoma. The persistent findings of

failing QoS against Vodacom pose a risk of

non-compliance sanctions. Vodacom is executing

on the network improvement commitments made

to the TCRA, including construction of additional

sites both in Zanzibar and Dodoma. Vodacom has

made progress and continues to engage the TCRA

to provide updates on its network rollout plan.

After the earthquake that occurred on 6 February

2023, Vodafone Türkiye (and other mobile network

operators) were subject to an investigation that

took place in September 2023 by the ICTA.

Following the investigation, the written defence

was submitted on 9 October 2023 and the oral

defence was held on 5 November 2024. The result

of the investigation is pending.

Networks, coverage and access

In Egypt, Vodafone Egypt’s roadmap to shut down

3G technology by end of 2026 has been delayed.

The NRA (‘NTRA’) will define an industry 3G

shutdown roadmap in line with Vodafone Egypt’s

own roadmap. This is still under negotiation.

Furthermore, Vodafone Egypt has been working

with the NTRA and security agencies since 2023

on providing the Wi-Fi Calling service, which helps

in offering higher voice quality in poor indoor

coverage areas routing voice calls through a Wi-Fi

network rather than a cellular network. This

service was launched on 20 January 2025.

In Egypt, a licence is required for the establishment

and operation of data centres and the provision of

data centres and cloud computing services in

Egypt. Where granted, the duration of this licence

is fifteen years. In 2023, the NTRA offered the

cloud licence. Vodafone’s cloud hosting services,

as long as cloud service providers outside the

Egyptian borders are allowed to offer their services

in the Egyptian market without abiding by all the

regulations applied within the Egyptian borders.

This includes licence fees, NTRA revenue share

(5%), and other taxes.

In Türkiye, VFTR avoided regulatory settlement

process and increased domestic SMS

Interconnection fees from 0.012 TL/per SMS to

0.026 TL/per SMS for the year 2025. With the

increase, financial impact is calculated as 540 mTL

for 2025.

Pricing practices

Due to the hyperinflationary environment and the

devaluation of the Egyptian pound, Vodafone

Egypt initiated talks with the NTRA on pricing

schemes to mitigate the inflation rates affecting all

prices in the market. The discussions started in

July 2024, and Vodafone Egypt was permitted to

increase prices by 30% across all price points,

without changes to the minute rate and charging

card values since last December.

![](data:image/svg+xml;base64,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)

234

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Regulation

continued

Unaudited information

Mobile termination rates (‘MTRs’)

1

Country by Region

2021

2022

2023

2024

2025

Europe

Germany (Eurocents)

0.78

0.55

0.40

0.20

0.20

UK (Great British Pound pence)

0.47

0.38

0.39

0.44

0.20

Ireland (Eurocents)

0.43

0.43

0.40

0.20

0.47

Portugal (Eurocents)

0.36

0.36

0.36

0.20

0.20

Romania (Eurocents)

0.76

0.55

0.40

0.20

0.20

Greece (Eurocents)

0.62

0.55

0.40

0.20

0.20

Czech Republic (Czech Koruna)

0.25

0.14

0.10

0.05

0.05

Albania (Albanian Lek)

1.11

1.11

1.11

1.11

1.02

Africa

Vodacom: South Africa (South African Rand)

0.09

0.09

0.09

0.09

0.07

Vodacom: Democratic Republic of Congo (U.S. Dollar cents)

2.00

2.00

2.00

2.00

2.00

Lesotho (Lesotho Loti)

0.09

0.09

0.09

0.09

0.09

Mozambique (Mozambican Metical)

0.31

0.25

0.18

0.12

0.12

Tanzania (Tanzanian Shillings)

2.60

2.00

1.86

1.78

1.69

Türkiye (Turkish Lira)

0.03

0.02

0.02

0.02

0.02

Egypt (Egyptian Piastres)

11.00

11.00

11.00

11.00

11.00

Ethiopia (Ethiopian Birr)

–

–

–

0.23

0.22

Kenya (Kenya Shilling)

0.99

0.99

0.58

0.41

0.41

Note:

1.

All MTRs are based on end of financial year values.

![](data:image/svg+xml;base64,PHN2ZyB2aWV3Qm94PSIwIDAgMTI4NiA5MDkiIHZlcnNpb249IjEuMSIgeG1sbnM9Imh0dHA6Ly93d3cudzMub3JnLzIwMDAvc3ZnIj4KPGRlZnM+CjxjbGlwUGF0aCBpZD0iYzBfMjM3Ij48cGF0aCBkPSJNLS4yIDkwOS44Vi0uMkgxMjg2LjV2OTEwWiIvPjwvY2xpcFBhdGg+CjxzdHlsZT4KLmcwXzIzN3tmaWxsOiNGRkY7fQouZzFfMjM3e2ZpbGw6I0U5RUFFQTt9Ci5nMl8yMzd7ZmlsbDpub25lO3N0cm9rZTojQTRBNkE3O3N0cm9rZS13aWR0aDowLjQ1ODtzdHJva2UtbWl0ZXJsaW1pdDoxMDt9Ci5nM18yMzd7ZmlsbDojRTYwMDAwO30KLmc0XzIzN3tmaWxsOm5vbmU7c3Ryb2tlOiMwMDA7c3Ryb2tlLXdpZHRoOjAuMzgxO3N0cm9rZS1taXRlcmxpbWl0OjEwO30KLmc1XzIzN3tmaWxsOm5vbmU7c3Ryb2tlOiMwMDA7c3Ryb2tlLXdpZHRoOjAuNzYzO3N0cm9rZS1taXRlcmxpbWl0OjEwO30KPC9zdHlsZT4KPC9kZWZzPgo8cGF0aCBkPSJNMTE2NS4yIDM4LjVoNDcuNlYwaC00Ny42VjM4LjVaTTg4OCAzOC41aDI3Ny4yVjBIODg4VjM4LjVabS00MDcuMSAwSDY4NC41VjBINDgwLjlWMzguNVptLTIwMy41IDBINDgwLjlWMEgyNzcuNFYzOC41Wm0tMjAzLjUgMEgyNzcuNFYwSDczLjlWMzguNVoiIGNsYXNzPSJnMF8yMzciLz4KPHBhdGggZD0iTTY4NC41IDM4LjVIODg4VjBINjg0LjVWMzguNVoiIGNsYXNzPSJnMV8yMzciLz4KPHBhdGggZD0iTTExNjUuMiAzOC41aDQ3LjlNODg4IDM4LjVoMjc3LjIiIGNsYXNzPSJnMl8yMzciLz4KPHBhdGggY2xpcC1wYXRoPSJ1cmwoI2MwXzIzNykiIGQ9Ik03My45IDM4LjJWLTEyLjkiIGNsYXNzPSJnMl8yMzciLz4KPHBhdGggZD0iTTczLjYgMzguNUgyNzcuNG0yMDMuNSAwSDY4NC41IiBjbGFzcz0iZzJfMjM3Ii8+CjxwYXRoIGNsaXAtcGF0aD0idXJsKCNjMF8yMzcpIiBkPSJNNjg0LjUgMzguMlYtMTIuOSIgY2xhc3M9ImcyXzIzNyIvPgo8cGF0aCBkPSJNNjg0LjUgMzguNUg4ODgiIGNsYXNzPSJnMl8yMzciLz4KPHBhdGggY2xpcC1wYXRoPSJ1cmwoI2MwXzIzNykiIGQ9Ik0yNzcuNCAzOC4yVi0xMi45IiBjbGFzcz0iZzJfMjM3Ii8+CjxwYXRoIGQ9Ik0yNzcuNCAzOC41SDQ4MC45IiBjbGFzcz0iZzJfMjM3Ii8+CjxwYXRoIGNsaXAtcGF0aD0idXJsKCNjMF8yMzcpIiBkPSJNNDgwLjkgMzguMlYtMTIuOW03MzEuOSA1MS4xVi0xMi45TTg4OCAzOC4yVi0xMi45IiBjbGFzcz0iZzJfMjM3Ii8+CjxwYXRoIGQ9Ik03My42IDkwLjJIMjE1LjdWNzIuM0g3My42VjkwLjJaIiBjbGFzcz0iZzNfMjM3Ii8+CjxwYXRoIGQ9Ik0yMzkuMSAxODQuNEgzNDcuM20wIDBINDU1LjZtMCAwSDU2My45bTAgMEg2NzIuMW0wIDBINzgwLjRtMCAwSDg4OC43bTAgMEg5OTYuOW0wIDBoMTA4LjNtMCAwaDEwNi45TTIzOS4xIDIxOUgzNDcuM20wIDBINDU1LjZtMCAwSDU2My45bTAgMEg2NzIuMW0wIDBINzgwLjRtMCAwSDg4OC43bTAgMEg5OTYuOW0wIDBoMTA4LjNtMCAwaDEwNi45bS05NzMgMzQuN0gzNDcuM20wIDBINDU1LjZtMCAwSDU2My45bTAgMEg2NzIuMW0wIDBINzgwLjRtMCAwSDg4OC43bTAgMEg5OTYuOW0wIDBoMTA4LjNtMCAwaDEwNi45bS05NzMgNTJIMzQ3LjNtMCAwSDQ1NS42bTAgMEg1NjMuOW0wIDBINjcyLjFtMCAwSDc4MC40bTAgMEg4ODguN20wIDBIOTk2LjltMCAwaDEwOC4zbTAgMGgxMDYuOW0tOTczIDcxLjJIMzQ3LjNtMCAwSDQ1NS42bTAgMEg1NjMuOW0wIDBINjcyLjFtMCAwSDc4MC40bTAgMEg4ODguN20wIDBIOTk2LjltMCAwaDEwOC4zbTAgMGgxMDYuOW0tOTczIDcxSDM0Ny4zbTAgMEg0NTUuNm0wIDBINTYzLjltMCAwSDY3Mi4xbTAgMEg3ODAuNG0wIDBIODg4LjdtMCAwSDk5Ni45bTAgMGgxMDguM20wIDBoMTA2LjltLTk3MyAxNy4zSDM0Ny4zbTAgMEg0NTUuNm0wIDBINTYzLjltMCAwSDY3Mi4xbTAgMEg3ODAuNG0wIDBIODg4LjdtMCAwSDk5Ni45bTAgMGgxMDguM20wIDBoMTA2LjltLTk3MyAxMzguOUgzNDcuM20wIDBINDU1LjZtMCAwSDU2My45bTAgMEg2NzIuMW0wIDBINzgwLjRtMCAwSDg4OC43bTAgMEg5OTYuOW0wIDBoMTA4LjNtMCAwaDEwNi45IiBjbGFzcz0iZzRfMjM3Ii8+CjxwYXRoIGQ9Ik0yMzkuMSAxNDEuOUgzNDcuM20wIDBINDU1LjZtMCAwSDU2My45bTAgMEg2NzIuMW0wIDBINzgwLjRtMCAwSDg4OC43bTAgMEg5OTYuOW0wIDBoMTA4LjNtMCAwaDEwNi45TTczLjYgMTY3LjRIMjM5LjFtMCAwSDM0Ny4zbTAgMEg0NTUuNm0wIDBINTYzLjltMCAwSDY3Mi4xbTAgMEg3ODAuNG0wIDBIODg4LjdtMCAwSDk5Ni45bTAgMGgxMDguM20wIDBoMTA2LjlNNzMuNiAyNzFIMjM5LjFtMCAwSDM0Ny4zbTAgMEg0NTUuNm0wIDBINTYzLjltMCAwSDY3Mi4xbTAgMEg3ODAuNG0wIDBIODg4LjdtMCAwSDk5Ni45bTAgMGgxMDguM20wIDBoMTA2LjlNNzMuNiAzOTUuOUgyMzkuMW0wIDBIMzQ3LjNtMCAwSDQ1NS42bTAgMEg1NjMuOW0wIDBINjcyLjFtMCAwSDc4MC40bTAgMEg4ODguN20wIDBIOTk2LjltMCAwaDEwOC4zbTAgMGgxMDYuOU03My42IDQ4Mi42SDIzOS4xbTAgMEgzNDcuM20wIDBINDU1LjZtMCAwSDU2My45bTAgMEg2NzIuMW0wIDBINzgwLjRtMCAwSDg4OC43bTAgMEg5OTYuOW0wIDBoMTA4LjNtMCAwaDEwNi45TTczLjYgNDk5LjlIMjM5LjFtMCAwSDM0Ny4zbTAgMEg0NTUuNm0wIDBINTYzLjltMCAwSDY3Mi4xbTAgMEg3ODAuNG0wIDBIODg4LjdtMCAwSDk5Ni45bTAgMGgxMDguM20wIDBoMTA2LjlNNzMuNiA1MTcuMkgyMzkuMW0wIDBIMzQ3LjNtMCAwSDQ1NS42bTAgMEg1NjMuOW0wIDBINjcyLjFtMCAwSDc4MC40bTAgMEg4ODguN20wIDBIOTk2LjltMCAwaDEwOC4zbTAgMGgxMDYuOW0tOTczIDE3LjRIMzQ3LjNtMCAwSDQ1NS42bTAgMEg1NjMuOW0wIDBINjcyLjFtMCAwSDc4MC40bTAgMEg4ODguN20wIDBIOTk2LjltMCAwaDEwOC4zbTAgMGgxMDYuOSIgY2xhc3M9Imc1XzIzNyIvPgo8cGF0aCBkPSJNMjM5LjEgMzQwLjRIMzQ3LjNtMCAwSDQ1NS42bTAgMEg1NjMuOW0wIDBINjcyLjFtMCAwSDc4MC40bTAgMEg4ODguN20wIDBIOTk2LjltMCAwaDEwOC4zbTAgMGgxMDYuOW0tOTczIDkwLjJIMzQ3LjNtMCAwSDQ1NS42bTAgMEg1NjMuOW0wIDBINjcyLjFtMCAwSDc4MC40bTAgMEg4ODguN20wIDBIOTk2LjltMCAwaDEwOC4zbTAgMGgxMDYuOSIgY2xhc3M9Imc0XzIzNyIvPgo8cGF0aCBkPSJNNzMuNiA1MzQuNkgyMzkuMU03My42IDIwMS43SDIzOS4xbTAgMEgzNDcuM20wIDBINDU1LjZtMCAwSDU2My45bTAgMEg2NzIuMW0wIDBINzgwLjRtMCAwSDg4OC43bTAgMEg5OTYuOW0wIDBoMTA4LjNtMCAwaDEwNi45TTczLjYgMjM2LjRIMjM5LjFtMCAwSDM0Ny4zbTAgMEg0NTUuNm0wIDBINTYzLjltMCAwSDY3Mi4xbTAgMEg3ODAuNG0wIDBIODg4LjdtMCAwSDk5Ni45bTAgMGgxMDguM20wIDBoMTA2LjlNNzMuNiAyODguNEgyMzkuMW0wIDBIMzQ3LjNtMCAwSDQ1NS42bTAgMEg1NjMuOW0wIDBINjcyLjFtMCAwSDc4MC40bTAgMEg4ODguN20wIDBIOTk2LjltMCAwaDEwOC4zbTAgMGgxMDYuOU03My42IDMyM0gyMzkuMW0wIDBIMzQ3LjNtMCAwSDQ1NS42bTAgMEg1NjMuOW0wIDBINjcyLjFtMCAwSDc4MC40bTAgMEg4ODguN20wIDBIOTk2LjltMCAwaDEwOC4zbTAgMGgxMDYuOU03My42IDM1Ny43SDIzOS4xbTAgMEgzNDcuM20wIDBINDU1LjZtMCAwSDU2My45bTAgMEg2NzIuMW0wIDBINzgwLjRtMCAwSDg4OC43bTAgMEg5OTYuOW0wIDBoMTA4LjNtMCAwaDEwNi45TTczLjYgNDEzLjJIMjM5LjFtMCAwSDM0Ny4zbTAgMEg0NTUuNm0wIDBINTYzLjltMCAwSDY3Mi4xbTAgMEg3ODAuNG0wIDBIODg4LjdtMCAwSDk5Ni45bTAgMGgxMDguM20wIDBoMTA2LjlNNzMuNiA1NjkuMkgyMzkuMW0wIDBIMzQ3LjNtMCAwSDQ1NS42bTAgMEg1NjMuOW0wIDBINjcyLjFtMCAwSDc4MC40bTAgMEg4ODguN20wIDBIOTk2LjltMCAwaDEwOC4zbTAgMGgxMDYuOU03My42IDU4Ni44SDIzOS4xbTAgMEgzNDcuM20wIDBINDU1LjZtMCAwSDU2My45bTAgMEg2NzIuMW0wIDBINzgwLjRtMCAwSDg4OC43bTAgMEg5OTYuOW0wIDBoMTA4LjNtMCAwaDEwNi45TTczLjYgNjIxLjVIMjM5LjFtMCAwSDM0Ny4zbTAgMEg0NTUuNm0wIDBINTYzLjltMCAwSDY3Mi4xbTAgMEg3ODAuNG0wIDBIODg4LjdtMCAwSDk5Ni45bTAgMGgxMDguM20wIDBoMTA2LjlNNzMuNiA2MzguOEgyMzkuMW0wIDBIMzQ3LjNtMCAwSDQ1NS42bTAgMEg1NjMuOW0wIDBINjcyLjFtMCAwSDc4MC40bTAgMEg4ODguN20wIDBIOTk2LjltMCAwaDEwOC4zbTAgMGgxMDYuOSIgY2xhc3M9Imc1XzIzNyIvPgo8cGF0aCBkPSJNMjM5LjEgNTUxLjlIMzQ3LjNtMCAwSDQ1NS42bTAgMEg1NjMuOW0wIDBINjcyLjFtMCAwSDc4MC40bTAgMEg4ODguN20wIDBIOTk2LjltMCAwaDEwOC4zbTAgMGgxMDYuOSIgY2xhc3M9Imc0XzIzNyIvPgo8L3N2Zz4=)

Vodafone Group Plc

Annual Report 2025

235

Strategic report

Governance

Financials

Other information

Regulation

continued

Unaudited information

Overview of spectrum licences at 31 March 2025

700MHz

800Mhz

900Mhz

1400/1500Mhz

1800MHz

2.1GHz

2.3GHz

2.6GHz

3.5GHz

Quantity

1

(Expiry Date)

Quantity

1

(Expiry Date)

Quantity

1

(Expiry Date)

Quantity

1

(Expiry Date)

Quantity

1

(Expiry Date)

Quantity

1

(Expiry Date)

Quantity

1

(Expiry Date)

Quantity

1

(Expiry Date)

Quantity

1

(Expiry Date)

Germany

2x10 (2033)

2x10 (2030)

2x10(2033)

20 (2033)

2x25 (2033)

2x15

2

(2040)

n/a

2x20+25 (2030)

90 (2040)

2x5

2,3

(2025)

Italy

16

2x10 (2037)

2x10(2029)

2x10 (2029)

20 (2029)

2x15 (2029)

2x15 (2029)

n/a

2x15 (2029)

80 (2037)

2x5

3

(2029)

UK

4

n/a

2x10 (2033)

2x17.4

20

2x5.8

2x14.8

n/a

2x20+25 (2033)

50 (2038)

40 (2041

)3,5

Ireland

2X10 (2042)

2x10 (2030)

2x10 (2030)

n/a

2x25 (2030)

2X20 (2042)

n/a

2x35 + 30 (2042)

105

6

(2032)

Portugal

2X10 (2041)

2x10 (2027)

2x5 (2033)

n/a

2x6 (2033)

2x20 (2033)

n/a

2x20+25 (2027)

90 MHz (2041)

2x5

3

(2027)

2x14

3

(2027)

Romania

2X5 MHz (2047)

2x10 (2029)

2x10 (2029)

n/a

2x30 (2029)

2x15 (2031)

n/a

n/a

40 (2025)

100 (2047)

3,7

Greece

16

2x10 (2036)

2x10 (2030)

2x15 (2027)

n/a

2x10 (2026)

2x20 (2036)

n/a

2x20+20 (2030)

140 (2036)

2x15

3

(2035)

Czech Republic

2x10 (2036)

2x10 (2029)

2x10 (2029)

n/a

2x27 (2029)

2x20 (2041)

8

n/a

2x20 (2029)

100 (2032)

9

Albania

10

n/a

2x10 (2034)

2x8 (2031)

n/a

2x7.2 (2034)

2x5 (2026)

n/a

2x20+20 (2030)

120 (2039)

2x1.8

3

(2030)

2x14.4

3

(2030)

2x15+5

3

(2025)

2x20

3

(2031)

2x4

3

(2024)

2x9

3

(2031)

2x5

3

(2029)

2x9

3

(2024)

2x5

3

(2031)

South Africa

11

2x10 (2042)

n/a

2x11

12

(2029)

n/a

2x12

2x15

12

n/a

80 (2042)

10 (2042)

Democratic Republic of Congo

2x10 (2038)

2x10 (2038)

2x6 (2038)

n/a

2x17.8 (2038)

2x10+15 (2032)

n/a

30 (2038)

2x15+30 (2026)

Lesotho

n/a

2x20

13

2x22.2

13

n/a

2x30.2

13

2x20

13

n/a

n/a

100

13

(2036)

Mozambique

n/a

2x10 (2039)

2x7.8 (2039)

n/a

2x20

14

(2039)

2x15+5

14

(2039)

n/a

n/a

60

14

(2024)

2x5

3,14

(2027)

Tanzania

2x20 (2033)

n/a

2x12.5 (2033)

n/a

2x10 (2033)

2x15 (2033)

70 (2037)

25 (2037)

40 (2031)

Türkiye

n/a

2x10 (2029)

2x11 (2029)

15

n/a

2x10 (2029)

2x15+5 (2029)

n/a

2x15+10 (2029)

n/a

2x1.4

3

(2029)

Egypt

n/a

n/a

2x12.5 (2031)

n/a

2x10 (2031)

2x20 (2031)

n/a

40 (2031)

n/a

Notes:

1.

All:

Single (or unpaired) blocks of spectrum are used for asymmetric data (non-voice) use; block quantity has been rounded to the nearest

whole number.

2.

Germany:

The allocation of 2.1GHz will change to the following: At present we have 2x15 MHz (2040) and 2x5 (2025); in January 2026,

it will have 2x20 MHz (2040).

3.

Multiple:

Blocks within the same spectrum band but with different licence expiry dates are separately identified.

4.

UK:

All UK spectrum licences are perpetual so any dates given are the ones from which licence fees become payable, and where no date

is given this means that licence fees already apply.

5.

UK:

Currently in the transition period of the 3.4–3.8 GHz defragmentation deal with VMO2. Once the transition is completed in 2025,

Vodafone will have 90 MHz with an expiry date of 2038.

6.

Ireland:

105MHz in cities, 85MHz in regions.

7.

Romania:

100 MHz 3.5 GHz licence to start upon expiry of the original 40 MHz licence.

8.

Czech Republic:

Early extension to the 2.1 GHz licence achieved in 2022, extending the term of the original licence from 2025 to 2041.

9.

Czech Republic:

Includes 40 MHz acquired from PODA, with same licence duration as the other 60 MHz.

10.

Albania:

As part of the merger remedies from the ONE-ALBtelecom merger, Vodafone acquired the following spectrum from the merged

entity effective 1 May 2023: 2X4.5 MHz of 1800 MHz expiring June 2024; 2X7.2 MHz of 1800 MHz expiring March 2034; 2X5 MHz of 2.1 GHz

expiring June 2026; and 2X20 MHz of 2.6 GHz expiring May 2031.

11.

South Africa:

Under South Africa’s licensing regime, Vodacom has been assigned a network and service operating licence. This operating

licence permits Vodacom to be assigned spectrum licences which are valid for the duration of the operating licence, subject to annual

renewal through the payment of annual spectrum usage regulatory fees. Vodacom’s operating licence will expire in 2029.

12.

South Africa:

South African Regulator has indicated that it has approved Vodacom’s 2100MHz licence amendment which effectively

returns the 2100TDD spectrum.

13.

Lesotho:

Vodacom’s Lesotho spectrum licences are attached to a unified services licence and renewed annually.

14.

Mozambique:

3.5GHz spectrum for 5G trial which was extended to 2024. 2x5 of 2.1GHz and 2x5 of 1800MHz have been acquired, expiring

in 2039. A further 2x2MHz of 900MHz was also acquired, expiring in line with the overall unified licence.

15.

Türkiye:

Extension of 2X11 MHz licence up to April 30, 2029 was completed on 18 April 2023. Licence extension Protocol is subject to

Council of State’s opinion, which is pending.

16.

Multiple:

We currently hold mmWave 26 GHz licences in Italy, Spain and Greece.

![](data:image/svg+xml;base64,PHN2ZyB2aWV3Qm94PSIwIDAgMTI4NiA5MDkiIHZlcnNpb249IjEuMSIgeG1sbnM9Imh0dHA6Ly93d3cudzMub3JnLzIwMDAvc3ZnIj4KPGRlZnM+CjxjbGlwUGF0aCBpZD0iYzBfMjM4Ij48cGF0aCBkPSJNLS4yIDkwOS44Vi0uMkgxMjg2LjV2OTEwWiIvPjwvY2xpcFBhdGg+CjxzdHlsZT4KLmcwXzIzOHtmaWxsOiNGRkY7fQouZzFfMjM4e2ZpbGw6I0U5RUFFQTt9Ci5nMl8yMzh7ZmlsbDpub25lO3N0cm9rZTojQTRBNkE3O3N0cm9rZS13aWR0aDowLjQ1ODtzdHJva2UtbWl0ZXJsaW1pdDoxMDt9Ci5nM18yMzh7ZmlsbDojRTYwMDAwO30KLmc0XzIzOHtmaWxsOm5vbmU7c3Ryb2tlOiMwMDA7c3Ryb2tlLXdpZHRoOjAuNzYzO3N0cm9rZS1taXRlcmxpbWl0OjEwO30KLmc1XzIzOHtmaWxsOm5vbmU7c3Ryb2tlOiMwMDA7c3Ryb2tlLXdpZHRoOjAuMzgxO3N0cm9rZS1taXRlcmxpbWl0OjEwO30KPC9zdHlsZT4KPC9kZWZzPgo8cGF0aCBkPSJNODA1LjcgMzguNWgyMDMuNlYwSDgwNS43VjM4LjVabS0yMDMuNSAwSDgwNS43VjBINjAyLjJWMzguNVptLTIwMy41IDBINjAyLjJWMEgzOTguN1YzOC41Wm0tMjc3LjIgMEgzOTguN1YwSDEyMS41VjM4LjVabS00Ny42IDBoNDcuNlYwSDczLjlWMzguNVoiIGNsYXNzPSJnMF8yMzgiLz4KPHBhdGggZD0iTTEwMDkuMyAzOC41aDIwMy41VjBIMTAwOS4zVjM4LjVaIiBjbGFzcz0iZzFfMjM4Ii8+CjxwYXRoIGNsaXAtcGF0aD0idXJsKCNjMF8yMzgpIiBkPSJNNzMuOSAzOC4yVi0xMi45IiBjbGFzcz0iZzJfMjM4Ii8+CjxwYXRoIGQ9Ik03My42IDM4LjVoNDcuOW0wIDBIMzk4LjciIGNsYXNzPSJnMl8yMzgiLz4KPHBhdGggY2xpcC1wYXRoPSJ1cmwoI2MwXzIzOCkiIGQ9Ik0zOTguNyAzOC4yVi0xMi45IiBjbGFzcz0iZzJfMjM4Ii8+CjxwYXRoIGQ9Ik0zOTguNyAzOC41SDYwMi4ybTIwMy41IDBoMjAzLjYiIGNsYXNzPSJnMl8yMzgiLz4KPHBhdGggY2xpcC1wYXRoPSJ1cmwoI2MwXzIzOCkiIGQ9Ik0xMDA5LjMgMzguMlYtMTIuOSIgY2xhc3M9ImcyXzIzOCIvPgo8cGF0aCBkPSJNMTAwOS4zIDM4LjVoMjAzLjgiIGNsYXNzPSJnMl8yMzgiLz4KPHBhdGggY2xpcC1wYXRoPSJ1cmwoI2MwXzIzOCkiIGQ9Ik02MDIuMiAzOC4yVi0xMi45IiBjbGFzcz0iZzJfMjM4Ii8+CjxwYXRoIGQ9Ik02MDIuMiAzOC41SDgwNS43IiBjbGFzcz0iZzJfMjM4Ii8+CjxwYXRoIGNsaXAtcGF0aD0idXJsKCNjMF8yMzgpIiBkPSJNODA1LjcgMzguMlYtMTIuOW00MDcuMSA1MS4xVi0xMi45IiBjbGFzcz0iZzJfMjM4Ii8+CjxwYXRoIGQ9Ik03My42IDkwLjJIMjE1LjdWNzIuM0g3My42VjkwLjJaIiBjbGFzcz0iZzNfMjM4Ii8+CjxwYXRoIGQ9Ik03My42IDIwNC4zaDUybTAgMEg2NTEuOG0wIDBoNDY1LjVtMCAwaDk1LjMiIGNsYXNzPSJnNF8yMzgiLz4KPHBhdGggZD0iTTczLjYgMjIxLjJoNTJtMCAwSDY1MS44bTAgMGg0NjUuNW0wIDBoOTUuM003My42IDIzOC41aDUybTAgMEg2NTEuOG0wIDBoNDY1LjVtMCAwaDk1LjNtLTEwODcgMTcuNEg2NTEuOG0wIDBoNDY1LjVtMCAwaDk1LjNtLTEwODcgMTcuM0g2NTEuOG0wIDBoNDY1LjVtMCAwaDk1LjNtLTEwODcgMTcuNEg2NTEuOG0wIDBoNDY1LjVtMCAwaDk1LjNtLTEwODcgMzQuNkg2NTEuOG0wIDBoNDY1LjVtMCAwaDk1LjNNNjUxLjggMzQyLjZoNDY1LjVtMCAwaDk1LjNNNjUxLjggMzU5LjloNDY1LjVtMCAwaDk1LjNNNjUxLjggMzc3LjJoNDY1LjVtMCAwaDk1LjNNNjUxLjggMzk0LjZoNDY1LjVtMCAwaDk1LjNNNjUxLjggNDExLjloNDY1LjVtMCAwaDk1LjNNNjUxLjggNDI5LjJoNDY1LjVtMCAwaDk1LjNNNjUxLjggNDQ2LjZoNDY1LjVtMCAwaDk1LjNNNjUxLjggNDYzLjloNDY1LjVtMCAwaDk1LjNNNjUxLjggNDgxLjNoNDY1LjVtMCAwaDk1LjNNNjUxLjggNDk4LjZoNDY1LjVtMCAwaDk1LjNtLTEwODcgMTcuM0g2NTEuOG0wIDBoNDY1LjVtMCAwaDk1LjNNNjUxLjggNTMzLjNoNDY1LjVtMCAwaDk1LjNNNjUxLjggNTUwLjZoNDY1LjVtMCAwaDk1LjNNNjUxLjggNTY3LjloNDY1LjVtMCAwaDk1LjNNNjUxLjggNTg1LjNoNDY1LjVtMCAwaDk1LjNNNjUxLjggNjAyLjZoNDY1LjVtMCAwaDk1LjNNNjUxLjggNjE5LjloNDY1LjVtMCAwaDk1LjNNNjUxLjggNjM3LjNoNDY1LjVtMCAwaDk1LjNNNjUxLjggNjU0LjZoNDY1LjVtMCAwaDk1LjNNNjUxLjggNjcxLjloNDY1LjVtMCAwaDk1LjNNNjUxLjggNjg5LjNoNDY1LjVtMCAwaDk1LjNNNjUxLjggNzA2LjZoNDY1LjVtMCAwaDk1LjNNMTI1LjYgNzI0SDY1MS44bTAgMGg0NjUuNW0wIDBoOTUuM002NTEuOCA3NDEuM2g0NjUuNW0wIDBoOTUuM002NTEuOCA3NTguNmg0NjUuNW0wIDBoOTUuM00xMjUuNiA3NzZINjUxLjhtMCAwaDQ2NS41bTAgMGg5NS4zIiBjbGFzcz0iZzVfMjM4Ii8+CjxwYXRoIGQ9Ik03My42IDMwNy45aDUybTAgMEg2NTEuOG0wIDBoNDY1LjVtMCAwaDk1LjMiIGNsYXNzPSJnNF8yMzgiLz4KPC9zdmc+)

236

Vodafone Group Plc

Annual Report 2025

Form 20-F cross reference guide

Unaudited information

This 20-F cross reference guide is provided to signpost the relevant sections in the Annual Report to

the Securities and Exchange Commission (‘SEC’) disclosure requirements for foreign private issuers.

The information in this guide will be updated and supplemented at the time of filing with the SEC.

No other information in this document is included in the 2025 Annual Report on Form 20-F (‘2025 20-F’)

or incorporated by reference into any filings by us under the Securities Act. Please see ‘Documents on

display’ on page

226

for information on how to access the 2025 20-F as filed with the SEC. The 2025 20-F

has not been approved or disapproved by the SEC nor has the SEC passed judgement upon the adequacy

or accuracy of the 2025 20-F.

Item

Form 20-F caption

Location in this document

Page

1

Identity of Directors, senior management and advisers

Not applicable

–

2

Offer statistics and expected timetable

Not applicable

–

3

Key information

3B Capitalisation and indebtedness

Not applicable

–

3C Reasons for the offer and use of proceeds

Not applicable

–

3D Risk factors

Principal risks and uncertainties

55

to

58

4

Information on the Company

4A History and development of the Company

History and development

229

Contact details

Back cover

Shareholder information: Contact details for Equiniti and EQ Shareholder Services

223

Shareholder information: Articles of Association and applicable English law

224

Note 1 ‘Basis of preparation’

131

to

137

Note 2 ‘Revenue disaggregation and segmental analysis’

138

to

140

Note 7 ‘Discontinued operations and assets held for sale’

151

to

152

Note 11 ‘Property, plant and equipment’

156

to

157

Note 27 ‘Acquisitions and disposals’

186

to

187

Note 28 ‘Commitments’

188

Documents on display

226

4B Business overview

About Vodafone

2

Business model

3

At Vodafone our purpose is to connect everyone

4

Operating in a rapidly changing industry

5

Key performance indicators

6

to

7

Chair’s message

8

Chief Executive’s statement and strategic roadmap

9

Mega trends

10

Our financial performance

19

to

29

Purpose, sustainability and responsible business

30

to

54

Note 2 ‘Revenue disaggregation and segmental analysis’

138

to

140

Regulation

229

to

235

4C Organisational structure

Note 31 ‘Related undertakings’

193

to

204

Note 12 ‘Associates and joint arrangements’

158

to

162

Note 13 ‘Other investments’

163

Strategic report

Governance

Financials

Other information

![](data:image/svg+xml;base64,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)

Vodafone Group Plc

Annual Report 2025

237

Form 20-F cross reference guide

continued

Unaudited information

Strategic report

Governance

Financials

Other information

Item

Form 20-F caption

Location in this document

Page

4D Property, plant and equipment

Note 11 ‘Property, plant and equipment’

156

to

157

4A

Unresolved staff comments

None

–

5

Operating and financial review and prospects

5A Operating results

Our financial performance

19

to

29

Cyber security

48

to

52

Note 21 ‘Borrowings’

171

Regulation

229

to

235

5B Liquidity and capital resources

Our financial performance: Cash flow, capital allocation and funding

26

to

28

Long-term viability statement

59

Directors’ statement of responsibility: Going concern

117

Note 19 ‘Cash and cash equivalents’

168

Note 21 ‘Borrowings’

171

Note 22 ‘Capital and financial risk management’

172

to

179

Note 28 ‘Commitments’

188

5C Research and development, patents and licences etc.

Note 10 ‘Intangible assets’

154

to

156

Regulation: Overview of spectrum licences

235

5D Trend information

Operating in a rapidly changing industry

5

Key performance indicators

6

to

7

Long-term viability statement

59

5E Critical accounting estimates

Note 1 ‘Basis of preparation’

131

to

137

6

Directors, senior management and employees

6A Directors and senior management

Our governance structure

70

to

71

Division of responsibilities

72

Our Board

73

to

76

Our Executive Committee

77

6B Compensation

Annual Report on Remuneration: 2025 Remuneration

96

to

106

Remuneration Policy

107

to

112

Note 23 ‘Directors and key management compensation’

180

6C Board practices

Our Board

73

to

76

Our governance structure

70

to

71

Division of responsibilities

72

Board activities and key areas of focus during the year

79

to

81

Nominations and Governance Committee

83

to

85

Audit and Risk Committee

86

to

91

Technology Committee

92

ESG Committee

93

Remuneration Committee

94

to

95

Remuneration policy

107

to

112

Shareholder information: Articles of Association and applicable English law

224

![](data:image/svg+xml;base64,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)

238

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Form 20-F cross reference guide

continued

Unaudited information

Item

Form 20-F caption

Location in this document

Page

6D Employees

Our people strategy

14

to

18

Note 24 ‘Employees’

180

6E Share ownership

Annual Report on Remuneration: 2025 Remuneration

96

to

106

Remuneration Policy

107

to

112

All-employee share plans

99

Note 26 ‘Share-based payments’

185

6F Disclosure of a registrant’s action to recover erroneously awarded compensation

Not applicable

–

7

Major shareholders and related party transactions

7A Major shareholders

Shareholder information: Major shareholders

224

7B Related party transactions

Annual Report on Remuneration: 2025 Remuneration

96

to

106

Note 13 ‘Other investments’

163

Note 23 ‘Directors and key management compensation’

180

Note 29 ‘Contingent liabilities and legal proceedings’

188

to

192

Note 30 ‘Related party transactions’

192

7C Interests of experts and counsel

Not applicable

–

8

Financial information

8A Consolidated statements and other financial information

Consolidated financial statements

127

to

205

Report of independent registered public accounting firm

–

Note 29 ‘Contingent liabilities and legal proceedings’

188

to

192

Dividend rights

225

8B Significant changes

Not applicable

–

9

The offer and listing

9A Offer and listing details

Shareholder information

223

to

228

9B Plan of distribution

Not applicable

–

9C Markets

Shareholder information: Rights attaching to the Company’s shares

225

9D Selling shareholders

Not applicable

–

9E Dilution

Not applicable

–

9F Expenses of the issue

Not applicable

–

10

Additional information

10A Share capital

Note 17 ‘Called up share capital’

167

10B Memorandum and Articles of Association

Shareholder information

223

to

228

Description of securities registered

–

10C Material contracts

Shareholder information: Material contracts

226

10D Exchange controls

Shareholder information: Exchange controls

226

10E Taxation

Shareholder information: Taxation

226

to

228

10F Dividends and paying agents

Note 9 ‘Equity dividends’

153

Shareholder information

223

to

228

10G Statements by experts

Not applicable

–

10H Documents on display

Shareholder information: Documents on display

226

10I Subsidiary information

Note 31 ’Related undertakings’

193

to

204

![](data:image/svg+xml;base64,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)

Vodafone Group Plc

Annual Report 2025

239

Strategic report

Governance

Financials

Other information

Form 20-F cross reference guide

continued

Unaudited information

Item

Form 20-F caption

Location in this document

Page

10J Annual Report to security holders

Not applicable

–

11

Quantitative and qualitative disclosures about market risk

Note 22 ‘Capital and financial risk management’

172

to

179

12

Description of securities other than equity securities

Shareholder information

223

to

228

12A Debt securities

Not applicable

–

12B Warrants and rights

Not applicable

–

12C Other securities

Not applicable

–

12D American depositary shares

Fees payable by ADR holders

–

13

Defaults, dividend arrearages and delinquencies

Not applicable

–

14

Material modifications to the rights of security holders and use of proceeds

Not applicable

–

15

Controls and procedures

Governance

67

to

115

Directors’ statement of responsibility: Controls over financial reporting

118

Report of independent registered public accounting firm

–

16

Reserved

16A Audit Committee financial expert

Board Committees

83

to

95

16B Code of ethics

Our US listing requirements

113

16C Principal accountant fees and services

Note 3 ‘Operating (loss)/profit’

141

Board Committees: Audit and Risk Committee: External audit

91

16D Exemptions from the listing standards for audit committees

Not applicable

–

16E Purchase of equity securities by the issuer and affiliated purchasers

Share buybacks

28

16F Change in registrant’s certifying accountant

Not applicable

–

16G Corporate governance

Our US listing requirements

113

16H Mine safety disclosure

Not applicable

–

16I Disclosure regarding foreign jurisdictions that prevent inspections

Not applicable

–

16J Insider trading policies

Index to Exhibits

–

16K (b) Cybersecurity

Cyber security: Strategy

48

Cyber security: Risk management

49

Cyber security: Governance

51

Cyber security: Threats and incidents

52

16K (c) Cybersecurity

Cyber security: Operating model

50

17

Financial statements

Consolidated financial statements

127

to

205

18

Financial statements

Consolidated financial statements

127

to

205

Report of independent registered public accounting firm

–

19

Exhibits

Index to Exhibits

–

![](data:image/svg+xml;base64,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)

240

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Forward-looking statements

Unaudited information

This document contains ‘forward-looking

statements’ within the meaning of the US Private

Securities Litigation Reform Act of 1995 with

respect to the Group’s financial condition, results

of operations and businesses, and certain of the

Group’s plans and objectives. In particular, such

forward looking statements include, but are not

limited to, statements with respect to:

–

The Group’s portfolio transformation plan;

–

Expectations regarding the Group’s financial

condition or results of operations and the

guidance for Adjusted EBITDAaL and Adjusted

free cash flow for the financial year ending 31

March 2026;

–

The mobile network sharing agreement with

Virgin Media O2;

–

The announced potential acquisition of Telekom

Romania;

–

Changes to German TV laws and the migration of

users to individual TV customer contracts;

–

Expectations for the Group’s future performance

generally;

–

The Group’s share buyback programme;

–

Expectations regarding the operating

environment and market conditions and trends,

including customer usage, competitive position

and macroeconomic pressures, price trends and

opportunities in specific geographic markets;

–

Intentions and expectations regarding the

development, launch and expansion of products,

services and technologies, either introduced by

Vodafone or by Vodafone in conjunction with

third parties or by third parties independently;

–

Expectations regarding the integration or

performance of current and future investments,

associates, joint ventures, non-controlled

interests and newly acquired businesses;

–

The impact of regulatory and legal proceedings

involving the Group and of scheduled or potential

regulatory changes;

–

Certain of the Group’s plans and objectives,

including the Group’s strategy.

Forward-looking statements are sometimes but not

always identified by their use of a date in the future

or such words as ‘will’, ‘may’, ‘expects’, ‘believes’,

‘continue’, ‘plans’, ‘further’, ‘ongoing’, ‘progress’,

‘targets’, or ‘could’. By their nature, forward-looking

statements are inherently predictive, speculative

and involve risk and uncertainty because they relate

to events and depend on circumstances that will

occur in the future. There are a number of factors

that could cause actual results and developments

to differ materially from those expressed or implied

by these forward-looking statements. These factors

include, but are not limited to the following:

–

General economic and political conditions in the

jurisdictions in which the Group operates and

changes to the associated legal, regulatory and

tax environments;

–

Increased competition;

–

Levels of investment in network capacity and the

Group’s ability to deploy new technologies,

products and services, including artificial

intelligence;

–

The Group’s ability to optimise its portfolio in line

with its business transformation plan;

–

Evolving cyber threats to the Group’s services and

confidential data;

–

Rapid changes to existing products and services

and the inability of new products and services to

perform in accordance with expectations;

–

The ability of the Group to integrate new

technologies, products and services with existing

networks, technologies, products and services;

–

The Group’s ability to generate and grow revenue;

–

Slower than expected impact of new or existing

products, services or technologies on the Group’s

future revenue, cost structure and capital

expenditure outlays;

–

Slower than expected customer growth, reduced

customer retention, reductions or changes in

customer spending and increased pricing pressure;

–

The Group’s ability to extend and expand its

spectrum resources, to support ongoing growth

in customer demand for mobile data services;

–

The Group’s ability to secure the timely delivery

of high-quality products from suppliers;

–

Loss of suppliers, disruption of supply chains,

shortages and greater than anticipated prices of

new mobile handsets;

–

Changes in the costs to the Group of, or the rates

the Group may charge for, terminations and

roaming minutes;

–

The impact of a failure or significant interruption

to the Group’s telecommunications, data centres,

networks, IT systems or data protection systems;

–

The Group’s ability to realise expected benefits

from acquisitions, partnerships, joint ventures,

associates, franchises, brand licences, platform

sharing or other arrangements with third parties,

including the combination of Vodafone’s UK

business with Three UK, the mobile network

sharing agreement with Virgin Media O2 and the

Group’s strategic partnerships with Microsoft

and Google;

–

Acquisitions and divestments of Group

businesses and assets and the pursuit of new,

unexpected strategic opportunities;

–

The Group’s ability to integrate acquired business

or assets;

–

The extent of any future write-downs or

impairment charges on the Group’s assets, or

restructuring charges incurred as a result of an

acquisition or disposal;

–

Developments in the Group’s financial condition,

earnings and distributable funds and other

factors that the Board takes into account in

determining the level of dividends;

–

The Group’s ability to satisfy working capital

requirements; changes in foreign exchange rates;

–

Changes in the regulatory framework in which

the Group operates;

–

The impact of legal or other proceedings against

the Group or other companies in the

communications industry; and

–

Changes in statutory tax rates and profit mix.

A review of the reasons why actual results and

developments may differ materially from the

expectations disclosed or implied within forward-

looking statements can be found in the summary of

our principal risks on pages

55

to

58

of this

document. All subsequent written or oral forward-

looking statements attributable to Vodafone or any

member of the Vodafone Group or any persons

acting on their behalf are expressly qualified in their

entirety by the factors referred to above. No

assurances can be given that the forward-looking

statements in this document will be realised.

Subject to compliance with applicable law and

regulations, Vodafone does not intend to update

these forward-looking statements and does not

undertake any obligation to do so.

References in this document to information on

websites, including other supporting disclosures

located thereon such as videos, our ESG Addendum,

our Climate Transition Plan and/or social media sites

are included as an aid to their location and such

information is not incorporated in, and does not

form part of the 2025 Annual Report on Form 20-F.

Ernst & Young LLP has neither examined, compiled,

nor performed any procedures with respect to the

forward-looking statements. Accordingly, Ernst &

Young LLP does not express an opinion or provide

any other form of assurance on such information.

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Vodafone Group Plc

Annual Report 2025

241

Strategic report

Governance

Financials

Other information

Definition of terms

Unaudited information

The definitions of non-GAAP measures are included in the ‘Non-GAAP measures’ section on

pages

213

to

222

.

3G

A cellular technology based on wideband code division multiple access delivering voice

and faster data services.

4G

4G or long-term evolution (‘LTE’) technology offers faster data transfer speeds than 3G.

5G

5G is the fifth-generation wireless broadband technology which provides better speeds

and coverage than 4G.

Adjusted EBITDAaL

Adjusted EBITDAaL is our segment performance measure in accordance with IFRS 8

(Operating Segments). Adjusted EBITDAaL is operating profit after depreciation on lease-

related right of use assets and interest on lease liabilities but excluding depreciation,

amortisation and gains/losses on disposal of owned assets and excluding share of

results of equity accounted associates and joint ventures, impairment losses/reversals,

restructuring costs arising from discrete restructuring plans, other income and expense

and significant items that are not considered by management to be reflective of the

underlying performance of the reporting segment.

ADR

American depositary receipts is a mechanism designed to facilitate trading in shares of

non-US companies on the US stock markets. The main purpose is to create an instrument

which can easily be settled through US stock market clearing systems.

ADS

American depositary shares are shares evidenced by American depositary receipts. ADSs

are issued by a depositary bank and represent one or more shares of a non-US issuer

held by the depositary bank. The main purpose of ADSs is to facilitate trading in shares of

non-US companies in the US markets and, accordingly, ADRs which evidence ADSs are in

a form suitable for holding in US clearing systems.

Africa

Comprises the Vodacom Group.

AGM

Annual General Meeting.

Applications (‘apps’)

Apps are software applications usually designed to run on a smartphone or tablet device

and provide a convenient means for the user to perform certain tasks. They cover a

wide range of activities including banking, ticket purchasing, travel arrangements, social

networking and games. For example, the MyVodafone app lets customers check their bill

totals on their smartphone and see the minutes, texts and data allowance remaining.

ARPU

Average revenue per user, defined as customer revenue and incoming revenue divided by

average customers.

B2C

Business-to-Consumer refers to the process of selling products and services directly

between a business and consumers who are the end-users.

Capital additions

Comprises the purchase of property, plant and equipment and intangible assets, other

than licence and spectrum payments and integration capital expenditure.

Churn

Total gross customer disconnections in the period divided by the average total customers

in the period.

Cloud services

This means the customer has little or no equipment, data and software at their premises.

The capability associated with the service is run from the Vodafone network and data

centres instead. This removes the need for customers to make capital investments and

instead they have an operating cost model with a recurring monthly fee.

CO

2

e

CO

2

e, or Carbon dioxide equivalent, is a term for describing different greenhouse gases in

a common unit. For any quantity and type of greenhouse gas, CO

2

e signifies the amount

of CO

2

which would have the equivalent global warming impact.

Common Functions

Comprises central teams and business functions.

Converged customer

A customer who receives fixed and mobile services (also known as unified

communications) on a single bill or who receives a discount across both bills.

Depreciation and

amortisation

The accounting charge that allocates the cost of tangible or intangible assets, whether

owned or leased, to the income statement over its useful life. The measure includes the

profit or loss on disposal of property, plant and equipment, software and leased assets.

Eliminations

Refers to the removal of intercompany transactions to derive the consolidated financial

statements.

Europe

Comprises the Group’s European businesses and the UK.

FCA

Financial Conduct Authority.

Financial services

revenue

Financial services revenue includes fees generated from the provision of advanced

airtime, overdraft, financing and lending facilities, as well as merchant payments and the

sale of insurance products (e.g. device insurance, life insurance and funeral cover).

Fixed service revenue

Service revenue (see overleaf) relating to the provision of fixed line and carrier services.

Fibre to the cabinet

(‘FTTC’)

Involves running fibre optic cables from the telephone exchange or distribution point to

the street cabinets which then connect to a standard phone line to provide broadband.

Fibre to the home

(‘FTTH’)

Provides an end-to-end fibre optic connection the full distance from the exchange to the

customer’s premises.

GAAP

Generally Accepted Accounting Principles.

GSMA

Global System for Mobile Communications Association.

ICT

Information and Communications Technology.

IFRS

International Financial Reporting Standards.

Incoming revenue

Comprises revenue from termination rates for voice and messaging to

Vodafone customers.

Integration capital

additions

Capital additions incurred in relation to significant changes in the operating model,

such as the integration of recently acquired subsidiaries.

Internet of Things (‘IoT’)

The network of physical objects embedded with electronics, software, sensors, and

network connectivity, including built-in mobile SIM cards, that enables these objects to

collect data and exchange communications with one another or a database.

LTM

Last twelve months.

Mark-to-market

Mark-to-market or fair value accounting refers to accounting for the value of an asset or

liability based on the current market price of the asset or liability.

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242

Vodafone Group Plc

Annual Report 2025

Strategic report

Governance

Financials

Other information

Definition of terms

continued

Unaudited information

Mbps

Megabits (millions) of bits per second.

MDU

Multi-Dwelling Unit.

Mobile broadband

Mobile broadband allows internet access through a browser or a native application using

any portable or mobile device such as smartphone, tablet or laptop connected to a

cellular network.

Mobile service revenue

Service revenue (see below) relating to the provision of mobile services.

Mobile termination rate

(‘MTR’)

A per minute charge paid by a telecommunications network operator when a customer

makes a call to another mobile or fixed network operator.

Mobile virtual network

operator (‘MVNO’)

Companies that provide mobile phone services under wholesale contracts with a mobile

network operator, but do not have their own licence or spectrum or the infrastructure

required to operate a network.

MSME

Micro, Small and Medium sized Enterprises.

Next-generation

networks (‘NGN’)

Fibre or cable networks typically providing high-speed broadband.

Net Promoter Score

(‘NPS’)

Net Promoter Score is a customer loyalty metric used to monitor customer satisfaction.

Operating expenses

Comprise primarily sales and distribution costs, network and IT-related expenditure and

business support costs.

Other Europe

Other Europe comprises Portugal, Ireland, Greece, Romania, Czech Republic and Albania.

Other revenue

Other revenue principally includes equipment revenue, interest income, income from

partner market arrangements and lease revenue, including in respect of the lease out of

passive tower infrastructure.

Partner markets

Markets in which the Group has entered into a partner agreement with a local mobile

operator enabling a range of Vodafone’s global products and services to be marketed in

that operator’s territory and extending Vodafone’s reach into such markets.

Penetration

Number of SIMs in a country as a percentage of the country’s population. Penetration can

be in excess of 100% due to customers owning more than one SIM.

Petabyte

A petabyte is a measure of data usage. One petabyte is a million gigabytes.

Pps

Percentage points.

RAN

Radio access network is the part of a mobile telecommunications system which provides

cellular coverage to mobile phones via a radio interface, managed by thousands of base

stations installed on towers and rooftops across the coverage area, and linked to the core

nodes through a backhaul infrastructure which can be owned, leased or a mix of both.

Reported growth

Reported growth is based on amounts reported in euros and determined under IFRS.

Restructuring costs

Costs incurred by the Group following the implementation of discrete restructuring plans

to improve overall efficiency.

Retail service revenue

Retail service revenue comprises Service revenue excluding Mobile Virtual Network

Operator (‘MVNO’) and Fixed Virtual Network Operator (‘FVNO’) wholesale revenue.

Return on capital

employed (‘ROCE’)

Return on capital employed reflects how efficiently we are generating profit with the

capital we deploy.

Revenue

The total of Service revenue (see below) and Other revenue (see above).

Roaming

Roaming allows customers to make calls, send and receive texts and data on our and

other operators’ mobile networks, usually while travelling abroad.

SD-WAN

Software-Defined Wide Area Network.

Service revenue

Service revenue is all revenue related to the provision of ongoing services to the Group’s

consumer and enterprise customers, together with roaming revenue, revenue from

incoming and outgoing network usage by non-Vodafone customers and interconnect

charges for incoming calls.

SME

Small and Medium sized Enterprises.

SoHo

Small office / Home office.

Spectrum

The radio frequency bands and channels assigned for telecommunication services.

Task Force on Climate-

related Financial

Disclosures (‘TCFD’)

TCFD is a global framework for companies and other organisations to develop more

effective climate-related financial disclosures through their existing reporting processes.

Vodafone Business

Vodafone Business supports organisations in a digital world. With Vodafone’s expertise

in connectivity, our leading IoT platform and our global scale, we deliver the results that

organisations need to progress and thrive. We support businesses of all sizes and sectors.

Vodafone Procure &

Connect

Vodafone Procure & Connect unifies our leading supply chain, international voice and

roaming services in a single trusted parter to multiply impact for our customers, partners

and stakeholders.

VOIS

VOIS (Vodafone Intelligent Solutions) is our shared service organisation and a strategic

arm of Vodafone Group Plc, creating value for customers by delivering intelligent

solutions through talent, technology and transformation.

WACC

Weighted average cost of capital.

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Annual Report 2025

243

Strategic report

Governance

Financials

Other information

Notes

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244

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Annual Report 2025

Notes

Strategic report

Governance

Financials

Other information

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Our purpose:

Protecting the Planet

The paper content of this publication has been certifiably reforested via PrintReleaf –

the world’s first platform to measure paper consumption and automate reforestation

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®

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of 285,577 standard pages of paper consumption by reforesting

34.27 standard trees at the Reforestation Project located in Ireland.

ACCOUNT ID

ACT\_B44719E7E15D

OFFSET ID

BX\_7BEB9C992B07

OFFSET DATE

2024-05-17

REFORESTATION PROJECT

Ireland

STANDARD PAGES

285,577

STANDARD TREES

34.27

References to Vodafone are to Vodafone Group Plc and references to Vodafone Group are to

Vodafone Group Plc and its subsidiaries unless otherwise stated. Vodafone, the Vodafone Speech

Mark Devices, Vodacom and Together We Can are trade marks owned by Vodafone. The Vantage Towers

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such as videos, our ESG Addendum and methodology document, and our cyber security factsheet,

amongst others. These references are for readers’ convenience only and information included

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© Vodafone Group 2025

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Vodafone Group Plc

Vodafone House

The Connection

Newbury Berkshire

RG14 2FN

England

Registered in England

No. 1833679

Telephone

+44 (0)1635 33251

vodafone.com

Contact details

Shareholder helpline

Telephone

+44 (0)371 384 2532

Investor Relations

ir@vodafone.co.uk

vodafone.com/investor

Media Relations

vodafone.com/media/contact

GroupMedia@vodafone.com

Sustainability

vodafone.com/sustainability

Online Annual Report

vodafone.com/ar2025