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financial statements on pages 137 to 218 were approved by the Board of Directors and
authorised for issue on 19 May 2026 and were signed on its behalf by:
Margherita Della Valle
Pilar L\u00f3pez
Group Chief Executive
Group Chief Financial Officer ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00209": { "value": "4797000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2023-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00208": { "value": "149145000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2023-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00207": { "value": 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"scheme:213800TB53ELEUKM7Q61", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00704": { "value": "-1753000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00705": { "value": "4854000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00706": { "value": "-5420000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00708": { "value": "10893000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00709": { "value": "6114000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00707": { "value": "11628000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_Label_00710": { "value": "-227000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_Label_00711": { "value": "-75000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_Label_00712": { "value": "-94000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00713": { "value": "8913000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2026-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00714": { "value": "10893000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00715": { "value": "6114000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlowsParenthetical_Label_00719": { "value": "8982000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2026-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlowsParenthetical_Label_00720": { "value": "11001000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlowsParenthetical_Label_00721": { "value": "69000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2026-04-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfCashFlowsParenthetical_Label_00722": { "value": "108000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00734": { "value": "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\u2019s consolidated financial
statements and sets out our material accounting policies that relate to the consolidated
financial statements as a whole. Where an accounting policy is generally applicable to a
specific note to the consolidated 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 (\u2018IAS\u2019), with International Financial Reporting Standards (\u2018IFRS\u2019) as issued by the International
Accounting Standards Board (\u2018IASB\u2019) and with the requirements of the Companies Act 2006 (the \u2018Act\u2019). The
consolidated financial statements are prepared on a going concern basis (see page 125).
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\u2019s
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\u2019s 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\u2019s 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 consolidated financial statements and the estimates that are considered to be
\u2018critical estimates\u2019 due to their potential to give rise to material adjustments in the Group\u2019s consolidated financial
statements in the year to 31 March 2027. As at 31 March 2026, 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, determining whether the Group
controls an entity, whether to recognise provisions or to disclose contingent liabilities, the identification of
impairment indicators, the determination of whether assets are held for sale 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 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.
The majority of the Group\u2019s 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
relating to other contingent liabilities include the assessment of the expected outcome of a tax dispute related
to financing costs in the Netherlands (see note 29 \u2018Contingent liabilities and legal proceedings\u2019).
These critical accounting judgements, estimates and related disclosures have been discussed with the Group\u2019s
Audit and Risk Committee.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00733": { "value": "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\u2019s consolidated financial
statements and sets out our material accounting policies that relate to the consolidated
financial statements as a whole. Where an accounting policy is generally applicable to a
specific note to the consolidated 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 (\u2018IAS\u2019), with International Financial Reporting Standards (\u2018IFRS\u2019) as issued by the International
Accounting Standards Board (\u2018IASB\u2019) and with the requirements of the Companies Act 2006 (the \u2018Act\u2019). The
consolidated financial statements are prepared on a going concern basis (see page 125).
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\u2019s
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\u2019s 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\u2019s 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 consolidated financial statements and the estimates that are considered to be
\u2018critical estimates\u2019 due to their potential to give rise to material adjustments in the Group\u2019s consolidated financial
statements in the year to 31 March 2027. As at 31 March 2026, 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, determining whether the Group
controls an entity, whether to recognise provisions or to disclose contingent liabilities, the identification of
impairment indicators, the determination of whether assets are held for sale 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 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.
The majority of the Group\u2019s 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
relating to other contingent liabilities include the assessment of the expected outcome of a tax dispute related
to financing costs in the Netherlands (see note 29 \u2018Contingent liabilities and legal proceedings\u2019).
These critical accounting judgements, estimates and related disclosures have been discussed with the Group\u2019s
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 \u2018Revenue disaggregation and segmental analysis\u2019) but
do not impact reported assets, liabilities or cash flows. Scenarios requiring judgement to determine whether the
Group is a principal or an agent primarily include those where the Group delivers third-party branded digital
products like 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\u2019 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 \u2018Revenue disaggregation
and segmental analysis\u2019). 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
\u2018relative standalone selling price basis\u2019; this requires the identification of performance obligations (\u2018obligations\u2019)
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\u2019s policy on identifying obligations is disclosed in note 2 \u2018Revenue disaggregation and
segmental analysis\u2019. 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 \u2013
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.
\n
The impact of determining whether an agreement is a lease or a service depends on whether the Group is a potential
\n
lessee or lessor in the arrangement and, where the Group is a lessor, whether the arrangement is classified as an
\n
operating or finance lease. The impacts for each scenario are described below where the Group is potentially:
\n
\u2212
A lessee. The judgement impacts the nature and timing of both costs and reported assets and liabilities. A lease
\n
results in an asset and a liability being reported and depreciation and interest being recognised; the interest charge
\n
will decrease over the life of the lease. A service contract results in operating expenses being recognised evenly
\n
over the life of the contract and no assets or liabilities being recorded (other than trade payables, prepayments and
\n
accruals).
\n
\u2212
An operating lessor. The judgement impacts the nature of income recognised. An operating lease results in lease
\n
income being recognised whilst a service contract results in service revenue. Both are recognised evenly over the
\n
life of the contract.
\n
\u2212
A finance lessor. The judgement impacts the nature and timing of both income and reported assets. A finance
\n
lease results in the lease income being recognised at commencement of the lease and an asset (the net
\n
investment in the lease) being recorded.
\n
Lease term
\n
Where leases include additional optional periods after an initial lease term, significant judgement is required in
\n
determining whether these optional periods should be included when determining the lease term. The impact of
\n
this judgement is significantly greater where the Group is a lessee. As a lessee, optional periods are included in the
\n
lease term if the Group is reasonably certain it will exercise an extension option or will not exercise a termination
\n
option; this depends on an analysis by management of all relevant facts and circumstances including the leased
\n
asset\u2019s nature and purpose, the economic and practical potential for replacing the asset and any plans that the
\n
Group has in place for the future use of the asset. Where a leased asset is highly customised (either when initially
\n
provided or as a result of leasehold improvements) or it is impractical or uneconomic to replace then the Group is
\n
more likely to judge that lease extension options are reasonably certain to be exercised. The value of the right-of-use
\n
asset and lease liability will be greater when extension options are included in the lease term. The normal approach
\n
adopted for lease term by asset class is described below.
\n
At the inception of a lease, the lease term can vary significantly by type and use of asset and geography. In addition,
\n
the exact lease term is subject to the non-cancellable period and rights and options in each contract. Generally, lease
\n
terms are judged to be the longer of the non-cancellable term and, for leases that include optional extension
\n
periods:
\n
\u2212
Between 5 and 10 years for land and buildings (excluding retail), with terms at the top end of this range if the lease
\n
relates to assets that are considered to be difficult to exit sooner for economic, practical or reputational reasons;
\n
\u2212
The period to the next contractual lease break date for retail premises (excluding breaks within the next 12
\n
months);
\n
\u2212
The lease term, or useful economic life, of the assets connected for leases that are used to provide internal
\n
connectivity;
\n
\u2212
The customer service agreement length for leases of local loop connections or other assets required to provide
\n
fixed line or other services to individual customers; and
\n
\u2212
5 years where the Group has leases for the use of space on towers for the placement of transmission equipment.
\n
In most instances the Group has options to renew or extend leases for additional periods after the end of the lease
\n
term which are assessed using the criteria above.
\n
Lease terms are reassessed if a significant event or change in circumstances occurs relating to the leased assets that
\n
is within the control of the Group; such changes usually relate to commercial agreements entered into by the Group,
\n
or business decisions made by the Group.
Where such changes change the Group\u2019s assessment of whether it is
\n
reasonably certain to exercise options to extend, or not terminate leases, then the lease term is reassessed and the
\n
lease liability is remeasured, which in most cases will increase the lease liability.
\n
Taxation
\n
The Group\u2019s tax charge on ordinary activities is the sum of the total current and deferred tax charges. The
\n
calculation of the Group\u2019s total tax charge involves estimation and judgement in respect of certain matters, being
\n
principally:
\n
Recognition of deferred tax assets
\n
Significant items on which the Group has exercised accounting estimation and judgement include the recognition of
\n
deferred tax assets in respect of losses in Luxembourg and Germany, and losses and capital allowances in the United
\n
Kingdom. The recognition of deferred tax assets is based upon whether management judge that it is probable that
\n
there will be sufficient and suitable taxable profits in the relevant legal entity or tax group against which to utilise the
\n
assets in the future. The Group assesses the availability of future taxable profits using the same undiscounted five
\n
year forecasts for the Group\u2019s operations as are used in the Group\u2019s value in use calculations (see note 4 \u2018Impairment
\n
losses\u2019). For Luxembourg, this includes forecasts of income from the Group\u2019s internal financing, centralised
\n
procurement and roaming activities, which require significant judgement. For the UK, this includes forecasts of
\n
income for VodafoneThree and for the legacy tax group for financing, holding company, brand and Group service
\n
activities.
\n
Where tax losses are forecast to be recovered beyond the five-year period, the availability of taxable profits is
\n
assessed using the cash flows and long-term growth rates used for the value in use calculations.
\n
The estimated cash flows inherent in these forecasts include the unsystematic risks of operating in the
\n
telecommunications business including the potential impacts of changes in the market structure, trends in
\n
customer pricing, the costs associated with the acquisition and retention of customers, future technological
\n
evolutions and potential regulatory changes, such as our ability to acquire and/or renew spectrum licences.
\n
Changes in the estimates which underpin the Group\u2019s forecasts could have an impact on the amount of future
\n
taxable profits and could therefore have a significant impact on the value of deferred tax assets recognised and
\n
the period over which deferred tax assets would be recovered.
\n
The Group only considers enacted or substantively enacted tax laws when assessing the amount and availability
\n
of tax losses to offset against the future taxable profits. See note 6 \u2018Taxation\u2019 to the consolidated financial
\n
statements.
\n
See additional commentary relating to climate change below.
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\u2019s tax dispute related to financing costs in the Netherlands. Further details of tax disputes
are included in note 29 \u2018Contingent liabilities and legal proceedings\u2019 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 purchase consideration, fair values of acquired
assets and liabilities is based, to a considerable extent, on management\u2019s 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 consolidated 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 \u2018Acquisitions and disposals\u2019 to the consolidated financial statements for further details.
Control of subsidiaries
The Group controls an entity for accounting purposes, and consolidates it as a subsidiary, when it has the current
ability to make the \u2018relevant decisions\u2019 that affect the entity\u2019s profitability and has exposure, through its shareholding,
to the resulting profits or losses. Where minority shareholders have rights in an entity which do not allow
participation in such decisions in the ordinary course of business then these are considered to be \u2018protective rights\u2019
that do not impair the Group\u2019s control of the entity for accounting purposes.
Where call options or other rights potentially provide the Group with the opportunity to control an entity, a range of
factors are assessed to determine whether these rights confer the current ability to make the relevant decisions
including whether it is economically favourable to obtain the rights and whether there are legal barriers that prevent
or delay the exercise of the rights.
The Group has concluded that it controls VodafoneThree Holdings Limited (\u2018VTHL\u2019) through its 51% shareholding
and associated rights. In certain very limited circumstances, including the significant financial underperformance of
VTHL, CK Hutchison Group Telecom Holdings Limited may acquire additional rights that might result in the Group\u2019s
loss of control of VTHL for accounting purposes. See note 27 \u2018Acquisitions and disposals\u2019 to the consolidated
financial statements for further details on the acquisition.
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\u2019s 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\u2019s 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 2027 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\u2019s 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\u2019s 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 26.3% of the Group\u2019s total assets (2025: 23.9%). Estimates and
assumptions made may have a material impact on their carrying value and related depreciation charge. See note 11
\u2018Property, plant and equipment\u2019 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\u2019s 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 2027 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\u2019s 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 \u2018Post employment benefits\u2019 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 \u2018Contingent
liabilities and legal proceedings\u2019 to the consolidated financial statements). Judgement is necessary to assess the
likelihood that a pending claim will succeed, or a liability will arise.
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 potentially impaired
assets 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.
Management considers a range of indicators when judging whether assets may be impaired including recent and
forecast business performance, external factors such as changes in the economic environment, interest rates,
and, where entities are listed, observable market data. 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\u2019s expectations of:
\u2212
Growth in Adjusted EBITDAaL, (see note 2 \u2018Revenue disaggregation and segmental analysis\u2019 for a reconciliation
to the consolidated income statement);
\u2212
Timing and amount of future capital expenditure, licence and spectrum payments;
\u2212
Long-term growth rates; and
\u2212
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\u2019s impairment evaluation and
hence reported assets and profit or loss. Further details, including a sensitivity analysis, are included in note 4
\u2018Impairment losses\u2019 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.
Held for sale accounting
When the value of a non-current asset or a group of assets in a disposal group will be primarily recovered through
a sale transaction and there is an active plan for the disposal such that it is highly probable that the disposal will
be completed within 12 months (subject to certain matters outside of the Group\u2019s control) then the related
assets will be classified as held for sale and, where appropriate, as a discontinued operation.
Judgement is applied by management in determining if assets meet the requirements to be classified as held for
sale.
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\u2019s Climate-related risk reporting on pages 65 to 70. 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\u2019s deferred tax assets. Management has exercised
judgement in concluding that there are no further material financial impacts of the Group\u2019s 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\u2019s control which are not all currently known.
Significant accounting policies applied in the current reporting period that relate to the
consolidated 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 \u2018Financial Reporting in
Hyperinflationary Economies\u2019 for the Group\u2019s entities reporting in Turkish lira and its associate\u2019s 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 \u2018Related undertakings\u2019 to the consolidated financial statements), joint
operations that are subject to joint control and the results of joint ventures and associates (see note 12
\u2018Associates and joint arrangements\u2019 to the consolidated financial statements).
Hyperinflationary economies
The Turkish economy was designated as hyperinflationary from 30 June 2022. The Ethiopian economy was
designated as hyperinflationary from 31 December 2022 until 31 March 2025. The Group has applied IAS 29
\u2018Financial Reporting in Hyperinflationary Economies\u2019 to its Turkish operations whose functional currency is
Turkish lira, from 1 April 2022, and to the Ethiopian operations, whose functional currency is Ethiopian Birr, from
1 April 2022 until 31 March 2025. Comparative amounts are not restated.
In applying IAS 29 to the Group\u2019s operations in T\u00fcrkiye, the Turkish lira 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.
The Turkish index has risen by 30.9% (2025: 38.1%; 2024: 68.5%) during this financial year. The revalued
balances are translated to euros at the reporting date exchange rate of \u20ac1: 51.25 TRL (2025: \u20ac1: 41.00 TRL; 2024:
\u20ac1: 34.94 TRL) respectively applying IAS 21.
For the Group\u2019s operations in T\u00fcrkiye:
\u2212
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 (expense)/income.
\u2212
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.
\u2212
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 \u2018exchange differences\u2019.
The main impacts of the aforementioned adjustments for the Group\u2019s Turkish and Ethiopian operations (in prior
years only) on the consolidated financial statements are shown below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Increase/(decrease)
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Impact on the consolidated income statement for the years ended
\u00a0\u00a0\u00a0
31 March
\u00a0\u00a0\u00a0
Revenue
185
88
111
Operating (loss)/profit
1
(338)
(287)
66
Loss for the financial year
1
(428)
(449)
(169)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Increase
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Impact on the consolidated statement of financial position at 31
\u00a0\u00a0\u00a0
March
\u00a0\u00a0\u00a0
Net assets
895
1,029
981
Equity attributable to owners of the parent
895
987
913
Non-controlling interests
\u2013
41
68
\n
Note:
1.
Includes \u20ac77 million gain on the net monetary assets/liabilities (2025: \u20ac112 million gain; 2024: \u20ac360 million gain).
Foreign currencies
The consolidated financial statements are presented in euro, which is also the Company\u2019s 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\u2019s Turkish lira 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 valuation date. 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 gain recognised in the consolidated income statement for the year ended 31 March
2026 is \u20ac60 million (2025: \u20ac171 million loss; 2024: \u20ac272 million loss). The net gains and net losses are recorded
within operating profit (2026: \u20ac16 million charge; 2025: \u20ac146 million charge; 2024: \u20ac110 million charge),
financing costs (2026: \u20ac56 million credit; 2025: \u20ac1 million charge; 2024: \u20ac173 million charge) and income tax
expense (2026: \u20ac20 million credit; 2025: \u20ac24 million charge; 2024: \u20ac11 million credit).
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.
New accounting pronouncements adopted on 1 April 2025
The Group adopted the following new policy on 1 April 2025 to comply with amendments to IFRS:
\u2212
Amendments to IAS 21 \u2018Lack of Exchangeability\u2019.
The amendment, which has been adopted by the UK Endorsement Board (\u2018UKEB\u2019), did not have a material impact
on the Group\u2019s financial reporting.
New accounting pronouncements to be adopted on or after 1 April 2026
The following amendments have been issued by the IASB and are effective on or after 1 January 2026. These
amendments have been endorsed by the UKEB.
\u2212
Amendments to IFRS 9 and IFRS 7 \u2018Amendments to the Classification and Measurement of Financial
Instruments\u2019;
\u2212
Amendments to IFRS 9 and IFRS 7 \u2018Contracts Referencing Nature-dependent Electricity\u2019; and
\u2212
Annual improvements to IFRS Accounting Standards (Volume 11).
The amendments are not currently expected to have a material impact on the Group\u2019s financial reporting on
adoption. However, the IFRS
\u202f
9 and IFRS
\u202f
7 amendments relating to \u2018Classification and Measurement of Financial
Instruments\u2019 and \u2018Contracts Referencing Nature-dependent Electricity\u2019 may result in additional disclosures
within the Group\u2019s financial reporting.
New accounting pronouncements to be adopted on or after 1 April 2027
The following new standards and amendments have been issued by the IASB but have not yet been endorsed by
the UKEB except where noted:
\u2212
IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019, which has been endorsed by the UKEB;
\u2212
IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures\u2019, which has been endorsed by the UKEB;
\u2212
Amendments to IFRS 19 \u2018Subsidiaries without Public Accountability Disclosures\u2019; and
\u2212
Amendments to IAS 21 \u2018Translation to a Hyperinflationary Presentation Currency\u2019.
With the exception of IFRS 18, none of the newly issued standards or amendments are expected to have a
material impact on the Group\u2019s financial reporting upon adoption. IFRS 18 is expected to have a material impact
on the Group\u2019s financial reporting, particularly the Group\u2019s consolidated income statement and the presentation
of certain performance measures; the Group is undertaking a detailed assessment of the impacts.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00735": { "value": "The consolidated financial statements are prepared in accordance with UK-adopted International Accounting
Standards (\u2018IAS\u2019), with International Financial Reporting Standards (\u2018IFRS\u2019) as issued by the International
Accounting Standards Board (\u2018IASB\u2019) and with the requirements of the Companies Act 2006 (the \u2018Act\u2019). ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00736": { "value": "The consolidated financial statements are prepared on a going concern basis (see page 125). ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00726": { "value": "Vodafone Group Plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00723": { "value": "Vodafone Group Plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00731": { "value": "Plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00730": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00727": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00724": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00725": { "value": "Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, England. ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00729": { "value": "2026-03-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00737": { "value": "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 \u2018Revenue disaggregation and segmental analysis\u2019) but
do not impact reported assets, liabilities or cash flows. Scenarios requiring judgement to determine whether the
Group is a principal or an agent primarily include those where the Group delivers third-party branded digital
products like 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\u2019 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 \u2018Revenue disaggregation
and segmental analysis\u2019). 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
\u2018relative standalone selling price basis\u2019; this requires the identification of performance obligations (\u2018obligations\u2019)
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\u2019s policy on identifying obligations is disclosed in note 2 \u2018Revenue disaggregation and
segmental analysis\u2019. 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 \u2013
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.
\n
The impact of determining whether an agreement is a lease or a service depends on whether the Group is a potential
\n
lessee or lessor in the arrangement and, where the Group is a lessor, whether the arrangement is classified as an
\n
operating or finance lease. The impacts for each scenario are described below where the Group is potentially:
\n
\u2212
A lessee. The judgement impacts the nature and timing of both costs and reported assets and liabilities. A lease
\n
results in an asset and a liability being reported and depreciation and interest being recognised; the interest charge
\n
will decrease over the life of the lease. A service contract results in operating expenses being recognised evenly
\n
over the life of the contract and no assets or liabilities being recorded (other than trade payables, prepayments and
\n
accruals).
\n
\u2212
An operating lessor. The judgement impacts the nature of income recognised. An operating lease results in lease
\n
income being recognised whilst a service contract results in service revenue. Both are recognised evenly over the
\n
life of the contract.
\n
\u2212
A finance lessor. The judgement impacts the nature and timing of both income and reported assets. A finance
\n
lease results in the lease income being recognised at commencement of the lease and an asset (the net
\n
investment in the lease) being recorded.
\n
Lease term
\n
Where leases include additional optional periods after an initial lease term, significant judgement is required in
\n
determining whether these optional periods should be included when determining the lease term. The impact of
\n
this judgement is significantly greater where the Group is a lessee. As a lessee, optional periods are included in the
\n
lease term if the Group is reasonably certain it will exercise an extension option or will not exercise a termination
\n
option; this depends on an analysis by management of all relevant facts and circumstances including the leased
\n
asset\u2019s nature and purpose, the economic and practical potential for replacing the asset and any plans that the
\n
Group has in place for the future use of the asset. Where a leased asset is highly customised (either when initially
\n
provided or as a result of leasehold improvements) or it is impractical or uneconomic to replace then the Group is
\n
more likely to judge that lease extension options are reasonably certain to be exercised. The value of the right-of-use
\n
asset and lease liability will be greater when extension options are included in the lease term. The normal approach
\n
adopted for lease term by asset class is described below.
\n
At the inception of a lease, the lease term can vary significantly by type and use of asset and geography. In addition,
\n
the exact lease term is subject to the non-cancellable period and rights and options in each contract. Generally, lease
\n
terms are judged to be the longer of the non-cancellable term and, for leases that include optional extension
\n
periods:
\n
\u2212
Between 5 and 10 years for land and buildings (excluding retail), with terms at the top end of this range if the lease
\n
relates to assets that are considered to be difficult to exit sooner for economic, practical or reputational reasons;
\n
\u2212
The period to the next contractual lease break date for retail premises (excluding breaks within the next 12
\n
months);
\n
\u2212
The lease term, or useful economic life, of the assets connected for leases that are used to provide internal
\n
connectivity;
\n
\u2212
The customer service agreement length for leases of local loop connections or other assets required to provide
\n
fixed line or other services to individual customers; and
\n
\u2212
5 years where the Group has leases for the use of space on towers for the placement of transmission equipment.
\n
In most instances the Group has options to renew or extend leases for additional periods after the end of the lease
\n
term which are assessed using the criteria above.
\n
Lease terms are reassessed if a significant event or change in circumstances occurs relating to the leased assets that
\n
is within the control of the Group; such changes usually relate to commercial agreements entered into by the Group,
\n
or business decisions made by the Group.
Where such changes change the Group\u2019s assessment of whether it is
\n
reasonably certain to exercise options to extend, or not terminate leases, then the lease term is reassessed and the
\n
lease liability is remeasured, which in most cases will increase the lease liability.
\n
Taxation
\n
The Group\u2019s tax charge on ordinary activities is the sum of the total current and deferred tax charges. The
\n
calculation of the Group\u2019s total tax charge involves estimation and judgement in respect of certain matters, being
\n
principally:
\n
Recognition of deferred tax assets
\n
Significant items on which the Group has exercised accounting estimation and judgement include the recognition of
\n
deferred tax assets in respect of losses in Luxembourg and Germany, and losses and capital allowances in the United
\n
Kingdom. The recognition of deferred tax assets is based upon whether management judge that it is probable that
\n
there will be sufficient and suitable taxable profits in the relevant legal entity or tax group against which to utilise the
\n
assets in the future. The Group assesses the availability of future taxable profits using the same undiscounted five
\n
year forecasts for the Group\u2019s operations as are used in the Group\u2019s value in use calculations (see note 4 \u2018Impairment
\n
losses\u2019). For Luxembourg, this includes forecasts of income from the Group\u2019s internal financing, centralised
\n
procurement and roaming activities, which require significant judgement. For the UK, this includes forecasts of
\n
income for VodafoneThree and for the legacy tax group for financing, holding company, brand and Group service
\n
activities.
\n
Where tax losses are forecast to be recovered beyond the five-year period, the availability of taxable profits is
\n
assessed using the cash flows and long-term growth rates used for the value in use calculations.
\n
The estimated cash flows inherent in these forecasts include the unsystematic risks of operating in the
\n
telecommunications business including the potential impacts of changes in the market structure, trends in
\n
customer pricing, the costs associated with the acquisition and retention of customers, future technological
\n
evolutions and potential regulatory changes, such as our ability to acquire and/or renew spectrum licences.
\n
Changes in the estimates which underpin the Group\u2019s forecasts could have an impact on the amount of future
\n
taxable profits and could therefore have a significant impact on the value of deferred tax assets recognised and
\n
the period over which deferred tax assets would be recovered.
\n
The Group only considers enacted or substantively enacted tax laws when assessing the amount and availability
\n
of tax losses to offset against the future taxable profits. See note 6 \u2018Taxation\u2019 to the consolidated financial
\n
statements.
\n
See additional commentary relating to climate change below.
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\u2019s tax dispute related to financing costs in the Netherlands. Further details of tax disputes
are included in note 29 \u2018Contingent liabilities and legal proceedings\u2019 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 purchase consideration, fair values of acquired
assets and liabilities is based, to a considerable extent, on management\u2019s 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 consolidated 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 \u2018Acquisitions and disposals\u2019 to the consolidated financial statements for further details.
Control of subsidiaries
The Group controls an entity for accounting purposes, and consolidates it as a subsidiary, when it has the current
ability to make the \u2018relevant decisions\u2019 that affect the entity\u2019s profitability and has exposure, through its shareholding,
to the resulting profits or losses. Where minority shareholders have rights in an entity which do not allow
participation in such decisions in the ordinary course of business then these are considered to be \u2018protective rights\u2019
that do not impair the Group\u2019s control of the entity for accounting purposes.
Where call options or other rights potentially provide the Group with the opportunity to control an entity, a range of
factors are assessed to determine whether these rights confer the current ability to make the relevant decisions
including whether it is economically favourable to obtain the rights and whether there are legal barriers that prevent
or delay the exercise of the rights.
The Group has concluded that it controls VodafoneThree Holdings Limited (\u2018VTHL\u2019) through its 51% shareholding
and associated rights. In certain very limited circumstances, including the significant financial underperformance of
VTHL, CK Hutchison Group Telecom Holdings Limited may acquire additional rights that might result in the Group\u2019s
loss of control of VTHL for accounting purposes. See note 27 \u2018Acquisitions and disposals\u2019 to the consolidated
financial statements for further details on the acquisition.
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\u2019s 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\u2019s 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 2027 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\u2019s 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\u2019s 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 26.3% of the Group\u2019s total assets (2025: 23.9%). Estimates and
assumptions made may have a material impact on their carrying value and related depreciation charge. See note 11
\u2018Property, plant and equipment\u2019 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\u2019s 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 2027 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\u2019s 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 \u2018Post employment benefits\u2019 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 \u2018Contingent
liabilities and legal proceedings\u2019 to the consolidated financial statements). Judgement is necessary to assess the
likelihood that a pending claim will succeed, or a liability will arise.
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 potentially impaired
assets 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.
Management considers a range of indicators when judging whether assets may be impaired including recent and
forecast business performance, external factors such as changes in the economic environment, interest rates,
and, where entities are listed, observable market data. 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\u2019s expectations of:
\u2212
Growth in Adjusted EBITDAaL, (see note 2 \u2018Revenue disaggregation and segmental analysis\u2019 for a reconciliation
to the consolidated income statement);
\u2212
Timing and amount of future capital expenditure, licence and spectrum payments;
\u2212
Long-term growth rates; and
\u2212
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\u2019s impairment evaluation and
hence reported assets and profit or loss. Further details, including a sensitivity analysis, are included in note 4
\u2018Impairment losses\u2019 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.
Held for sale accounting
When the value of a non-current asset or a group of assets in a disposal group will be primarily recovered through
a sale transaction and there is an active plan for the disposal such that it is highly probable that the disposal will
be completed within 12 months (subject to certain matters outside of the Group\u2019s control) then the related
assets will be classified as held for sale and, where appropriate, as a discontinued operation.
Judgement is applied by management in determining if assets meet the requirements to be classified as held for
sale.
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\u2019s Climate-related risk reporting on pages 65 to 70. 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\u2019s deferred tax assets. Management has exercised
judgement in concluding that there are no further material financial impacts of the Group\u2019s 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\u2019s control which are not all currently known.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00738": { "value": "Allocation of revenue to goods and services provided to customers
Revenue is recognised when goods and services are delivered to customers (see note 2 \u2018Revenue disaggregation
and segmental analysis\u2019). 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
\u2018relative standalone selling price basis\u2019; this requires the identification of performance obligations (\u2018obligations\u2019)
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\u2019s policy on identifying obligations is disclosed in note 2 \u2018Revenue disaggregation and
segmental analysis\u2019. 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 \u2013
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. 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 2026 and 31 March
2025.
\u00a0\u00a0\u00a0
Revenue from
\u00a0\u00a0
Total
\u00a0
\u00a0
Service
Equipment
contracts with
Other
Interest
segment
Adjusted
\u00a0
revenue
revenue
customers
revenue
1
revenue
revenue
EBITDAaL
31 March 2026
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Germany
10,874
890
11,764
346
23
12,133
4,243
UK
7,597
1,486
9,083
43
66
9,192
1,881
Other Europe
4,888
707
5,595
91
28
5,714
1,574
T
\u00fc
rkiye
2,826
526
3,352
8
71
3,431
983
Africa
6,653
1,157
7,810
522
33
8,365
2,834
Common Functions
2
763
41
804
1,020
1
1,825
(164)
Eliminations
(121)
\u2013
(121)
(78)
\u2013
(199)
\u2013
Group
33,480
4,807
38,287
1,952
222
40,461
11,351
\u00a0\u00a0\u00a0
Revenue from
\u00a0\u00a0
Total
\u00a0
\u00a0
Service
Equipment
contracts with
Other
Interest
segment
Adjusted
\u00a0
revenue
revenue
customers
revenue
1
revenue
revenue
EBITDAaL
31 March 2025
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
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
\u00fc
rkiye
2,484
595
3,079
7
\u2013
3,086
842
Africa
6,172
1,113
7,285
472
34
7,791
2,593
Common Functions
2
663
57
720
1,097
\u2013
1,817
45
Eliminations
(129)
\u2013
(129)
(60)
\u2013
(189)
\u2013
Group
30,758
4,577
35,335
1,983
130
37,448
10,932
\n
Notes:
1.
Other revenue includes lease revenue recognised under IFRS 16 \u2018Leases\u2019 (see note 20 \u2018Leases\u2019).
2.
Comprises corporate functions and shared operations.
The table below presents Revenue and Adjusted EBITDAaL for the comparative year ended 31 March 2024.
\u00a0\u00a0\u00a0
Revenue from
\u00a0\u00a0
Total
\u00a0
\u00a0
Service
Equipment
contracts with
Other
Interest
segment
Adjusted
\u00a0
revenue
revenue
customers
revenue
1
revenue
revenue
EBITDAaL
31 March 2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
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
\u00fc
rkiye
1,746
609
2,355
7
\u2013
2,362
510
Africa
5,951
1,030
6,981
409
30
7,420
2,539
Common Functions
2
559
49
608
1,256
\u2013
1,864
29
Eliminations
(150)
(1)
(151)
(76)
\u2013
(227)
\u2013
Group
29,912
4,595
34,507
2,109
101
36,717
11,019
\n
Notes:
1.
Other revenue includes lease revenue recognised under IFRS 16 \u2018Leases\u2019 (see note 20 \u2018Leases\u2019).
2.
Comprises corporate functions and shared operations.
The total future revenue from the remaining term of Group\u2019s contracts with customers for performance
obligations not yet delivered to those customers at 31 March 2026 is \u20ac17,622 million (2025: \u20ac17,297 million;
2024: \u20ac16,577 million); of which \u20ac11,469 million (2025: \u20ac10,812 million; 2024: \u20ac10,488 million) is expected to
be recognised within the next year and the majority of the remaining amount in the following 12 months. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00739": { "value": "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 purchase consideration, fair values of acquired
assets and liabilities is based, to a considerable extent, on management\u2019s 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 consolidated 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 \u2018Acquisitions and disposals\u2019 to the consolidated financial statements for further details. 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\u2019s 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\u2019s previously held equity interest in the acquiree, if any, over the net amount 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\u2019 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00740": { "value": "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\u2019s Climate-related risk reporting on pages 65 to 70. 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\u2019s deferred tax assets. Management has exercised
judgement in concluding that there are no further material financial impacts of the Group\u2019s 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\u2019s control which are not all currently known.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00741": { "value": "Significant accounting policies applied in the current reporting period that relate to the
consolidated 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 \u2018Financial Reporting in
Hyperinflationary Economies\u2019 for the Group\u2019s entities reporting in Turkish lira and its associate\u2019s 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 \u2018Related undertakings\u2019 to the consolidated financial statements), joint
operations that are subject to joint control and the results of joint ventures and associates (see note 12
\u2018Associates and joint arrangements\u2019 to the consolidated financial statements).
Hyperinflationary economies
The Turkish economy was designated as hyperinflationary from 30 June 2022. The Ethiopian economy was
designated as hyperinflationary from 31 December 2022 until 31 March 2025. The Group has applied IAS 29
\u2018Financial Reporting in Hyperinflationary Economies\u2019 to its Turkish operations whose functional currency is
Turkish lira, from 1 April 2022, and to the Ethiopian operations, whose functional currency is Ethiopian Birr, from
1 April 2022 until 31 March 2025. Comparative amounts are not restated.
In applying IAS 29 to the Group\u2019s operations in T\u00fcrkiye, the Turkish lira 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.
The Turkish index has risen by 30.9% (2025: 38.1%; 2024: 68.5%) during this financial year. The revalued
balances are translated to euros at the reporting date exchange rate of \u20ac1: 51.25 TRL (2025: \u20ac1: 41.00 TRL; 2024:
\u20ac1: 34.94 TRL) respectively applying IAS 21.
For the Group\u2019s operations in T\u00fcrkiye:
\u2212
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 (expense)/income.
\u2212
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.
\u2212
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 \u2018exchange differences\u2019.
The main impacts of the aforementioned adjustments for the Group\u2019s Turkish and Ethiopian operations (in prior
years only) on the consolidated financial statements are shown below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Increase/(decrease)
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Impact on the consolidated income statement for the years ended
\u00a0\u00a0\u00a0
31 March
\u00a0\u00a0\u00a0
Revenue
185
88
111
Operating (loss)/profit
1
(338)
(287)
66
Loss for the financial year
1
(428)
(449)
(169)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Increase
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Impact on the consolidated statement of financial position at 31
\u00a0\u00a0\u00a0
March
\u00a0\u00a0\u00a0
Net assets
895
1,029
981
Equity attributable to owners of the parent
895
987
913
Non-controlling interests
\u2013
41
68
\n
Note:
1.
Includes \u20ac77 million gain on the net monetary assets/liabilities (2025: \u20ac112 million gain; 2024: \u20ac360 million gain).
Foreign currencies
The consolidated financial statements are presented in euro, which is also the Company\u2019s 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\u2019s Turkish lira 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 valuation date. 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 gain recognised in the consolidated income statement for the year ended 31 March
2026 is \u20ac60 million (2025: \u20ac171 million loss; 2024: \u20ac272 million loss). The net gains and net losses are recorded
within operating profit (2026: \u20ac16 million charge; 2025: \u20ac146 million charge; 2024: \u20ac110 million charge),
financing costs (2026: \u20ac56 million credit; 2025: \u20ac1 million charge; 2024: \u20ac173 million charge) and income tax
expense (2026: \u20ac20 million credit; 2025: \u20ac24 million charge; 2024: \u20ac11 million credit).
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. The Group\u2019s 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 (\u2018obligations\u2019) 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\u2019s digital services and Internet of Things (\u2018IoT\u2019) customer offers typically
include separate obligations for communications services, as well as equipment and software or software as a
service (\u2018SaaS\u2019). Where goods and services have a functional dependency (for example, a fixed line router can only
be used with the Group\u2019s 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\u2019s 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 \u2018Critical accounting
judgements and key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of preparation\u2019 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 \u2018Critical accounting judgements and key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of
preparation\u2019 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 \u2018Trade and other receivables\u2019). 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\u2019s 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). 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\u2019s 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\u2019s 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. 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\u2019s 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 the Group operates either using management\u2019s 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 arises from the initial recognition of
assets and liabilities (other than in a business combination), when the transaction affects neither the accounting
profit nor the taxable profit and does not give rise to equal taxable and deductible temporary differences.
Deferred tax liabilities are also not recognised to the extent they arise from the initial recognition of goodwill that
is not deductible for tax.
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\u2019s assessment that sufficient taxable profits will be available to allow all the recognised
asset to be recovered.
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
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. 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\u2019s judgement.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group\u2019s
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\u2019s consumption of the economic benefit from that asset.
Estimated useful lives
The estimated useful lives of finite lived intangible assets are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Licence and spectrum fees
3 - 40 years
Software
3 - 10 years
Brands
1 - 30 years
Customer bases
2 - 37 years
\nAccounting 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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Land and buildings
\u00a0
Freehold buildings
25 - 50 years
Leasehold premises
The term of the lease
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Equipment, fixtures and fittings
\u00a0
Network infrastructure and other
1 - 35 years
\n
Depreciation is not provided on freehold land.
Right-of-use assets arising from the Group\u2019s lease arrangements are depreciated over the shorter of their
reasonably certain lease term, as determined under the Group\u2019s leases policy (see note 20 \u2018Leases\u2019 and \u2018Critical
accounting judgements and key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of preparation\u2019 for details) and
their expected useful life.
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. 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\u2019s
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\u2019s 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\u2019s 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\u2019s interest in a joint operation is accounted for in accordance
with the Group\u2019s 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\u2019s 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 \u2018Discontinued operations and assets held for sale\u2019), 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\u2019s share of the net assets of the joint venture, less any impairment in the value of the
investment. The Group\u2019s share of post-tax profits or losses are recognised in the consolidated income statement.
Losses of a joint venture in excess of the Group\u2019s interest in that joint venture, which includes the equity
investment and any long-term financing provided to the 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\u2019s 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. 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. 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 installments 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. Accounting policies Trade payables are not interest-bearing and are stated at their nominal value. 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\u2019s 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 \u2018Contingent liabilities and legal proceedings\u2019 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\u2019s other categories of provisions. Accounting policies
Equity instruments issued by the Group are recorded at the amount of the proceeds received, net of direct
issuance costs. 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. Accounting policies
As a lessee
When the Group leases an asset, a \u2018right-of-use asset\u2019 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\u2019s 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 \u2018reasonably certain\u2019 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 \u2018Property, plant and equipment\u2019). 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\u2019s 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.
\n
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\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
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\u2019s ordinary activities (i.e.
primarily leases of handsets or other equipment to customers, leases of wholesale access to the Group\u2019s 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. 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 \u2018Capital and financial risk management\u2019). 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. Accounting policies
Financial instruments
Financial assets and financial liabilities, in respect of financial instruments, are recognised on the Group\u2019s
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\u2019s 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\u2019s
policies approved by the Board of Directors, which provide written principles on the use of financial derivatives
consistent with the Group\u2019s risk management strategy. The Group does not use derivative financial instruments
for speculative purposes.
The Group designates certain derivatives as:
\u2212
hedges of the change in fair value of recognised assets and liabilities (\u2018fair value hedges\u2019);
\u2212
hedges of highly probable forecast transactions or hedges of foreign currency or interest rate risks of firm
commitments (\u2018cash flow hedges\u2019); or
\u2212
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. 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\u2019s share of the results of equity accounted operations, as appropriate.
The Group\u2019s contributions to defined contribution pension plans are charged to the consolidated income
statement as they fall due. 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\u2019s 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 (\u2018TSR\u2019), which is taken
into account when calculating the fair value of the share awards. The valuation for the TSR is based on
Vodafone\u2019s 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\u2019s 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 or transferred from Treasury in respect
of share options or share plans will not (without shareholder approval) exceed:
\u2212
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
\u2212
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. 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\u2019s 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\u2019s previously held equity interest in the acquiree, if any, over the net amount 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\u2019 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00742": { "value": "Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company, subsidiaries
controlled by the Company (see note 31 \u2018Related undertakings\u2019 to the consolidated financial statements), joint
operations that are subject to joint control and the results of joint ventures and associates (see note 12
\u2018Associates and joint arrangements\u2019 to the consolidated financial statements). ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00743": { "value": "Hyperinflationary economies
The Turkish economy was designated as hyperinflationary from 30 June 2022. The Ethiopian economy was
designated as hyperinflationary from 31 December 2022 until 31 March 2025. The Group has applied IAS 29
\u2018Financial Reporting in Hyperinflationary Economies\u2019 to its Turkish operations whose functional currency is
Turkish lira, from 1 April 2022, and to the Ethiopian operations, whose functional currency is Ethiopian Birr, from
1 April 2022 until 31 March 2025. Comparative amounts are not restated.
In applying IAS 29 to the Group\u2019s operations in T\u00fcrkiye, the Turkish lira 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.
The Turkish index has risen by 30.9% (2025: 38.1%; 2024: 68.5%) during this financial year. The revalued
balances are translated to euros at the reporting date exchange rate of \u20ac1: 51.25 TRL (2025: \u20ac1: 41.00 TRL; 2024:
\u20ac1: 34.94 TRL) respectively applying IAS 21.
For the Group\u2019s operations in T\u00fcrkiye:
\u2212
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 (expense)/income.
\u2212
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.
\u2212
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 \u2018exchange differences\u2019.
The main impacts of the aforementioned adjustments for the Group\u2019s Turkish and Ethiopian operations (in prior
years only) on the consolidated financial statements are shown below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Increase/(decrease)
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Impact on the consolidated income statement for the years ended
\u00a0\u00a0\u00a0
31 March
\u00a0\u00a0\u00a0
Revenue
185
88
111
Operating (loss)/profit
1
(338)
(287)
66
Loss for the financial year
1
(428)
(449)
(169)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Increase
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Impact on the consolidated statement of financial position at 31
\u00a0\u00a0\u00a0
March
\u00a0\u00a0\u00a0
Net assets
895
1,029
981
Equity attributable to owners of the parent
895
987
913
Non-controlling interests
\u2013
41
68
\n
Note:
1.
Includes \u20ac77 million gain on the net monetary assets/liabilities (2025: \u20ac112 million gain; 2024: \u20ac360 million gain). ", "dimensions": { "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00744": { "value": "Foreign currencies
The consolidated financial statements are presented in euro, which is also the Company\u2019s 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\u2019s Turkish lira 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 valuation date. 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 gain recognised in the consolidated income statement for the year ended 31 March
2026 is \u20ac60 million (2025: \u20ac171 million loss; 2024: \u20ac272 million loss). The net gains and net losses are recorded
within operating profit (2026: \u20ac16 million charge; 2025: \u20ac146 million charge; 2024: \u20ac110 million charge),
financing costs (2026: \u20ac56 million credit; 2025: \u20ac1 million charge; 2024: \u20ac173 million charge) and income tax
expense (2026: \u20ac20 million credit; 2025: \u20ac24 million charge; 2024: \u20ac11 million credit).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00745": { "value": "The consolidated financial statements are presented in euro, which is also the Company\u2019s 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\u2019s Turkish lira 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 valuation date. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00746": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00747": { "value": "New accounting pronouncements adopted on 1 April 2025
The Group adopted the following new policy on 1 April 2025 to comply with amendments to IFRS:
\u2212
Amendments to IAS 21 \u2018Lack of Exchangeability\u2019.
The amendment, which has been adopted by the UK Endorsement Board (\u2018UKEB\u2019), did not have a material impact
on the Group\u2019s financial reporting.
New accounting pronouncements to be adopted on or after 1 April 2026
The following amendments have been issued by the IASB and are effective on or after 1 January 2026. These
amendments have been endorsed by the UKEB.
\u2212
Amendments to IFRS 9 and IFRS 7 \u2018Amendments to the Classification and Measurement of Financial
Instruments\u2019;
\u2212
Amendments to IFRS 9 and IFRS 7 \u2018Contracts Referencing Nature-dependent Electricity\u2019; and
\u2212
Annual improvements to IFRS Accounting Standards (Volume 11).
The amendments are not currently expected to have a material impact on the Group\u2019s financial reporting on
adoption. However, the IFRS
\u202f
9 and IFRS
\u202f
7 amendments relating to \u2018Classification and Measurement of Financial
Instruments\u2019 and \u2018Contracts Referencing Nature-dependent Electricity\u2019 may result in additional disclosures
within the Group\u2019s financial reporting.
New accounting pronouncements to be adopted on or after 1 April 2027
The following new standards and amendments have been issued by the IASB but have not yet been endorsed by
the UKEB except where noted:
\u2212
IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019, which has been endorsed by the UKEB;
\u2212
IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures\u2019, which has been endorsed by the UKEB;
\u2212
Amendments to IFRS 19 \u2018Subsidiaries without Public Accountability Disclosures\u2019; and
\u2212
Amendments to IAS 21 \u2018Translation to a Hyperinflationary Presentation Currency\u2019.
With the exception of IFRS 18, none of the newly issued standards or amendments are expected to have a
material impact on the Group\u2019s financial reporting upon adoption. IFRS 18 is expected to have a material impact
on the Group\u2019s financial reporting, particularly the Group\u2019s consolidated income statement and the presentation
of certain performance measures; the Group is undertaking a detailed assessment of the impacts.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00748": { "value": "2. Revenue disaggregation and segmental analysis
The Group\u2019s 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 (\u2018obligations\u2019) 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\u2019s digital services and Internet of Things (\u2018IoT\u2019) customer offers typically
include separate obligations for communications services, as well as equipment and software or software as a
service (\u2018SaaS\u2019). Where goods and services have a functional dependency (for example, a fixed line router can only
be used with the Group\u2019s 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\u2019s 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 \u2018Critical accounting
judgements and key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of preparation\u2019 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 \u2018Critical accounting judgements and key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of
preparation\u2019 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 \u2018Trade and other receivables\u2019). 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\u2019s 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). 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 2026 and 31 March
2025.
\u00a0\u00a0\u00a0
Revenue from
\u00a0\u00a0
Total
\u00a0
\u00a0
Service
Equipment
contracts with
Other
Interest
segment
Adjusted
\u00a0
revenue
revenue
customers
revenue
1
revenue
revenue
EBITDAaL
31 March 2026
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Germany
10,874
890
11,764
346
23
12,133
4,243
UK
7,597
1,486
9,083
43
66
9,192
1,881
Other Europe
4,888
707
5,595
91
28
5,714
1,574
T
\u00fc
rkiye
2,826
526
3,352
8
71
3,431
983
Africa
6,653
1,157
7,810
522
33
8,365
2,834
Common Functions
2
763
41
804
1,020
1
1,825
(164)
Eliminations
(121)
\u2013
(121)
(78)
\u2013
(199)
\u2013
Group
33,480
4,807
38,287
1,952
222
40,461
11,351
\u00a0\u00a0\u00a0
Revenue from
\u00a0\u00a0
Total
\u00a0
\u00a0
Service
Equipment
contracts with
Other
Interest
segment
Adjusted
\u00a0
revenue
revenue
customers
revenue
1
revenue
revenue
EBITDAaL
31 March 2025
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
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
\u00fc
rkiye
2,484
595
3,079
7
\u2013
3,086
842
Africa
6,172
1,113
7,285
472
34
7,791
2,593
Common Functions
2
663
57
720
1,097
\u2013
1,817
45
Eliminations
(129)
\u2013
(129)
(60)
\u2013
(189)
\u2013
Group
30,758
4,577
35,335
1,983
130
37,448
10,932
\n
Notes:
1.
Other revenue includes lease revenue recognised under IFRS 16 \u2018Leases\u2019 (see note 20 \u2018Leases\u2019).
2.
Comprises corporate functions and shared operations.
The table below presents Revenue and Adjusted EBITDAaL for the comparative year ended 31 March 2024.
\u00a0\u00a0\u00a0
Revenue from
\u00a0\u00a0
Total
\u00a0
\u00a0
Service
Equipment
contracts with
Other
Interest
segment
Adjusted
\u00a0
revenue
revenue
customers
revenue
1
revenue
revenue
EBITDAaL
31 March 2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
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
\u00fc
rkiye
1,746
609
2,355
7
\u2013
2,362
510
Africa
5,951
1,030
6,981
409
30
7,420
2,539
Common Functions
2
559
49
608
1,256
\u2013
1,864
29
Eliminations
(150)
(1)
(151)
(76)
\u2013
(227)
\u2013
Group
29,912
4,595
34,507
2,109
101
36,717
11,019
\n
Notes:
1.
Other revenue includes lease revenue recognised under IFRS 16 \u2018Leases\u2019 (see note 20 \u2018Leases\u2019).
2.
Comprises corporate functions and shared operations.
The total future revenue from the remaining term of Group\u2019s contracts with customers for performance
obligations not yet delivered to those customers at 31 March 2026 is \u20ac17,622 million (2025: \u20ac17,297 million;
2024: \u20ac16,577 million); of which \u20ac11,469 million (2025: \u20ac10,812 million; 2024: \u20ac10,488 million) is expected to
be recognised within the next year and the majority of the remaining amount in the following 12 months. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00749": { "value": "The Group\u2019s 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 (\u2018obligations\u2019) 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\u2019s digital services and Internet of Things (\u2018IoT\u2019) customer offers typically
include separate obligations for communications services, as well as equipment and software or software as a
service (\u2018SaaS\u2019). Where goods and services have a functional dependency (for example, a fixed line router can only
be used with the Group\u2019s 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\u2019s 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 \u2018Critical accounting
judgements and key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of preparation\u2019 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 \u2018Critical accounting judgements and key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of
preparation\u2019 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 \u2018Trade and other receivables\u2019). 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\u2019s 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). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00751": { "value": "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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerLoyaltyProgrammesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00750": { "value": "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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00752": { "value": "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). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerAcquisitionCostsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00753": { "value": "Segmental analysis
The Group\u2019s 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\u2019s-length prices.
The operating segments for Germany, UK, T\u00fcrkiye 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.
Adjusted EBITDAaL is the Group\u2019s measure of segment profit. A reconciliation of adjusted EBITDAaL, which
excludes discontinued operations, to the Group\u2019s profit or loss before taxation for the financial year is shown
below.
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Adjusted EBITDAaL
11,351
10,932
11,019
Restructuring costs
1
(370)
(164)
(703)
Interest on lease liabilities
615
488
440
Gain/(loss) on disposal of property, plant and equipment and
199
(25)
(34)
Depreciation and amortisation on owned assets
intangible assets
(8,481)
(7,569)
(7,397)
Share of results of equity accounted associates and joint ventures
(382)
(123)
(96)
Impairment (charge)/reversal
\u2013
(4,515)
64
Other (expense)/income
(88)
565
372
Operating profit/(loss)
2,844
(411)
3,665
Investment income
1,395
864
581
Financing costs
(2,375)
(1,931)
(2,626)
Profit/(loss) before taxation
1,864
(1,478)
1,620
\n
Note:
1.
Restructuring costs includes \u20ac299 million relating to depreciation on leased assets. See page 235 for more information. Segmental assets
The tables below present the segmental assets at 31 March 2026, 31 March 2025 and 31 March 2024.
\u00a0
Non-current
Capital
Right-of-use
Other additions
Depreciation and
Impairment
\u00a0
assets
1
additions
2
asset additions
intangible assets
to
3
amortisation
charge
4
31 March 2026
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Germany
36,746
2,496
953
175
4,556
\u2013
UK
13,953
1,549
1,113
38
3,274
\u2013
Other Europe
7,451
892
702
47
1,531
\u2013
T
\u00fc
rkiye
2,781
540
219
514
795
\u2013
Africa
7,344
1,185
496
309
1,209
\u2013
Common Functions
5
2,195
838
362
1
1,089
\u2013
Group
70,470
7,500
3,845
1,084
12,454
\u2013
\u00a0
Non-current
Capital
Right-of-use
Other additions
Depreciation and
Impairment
\u00a0
\u00a0
assets
1
additions
2
asset additions
intangible assets
to
3
amortisation
charge
4
\u00a0
31 March 2025
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u00a0
Germany
37,621
2,482
1,127
\u2013
4,536
4,350
\u00a0
UK
7,904
926
2,157
48
1,908
\u2013
\u00a0
Other Europe
7,304
857
474
26
1,472
165
\u00a0
T
\u00fc
rkiye
2,059
447
187
\u2013
681
\u2013
\u00a0
Africa
6,981
1,039
499
162
1,129
\u2013
\u00a0
Common Functions
5
2,281
1,142
212
\u2013
1,078
\u2013
\u00a0
Group
64,150
6,893
4,656
236
10,804
4,515
\u00a0
\u00a0
Non-current
Capital
Right-of-use
Other additions
Depreciation and
Impairment
\u00a0
assets
1
additions
2
asset additions
intangible assets
to
3
amortisation
reversal
4
31 March 2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Germany
42,931
2,565
1,045
\u2013
4,543
\u2013
UK
6,863
878
957
\u2013
1,733
\u2013
Other Europe
7,564
862
442
\u2013
1,447
\u2013
T
\u00fc
rkiye
1,644
320
160
120
537
(64)
Africa
6,377
1,005
296
163
1,184
\u2013
Common Functions
5
1,972
782
203
\u2013
970
\u2013
Group
67,351
6,412
3,103
283
10,414
(64)
\n
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 \u2018Impairment losses\u2019 for more information.
5.
Comprises corporate functions and shared operations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00754": { "value": "The Group\u2019s 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\u2019s-length prices.
The operating segments for Germany, UK, T\u00fcrkiye 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00758": { "value": "3. Operating profit/(loss)
Detailed below are the key amounts recognised in arriving at our operating profit/(loss)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Amortisation of intangible assets (Note 10)
4,090
3,695
3,515
Depreciation of property, plant and equipment (Note 11):
\u00a0\u00a0\u00a0
Owned assets
4,391
3,874
3,882
Leased assets
3,973
3,235
3,017
Impairment charge/(reversal) (Note 4)
\u2013
4,515
(64)
Staff costs (Note 24)
5,474
5,236
5,498
Amounts related to inventory included in cost of sales
4,915
4,514
4,659
Own costs capitalised attributable to the construction or acquisition
\u00a0\u00a0\u00a0
of property, plant and equipment
(1,395)
(1,254)
(1,188)
Gain on the revaluation of net monetary assets resulting from IAS 29
\u00a0\u00a0\u00a0
application (Note 1)
1
(77)
(112)
(360)
Shares pledged to Vodafone Idea Limited for settlement of the
\u00a0\u00a0\u00a0
Contingent Liability Adjustment Mechanism
1
256
\u2013
\u2013
Gain on disposal of Indus Towers Limited
1
\u2013
714
\u2013
Pledge arrangements in respect of Indus Towers Limited (Note 29)
1
\u2013
(214)
\u2013
\n
Note:
1.
Included in Other income in the consolidated income statement.
Auditor remuneration
The total remuneration of the Group\u2019s 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 2026 is analysed below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Parent company and consolidated financial statements
11
8
7
Subsidiaries
23
19
19
Total audit fees
1
34
27
26
Audit-related assurance services
2
1
3
10
Other assurance services
1
\u2013
\u2013
Total non-audit fees
2
3
10
Total fees
36
30
36
\n
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 \u20ac2 million (2025: \u20ac2 million, 2024: \u20ac1 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.
Fees payable to auditors other than Ernst & Young LLP for audits of certain subsidiaries for the year ended 31
March 2026 were \u20ac11 million (2025: \u20acnil, 2024: \u20acnil).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00757": { "value": "3. Operating profit/(loss)
Detailed below are the key amounts recognised in arriving at our operating profit/(loss)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Amortisation of intangible assets (Note 10)
4,090
3,695
3,515
Depreciation of property, plant and equipment (Note 11):
\u00a0\u00a0\u00a0
Owned assets
4,391
3,874
3,882
Leased assets
3,973
3,235
3,017
Impairment charge/(reversal) (Note 4)
\u2013
4,515
(64)
Staff costs (Note 24)
5,474
5,236
5,498
Amounts related to inventory included in cost of sales
4,915
4,514
4,659
Own costs capitalised attributable to the construction or acquisition
\u00a0\u00a0\u00a0
of property, plant and equipment
(1,395)
(1,254)
(1,188)
Gain on the revaluation of net monetary assets resulting from IAS 29
\u00a0\u00a0\u00a0
application (Note 1)
1
(77)
(112)
(360)
Shares pledged to Vodafone Idea Limited for settlement of the
\u00a0\u00a0\u00a0
Contingent Liability Adjustment Mechanism
1
256
\u2013
\u2013
Gain on disposal of Indus Towers Limited
1
\u2013
714
\u2013
Pledge arrangements in respect of Indus Towers Limited (Note 29)
1
\u2013
(214)
\u2013
\n
Note:
1.
Included in Other income in the consolidated income statement.
Auditor remuneration
The total remuneration of the Group\u2019s 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 2026 is analysed below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Parent company and consolidated financial statements
11
8
7
Subsidiaries
23
19
19
Total audit fees
1
34
27
26
Audit-related assurance services
2
1
3
10
Other assurance services
1
\u2013
\u2013
Total non-audit fees
2
3
10
Total fees
36
30
36
\n
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 \u20ac2 million (2025: \u20ac2 million, 2024: \u20ac1 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.
Fees payable to auditors other than Ernst & Young LLP for audits of certain subsidiaries for the year ended 31
March 2026 were \u20ac11 million (2025: \u20acnil, 2024: \u20acnil).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00756": { "value": "3. Operating profit/(loss)
Detailed below are the key amounts recognised in arriving at our operating profit/(loss)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Amortisation of intangible assets (Note 10)
4,090
3,695
3,515
Depreciation of property, plant and equipment (Note 11):
\u00a0\u00a0\u00a0
Owned assets
4,391
3,874
3,882
Leased assets
3,973
3,235
3,017
Impairment charge/(reversal) (Note 4)
\u2013
4,515
(64)
Staff costs (Note 24)
5,474
5,236
5,498
Amounts related to inventory included in cost of sales
4,915
4,514
4,659
Own costs capitalised attributable to the construction or acquisition
\u00a0\u00a0\u00a0
of property, plant and equipment
(1,395)
(1,254)
(1,188)
Gain on the revaluation of net monetary assets resulting from IAS 29
\u00a0\u00a0\u00a0
application (Note 1)
1
(77)
(112)
(360)
Shares pledged to Vodafone Idea Limited for settlement of the
\u00a0\u00a0\u00a0
Contingent Liability Adjustment Mechanism
1
256
\u2013
\u2013
Gain on disposal of Indus Towers Limited
1
\u2013
714
\u2013
Pledge arrangements in respect of Indus Towers Limited (Note 29)
1
\u2013
(214)
\u2013
\n
Note:
1.
Included in Other income in the consolidated income statement.
Auditor remuneration
The total remuneration of the Group\u2019s 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 2026 is analysed below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Parent company and consolidated financial statements
11
8
7
Subsidiaries
23
19
19
Total audit fees
1
34
27
26
Audit-related assurance services
2
1
3
10
Other assurance services
1
\u2013
\u2013
Total non-audit fees
2
3
10
Total fees
36
30
36
\n
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 \u20ac2 million (2025: \u20ac2 million, 2024: \u20ac1 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.
Fees payable to auditors other than Ernst & Young LLP for audits of certain subsidiaries for the year ended 31
March 2026 were \u20ac11 million (2025: \u20acnil, 2024: \u20acnil).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00755": { "value": "3. Operating profit/(loss)
Detailed below are the key amounts recognised in arriving at our operating profit/(loss)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Amortisation of intangible assets (Note 10)
4,090
3,695
3,515
Depreciation of property, plant and equipment (Note 11):
\u00a0\u00a0\u00a0
Owned assets
4,391
3,874
3,882
Leased assets
3,973
3,235
3,017
Impairment charge/(reversal) (Note 4)
\u2013
4,515
(64)
Staff costs (Note 24)
5,474
5,236
5,498
Amounts related to inventory included in cost of sales
4,915
4,514
4,659
Own costs capitalised attributable to the construction or acquisition
\u00a0\u00a0\u00a0
of property, plant and equipment
(1,395)
(1,254)
(1,188)
Gain on the revaluation of net monetary assets resulting from IAS 29
\u00a0\u00a0\u00a0
application (Note 1)
1
(77)
(112)
(360)
Shares pledged to Vodafone Idea Limited for settlement of the
\u00a0\u00a0\u00a0
Contingent Liability Adjustment Mechanism
1
256
\u2013
\u2013
Gain on disposal of Indus Towers Limited
1
\u2013
714
\u2013
Pledge arrangements in respect of Indus Towers Limited (Note 29)
1
\u2013
(214)
\u2013
\n
Note:
1.
Included in Other income in the consolidated income statement.
Auditor remuneration
The total remuneration of the Group\u2019s 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 2026 is analysed below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Parent company and consolidated financial statements
11
8
7
Subsidiaries
23
19
19
Total audit fees
1
34
27
26
Audit-related assurance services
2
1
3
10
Other assurance services
1
\u2013
\u2013
Total non-audit fees
2
3
10
Total fees
36
30
36
\n
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 \u20ac2 million (2025: \u20ac2 million, 2024: \u20ac1 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.
Fees payable to auditors other than Ernst & Young LLP for audits of certain subsidiaries for the year ended 31
March 2026 were \u20ac11 million (2025: \u20acnil, 2024: \u20acnil).", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00759": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Amortisation of intangible assets (Note 10)
4,090
3,695
3,515
Depreciation of property, plant and equipment (Note 11):
\u00a0\u00a0\u00a0
Owned assets
4,391
3,874
3,882
Leased assets
3,973
3,235
3,017
Impairment charge/(reversal) (Note 4)
\u2013
4,515
(64)
Staff costs (Note 24)
5,474
5,236
5,498
Amounts related to inventory included in cost of sales
4,915
4,514
4,659
Own costs capitalised attributable to the construction or acquisition
\u00a0\u00a0\u00a0
of property, plant and equipment
(1,395)
(1,254)
(1,188)
Gain on the revaluation of net monetary assets resulting from IAS 29
\u00a0\u00a0\u00a0
application (Note 1)
1
(77)
(112)
(360)
Shares pledged to Vodafone Idea Limited for settlement of the
\u00a0\u00a0\u00a0
Contingent Liability Adjustment Mechanism
1
256
\u2013
\u2013
Gain on disposal of Indus Towers Limited
1
\u2013
714
\u2013
Pledge arrangements in respect of Indus Towers Limited (Note 29)
1
\u2013
(214)
\u2013
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00760": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Amortisation of intangible assets (Note 10)
4,090
3,695
3,515
Depreciation of property, plant and equipment (Note 11):
\u00a0\u00a0\u00a0
Owned assets
4,391
3,874
3,882
Leased assets
3,973
3,235
3,017
Impairment charge/(reversal) (Note 4)
\u2013
4,515
(64)
Staff costs (Note 24)
5,474
5,236
5,498
Amounts related to inventory included in cost of sales
4,915
4,514
4,659
Own costs capitalised attributable to the construction or acquisition
\u00a0\u00a0\u00a0
of property, plant and equipment
(1,395)
(1,254)
(1,188)
Gain on the revaluation of net monetary assets resulting from IAS 29
\u00a0\u00a0\u00a0
application (Note 1)
1
(77)
(112)
(360)
Shares pledged to Vodafone Idea Limited for settlement of the
\u00a0\u00a0\u00a0
Contingent Liability Adjustment Mechanism
1
256
\u2013
\u2013
Gain on disposal of Indus Towers Limited
1
\u2013
714
\u2013
Pledge arrangements in respect of Indus Towers Limited (Note 29)
1
\u2013
(214)
\u2013
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00761": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Amortisation of intangible assets (Note 10)
4,090
3,695
3,515
Depreciation of property, plant and equipment (Note 11):
\u00a0\u00a0\u00a0
Owned assets
4,391
3,874
3,882
Leased assets
3,973
3,235
3,017
Impairment charge/(reversal) (Note 4)
\u2013
4,515
(64)
Staff costs (Note 24)
5,474
5,236
5,498
Amounts related to inventory included in cost of sales
4,915
4,514
4,659
Own costs capitalised attributable to the construction or acquisition
\u00a0\u00a0\u00a0
of property, plant and equipment
(1,395)
(1,254)
(1,188)
Gain on the revaluation of net monetary assets resulting from IAS 29
\u00a0\u00a0\u00a0
application (Note 1)
1
(77)
(112)
(360)
Shares pledged to Vodafone Idea Limited for settlement of the
\u00a0\u00a0\u00a0
Contingent Liability Adjustment Mechanism
1
256
\u2013
\u2013
Gain on disposal of Indus Towers Limited
1
\u2013
714
\u2013
Pledge arrangements in respect of Indus Towers Limited (Note 29)
1
\u2013
(214)
\u2013
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00762": { "value": "The total remuneration of the Group\u2019s 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 2026 is analysed below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Parent company and consolidated financial statements
11
8
7
Subsidiaries
23
19
19
Total audit fees
1
34
27
26
Audit-related assurance services
2
1
3
10
Other assurance services
1
\u2013
\u2013
Total non-audit fees
2
3
10
Total fees
36
30
36
\n
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 \u20ac2 million (2025: \u20ac2 million, 2024: \u20ac1 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.
Fees payable to auditors other than Ernst & Young LLP for audits of certain subsidiaries for the year ended 31
March 2026 were \u20ac11 million (2025: \u20acnil, 2024: \u20acnil).", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00763": { "value": "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 \u2018Critical accounting judgements and key sources of estimation uncertainty\u2019 in
note 1 \u2018Basis of preparation\u2019 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\u2019s 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\u2019s 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.
Goodwill
The remaining carrying value of goodwill at 31 March was as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Germany
16,092
15,985
UK
2,050
774
Vodacom
1,601
1,593
Other
2,175
2,162
\u00a0
21,918
20,514
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n
Key assumptions used in the value in use calculations
\n
The key assumptions used in determining the value in use are:
\n\n \n
Assumption
How determined
Projected
Projected adjusted EBITDAaL has been based on experience adjusted for the following:
adjusted
\u2212
In Germany, competitive pressure on mobile revenue is expected to continue despite
EBITDAaL
wholesale revenue growth and the transition of customers to more valuable plans with
higher data allowances and improved value-added services. Fixed revenue is impacted by
the structural decline seen in the TV segment, whilst broadband revenue is expected to
improve as customers move to higher speeds (including Fibre) and increase their usage of
growing digital services;
\u2212
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;
\u2212
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
\u2212
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 include the
expenditure
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\u2019s 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
To enable the continued provision of products and services, the cash flow forecasts for licence
licence and
and spectrum payments for each relevant cash-generating unit include amounts for expected
spectrum
renewals and newly available spectrum. Beyond the five-year forecast period, a long-run cost of
payments
spectrum is assumed.
\n\n \n
Assumption
How determined
Long-term
For the purposes of the Group\u2019s value in use calculations, a long
\u2011
term growth rate into
growth rate
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
\u2212
The long-term compound annual growth rate in adjusted EBITDAaL as estimated by
\u2212
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
The pre-tax discount rate for each cash-generating unit is derived such that when applied to
rate
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
\u2212
government in each cash-generating unit\u2019s respective country of operations;
The forward-looking equity market risk premium (an investor\u2019s required rate of return over
\u2212
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
\u2212
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
\u2212
telecommunications companies.
Each cash-generating unit\u2019s 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.
\n
The Group performs its annual impairment test for goodwill and indefinite-lived intangible assets at 31 March
\n
and when there is an indicator of impairment of an asset. Judgement is exercised by management in determining
\n
whether any internal or external sources of information observed are indicative that the carrying amount of any
\n
of the Group\u2019s cash generating units is not recoverable.
\n
Year ended 31 March 2026
\n
The Group did not recognise any impairments for the year ended 31 March 2026.
\n
Value in use assumptions
\n
The table below shows key assumptions used in the value in use calculations, and separately presented cash
\n
generating units for which the carrying amount of goodwill is significant in comparison with the Group\u2019s total
\n
carrying amount of goodwill:
\n\n \n
Assumptions used in value in use calculations
Germany
UK
%
%
Pre-tax discount rate
7.5
9.1
Long-term growth rate
1.2
2.0
Projected adjusted EBITDAaL CAGR
1
1.9
7.7
Projected capital expenditure
2
19.5 - 20.3
10.9 - 16.3
\n
Sensitivity analysis
\n
The recoverable amount estimates for Germany and the UK exceed carrying value by \u20ac0.3 billion and \u20ac2.2 billion
\n
respectively. If the assumptions used in the impairment review were changed to a greater extent than as
\n
presented in the following table, the changes would, in isolation, lead to an impairment loss being recognised for
\n
the year ended 31 March 2026.
\n\n \n
Change required for carrying value to equal recoverable amount
Germany
UK
pps
pps
Pre-tax discount rate
0.1
2.6
Long-term growth rate
(0.0)
(2.8)
Projected adjusted EBITDAaL CAGR
1
(0.2)
(5.6)
Projected capital expenditure
2
0.5
10.3
\n
Notes:
\n
1.
Projected adjusted EBITDAaL CAGR is expressed as the compound annual growth rates in the initial five years for all cash-generating
\n
units of the plans used for impairment testing.
\n
2.
Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in
\n
the initial five years for all cash-generating units of the plans used for impairment testing.
\n
For the Group\u2019s operations in Germany management has prepared the following sensitivity analysis to the base
\n
case recoverable amount less carrying value for changes in pre-tax discount rate and projected adjusted
\n
EBITDAaL CAGR
\n
1
\n
assumptions. The associated impact of the change in each key assumption does not consider
\n
any consequential impact on other assumptions used in the impairment review.
\n\n \n
Recoverable amount less carrying value
Germany
\u20acbn
Base case
0.3
Change in pre-tax discount rate
Decrease by 0.5pps
3.2
Increase by 0.5pps
(2.2)
Change in projected adjusted EBITDAaL CAGR
1
Decrease by 2.0pps
(3.1)
Increase by 2.0pps
4.0
\n
Note:
\n
1.
Projected adjusted EBITDAaL CAGR is expressed as the compound annual growth rates in the initial five years for all cash-generating
\n
units of the plans used for impairment testing.
Year ended 31 March 2025
The disclosures below for the year ended 31 March 2025 are as previously disclosed in the Annual Report for the
year ended 31 March 2025.
For the year ended 31 March 2025, the Group recorded impairment charges of \u20ac4.4 billion and \u20ac0.2 billion with
respect to the Group\u2019s 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\u2019s 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 \u20ac30.9 billion and \u20ac0.6 billion respectively.
Value in use assumptions
The table below shows key assumptions used in the value in use calculations of Germany and Romania:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Assumptions used in value in use calculations
\u00a0
Germany
Romania
\u00a0
%
%
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
\n
Sensitivity analysis
The recoverable amount estimate of the UK exceeds carrying value by \u20ac1.0 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Change required for carrying value to equal recoverable amount
\u00a0
UK
\u00a0
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
\n
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\u2019s 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Recoverable amount less carrying value
\u00a0
Germany
Romania
\u00a0
\u20acbn
\u20acbn
Base case (prior to impairment charge recognition)
(4.4)
(0.2)
Change in pre-tax discount rate
\u00a0\u00a0
Decrease by 0.5pps
(1.7)
(0.1)
Increase by 0.5pps
(6.6)
(0.2)
Change in projected adjusted EBITDAaL CAGR
1
\u00a0\u00a0
Decrease by 2.0pps
(7.6)
(0.2)
Increase by 2.0pps
(0.8)
(0.1)
\n
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\u2019s investment in Indus Towers on a fair value less
costs to sell basis. Indus Towers\u2019 share price was observable in a quoted market and was considered a level 1
input under the fair value hierarchy in IFRS 13 \u2018Fair Value Measurement\u2019. The share price of INR291.15 per share
implied a recoverable amount of INR165 billion (\u20ac1.8 billion), which exceeded the carrying value of the Group\u2019s
investment at the same date. The increase in recoverable amount supported the reversal of the prior year
impairment of \u20ac64 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\u2019s total carrying amount of goodwill.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Assumptions used in value in use calculations
\u00a0
Germany
\u00a0
%
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
\n
Sensitivity analysis
The estimated recoverable amounts of the Group\u2019s operations in Germany and the UK exceeded their carrying
values by \u20ac2.3 billion and \u20ac1.6 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Change required for carrying value to equal recoverable amount
\u00a0
Germany
UK
\u00a0
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
\n
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. Operating activities
Customer credit risk is managed by the Group\u2019s 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\u2019s 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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0
Trade receivables held
\u00a0\u00a0\u00a0
Trade receivables held
at fair value through
\u00a0
Contract assets
at amortised cost
other comprehensive income
\u00a0
2026
2025
2026
2025
2026
2025
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
1 April
46
20
865
765
77
78
Exchange movements
(1)
1
(24)
(7)
\u2013
\u2013
Amounts charged to credit losses
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
on financial assets
48
85
319
360
62
31
Other
1
4
(60)
(229)
(253)
(78)
(32)
31 March
97
46
931
865
61
77
\n
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\u2019s 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 due\u00b9 and their associated expected credit losses:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Trade receivables at amortised cost past due
\u00a0 \u00a0
30 days
31\u201360
61\u2013180
180
\u00a0
\u00a0
Due
or less
days
days
days+
Total
31 March 2026
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Gross carrying amount
2,878
538
252
280
889
4,837
Expected credit loss allowance
(53)
(49)
(30)
(126)
(673)
(931)
Net carrying amount
2,825
489
222
154
216
3,906
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Trade receivables at amortised cost past due
\u00a0\u00a0
30 days
31\u201360
61\u2013180
180
\u00a0
\u00a0
Due
or less
days
days
days+
Total
31 March 2025
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
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
\n
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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00766": { "value": "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\u2019s 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\u2019s cash-generating units, which are the basis for the
value in use calculations. Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group\u2019s
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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00765": { "value": "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\u2019s 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\u2019s 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00764": { "value": "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\u2019s 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\u2019s 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00770": { "value": "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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Investment and other income
\u00a0\u00a0\u00a0
Financial assets measured at amortised cost
1,200
355
327
Financial assets measured at fair value through profit and loss
195
509
254
\u00a0
1,395
864
581
Financing costs
\u00a0\u00a0\u00a0
Financial liabilities measured at amortised cost
\u00a0\u00a0\u00a0
Bonds
1,418
1,301
1,596
Lease liabilities
615
488
440
Bank loans and other liabilities
1
416
499
712
Interest on derivative and other financial instruments
(235)
(356)
(395)
Mark-to-market on derivatives
217
(2)
100
Foreign exchange
(56)
1
173
\u00a0
2,375
1,931
2,626
Net financing costs
2
980
1,067
2,045
\n
Notes:
1.
Interest capitalised for the year ended 31 March 2026 was \u20acnil (2025: \u20acnil, 2024: \u20acnil).
2.
Includes \u20ac771 million gain (2025: \u20ac253 million gain) resulting from redemption of certain bonds that were bought back in advance of
their maturity dates.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00769": { "value": "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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Investment and other income
\u00a0\u00a0\u00a0
Financial assets measured at amortised cost
1,200
355
327
Financial assets measured at fair value through profit and loss
195
509
254
\u00a0
1,395
864
581
Financing costs
\u00a0\u00a0\u00a0
Financial liabilities measured at amortised cost
\u00a0\u00a0\u00a0
Bonds
1,418
1,301
1,596
Lease liabilities
615
488
440
Bank loans and other liabilities
1
416
499
712
Interest on derivative and other financial instruments
(235)
(356)
(395)
Mark-to-market on derivatives
217
(2)
100
Foreign exchange
(56)
1
173
\u00a0
2,375
1,931
2,626
Net financing costs
2
980
1,067
2,045
\n
Notes:
1.
Interest capitalised for the year ended 31 March 2026 was \u20acnil (2025: \u20acnil, 2024: \u20acnil).
2.
Includes \u20ac771 million gain (2025: \u20ac253 million gain) resulting from redemption of certain bonds that were bought back in advance of
their maturity dates.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00768": { "value": "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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Investment and other income
\u00a0\u00a0\u00a0
Financial assets measured at amortised cost
1,200
355
327
Financial assets measured at fair value through profit and loss
195
509
254
\u00a0
1,395
864
581
Financing costs
\u00a0\u00a0\u00a0
Financial liabilities measured at amortised cost
\u00a0\u00a0\u00a0
Bonds
1,418
1,301
1,596
Lease liabilities
615
488
440
Bank loans and other liabilities
1
416
499
712
Interest on derivative and other financial instruments
(235)
(356)
(395)
Mark-to-market on derivatives
217
(2)
100
Foreign exchange
(56)
1
173
\u00a0
2,375
1,931
2,626
Net financing costs
2
980
1,067
2,045
\n
Notes:
1.
Interest capitalised for the year ended 31 March 2026 was \u20acnil (2025: \u20acnil, 2024: \u20acnil).
2.
Includes \u20ac771 million gain (2025: \u20ac253 million gain) resulting from redemption of certain bonds that were bought back in advance of
their maturity dates.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00767": { "value": "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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Investment and other income
\u00a0\u00a0\u00a0
Financial assets measured at amortised cost
1,200
355
327
Financial assets measured at fair value through profit and loss
195
509
254
\u00a0
1,395
864
581
Financing costs
\u00a0\u00a0\u00a0
Financial liabilities measured at amortised cost
\u00a0\u00a0\u00a0
Bonds
1,418
1,301
1,596
Lease liabilities
615
488
440
Bank loans and other liabilities
1
416
499
712
Interest on derivative and other financial instruments
(235)
(356)
(395)
Mark-to-market on derivatives
217
(2)
100
Foreign exchange
(56)
1
173
\u00a0
2,375
1,931
2,626
Net financing costs
2
980
1,067
2,045
\n
Notes:
1.
Interest capitalised for the year ended 31 March 2026 was \u20acnil (2025: \u20acnil, 2024: \u20acnil).
2.
Includes \u20ac771 million gain (2025: \u20ac253 million gain) resulting from redemption of certain bonds that were bought back in advance of
their maturity dates.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00771": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Investment and other income
\u00a0\u00a0\u00a0
Financial assets measured at amortised cost
1,200
355
327
Financial assets measured at fair value through profit and loss
195
509
254
\u00a0
1,395
864
581
Financing costs
\u00a0\u00a0\u00a0
Financial liabilities measured at amortised cost
\u00a0\u00a0\u00a0
Bonds
1,418
1,301
1,596
Lease liabilities
615
488
440
Bank loans and other liabilities
1
416
499
712
Interest on derivative and other financial instruments
(235)
(356)
(395)
Mark-to-market on derivatives
217
(2)
100
Foreign exchange
(56)
1
173
\u00a0
2,375
1,931
2,626
Net financing costs
2
980
1,067
2,045
\n
Notes:
1.
Interest capitalised for the year ended 31 March 2026 was \u20acnil (2025: \u20acnil, 2024: \u20acnil).
2.
Includes \u20ac771 million gain (2025: \u20ac253 million gain) resulting from redemption of certain bonds that were bought back in advance of
their maturity dates.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00772": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Investment and other income
\u00a0\u00a0\u00a0
Financial assets measured at amortised cost
1,200
355
327
Financial assets measured at fair value through profit and loss
195
509
254
\u00a0
1,395
864
581
Financing costs
\u00a0\u00a0\u00a0
Financial liabilities measured at amortised cost
\u00a0\u00a0\u00a0
Bonds
1,418
1,301
1,596
Lease liabilities
615
488
440
Bank loans and other liabilities
1
416
499
712
Interest on derivative and other financial instruments
(235)
(356)
(395)
Mark-to-market on derivatives
217
(2)
100
Foreign exchange
(56)
1
173
\u00a0
2,375
1,931
2,626
Net financing costs
2
980
1,067
2,045
\n
Notes:
1.
Interest capitalised for the year ended 31 March 2026 was \u20acnil (2025: \u20acnil, 2024: \u20acnil).
2.
Includes \u20ac771 million gain (2025: \u20ac253 million gain) resulting from redemption of certain bonds that were bought back in advance of
their maturity dates.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00773": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Investment and other income
\u00a0\u00a0\u00a0
Financial assets measured at amortised cost
1,200
355
327
Financial assets measured at fair value through profit and loss
195
509
254
\u00a0
1,395
864
581
Financing costs
\u00a0\u00a0\u00a0
Financial liabilities measured at amortised cost
\u00a0\u00a0\u00a0
Bonds
1,418
1,301
1,596
Lease liabilities
615
488
440
Bank loans and other liabilities
1
416
499
712
Interest on derivative and other financial instruments
(235)
(356)
(395)
Mark-to-market on derivatives
217
(2)
100
Foreign exchange
(56)
1
173
\u00a0
2,375
1,931
2,626
Net financing costs
2
980
1,067
2,045
\n
Notes:
1.
Interest capitalised for the year ended 31 March 2026 was \u20acnil (2025: \u20acnil, 2024: \u20acnil).
2.
Includes \u20ac771 million gain (2025: \u20ac253 million gain) resulting from redemption of certain bonds that were bought back in advance of
their maturity dates.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00774": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Investment and other income
\u00a0\u00a0\u00a0
Financial assets measured at amortised cost
1,200
355
327
Financial assets measured at fair value through profit and loss
195
509
254
\u00a0
1,395
864
581
Financing costs
\u00a0\u00a0\u00a0
Financial liabilities measured at amortised cost
\u00a0\u00a0\u00a0
Bonds
1,418
1,301
1,596
Lease liabilities
615
488
440
Bank loans and other liabilities
1
416
499
712
Interest on derivative and other financial instruments
(235)
(356)
(395)
Mark-to-market on derivatives
217
(2)
100
Foreign exchange
(56)
1
173
\u00a0
2,375
1,931
2,626
Net financing costs
2
980
1,067
2,045
\n
Notes:
1.
Interest capitalised for the year ended 31 March 2026 was \u20acnil (2025: \u20acnil, 2024: \u20acnil).
2.
Includes \u20ac771 million gain (2025: \u20ac253 million gain) resulting from redemption of certain bonds that were bought back in advance of
their maturity dates.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00775": { "value": "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 the Group expects 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\u2019s 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 the Group operates either using management\u2019s 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 arises from the initial recognition of
assets and liabilities (other than in a business combination), when the transaction affects neither the accounting
profit nor the taxable profit and does not give rise to equal taxable and deductible temporary differences.
Deferred tax liabilities are also not recognised to the extent they arise from the initial recognition of goodwill that
is not deductible for tax.
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\u2019s assessment that sufficient taxable profits will be available to allow all the recognised
asset to be recovered.
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
2024
Income tax expense
\u20acm
\u20acm
\u20acm
United Kingdom corporation tax expense:
\u00a0 \u00a0 \u00a0
Current year
39
59
70
Adjustments in respect of prior years
6
(8)
1
\u00a0
45
51
71
Overseas current tax expense/(credit):
\u00a0 \u00a0 \u00a0
Current year
930
997
670
Adjustments in respect of prior years
(4)
(68)
25
\u00a0
926
929
695
Total current tax expense
971
980
766
Deferred tax on origination and reversal of temporary differences:
\u00a0 \u00a0 \u00a0
United Kingdom deferred tax
280
(91)
(36)
Overseas deferred tax
554
1,357
(680)
Total deferred tax expense/(credit)
834
1,266
(716)
Total income tax expense
1,805
2,246
50
\n
Tax charged/(credited) directly to other comprehensive income
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Current tax
19
(1)
2
Deferred tax
1
393
49
(579)
Total tax charged/(credited) directly to other comprehensive
\u00a0\u00a0\u00a0
income
412
48
(577)
\n
Tax charged directly to equity
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Current tax
5
4
\u2013
Deferred tax
(17)
3
4
Total tax charged directly to equity
(12)
7
4
\n
Note:
1.
The amount in 2026 primarily derives from gains on our investment in AST SpaceMobile, Inc and on cashflow hedges.
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\u2019s
geographical split of profits multiplied by the relevant local tax rates and the Group\u2019s total tax expense for each
year.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Continuing profit/(loss) before tax as shown in the consolidated
\u00a0\u00a0\u00a0
income statement
1,864
(1,478)
1,620
Profit/(loss) at weighted average statutory tax rate
439
(729)
363
Impairment loss with no tax effect
1
\u2013
1,361
\u2013
Disposal of Group investments
2
85
146
174
Effect of taxation of associates and joint ventures, reported within
\u00a0\u00a0\u00a0
(loss)/profit before tax
105
28
23
Previously unrecognised temporary differences and losses expected
\u00a0\u00a0\u00a0
to be used in the future
3
\u2013
\u2013
(1,021)
Previously recognised temporary differences and losses no longer
\u00a0\u00a0\u00a0
expected to be used in the future
4
358
25
\u2013
Current year temporary differences (including losses) that are not
\u00a0\u00a0\u00a0
expected to be used
60
33
84
Adjustments in respect of prior year tax liabilities
37
(108)
89
Impact of tax credits and irrecoverable taxes
97
108
147
Deferred tax on unremitted earnings and outside basis
(40)
27
1
Effect of current year changes in statutory tax rates on deferred tax
\u00a0\u00a0\u00a0
balances
5
305
721
(19)
Settlement of the VISPL tax cases
\u2013
185
\u2013
Financing costs and similar not deductible for tax purposes
105
137
214
Revaluation of assets for tax purposes in T\u00fcrkiye
6
87
128
(65)
Expenses not deductible for tax purposes
167
184
60
Income tax expense
1,805
2,246
50
\n
Notes:
1.
The amount in 2025 includes impairment charges of \u20ac4,350 million and \u20ac165 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 2026 includes \u20ac38 million of tax in relation to the \u20ac256 million non-deductible liability to settle the CLAM (See Note 29
\u2013 Contingent Liabilities). The amount for 2025 includes \u20ac164 million of tax in relation to the 10.33% disposal of Vantage Towers, offset
by a \u20ac109 million credit in relation to the non-taxable disposal of Indus Towers reduced by \u20ac56 million non-deductible settlement of
MSA obligations that resulted in the release of the secondary pledge. The amount for 2024 includes \u20ac110 million of tax in relation to
income of the continuing Group presented in Discontinued Operations, \u20ac37 million in relation to the disposal of M-Pesa Holding
Company Limited and \u20ac30 million in relation to the Vantage Towers disposal.
3.
The amount in 2024 includes \u20ac1,019 million of additional losses recognised in Luxembourg.
4.
The amount in 2026 relates to the \u20ac358
\u202f
million write-down of deferred tax assets in the Group UK tax group, reflecting an update to the
Group\u2019s assessment of the recoverability of those assets (see Deferred tax note below).
5.
The amount for 2026 includes \u20ac305 million in relation to the phased corporate income tax rate reduction from 2027 to 2032 in
Germany. The amount for 2025 includes \u20ac719 million in relation to a 1% corporate income tax rate reduction in Luxembourg.
6.
The amounts for 2026, 2025 and 2024 relate to inflation adjustments in T\u00fcrkiye.
Deferred tax
The table below is an analysis of movements in the net deferred tax asset balance during the year.
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
1 April
18,235
19,478
Foreign exchange movements
(82)
95
Charged to the income statement
(834)
(1,266)
Charged directly to OCI
(393)
(49)
Credited / (charged) directly to equity
17
(3)
Indexation of the opening balance in respect of hyperinflation in T
\u00fc
rkiye
(9)
(18)
Arising on acquisitions and disposals
91
(2)
31 March
17,025
18,235
\n
Deferred tax assets and liabilities, before offset of balances within countries, are as follows:
\u00a0
Amount
\u00a0\u00a0\u00a0
Net
\u00a0
credited/
\u00a0\u00a0\u00a0
recognised
\u00a0
(expensed)
Gross
Gross
Less
deferred tax
\u00a0
in income
deferred
deferred tax
amounts
asset/
\u00a0
statement
tax asset
liability
unrecognised
(liability)
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Tangible assets
20
3,574
(1,419)
(408)
1,747
Intangible assets
(655)
457
(1,097)
\u2013
(640)
Tax losses
(137)
30,081
\u2013
(13,302)
16,779
Treasury related items
27
525
(575)
(510)
(560)
Temporary differences relating to revenue
\u00a0\u00a0\u00a0\u00a0\u00a0
recognition
116
74
(664)
\u2013
(590)
Temporary differences relating to leases
10
1,678
(1,473)
\u2013
205
Other temporary differences
(215)
589
(505)
\u2013
84
31 March 2026
(834)
36,978
(5,733)
(14,220)
17,025
\n
Analysed in the balance sheet, after offset of balances within countries, as:
\u00a0
\u20acm
Deferred tax asset
18,068
Deferred tax liability
(1,043)
31 March 2026
17,025
\n
At 31 March 2025, deferred tax assets and liabilities, before offset of balances within countries, were as follows:
\u00a0
Amount
\u00a0 \u00a0 \u00a0
Net
\u00a0
credited/
\u00a0 \u00a0 \u00a0
recognised
\u00a0
(expensed)
Gross
Gross
Less
deferred tax
\u00a0
in income
deferred
deferred tax
amounts
asset/
\u00a0
statement
tax asset
liability
unrecognised
(liability)
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Tangible assets
(6)
2,831
(1,133)
\u2013
1,698
Intangible assets
133
266
(1,036)
(3)
(773)
Tax losses
(1,256)
31,367
\u2013
(13,843)
17,524
Treasury related items
(43)
583
(214)
(568)
(199)
Temporary differences relating to revenue
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
recognition
(28)
83
(789)
\u2013
(706)
Temporary differences relating to leases
(28)
1,537
(1,340)
\u2013
197
Other temporary differences
(38)
716
(209)
(13)
494
31 March 2025
(1,266)
37,383
(4,721)
(14,427)
18,235
\n
At 31 March 2025, analysed in the balance sheet, after offset of balances within countries, as:
\u00a0
\u20acm
Deferred tax asset
19,033
Deferred tax liability
(798)
31 March 2025
18,235
\n
Factors affecting the tax charge in future years
The Group\u2019s future tax charge, and effective tax rate, could be affected by several factors including tax reform in
countries around the world, including changes arising from the OECD\u2019s or European Commission\u2019s work on Pillar
Two global minimum tax and the taxation of the digital economy, changes arising from European Commission
initiatives such as Business in Europe: Framework for Income Taxation \u2018BEFIT\u2019 or as a consequence of state aid
investigations. The mix of countries in which the Group earn profits, statutory tax rates, future corporate
acquisitions and disposals, any restructuring of our businesses and the resolution of open tax issues or uncertain
tax positions (see below) could also affect the tax charge in future years.
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 2026, the Group holds provisions for such potential liabilities of \u20ac312 million
(2025: \u20ac314 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 \u2018Contingent
liabilities and legal proceedings\u2019 to the consolidated financial statements.
\n
The tables below present the gross amount and expiry dates of losses available for carry forward for the year
\n
ended 31 March 2026 and the comparative year ended 31 March 2025.
\n\n \n
Expiring
Expiring
within
beyond
5 years
5 years
Unlimited
Total
31 March 2026
\u20acm
\u20acm
\u20acm
\u20acm
Losses for which a deferred tax asset is recognised
96
\u2013
75,950
76,046
Losses for which no deferred tax is recognised
104
16,010
37,885
53,999
200
16,010
113,835
130,045
\n\n \n
Expiring
Expiring
within
beyond
5 years
5 years
Unlimited
Total
31 March 2025
\u20acm
\u20acm
\u20acm
\u20acm
Losses for which a deferred tax asset is recognised
68
\u2013
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
\n
The Group does not currently recognise deferred tax assets which are forecast to be used 60 years beyond the
\n
reporting period.
\n
Deferred tax assets on losses in Luxembourg
\n
Included in the table above are losses of \u20ac63,881 million (2025: \u20ac65,200 million) that have arisen in Luxembourg
\n
companies. A deferred tax asset of \u20ac15,248 million (2025: \u20ac15,563 million) has been recognised in respect of
\n
these losses, as the Group concluded it is probable that the Luxembourg entities will continue to generate
\n
taxable profits in the future against which the Group can utilise these losses. These tax losses principally arose
\n
from historical impairments, primarily following the acquisition of the Mannesmann Group in 2000. These losses
\n
also arose prior to the 2017 tax reform in Luxembourg and are available to carry forward indefinitely.
\n
Losses incurred after the 2017 tax reform in Luxembourg expire after 17 years and can only be used after any
\n
pre-existing losses on a first-in-first-out basis. The Luxembourg companies have \u20ac15,958 million (2025: \u20ac15,958
\n
million) of post-2017 losses, which will fully expire in 14 years.
No deferred tax asset is recognised for these post-
\n
2017 losses on the basis that they are not forecast to be used prior to the expiry of their 17-year life.
\n
The Luxembourg companies utilised \u20ac1,319 million of their pre-2017 losses in the current year, representing 2%
\n
of the recognised deferred tax asset.
\n
The recovery of the deferred tax asset is expected to be driven by the recurring profits of the Luxembourg
\n
companies.
\n
These recurring profits are derived from the Group\u2019s internal financing, centralised procurement, and
\n
international roaming activities. These activities have consistently generated taxable profits of over \u20ac1 billion per
\n
annum throughout their existence.
The Group has reviewed the latest five-year forecasts for the Luxembourg
\n
companies, including their ability and the Group\u2019s intention to continue to generate income beyond this period.
\n
The forecasts consider the impact of the current market conditions on the existing financing activities, including
\n
the current view of future interest rates, levels of intragroup financing, as well as the future profits generated
\n
from the procurement and roaming activities.
\n
This assessment also included a review of the commercial structures supporting the profits generated from
\n
these activities and considered the factors, under the Group\u2019s control, which could impact the ability of these
\n
activities to generate taxable profits. The Group has assessed that the current structure continues to be
\n
sustainable under the tax laws substantively enacted at the reporting period date and the Group\u2019s intentions to
\n
keep these activities in Luxembourg remains unchanged.
\n
Based on the current forecasts, \u20ac3,145 million (21%) (2025: \u20ac3,065 million, 20%) of the deferred tax asset is
\n
forecast to be used within the next 10 years, and \u20ac6,319 million (41%) (2025: \u20ac6,194 million, 40%) used within
\n
20 years. The losses are projected to be fully utilised over the next 46-50 years (2025: 47-52 years).
\n
The decrease in the recovery period compared to the prior year is principally a result of current year utilisation of
\n
the asset. An increase or decrease in the forecast income in Luxembourg in each year of 5%-10% would change
\n
the period over which the losses will be fully utilised by 2-5 years either way. The Group uses different scenarios
\n
to forecast income to understand the impact that a change in interest rates or level of debt advanced by the
\n
Luxembourg companies could have on the recovery period of the losses.
\n
Any future changes in tax law or the structure of the Group could have a significant effect on the use of the
\n
Luxembourg losses, including the period over which these losses can be utilised. On the basis that future
\n
changes in tax laws are unknown, the profit forecasts assume that existing tax laws continue.
\n
In 2025, the Government of Luxembourg enacted a reduction in the corporate income tax rate of 1%, resulting in
\n
a \u20ac719 million write down of the Luxembourg deferred tax asset. This adjustment had no impact on cash tax. In
\n
2026, the Government of Luxembourg has announced its intention to reduce the corporate income tax rate by a
\n
further 1%. If enacted, this would result in a further write down of the existing Luxembourg deferred tax asset of
\n
approximately \u20ac640 million, with no impact on cash-tax or the utilisation period.
\n
Based on the above factors the Group concludes that it is probable that the Luxembourg companies will
\n
continue to generate taxable profits in the future against which it will use these losses.
\n
Deferred tax assets in the UK
\n
The merger between Vodafone UK and Three UK, which completed on 31 May 2025 resulted in the formation of
\n
two separate UK tax groups: the VodafoneThree tax group, and the Group UK tax group.
\n
VodafoneThree
\n
The VodafoneThree tax group has a recognised UK deferred tax asset of \u20ac2,067 million (2025: \u20acnil due to the
\n
change in the tax groups referenced above).
\n
This asset consists primarily of excess capital allowances available to be claimed on a reducing balance basis,
\n
relating to qualifying plant and machinery held by the Vodafone and Three UK operating companies.
In
\n
assessing recoverability, the Group has reviewed the latest five-year forecasts for the VodafoneThree UK tax
\n
group which reflect the inherent risks of operating in the telecommunications sector.
For the periods beyond the five-year forecast the Group has considered the level of profits assumed in the
terminal period, taking into account the expected future profitability of the two businesses, and the forecast
levels of external debt.
\u202f
Based on the current forecasts, the deferred tax asset is expected to be recovered over the next 46 years (2026
half-year: 30 years). The recovery period has increased compared to the 2026 half-year results, primarily due to
the reduction in the rate of deductible capital allowances for plant and machinery from 18% to 14% per annum
from 1 April 2026 following the November 2025 UK Budget as well as the finalisation of the purchase price
allocation (including accounting policy alignment) for Three UK which resulted in revisions to forecast taxable
profit at the legal entity level.
An increase or decrease in the net taxable income in the tax group in each year of approximately 5%-10% would
change the period over which the deferred tax asset will be fully utilised by 1-2 years either way.
Based on the above factors the Group concludes that it is probable that the VodafoneThree tax group will
continue to generate taxable profits in the future against which it will utilise capital allowances and other
deferred tax assets.
Three UK has accumulated unrecognised tax losses and capital allowances of \u20ac7,615 million as the Group does
not consider it probable that they will be utilised. A significant portion of the losses can only be offset against
Three UK\u2019s own future taxable profits, and for the remaining losses, future taxable profits are expected to be
sheltered by recognised capital allowances, which are anticipated to be claimed in priority.
Vodafone Group UK
The Vodafone \u2018Group UK\u2019 tax group has a recognised UK deferred tax asset of \u20acnil million (2025: \u20ac2,566 million,
which included Vodafone UK, now part of the VodafoneThree tax group, as described above). The Group UK tax
group comprises the Group\u2019s UK financing, holding and group service companies and holds significant tax assets,
primarily arising from excess capital allowances available to be claimed on a reducing balance basis.
In assessing recoverability of deferred tax assets, the Group has reviewed the latest five-year forecasts for the
Group UK tax group, which reflect the inherent risks of operating in the telecommunications sector.
For periods
beyond the five-year forecast, the Group has considered the level of profits assumed in the terminal period,
taking into account forecast level of external debt and derivatives and expected future profitability of the
business.
Based on this assessment, the Group does not consider there to be sufficient taxable profits that can be reliably
forecast, beyond those arising from the reversal of existing deferred tax liabilities, to support recognition of
additional deferred tax assets. This conclusion is driven primarily by the volatility of taxable income and
deductible losses arising from treasury activities, where relatively small changes in the Group\u2019s bond and
derivative portfolio can result in significant movements in forecast long-term taxable profits within the Group UK
tax group.
Accordingly, the Group has written down the \u20ac358 million net deferred tax asset in respect of fixed assets within
the Group UK tax group. \u20ac437 million of deferred tax assets remain supported by the reversal of deferred tax
liabilities. As a consequence of de-recognising this deferred tax asset in the period, the Group has \u20ac1,432 million
(2025: nil) of unrecognised deductible temporary differences.
In respect of both the VodafoneThree and Group UK tax group\u2019s deferred tax assets, future changes in tax law or
in the structure of the Group could have a significant impact on the availability and timing of utilisation of UK
capital allowances and other deferred tax assets.
The Group has unrecognised capital tax losses of \u20ac29,087 million (2025: \u20ac29,762 million) arising in a number of
Group UK entities.
The variance compared to 2025 is due to foreign exchange. These losses may be carried
forward indefinitely but can only be utilised against future chargeable capital gains.
In assessing the
recoverability of these losses, the Group has considered the expected availability of future taxable capital gains.
Due to the application of the UK Substantial Shareholding Exemption, which exempts from tax the majority of
gains on disposals of qualifying shareholdings, the Group does not consider it probable that sufficient taxable
capital gains will arise against which these losses can be utilised. Accordingly, no deferred tax asset has been
recognised in respect of the capital losses, consistent with the treatment in the prior year.
Across both UK tax groups there is an unrecognised brought forward Corporate interest restriction of \u20ac2,040
million (2025: \u20ac1,916 million), as the Group does not forecast being able to utilise this.
Deferred tax assets on losses in Germany
The Group has a recognised deferred tax asset of \u20ac1,441 million (2025: \u20ac1,950 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 do not expire. The Group concludes that it is probable that the German
business will generate sufficient taxable profits in the future against which these losses will be utilised.
The Group has reviewed the latest five-year forecasts for the German business, which reflect the inherent risks of
operating in the telecommunications sector. The Group expects to fully utilise the trade tax losses within 4-5
years, and corporate tax losses within 31-32 years.
The reduction in the deferred tax asset in the period primarily reflects the enacted change in German corporate
income tax rates. On 14 July 2025, the German Government enacted a 5% reduction in the corporate income tax
rate, to be implemented on a staggered basis at 1% per annum from 2028 to 2032. The enacted rate change
resulted in a \u20ac305 million charge to remeasure the German net deferred tax assets.
Unremitted earnings
No deferred tax liability has been recognised in respect of a further \u20ac33,631 million (2025: \u20ac39,199 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 FY26
tax charge includes a current tax charge of \u20ac9 million (2025: \u20ac7 million) relating to Pillar 2 income taxes.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00777": { "value": "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\u2019s 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 the Group operates either using management\u2019s 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 arises from the initial recognition of
assets and liabilities (other than in a business combination), when the transaction affects neither the accounting
profit nor the taxable profit and does not give rise to equal taxable and deductible temporary differences.
Deferred tax liabilities are also not recognised to the extent they arise from the initial recognition of goodwill that
is not deductible for tax.
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\u2019s assessment that sufficient taxable profits will be available to allow all the recognised
asset to be recovered.
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00778": { "value": "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 arises from the initial recognition of
assets and liabilities (other than in a business combination), when the transaction affects neither the accounting
profit nor the taxable profit and does not give rise to equal taxable and deductible temporary differences.
Deferred tax liabilities are also not recognised to the extent they arise from the initial recognition of goodwill that
is not deductible for tax.
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\u2019s assessment that sufficient taxable profits will be available to allow all the recognised
asset to be recovered.
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00776": { "value": "Deferred tax
The table below is an analysis of movements in the net deferred tax asset balance during the year.
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
1 April
18,235
19,478
Foreign exchange movements
(82)
95
Charged to the income statement
(834)
(1,266)
Charged directly to OCI
(393)
(49)
Credited / (charged) directly to equity
17
(3)
Indexation of the opening balance in respect of hyperinflation in T
\u00fc
rkiye
(9)
(18)
Arising on acquisitions and disposals
91
(2)
31 March
17,025
18,235
\n
Deferred tax assets and liabilities, before offset of balances within countries, are as follows:
\u00a0
Amount
\u00a0\u00a0\u00a0
Net
\u00a0
credited/
\u00a0\u00a0\u00a0
recognised
\u00a0
(expensed)
Gross
Gross
Less
deferred tax
\u00a0
in income
deferred
deferred tax
amounts
asset/
\u00a0
statement
tax asset
liability
unrecognised
(liability)
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Tangible assets
20
3,574
(1,419)
(408)
1,747
Intangible assets
(655)
457
(1,097)
\u2013
(640)
Tax losses
(137)
30,081
\u2013
(13,302)
16,779
Treasury related items
27
525
(575)
(510)
(560)
Temporary differences relating to revenue
\u00a0\u00a0\u00a0\u00a0\u00a0
recognition
116
74
(664)
\u2013
(590)
Temporary differences relating to leases
10
1,678
(1,473)
\u2013
205
Other temporary differences
(215)
589
(505)
\u2013
84
31 March 2026
(834)
36,978
(5,733)
(14,220)
17,025
\n
Analysed in the balance sheet, after offset of balances within countries, as:
\u00a0
\u20acm
Deferred tax asset
18,068
Deferred tax liability
(1,043)
31 March 2026
17,025
\n
At 31 March 2025, deferred tax assets and liabilities, before offset of balances within countries, were as follows:
\u00a0
Amount
\u00a0 \u00a0 \u00a0
Net
\u00a0
credited/
\u00a0 \u00a0 \u00a0
recognised
\u00a0
(expensed)
Gross
Gross
Less
deferred tax
\u00a0
in income
deferred
deferred tax
amounts
asset/
\u00a0
statement
tax asset
liability
unrecognised
(liability)
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Tangible assets
(6)
2,831
(1,133)
\u2013
1,698
Intangible assets
133
266
(1,036)
(3)
(773)
Tax losses
(1,256)
31,367
\u2013
(13,843)
17,524
Treasury related items
(43)
583
(214)
(568)
(199)
Temporary differences relating to revenue
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
recognition
(28)
83
(789)
\u2013
(706)
Temporary differences relating to leases
(28)
1,537
(1,340)
\u2013
197
Other temporary differences
(38)
716
(209)
(13)
494
31 March 2025
(1,266)
37,383
(4,721)
(14,427)
18,235
\n
At 31 March 2025, analysed in the balance sheet, after offset of balances within countries, as:
\u00a0
\u20acm
Deferred tax asset
19,033
Deferred tax liability
(798)
31 March 2025
18,235
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00781": { "value": "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 (\u2018assets\u2019) 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 \u2018Revenue disaggregation and
segmental analysis\u2019) 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\u2019s (Loss)/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 (\u2019Zegona\u2019) in relation to the disposal of 100% of Vodafone Holdings Europe, S.L.U.
(\u2018Vodafone Spain\u2019). 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
(\u2018Swisscom\u2019) in relation to the disposal of 100% of Vodafone Italia S.p.A. (\u2019Vodafone Italy\u2019). The disposal
completed on 31 December 2024.
See note 27 \u2018Acquisitions and disposals\u2019 for more information.
The results of Vodafone Spain and Vodafone Italy were reported as discontinued operations in the prior years
through to the date of disposal.
A summary of the results from these discontinued operations is below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
1
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
(Loss)/profit for the financial year - Discontinued operations
\u00a0\u00a0\u00a0
Vodafone Spain
(25)
53
(5)
Vodafone Italy
(83)
(75)
(60)
Total
(108)
(22)
(65)
Loss per share - Discontinued operations
\u00a0\u00a0\u00a0
Basic
(0.45)c
(0.08)c
(0.24)c
Diluted
(0.45)c
(0.08)c
(0.24)c
\n
Note:
1.
Relates to the finalisation of the disposal completion accounts in the current financial year.
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
Segment analysis of discontinued operations
\n
Vodafone Spain
\n
The disposal of Vodafone Spain completed in the comparative period on 31 May 2024. The results of
\n
discontinued operations in Spain are detailed below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Revenue
\u2013
603
3,773
Cost of sales
\u2013
(321)
(2,593)
Gross profit
\u2013
282
1,180
Selling and distribution expenses
\u2013
(27)
(259)
Administrative expenses
\u2013
(34)
(435)
Net credit losses on financial assets
\u2013
(15)
(120)
Operating profit
\u2013
206
366
Investment income
\u2013
3
29
Financing costs
\u2013
(8)
(56)
Profit before taxation
\u2013
201
339
Income tax credit
\u2013
\u2013
1
Profit after tax of discontinued operations
\u2013
201
340
After tax loss on the re-measurement of disposal group
\u2013
\u2013
(345)
Loss on sale of disposal group
(25)
(148)
\u2013
(Loss)/profit for the financial year from discontinued operations
(25)
53
(5)
Total comprehensive (expense)/income for the financial year
\u00a0 \u00a0 \u00a0
from discontinued operations
\u00a0 \u00a0 \u00a0
Attributable to owners of the parent
(25)
53
(5)
\n
Vodafone Italy
\n
The disposal of Vodafone Italy completed in the comparative period on 31 December 2024. The results of
\n
discontinued operations in Italy are detailed below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Revenue
\u2013
3,356
4,579
Cost of sales
\u2013
(1,293)
(3,438)
Gross profit
\u2013
2,063
1,141
Selling and distribution expenses
\u2013
(160)
(244)
Administrative expenses
\u2013
(356)
(760)
Net credit losses on financial assets
\u2013
(36)
(51)
Operating profit
\u2013
1,511
86
Financing costs
\u2013
(66)
(86)
Profit before taxation
\u2013
1,445
\u2013
Income tax (expense)/credit
\u2013
(387)
23
Profit after tax of discontinued operations
\u2013
1,058
23
After tax loss on the re-measurement of disposal group
\u2013
\u2013
(83)
Loss on sale of disposal group
(83)
(1,133)
\u2013
Loss for the financial year from discontinued operations
(83)
(75)
(60)
Total comprehensive expense for the financial year from
\u00a0\u00a0\u00a0
discontinued operations
\u00a0\u00a0\u00a0
Attributable to owners of the parent
(83)
(72)
(71)
\n
Assets held for sale
\n
On 18 February 2026, the Group announced that it has agreed to sell its interests in VodafoneZiggo Group
\n
Holding B.V. (\u2018VodafoneZiggo\u2019) to Liberty Global plc for \u20ac1.0 billion in cash and a 10% stake in the new Ziggo
\n
Group which will own 100% of both VodafoneZiggo and Liberty Global\u2019s Belgian subsidiary, Telenet Group
\n
Holding. The Group\u2019s \u20ac0.9 billion loan receivable from VodafoneZiggo (see Note 13: Other investments) will be
\n
settled from the transaction proceeds. Consequently, the Group\u2019s investment in VodafoneZiggo is classified as
\n
held for sale at 31 March 2026.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March
31 March
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Non-current assets
\u00a0 \u00a0
Investments in associates and joint ventures
174
\u2013
\u00a0
174
\u2013
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00780": { "value": "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 (\u2018assets\u2019) 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 \u2018Revenue disaggregation and
segmental analysis\u2019) 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\u2019s (Loss)/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 (\u2019Zegona\u2019) in relation to the disposal of 100% of Vodafone Holdings Europe, S.L.U.
(\u2018Vodafone Spain\u2019). 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
(\u2018Swisscom\u2019) in relation to the disposal of 100% of Vodafone Italia S.p.A. (\u2019Vodafone Italy\u2019). The disposal
completed on 31 December 2024.
See note 27 \u2018Acquisitions and disposals\u2019 for more information.
The results of Vodafone Spain and Vodafone Italy were reported as discontinued operations in the prior years
through to the date of disposal.
A summary of the results from these discontinued operations is below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
1
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
(Loss)/profit for the financial year - Discontinued operations
\u00a0\u00a0\u00a0
Vodafone Spain
(25)
53
(5)
Vodafone Italy
(83)
(75)
(60)
Total
(108)
(22)
(65)
Loss per share - Discontinued operations
\u00a0\u00a0\u00a0
Basic
(0.45)c
(0.08)c
(0.24)c
Diluted
(0.45)c
(0.08)c
(0.24)c
\n
Note:
1.
Relates to the finalisation of the disposal completion accounts in the current financial year.
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n
Segment analysis of discontinued operations
\n
Vodafone Spain
\n
The disposal of Vodafone Spain completed in the comparative period on 31 May 2024. The results of
\n
discontinued operations in Spain are detailed below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Revenue
\u2013
603
3,773
Cost of sales
\u2013
(321)
(2,593)
Gross profit
\u2013
282
1,180
Selling and distribution expenses
\u2013
(27)
(259)
Administrative expenses
\u2013
(34)
(435)
Net credit losses on financial assets
\u2013
(15)
(120)
Operating profit
\u2013
206
366
Investment income
\u2013
3
29
Financing costs
\u2013
(8)
(56)
Profit before taxation
\u2013
201
339
Income tax credit
\u2013
\u2013
1
Profit after tax of discontinued operations
\u2013
201
340
After tax loss on the re-measurement of disposal group
\u2013
\u2013
(345)
Loss on sale of disposal group
(25)
(148)
\u2013
(Loss)/profit for the financial year from discontinued operations
(25)
53
(5)
Total comprehensive (expense)/income for the financial year
\u00a0 \u00a0 \u00a0
from discontinued operations
\u00a0 \u00a0 \u00a0
Attributable to owners of the parent
(25)
53
(5)
\n
Vodafone Italy
\n
The disposal of Vodafone Italy completed in the comparative period on 31 December 2024. The results of
\n
discontinued operations in Italy are detailed below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Revenue
\u2013
3,356
4,579
Cost of sales
\u2013
(1,293)
(3,438)
Gross profit
\u2013
2,063
1,141
Selling and distribution expenses
\u2013
(160)
(244)
Administrative expenses
\u2013
(356)
(760)
Net credit losses on financial assets
\u2013
(36)
(51)
Operating profit
\u2013
1,511
86
Financing costs
\u2013
(66)
(86)
Profit before taxation
\u2013
1,445
\u2013
Income tax (expense)/credit
\u2013
(387)
23
Profit after tax of discontinued operations
\u2013
1,058
23
After tax loss on the re-measurement of disposal group
\u2013
\u2013
(83)
Loss on sale of disposal group
(83)
(1,133)
\u2013
Loss for the financial year from discontinued operations
(83)
(75)
(60)
Total comprehensive expense for the financial year from
\u00a0\u00a0\u00a0
discontinued operations
\u00a0\u00a0\u00a0
Attributable to owners of the parent
(83)
(72)
(71)
\n
Assets held for sale
\n
On 18 February 2026, the Group announced that it has agreed to sell its interests in VodafoneZiggo Group
\n
Holding B.V. (\u2018VodafoneZiggo\u2019) to Liberty Global plc for \u20ac1.0 billion in cash and a 10% stake in the new Ziggo
\n
Group which will own 100% of both VodafoneZiggo and Liberty Global\u2019s Belgian subsidiary, Telenet Group
\n
Holding. The Group\u2019s \u20ac0.9 billion loan receivable from VodafoneZiggo (see Note 13: Other investments) will be
\n
settled from the transaction proceeds. Consequently, the Group\u2019s investment in VodafoneZiggo is classified as
\n
held for sale at 31 March 2026.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March
31 March
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Non-current assets
\u00a0 \u00a0
Investments in associates and joint ventures
174
\u2013
\u00a0
174
\u2013
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00779": { "value": "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 (\u2018assets\u2019) 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 \u2018Revenue disaggregation and
segmental analysis\u2019) 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\u2019s (Loss)/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 (\u2019Zegona\u2019) in relation to the disposal of 100% of Vodafone Holdings Europe, S.L.U.
(\u2018Vodafone Spain\u2019). 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
(\u2018Swisscom\u2019) in relation to the disposal of 100% of Vodafone Italia S.p.A. (\u2019Vodafone Italy\u2019). The disposal
completed on 31 December 2024.
See note 27 \u2018Acquisitions and disposals\u2019 for more information.
The results of Vodafone Spain and Vodafone Italy were reported as discontinued operations in the prior years
through to the date of disposal.
A summary of the results from these discontinued operations is below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
1
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
(Loss)/profit for the financial year - Discontinued operations
\u00a0\u00a0\u00a0
Vodafone Spain
(25)
53
(5)
Vodafone Italy
(83)
(75)
(60)
Total
(108)
(22)
(65)
Loss per share - Discontinued operations
\u00a0\u00a0\u00a0
Basic
(0.45)c
(0.08)c
(0.24)c
Diluted
(0.45)c
(0.08)c
(0.24)c
\n
Note:
1.
Relates to the finalisation of the disposal completion accounts in the current financial year.
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n
Segment analysis of discontinued operations
\n
Vodafone Spain
\n
The disposal of Vodafone Spain completed in the comparative period on 31 May 2024. The results of
\n
discontinued operations in Spain are detailed below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Revenue
\u2013
603
3,773
Cost of sales
\u2013
(321)
(2,593)
Gross profit
\u2013
282
1,180
Selling and distribution expenses
\u2013
(27)
(259)
Administrative expenses
\u2013
(34)
(435)
Net credit losses on financial assets
\u2013
(15)
(120)
Operating profit
\u2013
206
366
Investment income
\u2013
3
29
Financing costs
\u2013
(8)
(56)
Profit before taxation
\u2013
201
339
Income tax credit
\u2013
\u2013
1
Profit after tax of discontinued operations
\u2013
201
340
After tax loss on the re-measurement of disposal group
\u2013
\u2013
(345)
Loss on sale of disposal group
(25)
(148)
\u2013
(Loss)/profit for the financial year from discontinued operations
(25)
53
(5)
Total comprehensive (expense)/income for the financial year
\u00a0 \u00a0 \u00a0
from discontinued operations
\u00a0 \u00a0 \u00a0
Attributable to owners of the parent
(25)
53
(5)
\n
Vodafone Italy
\n
The disposal of Vodafone Italy completed in the comparative period on 31 December 2024. The results of
\n
discontinued operations in Italy are detailed below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Revenue
\u2013
3,356
4,579
Cost of sales
\u2013
(1,293)
(3,438)
Gross profit
\u2013
2,063
1,141
Selling and distribution expenses
\u2013
(160)
(244)
Administrative expenses
\u2013
(356)
(760)
Net credit losses on financial assets
\u2013
(36)
(51)
Operating profit
\u2013
1,511
86
Financing costs
\u2013
(66)
(86)
Profit before taxation
\u2013
1,445
\u2013
Income tax (expense)/credit
\u2013
(387)
23
Profit after tax of discontinued operations
\u2013
1,058
23
After tax loss on the re-measurement of disposal group
\u2013
\u2013
(83)
Loss on sale of disposal group
(83)
(1,133)
\u2013
Loss for the financial year from discontinued operations
(83)
(75)
(60)
Total comprehensive expense for the financial year from
\u00a0\u00a0\u00a0
discontinued operations
\u00a0\u00a0\u00a0
Attributable to owners of the parent
(83)
(72)
(71)
\n
Assets held for sale
\n
On 18 February 2026, the Group announced that it has agreed to sell its interests in VodafoneZiggo Group
\n
Holding B.V. (\u2018VodafoneZiggo\u2019) to Liberty Global plc for \u20ac1.0 billion in cash and a 10% stake in the new Ziggo
\n
Group which will own 100% of both VodafoneZiggo and Liberty Global\u2019s Belgian subsidiary, Telenet Group
\n
Holding. The Group\u2019s \u20ac0.9 billion loan receivable from VodafoneZiggo (see Note 13: Other investments) will be
\n
settled from the transaction proceeds. Consequently, the Group\u2019s investment in VodafoneZiggo is classified as
\n
held for sale at 31 March 2026.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 March
31 March
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Non-current assets
\u00a0 \u00a0
Investments in associates and joint ventures
174
\u2013
\u00a0
174
\u2013
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00784": { "value": "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 (\u2018assets\u2019) 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 \u2018Revenue disaggregation and
segmental analysis\u2019) 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\u2019s (Loss)/profit for the financial year for the years presented. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00783": { "value": "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 (\u2018assets\u2019) 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 \u2018Revenue disaggregation and
segmental analysis\u2019) 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\u2019s (Loss)/profit for the financial year for the years presented. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00782": { "value": "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 (\u2018assets\u2019) 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 \u2018Revenue disaggregation and
segmental analysis\u2019) 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\u2019s (Loss)/profit for the financial year for the years presented. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00785": { "value": "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.
\u00a0
2026
2025
2024
\u00a0
Millions
Millions
Millions
Weighted average number of shares for basic earnings per share
24,033
26,149
27,056
Effect of dilutive potential shares: Employee share schemes
\u2013
\u2013
95
Weighted average number of shares for diluted earnings per
\u00a0 \u00a0 \u00a0
share
24,033
26,149
27,151
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
(Loss)/profit for earnings per share from continuing operations
\u00a0 \u00a0 \u00a0
attributable to owners
(289)
(4,147)
1,205
Loss for earnings per share from discontinued operations attributable
\u00a0 \u00a0 \u00a0
to owners
(108)
(22)
(65)
(Loss)/profit for basic and diluted earnings per share
(397)
(4,169)
1,140
\u00a0
2026
2025
2024
\u00a0
eurocents
eurocents
eurocents
Basic (loss)/earnings per share from continuing operations
(1.20)c
(15.86)c
4.45c
Basic loss per share from discontinued operations
(0.45)c
(0.08)c
(0.24)c
Basic (loss)/earnings per share
(1.65)c
(15.94)c
4.21c
\u00a0
2026
2025
2024
\u00a0
eurocents
eurocents
eurocents
Diluted (loss)/earnings per share from continuing operations
(1.20)c
(15.86)c
4.44c
Diluted loss per share from discontinued operations
(0.45)c
(0.08)c
(0.24)c
Diluted (loss)/earnings per share
(1.65)c
(15.94)c
4.20c
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00786": { "value": "9. Equity dividends
Dividends are one type of shareholder return, historically paid to our shareholders in February
and August.
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Declared during the financial year
\u00a0\u00a0\u00a0
Final dividend for the year ended 31 March 2025: 2.25 eurocents per
\u00a0\u00a0\u00a0
share
\u00a0\u00a0\u00a0
(2024: 4.50 eurocents per share, 2023: 4.50 eurocents per share)
558
1,212
1,215
Interim dividend for the year ended 31 March 2026: 2.25 eurocents
\u00a0\u00a0\u00a0
per share
\u00a0\u00a0\u00a0
(2025: 2.25 eurocents per share, 2024: 4.50 eurocents per share)
536
583
1,218
\u00a0
1,094
1,795
2,433
Proposed after the end of the year and not recognised as a
\u00a0\u00a0\u00a0
liability
\u00a0\u00a0\u00a0
Final dividend for the year ended 31 March 2026: 2.3625 eurocents
\u00a0\u00a0\u00a0
per share
\u00a0\u00a0\u00a0
(2025: 2.25 eurocents per share, 2024: 4.50 eurocents per share)
544
558
1,219 ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00790": { "value": "0.023625", "decimals": 6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00791": { "value": "0.0225", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00792": { "value": "0.045", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00788": { "value": "544000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:EUR" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00789": { "value": "558000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:EUR" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00787": { "value": "1219000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00795": { "value": "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
\u2018Critical accounting judgements and key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of
preparation \u2018 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\u2019s judgement.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group\u2019s
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\u2019s consumption of the economic benefit from that asset.
Estimated useful lives
The estimated useful lives of finite lived intangible assets are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Licence and spectrum fees
3 - 40 years
Software
3 - 10 years
Brands
1 - 30 years
Customer bases
2 - 37 years
\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Licence and
Computer
Customer
\u00a0 \u00a0
\u00a0
Goodwill
spectrum fees
software
bases
Other
Total
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1 April 2024
77,252
27,292
17,434
9,320
486
131,784
Exchange movements
(252)
62
(63)
17
(18)
(254)
Acquisition of subsidiaries
7
\u2013
\u2013
4
\u2013
11
Additions
1
\u2013
236
2,414
\u2013
5
2,655
Disposals
\u2013
(98)
(772)
\u2013
(1)
(871)
Hyperinflation impacts
709
301
291
49
39
1,389
Other
\u2013
\u2013
(45)
\u2013
\u2013
(45)
31 March 2025
77,716
27,793
19,259
9,390
511
134,669
Exchange movements
(571)
(734)
(424)
(56)
(40)
(1,825)
Acquisition of subsidiaries
2
1,465
1,001
897
541
231
4,135
Additions
1
\u2013
1,083
2,142
1
8
3,234
Disposals
\u2013
(305)
(942)
\u2013
(3)
(1,250)
Hyperinflation impacts
627
293
285
44
35
1,284
Other
\u2013
\u2013
(97)
\u2013
\u2013
(97)
31 March 2026
79,237
29,131
21,120
9,920
742
140,150
Accumulated impairment losses and amortisation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1 April 2024
52,296
21,731
12,104
6,338
463
92,932
Exchange movements
(318)
106
(58)
16
(14)
(268)
Impairments
4,515
\u2013
\u2013
\u2013
\u2013
4,515
Charge for the year
\u2013
651
2,431
605
8
3,695
Disposals
\u2013
(98)
(767)
\u2013
(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
Exchange movements
(510)
(504)
(314)
(41)
(26)
(1,395)
Charge for the year
\u2013
722
2,682
674
12
4,090
Disposals
\u2013
(197)
(932)
\u2013
\u2013
(1,129)
Hyperinflation impacts
627
180
242
44
35
1,128
Other
\u2013
\u2013
(52)
\u2013
\u2013
(52)
31 March 2026
57,319
22,767
15,586
7,685
516
103,873
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
31 March 2025
20,514
5,227
5,299
2,382
16
33,438
31 March 2026
21,918
6,364
5,534
2,235
226
36,277
\n
Notes:
1.
Licence and spectrum additions include \u20ac771 million (FY25: \u20acnil) of deferred payments which are included in borrowings in the Statement of Financial Position, see Note 21 for further details.
2.
Primarily attributable to the merger of Vodafone Limited and Hutchison 3G UK Holdings Limited in the UK. See note 27 \u2018Acquisitions and disposals\u2019 for further details.
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 amortised, with a cost of \u20ac824 million
(2025: \u20ac1,035 million) and \u20ac18 million (2025: \u20ac151 million) respectively.
The net book value and expiry dates of the most significant licences are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2026
2025
\u00a0
Expiry dates
\u20acm
\u20acm
Germany
2030 - 2040
2,290
2,392
UK
2033 - 2041
1,622
965
Vodacom
2027 - 2042
932
771
T
\u00fc
rkiye
2042
824
366
\n
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\u2019s most significant spectrum licences can be found on page 244. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00794": { "value": "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
\u2018Critical accounting judgements and key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of
preparation \u2018 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\u2019s judgement.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group\u2019s
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\u2019s consumption of the economic benefit from that asset.
Estimated useful lives
The estimated useful lives of finite lived intangible assets are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Licence and spectrum fees
3 - 40 years
Software
3 - 10 years
Brands
1 - 30 years
Customer bases
2 - 37 years
\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Licence and
Computer
Customer
\u00a0 \u00a0
\u00a0
Goodwill
spectrum fees
software
bases
Other
Total
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1 April 2024
77,252
27,292
17,434
9,320
486
131,784
Exchange movements
(252)
62
(63)
17
(18)
(254)
Acquisition of subsidiaries
7
\u2013
\u2013
4
\u2013
11
Additions
1
\u2013
236
2,414
\u2013
5
2,655
Disposals
\u2013
(98)
(772)
\u2013
(1)
(871)
Hyperinflation impacts
709
301
291
49
39
1,389
Other
\u2013
\u2013
(45)
\u2013
\u2013
(45)
31 March 2025
77,716
27,793
19,259
9,390
511
134,669
Exchange movements
(571)
(734)
(424)
(56)
(40)
(1,825)
Acquisition of subsidiaries
2
1,465
1,001
897
541
231
4,135
Additions
1
\u2013
1,083
2,142
1
8
3,234
Disposals
\u2013
(305)
(942)
\u2013
(3)
(1,250)
Hyperinflation impacts
627
293
285
44
35
1,284
Other
\u2013
\u2013
(97)
\u2013
\u2013
(97)
31 March 2026
79,237
29,131
21,120
9,920
742
140,150
Accumulated impairment losses and amortisation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1 April 2024
52,296
21,731
12,104
6,338
463
92,932
Exchange movements
(318)
106
(58)
16
(14)
(268)
Impairments
4,515
\u2013
\u2013
\u2013
\u2013
4,515
Charge for the year
\u2013
651
2,431
605
8
3,695
Disposals
\u2013
(98)
(767)
\u2013
(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
Exchange movements
(510)
(504)
(314)
(41)
(26)
(1,395)
Charge for the year
\u2013
722
2,682
674
12
4,090
Disposals
\u2013
(197)
(932)
\u2013
\u2013
(1,129)
Hyperinflation impacts
627
180
242
44
35
1,128
Other
\u2013
\u2013
(52)
\u2013
\u2013
(52)
31 March 2026
57,319
22,767
15,586
7,685
516
103,873
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
31 March 2025
20,514
5,227
5,299
2,382
16
33,438
31 March 2026
21,918
6,364
5,534
2,235
226
36,277
\n
Notes:
1.
Licence and spectrum additions include \u20ac771 million (FY25: \u20acnil) of deferred payments which are included in borrowings in the Statement of Financial Position, see Note 21 for further details.
2.
Primarily attributable to the merger of Vodafone Limited and Hutchison 3G UK Holdings Limited in the UK. See note 27 \u2018Acquisitions and disposals\u2019 for further details.
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 amortised, with a cost of \u20ac824 million
(2025: \u20ac1,035 million) and \u20ac18 million (2025: \u20ac151 million) respectively.
The net book value and expiry dates of the most significant licences are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2026
2025
\u00a0
Expiry dates
\u20acm
\u20acm
Germany
2030 - 2040
2,290
2,392
UK
2033 - 2041
1,622
965
Vodacom
2027 - 2042
932
771
T
\u00fc
rkiye
2042
824
366
\n
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\u2019s most significant spectrum licences can be found on page 244. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00793": { "value": "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
\u2018Critical accounting judgements and key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of
preparation \u2018 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\u2019s judgement.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group\u2019s
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\u2019s consumption of the economic benefit from that asset.
Estimated useful lives
The estimated useful lives of finite lived intangible assets are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Licence and spectrum fees
3 - 40 years
Software
3 - 10 years
Brands
1 - 30 years
Customer bases
2 - 37 years
\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Licence and
Computer
Customer
\u00a0 \u00a0
\u00a0
Goodwill
spectrum fees
software
bases
Other
Total
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1 April 2024
77,252
27,292
17,434
9,320
486
131,784
Exchange movements
(252)
62
(63)
17
(18)
(254)
Acquisition of subsidiaries
7
\u2013
\u2013
4
\u2013
11
Additions
1
\u2013
236
2,414
\u2013
5
2,655
Disposals
\u2013
(98)
(772)
\u2013
(1)
(871)
Hyperinflation impacts
709
301
291
49
39
1,389
Other
\u2013
\u2013
(45)
\u2013
\u2013
(45)
31 March 2025
77,716
27,793
19,259
9,390
511
134,669
Exchange movements
(571)
(734)
(424)
(56)
(40)
(1,825)
Acquisition of subsidiaries
2
1,465
1,001
897
541
231
4,135
Additions
1
\u2013
1,083
2,142
1
8
3,234
Disposals
\u2013
(305)
(942)
\u2013
(3)
(1,250)
Hyperinflation impacts
627
293
285
44
35
1,284
Other
\u2013
\u2013
(97)
\u2013
\u2013
(97)
31 March 2026
79,237
29,131
21,120
9,920
742
140,150
Accumulated impairment losses and amortisation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1 April 2024
52,296
21,731
12,104
6,338
463
92,932
Exchange movements
(318)
106
(58)
16
(14)
(268)
Impairments
4,515
\u2013
\u2013
\u2013
\u2013
4,515
Charge for the year
\u2013
651
2,431
605
8
3,695
Disposals
\u2013
(98)
(767)
\u2013
(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
Exchange movements
(510)
(504)
(314)
(41)
(26)
(1,395)
Charge for the year
\u2013
722
2,682
674
12
4,090
Disposals
\u2013
(197)
(932)
\u2013
\u2013
(1,129)
Hyperinflation impacts
627
180
242
44
35
1,128
Other
\u2013
\u2013
(52)
\u2013
\u2013
(52)
31 March 2026
57,319
22,767
15,586
7,685
516
103,873
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
31 March 2025
20,514
5,227
5,299
2,382
16
33,438
31 March 2026
21,918
6,364
5,534
2,235
226
36,277
\n
Notes:
1.
Licence and spectrum additions include \u20ac771 million (FY25: \u20acnil) of deferred payments which are included in borrowings in the Statement of Financial Position, see Note 21 for further details.
2.
Primarily attributable to the merger of Vodafone Limited and Hutchison 3G UK Holdings Limited in the UK. See note 27 \u2018Acquisitions and disposals\u2019 for further details.
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 amortised, with a cost of \u20ac824 million
(2025: \u20ac1,035 million) and \u20ac18 million (2025: \u20ac151 million) respectively.
The net book value and expiry dates of the most significant licences are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2026
2025
\u00a0
Expiry dates
\u20acm
\u20acm
Germany
2030 - 2040
2,290
2,392
UK
2033 - 2041
1,622
965
Vodacom
2027 - 2042
932
771
T
\u00fc
rkiye
2042
824
366
\n
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\u2019s most significant spectrum licences can be found on page 244. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00797": { "value": "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\u2019s judgement. 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\u2019s consumption of the economic benefit from that asset.
Estimated useful lives
The estimated useful lives of finite lived intangible assets are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Licence and spectrum fees
3 - 40 years
Software
3 - 10 years
Brands
1 - 30 years
Customer bases
2 - 37 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00796": { "value": "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\u2019s judgement.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group\u2019s
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\u2019s consumption of the economic benefit from that asset.
Estimated useful lives
The estimated useful lives of finite lived intangible assets are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Licence and spectrum fees
3 - 40 years
Software
3 - 10 years
Brands
1 - 30 years
Customer bases
2 - 37 years
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00798": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Licence and
Computer
Customer
\u00a0 \u00a0
\u00a0
Goodwill
spectrum fees
software
bases
Other
Total
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1 April 2024
77,252
27,292
17,434
9,320
486
131,784
Exchange movements
(252)
62
(63)
17
(18)
(254)
Acquisition of subsidiaries
7
\u2013
\u2013
4
\u2013
11
Additions
1
\u2013
236
2,414
\u2013
5
2,655
Disposals
\u2013
(98)
(772)
\u2013
(1)
(871)
Hyperinflation impacts
709
301
291
49
39
1,389
Other
\u2013
\u2013
(45)
\u2013
\u2013
(45)
31 March 2025
77,716
27,793
19,259
9,390
511
134,669
Exchange movements
(571)
(734)
(424)
(56)
(40)
(1,825)
Acquisition of subsidiaries
2
1,465
1,001
897
541
231
4,135
Additions
1
\u2013
1,083
2,142
1
8
3,234
Disposals
\u2013
(305)
(942)
\u2013
(3)
(1,250)
Hyperinflation impacts
627
293
285
44
35
1,284
Other
\u2013
\u2013
(97)
\u2013
\u2013
(97)
31 March 2026
79,237
29,131
21,120
9,920
742
140,150
Accumulated impairment losses and amortisation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1 April 2024
52,296
21,731
12,104
6,338
463
92,932
Exchange movements
(318)
106
(58)
16
(14)
(268)
Impairments
4,515
\u2013
\u2013
\u2013
\u2013
4,515
Charge for the year
\u2013
651
2,431
605
8
3,695
Disposals
\u2013
(98)
(767)
\u2013
(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
Exchange movements
(510)
(504)
(314)
(41)
(26)
(1,395)
Charge for the year
\u2013
722
2,682
674
12
4,090
Disposals
\u2013
(197)
(932)
\u2013
\u2013
(1,129)
Hyperinflation impacts
627
180
242
44
35
1,128
Other
\u2013
\u2013
(52)
\u2013
\u2013
(52)
31 March 2026
57,319
22,767
15,586
7,685
516
103,873
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
31 March 2025
20,514
5,227
5,299
2,382
16
33,438
31 March 2026
21,918
6,364
5,534
2,235
226
36,277
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Equipment,
\u00a0
\u00a0
Land and
fixtures
\u00a0
\u00a0
buildings
and fittings
Total
\u00a0
\u20acm
\u20acm
\u20acm
Cost
\u00a0\u00a0\u00a0
1 April 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
Exchange movements
(19)
(1,632)
(1,651)
Acquisition of subsidiaries
1
32
1,517
1,549
Additions
40
5,310
5,350
Disposals
(20)
(1,257)
(1,277)
Hyperinflation impacts
6
1,119
1,125
Other
8
169
177
31 March 2026
1,612
68,043
69,655
Accumulated depreciation and impairment
\u00a0\u00a0\u00a0
1 April 2024
989
39,370
40,359
Exchange movements
4
(308)
(304)
Charge for the year
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
Exchange movements
(12)
(1,123)
(1,135)
Charge for the year
40
4,351
4,391
Disposals
(16)
(1,116)
(1,132)
Hyperinflation impacts
2
828
830
Other
1
54
55
31 March 2026
1,020
45,969
46,989
Net book value
\u00a0\u00a0\u00a0
31 March 2025
560
19,842
20,402
31 March 2026
592
22,074
22,666
\n
Note:
1.
Primarily attributable to the merger of Vodafone Limited and Hutchison 3G UK Holdings Limited in the UK. See note 27 \u2018Acquisitions
and disposals\u2019 for further details.
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 \u20ac18 million (2025: \u20ac15 million) and \u20ac1,297 million
(2025: \u20ac1,355 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 \u20ac1,678 million (2025: \u20ac1,653 million),
accumulated depreciation of \u20ac1,165 million (2025: \u20ac1,133 million) and net book value of \u20ac513 million (2025:
\u20ac520 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00799": { "value": "11. Property, plant and equipment
The Group makes significant investments in network equipment and infrastructure \u2013 the base
stations and technology required to operate our networks \u2013 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 \u2018Critical accounting judgements and key
sources of estimation uncertainty\u2019 in note 1 \u2018Basis of preparation \u2018to 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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Land and buildings
\u00a0
Freehold buildings
25 - 50 years
Leasehold premises
The term of the lease
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Equipment, fixtures and fittings
\u00a0
Network infrastructure and other
1 - 35 years
\n
Depreciation is not provided on freehold land.
Right-of-use assets arising from the Group\u2019s lease arrangements are depreciated over the shorter of their
reasonably certain lease term, as determined under the Group\u2019s leases policy (see note 20 \u2018Leases\u2019 and \u2018Critical
accounting judgements and key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of preparation\u2019 for details) and
their expected useful life.
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.
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Equipment,
\u00a0
\u00a0
Land and
fixtures
\u00a0
\u00a0
buildings
and fittings
Total
\u00a0
\u20acm
\u20acm
\u20acm
Cost
\u00a0\u00a0\u00a0
1 April 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
Exchange movements
(19)
(1,632)
(1,651)
Acquisition of subsidiaries
1
32
1,517
1,549
Additions
40
5,310
5,350
Disposals
(20)
(1,257)
(1,277)
Hyperinflation impacts
6
1,119
1,125
Other
8
169
177
31 March 2026
1,612
68,043
69,655
Accumulated depreciation and impairment
\u00a0\u00a0\u00a0
1 April 2024
989
39,370
40,359
Exchange movements
4
(308)
(304)
Charge for the year
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
Exchange movements
(12)
(1,123)
(1,135)
Charge for the year
40
4,351
4,391
Disposals
(16)
(1,116)
(1,132)
Hyperinflation impacts
2
828
830
Other
1
54
55
31 March 2026
1,020
45,969
46,989
Net book value
\u00a0\u00a0\u00a0
31 March 2025
560
19,842
20,402
31 March 2026
592
22,074
22,666
\n
Note:
1.
Primarily attributable to the merger of Vodafone Limited and Hutchison 3G UK Holdings Limited in the UK. See note 27 \u2018Acquisitions
and disposals\u2019 for further details.
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 \u20ac18 million (2025: \u20ac15 million) and \u20ac1,297 million
(2025: \u20ac1,355 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 \u20ac1,678 million (2025: \u20ac1,653 million),
accumulated depreciation of \u20ac1,165 million (2025: \u20ac1,133 million) and net book value of \u20ac513 million (2025:
\u20ac520 million).
Right-of-use assets arising from the Group\u2019s lease arrangements are recorded within property, plant and
equipment:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Property, plant and equipment (owned assets)
22,666
20,402
Right-of-use assets
11,527
10,310
31 March
34,193
30,712
\n
Additions of \u20ac3,845 million (2025: \u20ac4,656 million), acquisitions of subsidiaries of \u20ac1,998 million (2025: \u20acnil) and
a depreciation charge of \u20ac3,973 million (2025: \u20ac3,235 million) were recorded in respect of right-of-use assets
during the year ended 31 March 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00800": { "value": "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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Land and buildings
\u00a0
Freehold buildings
25 - 50 years
Leasehold premises
The term of the lease
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Equipment, fixtures and fittings
\u00a0
Network infrastructure and other
1 - 35 years
\n
Depreciation is not provided on freehold land.
Right-of-use assets arising from the Group\u2019s lease arrangements are depreciated over the shorter of their
reasonably certain lease term, as determined under the Group\u2019s leases policy (see note 20 \u2018Leases\u2019 and \u2018Critical
accounting judgements and key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of preparation\u2019 for details) and
their expected useful life.
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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00801": { "value": "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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Land and buildings
\u00a0
Freehold buildings
25 - 50 years
Leasehold premises
The term of the lease
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Equipment, fixtures and fittings
\u00a0
Network infrastructure and other
1 - 35 years
\n
Depreciation is not provided on freehold land.
Right-of-use assets arising from the Group\u2019s lease arrangements are depreciated over the shorter of their
reasonably certain lease term, as determined under the Group\u2019s leases policy (see note 20 \u2018Leases\u2019 and \u2018Critical
accounting judgements and key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of preparation\u2019 for details) and
their expected useful life. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00805": { "value": "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 Oak Holdings 1 GmbH and its markets, the
Netherlands and India where we share control with one or more third parties. See note 1 \u2018Basis
of preparation\u2019 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\u2019s
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\u2019s 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\u2019s 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\u2019s interest in a joint operation is accounted for in accordance
with the Group\u2019s 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\u2019s 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 \u2018Discontinued operations and assets held for sale\u2019), 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\u2019s share of the net assets of the joint venture, less any impairment in the value of the
investment. The Group\u2019s share of post-tax profits or losses are recognised in the consolidated income statement.
Losses of a joint venture in excess of the Group\u2019s interest in that joint venture, which includes the equity
investment and any long-term financing provided to the 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\u2019s 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
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Investments in joint ventures
5,294
6,342
Investments in associates
1,198
550
31 March
6,492
6,892
Share of net liabilities in joint ventures
\u2013
(96)
Share of net liabilities in associates
(102)
\u2013
31 March
(102)
(96)
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n
Joint ventures
\n
The financial and operating activities of the Group\u2019s joint ventures are jointly controlled by the participating
\n
shareholders. The participating shareholders have rights to the net assets of the joint ventures through their
\n
equity shareholdings. Unless otherwise stated, the Group\u2019s principal joint ventures all have share capital
\n
consisting solely of ordinary shares and are all indirectly held. The country of incorporation or registration of all
\n
joint ventures is also their principal place of operation.
\n\n \n
Country of
Percentage
Percentage
incorporation or
shareholdings
1
shareholdings
1
Name of joint venture
Principal activity
registration
2026
2025
Oak Holdings 1 GmbH
Network infrastructure
Germany
50.0
50.0
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
16.1
24.4
\n
Notes:
\n
1.
Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent.
\n
2.
At 31 March 2026 the fair value of the Group\u2019s interest in Vodafone Idea Limited was INR 149 billion (\u20ac1,383 million) (2025: INR 118
\n
billion (\u20ac1,283 million)) based on the quoted share price on the National Stock Exchange of India.
\n
Oak Holdings 1 GmbH
\n
In the comparative year, on 22 July 2024, the Group announced the sale of a further 10.3% stake in Oak Holdings
\n
1 GmbH (\u2018Oak Holdings\u2019), the partnership that co-controls Vantage Towers, for \u20ac1,336 million, leaving the
\n
Group\u2019s retained interest at 50.0%. Oak Holdings owns 89.3% of Vantage Towers. A net gain on disposal of \u20ac26
\n
million was recorded within Other income in the Consolidated income statement.
\n
VodafoneZiggo
\n
On 18 February 2026, the Group announced that it has agreed to sell its 50% interest in VodafoneZiggo
\n
Group Holding B.V. (\u2018VodafoneZiggo\u2019) to Liberty Global plc and has classified its investment in
\n
VodafoneZiggo within Assets held for sale accordingly. See Note 7 \u2018Discontinued operations and assets held
\n
for sale\u2019 for further information.
\n
OXG Glasfaser Beteiligungs GmbH
\n
In March 2023, the Group entered into an agreement with Altice Luxembourg S.A. to create a joint venture, OXG
\n
Glasfaser Beteiligungs GmbH (\u2018OXG\u2019), with 50.0% shareholding held by each shareholder.
OXG deploys fibre-to-
\n
the-home in Germany.
Each shareholder is committed to contribute funding towards the cost of contractually
\n
committed fibre build outs.
During the year ended 31 March 2026, the Group provided \u20ac48 million (2025: \u20ac36
\n
million) of capital contributions to OXG.
The Group\u2019s contributions towards future fibre roll out costs depend on
\n
the speed and size of approved fibre deployment projects and are capped at \u20ac832 million.
Shareholder
\n
contributions are expected to be contributed between 2026 and 2029.
The contribution can be in the form of
\n
capital, shareholder loan, loan notes or similar instruments as agreed by the shareholders.
\n
Vodafone Idea Limited
\n
Financial information is presented for Vodafone Idea Limited (\u2018VIL\u2019) for the six-month period to, and as at 30
\n
September 2025 on the basis that full year information in relation to VIL has not been released at the date of
\n
approval of these consolidated financial statements and as such is market sensitive for VIL. The Group\u2019s carrying
\n
value in Vodafone Idea Limited (\u2018VIL\u2019) reduced to \u20acnil at 30 September 2019. The Group\u2019s share of VIL\u2019s losses not
\n
recognised at 31 March 2026 is \u20ac1,748 million (2025: \u20ac1,758 million).
\n
VIL undertook a conversion of debt due to the Government of India during April 2025, resulting in the Group\u2019s
\n
interest in VIL reducing to 16.1%. VIL remains a joint venture of the Group due to rights that it and a fellow
\n
investor hold enabling key operating decisions to be made on a joint basis.
On 31 December 2025, the Group
\n
reached an agreement with VIL to settle the Group\u2019s obligations under the CLAM, as part of which the Group has
\n
set aside 3,280 million of its shareholding in VIL for VIL\u2019s benefit. See note 29 \u201cContingent liabilities and legal
\n
proceedings\u201d for further details.
\n
Dividends received from joint ventures
\n
During the year ended 31 March 2026, the Group received dividends included in the consolidated statement of
\n
cash flows from VodafoneZiggo of \u20ac62 million (2025: \u20ac63 million, 2024: \u20ac100 million) and Oak Holdings of \u20ac312
\n
million (2025: \u20ac307 million, 2024: \u20ac196 million).
\n
Aggregated financial information
\n
The table below provides aggregated financial information for the Group\u2019s joint ventures as it relates to the
\n
amounts recognised in the consolidated income statement and consolidated statement of financial position.
\n\n \n
Investment in joint ventures
1
(Loss)/profit for the financial year
2
2026
2025
2026
2025
2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Oak Holdings 1 GmbH
5,207
5,943
(440)
(74)
(85)
VodafoneZiggo Group Holding B.V.
\u2013
330
(95)
(125)
(177)
TPG Telecom Limited
3
\u2013
(96)
\u2013
(97)
(74)
Other
87
69
(85)
(65)
(43)
Total
5,294
6,246
(620)
(361)
(379)
\n
Notes:
\n
1.
Includes share of net liabilities in joint ventures.
\n
2.
Total Other comprehensive (expense)/income is not materially different to (loss)/profit for the financial year.
\n
3.
TPG Telecom Limited has been classified as Associate for the year ended 31 March 2026. Comparative information has been retained
\n
in the Joint Venture disclosures.
\n
Summarised financial information
\n
Summarised financial information for the Group\u2019s material joint ventures on a 100% ownership basis is set out
\n
below.
\n
Financial information is presented for Vodafone Idea Limited (\u2018VIL\u2019) for the six month period to, and as at 30
\n
September 2025 on the basis that full year information in relation to VIL has not been released at the date of
\n
approval of these financial statements and as such is market sensitive for VIL.
\n\n \n
Oak Holdings 1 GmbH
VodafoneZiggo Group Holding B.V.
2026
2025
2024
2026
2025
2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Income statement
Revenue
1,327
1,249
1,166
3,976
4,082
4,128
Operating expenses
(94)
(117)
(130)
(2,219)
(2,190)
(2,195)
Depreciation and amortisation
(917)
(953)
(868)
(1,509)
(1,600)
(1,555)
Impairment losses
1
(928)
\u2013
\u2013
\u2013
\u2013
\u2013
Other (expense)/income
(105)
(26)
5
\u2013
\u2013
\u2013
Operating (loss)/profit
(717)
153
173
248
292
378
Interest income
4
7
5
\u2013
\u2013
\u2013
Interest expense
(525)
(538)
(455)
(539)
(652)
(809)
Loss before tax
(1,238)
(378)
(277)
(291)
(360)
(431)
Income tax credit
358
212
132
73
111
77
Loss for the financial year
2
(880)
(166)
(145)
(218)
(249)
(354)
\n\n \n
Vodafone Idea Limited
2026
3
2025
2024
\u20acm
\u20acm
\u20acm
Income statement
Revenue
2,227
4,797
4,749
Operating expenses
(1,426)
(3,005)
(3,066)
Depreciation and amortisation
(979)
(2,142)
(2,178)
Other income
\u2013
\u2013
83
Operating loss
(178)
(350)
(412)
Interest income
24
107
7
Interest expense
(1,099)
(2,539)
(2,718)
Loss before tax
(1,253)
(2,782)
(3,123)
Income tax expense
\u2013
(2)
(95)
Loss for the financial year
2
(1,253)
(2,784)
(3,218)
\n
Notes:
\n
1.
Includes \u20ac928 million in respect of the investment Oak Holdings 1 GmBH holds in Infrastrutture Wireless Italiane S.p.A. (\u2018Inwit\u2019).
\n
2.
Total Other comprehensive (expense)/income is not materially different to (loss)/profit for the financial year.
\n
3.
Six month period to, and as at 30 September 2025.
\n
Summarised financial information for the Group\u2019s material joint ventures on a 100% ownership basis is set out in
\n
the tables below.
\n\n \n
VodafoneZiggo Group
Oak Holdings 1 GmbH
Holding B.V.
2026
2025
2026
2025
\u20acm
\u20acm
\u20acm
\u20acm
Statement of financial position
Non-current assets
22,819
24,149
14,184
15,012
Current assets
635
749
680
788
Total assets
23,454
24,898
14,864
15,800
Equity shareholders\u2019 funds
10,414
11,887
319
660
Non-current liabilities
10,434
10,167
12,253
12,773
Current liabilities
2,606
2,844
2,292
2,367
Cash and cash equivalents within current assets
187
240
98
144
Non-current liabilities excluding trade and other
payables and provisions
9,900
9,560
12,049
12,640
Current liabilities excluding trade and other payables and
provisions
320
502
1,082
1,094
\n\n \n
Vodafone Idea Limited
2026
3
2025
\u20acm
\u20acm
Statement of financial position
Non-current assets
14,035
16,069
Current assets
1,854
2,817
Total assets
15,889
18,886
Equity shareholders\u2019 deficit
(9,586)
(9,479)
Non-current liabilities
20,509
22,636
Current liabilities
4,966
5,729
Cash and cash equivalents within current assets
310
1,145
Non-current liabilities excluding trade and other
payables and provisions
20,491
22,612
Current liabilities excluding trade and other payables and
provisions
2,152
2,307
\n
The reconciliation of summarised financial information presented to the carrying amount of our interest in joint
\n
ventures is set out below.
\n\n \n
Oak Holdings 1 GmbH
VodafoneZiggo Group Holding B.V.
2026
2025
2024
2026
2025
2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Equity shareholders\u2019 funds
10,414
11,887
319
660
Interest in joint ventures
1
5,207
5,943
160
330
Transferred to assets held for sale
\u2013
\u2013
(174)
\u2013
Share of unrecognised losses
\u2013
\u2013
14
\u2013
Carrying value
5,207
5,943
\u2013
330
Loss for the financial year
(880)
(166)
(145)
(218)
(249)
(354)
Share of loss
(440)
(74)
(85)
(109)
(125)
(177)
Share of unrecognised loss
\u2013
\u2013
\u2013
14
\u2013
\u2013
Share of loss
1
(440)
(74)
(85)
(95)
(125)
(177)
\n\n \n
Vodafone Idea Limited
2026
2025
2024
\u20acm
\u20acm
\u20acm
Equity shareholders\u2019 deficit
(9,586)
(9,479)
Interest in joint ventures
1
(1,541)
(1,524)
Impairment
(208)
(234)
Share of unrecognised losses
1,749
1,758
Carrying value
\u2013
\u2013
Loss for the financial year
(1,253)
(2,784)
(3,218)
Share of loss
1
(201)
(660)
(1,009)
Share of unrecognised loss
201
660
1,009
Share of loss
1
\u2013
\u2013
\u2013
\n
Note:
\n
1.
The Group\u2019s effective ownership percentages of Oak Holdings 1 GmbH, VodafoneZiggo Group Holding B.V. and Vodafone Idea Limited
\n
are 50.0%, 50.0% and 16.1% respectively, rounded to the nearest tenth of one percent.
\n
Associates
\n
Unless otherwise stated, the Group\u2019s principal associates all have share capital consisting solely of ordinary
\n
shares and are all indirectly held. The country of incorporation or registration is also their place of operation.
\n\n \n
Country of
Percentage
Percentage
incorporation
shareholding
1
shareholding
1
Principal activity
or registration
2026
2025
Safaricom PLC
2
Network operator
Kenya
39.9
39.9
TPG Telecom Limited
3
Network operator
Australia
23.7
25.1
Maziv Proprietary Limited
Network infrastructure
South Africa
30.0
\u2013
Indus Towers Limited
Network infrastructure
India
\u2013
\u2013
\n
Notes:
\n
1.
Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent.
\n
2.
At 31 March 2026, the fair value of the Group\u2019s interest in Safaricom PLC was KES 440 billion (\u20ac2,939 million) (2025: KES 293 billion
\n
(\u20ac2,096 million)) based on the closing quoted share price on the Nairobi Stock Exchange.
\n
3.
At 31 March 2026, the fair value of the Group\u2019s interest in TPG Telecom Limited was AUD 1,872 million (\u20ac1,130 million) (2025: AUD
\n
2,236 million (\u20ac1,290 million) based on the quoted share price on ASX.
\n
Safaricom PLC
\n
In December 2025, the Group announced that Vodacom had agreed to acquire a further 20% of the issued share
\n
capital in Safaricom PLC. Vodacom will acquire 15% from the Government of Kenya and 5% from Vodafone.
\n
Following completion of the acquisition, Safaricom will be owned by Vodacom (55%), the Government of Kenya
\n
(20%) and public investors (25%). Safaricom will be consolidated by both Vodacom and Vodafone.
\n
TPG Telecom Limited
\n
TPG Telecom Limited (\u2018TPG\u2019) is listed on the Australian Securities Exchange (\u2018ASX\u2019). During the year, TPG
\n
undertook a capital management plan following the completion of the disposal of certain fibre and fixed line
\n
assets to Vocus Group Limited. The plan included a cash return to shareholders, from the proceeds following the
\n
disposal, and allowed eligible minority shareholders to reinvest all or part of their cash return in new TPG shares.
\n
Vodafone received \u20ac188 million in respect of the cash return, which is included in Dividends received from
\n
associates and joint ventures in the Consolidated statement of cashflows. The shares issued by TPG resulted in
\n
Vodafone\u2019s and Hutchison Telecommunications (Australia) Limited\u2019s respective economic interest decreasing to
\n
23.7%, with the remaining 52.6% listed as free float on the ASX. The Group now classifies TPG as an Associate,
\n
with comparative information retained in the Joint Venture disclosures.
\n
The financial information presented in the tables below includes debt held within the holding structure that
\n
holds the Group\u2019s interest in TPG. The Group provides a guarantee over its share of the debt in the structure (see
\n
note 22 \u2018Capital and financial risk management\u2019). Following receipt of the cash return described above, the Group
\n
contributed \u20ac188 million into the holding structure to reduce borrowings in that structure, with Hutchison
\n
Telecommunications (Australia) Limited contributing an equal amount. The contribution is included in Purchase
\n
of interests in associates and joint ventures in the Consolidated statement of cashflows.
\n
Maziv Proprietary Limited
\n
On 2 December, Vodacom (Pty) Limited (\u2018Vodacom\u2019) acquired a 30% interest in Maziv Proprietary Limited
\n
(\u2018Maziv\u2019) for \u20ac620 million, of which \u20ac410 million was settled in cash and included in Purchase of interests in
\n
associates and joint ventures in the Consolidated statement of cashflows. The remaining consideration primarily
\n
related to the contribution to Maziv of certain fibre assets previously held by Vodacom. Vodacom retains an
\n
option to acquire a further 5% of Maziv before 31 March 2027.
\n
Indus Towers Limited
\n
In the prior year, on 19 June 2024, the Group announced the sale of an 18.0% stake in Indus Towers Limited
\n
(\u2018Indus\u2019) through an accelerated book-building offering (\u2018placing\u2019). The placing raised INR 153.0 billion (\u20ac1,684
\n
million) in gross proceeds. Following the placing, the Group de-recognised its remaining associate investment in
\n
Indus, which was classified as an Other Investment recorded at fair value through profit and loss. A net gain on
\n
disposal of \u20ac714 million was recorded within other income in the Consolidated income statement. In August
\n
2024 and December 2024, the Group disposed of its remaining 3.0% stake in Indus for cash consideration of
\n
\u20ac329 million.
\n
Dividends received from associates
\n
During the year ended 31 March 2026, the Group received dividends included in the consolidated statement of
\n
cash flows from Safaricom PLC of \u20ac160 million (2025: \u20ac136 million, 2024: \u20ac122 million) and TPG Telecom
\n
Limited of \u20ac210 million (2025: \u20ac24 million, 2024: \u20ac23 million).
\n
Aggregated financial information
\n
The table below provides aggregated financial information for the Group\u2019s associates as it relates to the amounts
\n
recognised in the consolidated income statement and consolidated statement of financial position.
\n\n \n
Investment in associates
1
Profit/(loss) for the financial year
2026
2025
2026
2025
2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Safaricom PLC
2
539
500
256
201
159
TPG Telecom Limited
(102)
\u2013
(4)
\u2013
\u2013
Maziv Proprietary Limited
623
\u2013
3
\u2013
\u2013
Indus Towers Limited
\u2013
\u2013
\u2013
55
140
Other
36
50
(17)
(18)
(16)
Total
1,096
550
238
238
283
\n
Note:
\n
1.
Includes share of net liabilities in joint ventures.
\n
2.
Other comprehensive income includes loss for the financial year, together with \u20acnil (2025: \u20ac103 million loss) in respect of the
\n
application of IAS 29 to Safaricom\u2019s operations in Ethiopia in the prior year. See note 1 \u2018Basis of preparation\u2019 for further details.
\n
Summarised financial information
\n
Summarised financial information for each of the Group\u2019s material associates on a 100% ownership basis is set
\n
out in the tables below.
\n
Financial information is presented for TPG Telecom Limited (\u2018TPG\u2019) for the year to, and as at 31 December 2025
\n
on the basis that full-year information in relation to TPG has not been released at the date of approval of these
\n
consolidated financial statements and as such is market sensitive for TPG.
\n\n \n
Safaricom PLC
TPG Telecom Limited
2026
2025
2024
2026
2025
2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Income statement
Revenue
2,837
2,792
2,210
3,079
3,359
3,371
Operating expenses
(1,356)
(1,561)
(1,189)
(2,033)
(2,320)
(2,238)
Depreciation and amortisation
(495)
(489)
(523)
(755)
(902)
(891)
Other income
\u2013
79
142
182
\u2013
\u2013
Operating profit
986
821
640
473
137
242
Interest income
13
17
16
\u2013
\u2013
\u2013
Interest expense
(145)
(167)
(121)
(345)
(391)
(368)
Profit/(loss) before tax
854
671
535
128
(254)
(126)
Income tax (expense)/credit
(354)
(340)
(266)
4
27
(8)
Profit/(loss) for the financial
500
331
269
132
(227)
(134)
year and total
comprehensive income
Attributable to:
- Owners of the parent
643
503
399
132
(227)
(134)
- Non-controlling interests
(143)
(172)
(130)
\u2013
\u2013
\u2013
\n\n \n
Indus Towers Limited
Maziv Proprietary Limited
2026
2025
2024
2026
2025
2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Income statement
Revenue
\u2013
835
3,185
105
\u2013
\u2013
Operating expenses
\u2013
(286)
(1,598)
(36)
\u2013
\u2013
Depreciation and amortisation
\u2013
(167)
(637)
(27)
\u2013
\u2013
Operating profit
\u2013
382
950
42
\u2013
\u2013
Interest income
\u2013
11
126
\u2013
\u2013
\u2013
Interest expense
\u2013
(48)
(218)
(23)
\u2013
\u2013
Profit before tax
\u2013
345
858
19
\u2013
\u2013
Income tax expense
\u2013
(82)
(192)
(8)
\u2013
\u2013
Profit for the financial year
\u2013
263
666
11
\u2013
\u2013
and total comprehensive
income
Summarised financial information for each of the Group\u2019s material associates on a 100% ownership basis is set
\n
out in the tables below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Safaricom PLC
TPG Telecom Limited
\u00a0
2026
2025
2026
2025
2
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
Statement of financial position
\u00a0\u00a0\u00a0\u00a0
Non-current assets
2,912
3,062
6,737
9,024
Current assets
532
600
1,390
734
Total assets
3,444
3,662
8,127
9,758
Equity shareholders' funds
1,345
1,246
1,604
2,175
Non-controlling interests
192
331
\u2013
\u2013
Non-current liabilities
1,012
975
2,461
6,523
Current liabilities
895
1,110
4,062
1,060
Cash and cash equivalents within current assets
180
215
931
85
Non-current liabilities excluding trade and other
\u00a0\u00a0\u00a0\u00a0
payables and provisions
919
791
2,362
6,437
Current liabilities excluding trade and other payables
\u00a0\u00a0\u00a0\u00a0
and provisions
252
357
3,037
105
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Maziv Proprietary Limited
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Statement of financial position
\u00a0\u00a0
Non-current assets
2,002
\u2013
Current assets
95
\u2013
Total assets
2,097
\u2013
Equity shareholders' funds
1,074
\u2013
Non-controlling interests
3
\u2013
Non-current liabilities
899
\u2013
Current liabilities
121
\u2013
Cash and cash equivalents within current assets
22
\u2013
Non-current liabilities excluding trade and other
\u00a0\u00a0
payables and provisions
885
\u2013
Current liabilities excluding trade and other payables
\u00a0\u00a0
and provisions
33
\u2013
\n
The reconciliation to the carrying amount for each of the Group\u2019s material associates is set out in the following
\n
table.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Safaricom PLC
TPG Telecom Limited
\u00a0
2026
2025
2024
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Equity shareholders' funds
1,345
1,246
\u00a0
1,604
2,175
\u00a0
Interest in associates
1
537
498
\u00a0
(150)
(144)
\u00a0
Goodwill
2
2
\u00a0
48
48
\u00a0
Carrying value
539
500
\u00a0
(102)
(96)
\u00a0
Profit/(loss) for the financial
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
year
643
503
399
132
(227)
(134)
Share of profit/(loss)
256
201
159
(4)
(97)
(74)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Maziv Proprietary Limited
Indus Towers Limited
\u00a0
2026
2025
2024
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Equity shareholders' funds
1,074
\u2013
\u00a0
\u2013
\u2013
\u00a0
Interest in associates
1
322
\u2013
\u00a0
\u2013
\u2013
\u00a0
Goodwill
319
\u2013
\u00a0
\u2013
\u2013
\u00a0
Other
(18)
\u2013
\u00a0
\u2013
\u2013
\u00a0
Carrying value
623
\u2013
\u00a0
\u2013
\u2013
\u00a0
Profit for the financial year
11
\u2013
\u2013
\u2013
263
666
Share of profit
3
\u2013
\u2013
\u2013
55
140
\n
Notes:
\n
1.
The Group\u2019s effective ownership percentage of Safaricom PLC and Maziv Proprietary Limited are 39.9% and 30.0% respectively, rounded
\nto the nearest tenth of one percent.Associated undertakings and joint arrangements
\u00a0
% of share class held
\u00a0
Company name
by Group companies
Share class
Australia
\u00a0\u00a0
Level 27, Tower Two, International Towers Sydney, 200 Barangaroo Avenue,
\u00a0\u00a0
Barangaroo NSW 2000, Australia
\u00a0\u00a0
3.6 GHz Spectrum Pty Ltd
23.73
Ordinary shares
AAPT Limited
23.73
Ordinary shares
ACN 088 889 230 Pty Ltd
23.73
Ordinary shares
ACN 139 798 404 Pty Ltd
23.73
Ordinary shares
Adam Internet Holdings Pty Ltd
23.73
Ordinary shares
Adam Internet Pty Ltd
23.73
Ordinary shares,
\u00a0\u00a0
Class A shares,
\u00a0\u00a0
Class B shares
Agile Pty Ltd
23.73
Ordinary shares
AlchemyIT Pty Ltd
23.73
Ordinary shares
Chariot Pty Ltd
23.73
Ordinary shares
Chime Communications Pty Ltd
23.73
Ordinary shares
Connect West Pty Ltd
23.73
Ordinary shares
Destra Communications Pty Ltd
23.73
Ordinary shares
Digiplus Contracts Pty Ltd
23.73
Ordinary shares
Digiplus Holdings Pty Ltd
23.73
Ordinary shares
Digiplus Investments Pty Ltd
23.73
Ordinary shares
Digiplus Pty Ltd
23.73
Ordinary shares
H3GA Properties (No. 3) Pty Ltd
23.73
Ordinary shares
iiNet Labs Pty Ltd
23.73
Ordinary shares
iiNet Limited
23.73
Ordinary shares
Internode Pty Ltd
23.73
Ordinary shares,
\u00a0\u00a0
Class B shares
IntraPower Pty Ltd
23.73
Ordinary shares
Intrapower Terrestrial Pty Ltd
23.73
Ordinary shares
IP Group Pty Ltd
23.73
Ordinary shares
IP Services Xchange Pty Ltd
\u00a0
Class A shares,
\u00a0
23.73
\u00a0
\u00a0\u00a0
Class B shares
Kooee Communications Pty Ltd
23.73
Ordinary shares
Kooee Mobile Pty Ltd
23.73
Ordinary shares
Mercury Connect Pty Ltd
23.73
Ordinary shares,
\u00a0\u00a0
Class E shares
Mobile JV Pty Limited
23.73
Ordinary shares
Mobileworld Communications Pty Limited
23.73
Ordinary shares
Mobileworld Operating Pty Ltd
23.73
Ordinary shares
Netspace Online Systems Pty Ltd
23.73
Ordinary shares
\n\n \n
% of share class held
Company name
by Group companies
Share class
Australia (continued)
Numillar IPS Pty Ltd
23.73
Ordinary shares
PIPE Transmission Pty Limited
23.73
Ordinary shares
PowerTel Limited
23.73
Ordinary shares
Request Broadband Pty Ltd
23.73
Ordinary shares
Satellite Mobile Pty Ltd
23.73
Ordinary Shares
Soul Communications Pty Ltd
23.73
Ordinary shares
Soul Contracts Pty Ltd
23.73
Ordinary shares
Soul Pattinson Telecommunications Pty Ltd
23.73
Ordinary shares
SPT Telecommunications Pty Ltd
23.73
Ordinary shares
SPTCom Pty Ltd
23.73
Ordinary shares
Telecom Enterprises Australia Pty Limited
23.73
Ordinary shares
Telecom New Zealand Australia Pty Ltd
23.73
Ordinary shares,
Redeemable
preference shares
TPG Corporation Limited
23.73
Ordinary shares
TPG Energy Pty Ltd
23.73
Ordinary shares
TPG Finance Pty Ltd
23.73
Ordinary shares
TPG Holdings Pty Ltd
23.73
Ordinary shares
TPG Internet Pty Ltd
23.73
Ordinary shares
TPG JV Company Pty Ltd
23.73
Ordinary shares
TPG Network Pty Ltd
23.73
Ordinary shares
TPG Telecom Limited
23.73
Ordinary shares
TransACT Capital Communications Pty Ltd
23.73
Ordinary shares
TransACT Communications Pty Ltd
23.73
Ordinary shares
TransACT Victoria Communications Pty Ltd
23.73
Ordinary shares
TransACT Victoria Holdings Pty Ltd
23.73
Ordinary shares
Trusted Cloud Pty Ltd
23.73
Ordinary shares
Trusted Cloud Solutions Pty Ltd
23.73
Ordinary shares
Value Added Network Pty Ltd
23.73
Ordinary shares
Vodafone Australia Pty Limited
23.73
Ordinary shares,
Class B shares,
Redeemable
preference shares
Vodafone Foundation Australia Pty Limited
23.73
Ordinary shares
Vodafone Hutchison Receivables Pty Limited
23.73
Ordinary shares
Vodafone Hutchison Spectrum Pty Limited
23.73
Ordinary shares
Vodafone Network Pty Limited
23.73
Ordinary shares
Vodafone Pty Limited
23.73
Ordinary shares
\n\n \n
% of share class held
Company name
by Group companies
Share class
VtalkVoip Pty Ltd
23.73
Ordinary shares
Westnet Pty Ltd
23.73
Ordinary shares
Belgium
Space Court of Justic, Rue aux Laines 70, 1000 Brussels, Belgium
Utiq S.A
25.00
Ordinary shares
Czech Republic
Praha 4, Z\u00e1vi\u0161ova 502/5, 14000, Nusle, Czech Republic
Vantage Towers s.r.o.
4
44.64
Ordinary shares
U Rajsk\u00e9 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, D\u00fcsseldorf, Germany
MNP Deutschland Gesellschaft b\u00fcrgerlichen Rechts
33.33
Partnership share
Ferdinand-Braun-Platz 1, 40549, D\u00fcsseldorf, 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
50.00
Ordinary shares
Prinzenallee 11-13, 40549, D\u00fcsseldorf, Germany
Oak Holdings 1 GmbH
49.98
Ordinary shares
Oak Holdings 2 GmbH
49.98
Ordinary shares
Oak Holdings GmbH
49.98
Ordinary shares
Oak Renewables GmbH
49.98
Ordinary shares
Vantage Towers AG
44.64
Ordinary shares
Vantage Towers Erste Verwaltungsgesellschaft GmbH
4
44.64
Ordinary shares
\n\n \n
% 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
44.64
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
Boldizs\u00e1r utca 2, Budapest, 1112, Hungary
Vantage Towers Z\u00e1rtk\u00f6r\u0171en M\u0171k\u00f6d\u0151, R\u00e9szv\u00e9nyt\u00e1rsas\u00e1g
4
44.64
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 B 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
44.64
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
\n\n \n
% of share class held
Company name
by Group companies
Share class
Kenya
9th Floor, Williamson House, 4th Ngong Avenue, PO Box 40111 - 00100, Nairobi,
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
ACS Plaza 5th Floor, Lenana Road, Kilimani, Nairobi, Kenya
M-PESA Africa Limited
5
46.42
Ordinary shares
Luxembourg
15 rue Edward Steichen, Luxembourg, 2540, Luxembourg
SatCo GP S.\u00e0 r.l.
50.00
Ordinary shares
SatCo SCS
50.00
Ordinary shares
Vodafone Telenor Procurement Company SCSp
50.00
Ordinary shares
VTPC General Partner S.\u00e0 r.l.
50.00
Ordinary shares
Tomorrow Street SCA
50.00
Ordinary 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
\n\n \n
% 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
50.00
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. Jo\u00e3o II, n\u00ba 36 - 8\u00ba Piso, 1998 - 017, Parque das Na\u00e7\u00f5es, Lisboa, Portugal
DABCO Portugal, Lda
80.20
Ordinary shares
Edif. Arquiparque VII, R Dr Ant\u00f3nio Loureiro Borges, 7, 3.\u00b0, 1495-131 Alg\u00e9s, Oeiras,
Portugal
Vantage Towers, S.A.
4
44.64
Ordinary shares
Rua Pedro e In\u00eas, Lote 2.08.01, 1990-
075, Parque das Na\u00e7\u0151es, Lisboa, Portugal
Sport TV Portugal, S.A.
25.00
Nominative shares
S\u00cdTIO Sete Rios - Pra\u00e7a Nuno Rodrigues dos Santos, 7, 1600-171 , Lisboa, Portugal
Dual Grid \u2013 Gest\u00e3o 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
44.64
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
\n\n \n
% of share class held
by Group companies
Share class
South Africa
76 Maude Street, Sandton, Johannesberg, 2196, South Africa
Waterberg Lodge (Proprietary) Limited
5
32.55
Ordinary shares
Rigel Office Park Block A, No 446 Rigel Avenue South, Erasmu, South Africa
Afri G I S (Pty) Ltd
5
21.16
Ordinary shares
Canard Spatial Technologies Proprietary Limited
5
21.16
Ordinary shares
31 Georgian Cresent East, Bryanston, Gauteng, 2191, South Africa
Maziv Proprietary Limited
30.00
Ordinary shares
CIVH PrefCo (Pty) Ltd
30.00
Ordinary shares
Vumatel (Pty) Ltd
30.00
Ordinary shares
Dark Fibre Africa (Pty) Ltd
30.00
Ordinary shares
CIVH LoanCo (Pty) Ltd
30.00
Ordinary shares
CIVH SecurityCo (Pty) Ltd
30.00
Ordinary shares
Axio Connect (Pty) Ltd
30.00
Ordinary shares
Axio Africa (Pty) Ltd
30.00
Ordinary shares
Hero Telecoms (Pty) Ltd
14.99
Ordinary shares
Regional Fibre Holding (Pty) Ltd
30.00
Ordinary Shares
SADV (Pty) Ltd
30.00
Ordinary shares
Vuma Connect
30.00
Ordinary shares
VumaCam (Pty) Ltd
15.30
Ordinary shares
VumaCam LTIP Co (Pty) Ltd
15.30
Ordinary shares
Centr AI (Pty) Ltd
15.30
Ordinary shares
OSM Trading (Pty) Ltd
15.30
Ordinary shares
VumaCam Infrastructure (Pty) Ltd
30.00
Ordinary shares
Rise Telecomms
30.00
Ordinary shares
Francios O\u2019Kennedy W.O.R.X (Pty) Ltd
30.00
Ordinary shares
Connected Space Pty Ltd
30.00
Ordinary shares
MCT Telecommunications (Pty) Ltd
22.50
Ordinary shares
Maziv PropCo (Pty) Ltd
30.00
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
44.64
Ordinary shares
\n
Company name
\n
% of share class held
\n
by Group companies
Share class
\n
Tanzania, United Republic of
\n
Vodacom Tanzania PLC, 15 Floor, Vodacom Tower, Plot 23 Ursino Estate,
\n
Bagamoyo Road, Dar es Salaam, Tanzania, United Republic of
\n
Ngorongoro Fibre Company Limited
48.82
Ordinary shares
\n
Fast Fibre Tanzania Limited
24.41
Ordinary B shares
\n
Plot No. 23, Ursino Estate, Bagamoyo Road, Dar es Salaam, Tanzania, United
\n
Republic of
\n
Vodacom Trust Limited
\n
5
\n
48.82
Ordinary A shares,
\n
Ordinary B shares
\n
T\u00fcrkiye
\n
\u00c7ifte Havuzlar Mah Eski Londra Asfalti Cad No: 151/1E/301, Esenler, Istanbul,
\n
T\u00fcrkiye
\n
FGS Bilgi Islem Urunler Sanayi ve Ticaret AS
50.00
Ordinary shares
\n
Levazim Mahallesi Vadi Caddesi Zorlu Center No:2 Ic Kapi No: 347, Besiktas,
\n
Istanbul, T\u00fcrkiye
\n
Red Haven Veri Merkezi Anonim Sirketi
50.00
Ordinary A shares,
\n
Ordinary B shares
\n
United Kingdom
\n
One Kingdom Street, London, W2 6BY, United Kingdom
\n
DABCO Limited
\n
3
\n
69.23
Ordinary shares,
\n
Series A - preference
\n
shares
\n
24/25 The Shard, 32 London Bridge Street, London, SE1 9SG, United Kingdom
\n
Digital Mobile Spectrum Limited
33.33
Ordinary shares
\n
Sixth floor, Thames Tower, Station Road, Reading, RG1 1LX, United Kingdom
\n
Mobile Broadband Network Limited
25.50
Ordinary shares
\n
Floor 5, 20 Fenchurch Street, London, EC3M 3BY, United Kingdom
\n
VodaFamily Ethiopia Holding Company Limited
\n
5
\n
31.47
Ordinary shares
\n
120 Kings Road, London, SW3 4TR, United Kingdom
\n
Cable & Wireless Trade Mark Management Limited
50.00
Ordinary A shares,
\n
Ordinary B shares
\n
Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, United Kingdom
\n
Vodafone Hutchison (Australia) Holdings Limited
50.00
Ordinary shares
\n
United States
\n
251 Little Falls Drive, Wilmington DE 19808, United States
\n
Ziggo Financing Partnership
50.00
Partnership interest
\n
2820 Selwyn Avenue, Charlotte NC 28209, United States
\n
Britelink USA Inc
22.50
Common stock
\n
shares
\n
Notes:
\n
1.
Directly held by Vodafone Group Plc.
\n
2.
Branches.
\n
3.
SC DABCO Management LLC has joint control rights over DABCo Limited.
\n
4.
Shareholding is indirect through Vantage Towers A.G.
\n
5.
Shareholding is indirect through Vodacom Group Limited. The indirect shareholding is calculated using the 65.10% ownership interest in Vodacom
\n
Group Limited.
\n
6.
Includes the indirect interest held through Vodafone Idea Limited.
\n
7.
Accenture Holdings B.V. holds 20% of the total voting rights in Vodafone Shared Operations Limited. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00804": { "value": "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 Oak Holdings 1 GmbH and its markets, the
Netherlands and India where we share control with one or more third parties. See note 1 \u2018Basis
of preparation\u2019 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\u2019s
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\u2019s 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\u2019s 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\u2019s interest in a joint operation is accounted for in accordance
with the Group\u2019s 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\u2019s 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 \u2018Discontinued operations and assets held for sale\u2019), 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\u2019s share of the net assets of the joint venture, less any impairment in the value of the
investment. The Group\u2019s share of post-tax profits or losses are recognised in the consolidated income statement.
Losses of a joint venture in excess of the Group\u2019s interest in that joint venture, which includes the equity
investment and any long-term financing provided to the 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\u2019s 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
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Investments in joint ventures
5,294
6,342
Investments in associates
1,198
550
31 March
6,492
6,892
Share of net liabilities in joint ventures
\u2013
(96)
Share of net liabilities in associates
(102)
\u2013
31 March
(102)
(96)
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n
Joint ventures
\n
The financial and operating activities of the Group\u2019s joint ventures are jointly controlled by the participating
\n
shareholders. The participating shareholders have rights to the net assets of the joint ventures through their
\n
equity shareholdings. Unless otherwise stated, the Group\u2019s principal joint ventures all have share capital
\n
consisting solely of ordinary shares and are all indirectly held. The country of incorporation or registration of all
\n
joint ventures is also their principal place of operation.
\n\n \n
Country of
Percentage
Percentage
incorporation or
shareholdings
1
shareholdings
1
Name of joint venture
Principal activity
registration
2026
2025
Oak Holdings 1 GmbH
Network infrastructure
Germany
50.0
50.0
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
16.1
24.4
\n
Notes:
\n
1.
Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent.
\n
2.
At 31 March 2026 the fair value of the Group\u2019s interest in Vodafone Idea Limited was INR 149 billion (\u20ac1,383 million) (2025: INR 118
\n
billion (\u20ac1,283 million)) based on the quoted share price on the National Stock Exchange of India.
\n
Oak Holdings 1 GmbH
\n
In the comparative year, on 22 July 2024, the Group announced the sale of a further 10.3% stake in Oak Holdings
\n
1 GmbH (\u2018Oak Holdings\u2019), the partnership that co-controls Vantage Towers, for \u20ac1,336 million, leaving the
\n
Group\u2019s retained interest at 50.0%. Oak Holdings owns 89.3% of Vantage Towers. A net gain on disposal of \u20ac26
\n
million was recorded within Other income in the Consolidated income statement.
\n
VodafoneZiggo
\n
On 18 February 2026, the Group announced that it has agreed to sell its 50% interest in VodafoneZiggo
\n
Group Holding B.V. (\u2018VodafoneZiggo\u2019) to Liberty Global plc and has classified its investment in
\n
VodafoneZiggo within Assets held for sale accordingly. See Note 7 \u2018Discontinued operations and assets held
\n
for sale\u2019 for further information.
\n
OXG Glasfaser Beteiligungs GmbH
\n
In March 2023, the Group entered into an agreement with Altice Luxembourg S.A. to create a joint venture, OXG
\n
Glasfaser Beteiligungs GmbH (\u2018OXG\u2019), with 50.0% shareholding held by each shareholder.
OXG deploys fibre-to-
\n
the-home in Germany.
Each shareholder is committed to contribute funding towards the cost of contractually
\n
committed fibre build outs.
During the year ended 31 March 2026, the Group provided \u20ac48 million (2025: \u20ac36
\n
million) of capital contributions to OXG.
The Group\u2019s contributions towards future fibre roll out costs depend on
\n
the speed and size of approved fibre deployment projects and are capped at \u20ac832 million.
Shareholder
\n
contributions are expected to be contributed between 2026 and 2029.
The contribution can be in the form of
\n
capital, shareholder loan, loan notes or similar instruments as agreed by the shareholders.
\n
Vodafone Idea Limited
\n
Financial information is presented for Vodafone Idea Limited (\u2018VIL\u2019) for the six-month period to, and as at 30
\n
September 2025 on the basis that full year information in relation to VIL has not been released at the date of
\n
approval of these consolidated financial statements and as such is market sensitive for VIL. The Group\u2019s carrying
\n
value in Vodafone Idea Limited (\u2018VIL\u2019) reduced to \u20acnil at 30 September 2019. The Group\u2019s share of VIL\u2019s losses not
\n
recognised at 31 March 2026 is \u20ac1,748 million (2025: \u20ac1,758 million).
\n
VIL undertook a conversion of debt due to the Government of India during April 2025, resulting in the Group\u2019s
\n
interest in VIL reducing to 16.1%. VIL remains a joint venture of the Group due to rights that it and a fellow
\n
investor hold enabling key operating decisions to be made on a joint basis.
On 31 December 2025, the Group
\n
reached an agreement with VIL to settle the Group\u2019s obligations under the CLAM, as part of which the Group has
\n
set aside 3,280 million of its shareholding in VIL for VIL\u2019s benefit. See note 29 \u201cContingent liabilities and legal
\n
proceedings\u201d for further details.
\n
Dividends received from joint ventures
\n
During the year ended 31 March 2026, the Group received dividends included in the consolidated statement of
\n
cash flows from VodafoneZiggo of \u20ac62 million (2025: \u20ac63 million, 2024: \u20ac100 million) and Oak Holdings of \u20ac312
\n
million (2025: \u20ac307 million, 2024: \u20ac196 million).
\n
Aggregated financial information
\n
The table below provides aggregated financial information for the Group\u2019s joint ventures as it relates to the
\n
amounts recognised in the consolidated income statement and consolidated statement of financial position.
\n\n \n
Investment in joint ventures
1
(Loss)/profit for the financial year
2
2026
2025
2026
2025
2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Oak Holdings 1 GmbH
5,207
5,943
(440)
(74)
(85)
VodafoneZiggo Group Holding B.V.
\u2013
330
(95)
(125)
(177)
TPG Telecom Limited
3
\u2013
(96)
\u2013
(97)
(74)
Other
87
69
(85)
(65)
(43)
Total
5,294
6,246
(620)
(361)
(379)
\n
Notes:
\n
1.
Includes share of net liabilities in joint ventures.
\n
2.
Total Other comprehensive (expense)/income is not materially different to (loss)/profit for the financial year.
\n
3.
TPG Telecom Limited has been classified as Associate for the year ended 31 March 2026. Comparative information has been retained
\n
in the Joint Venture disclosures.
\n
Summarised financial information
\n
Summarised financial information for the Group\u2019s material joint ventures on a 100% ownership basis is set out
\n
below.
\n
Financial information is presented for Vodafone Idea Limited (\u2018VIL\u2019) for the six month period to, and as at 30
\n
September 2025 on the basis that full year information in relation to VIL has not been released at the date of
\n
approval of these financial statements and as such is market sensitive for VIL.
\n\n \n
Oak Holdings 1 GmbH
VodafoneZiggo Group Holding B.V.
2026
2025
2024
2026
2025
2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Income statement
Revenue
1,327
1,249
1,166
3,976
4,082
4,128
Operating expenses
(94)
(117)
(130)
(2,219)
(2,190)
(2,195)
Depreciation and amortisation
(917)
(953)
(868)
(1,509)
(1,600)
(1,555)
Impairment losses
1
(928)
\u2013
\u2013
\u2013
\u2013
\u2013
Other (expense)/income
(105)
(26)
5
\u2013
\u2013
\u2013
Operating (loss)/profit
(717)
153
173
248
292
378
Interest income
4
7
5
\u2013
\u2013
\u2013
Interest expense
(525)
(538)
(455)
(539)
(652)
(809)
Loss before tax
(1,238)
(378)
(277)
(291)
(360)
(431)
Income tax credit
358
212
132
73
111
77
Loss for the financial year
2
(880)
(166)
(145)
(218)
(249)
(354)
\n\n \n
Vodafone Idea Limited
2026
3
2025
2024
\u20acm
\u20acm
\u20acm
Income statement
Revenue
2,227
4,797
4,749
Operating expenses
(1,426)
(3,005)
(3,066)
Depreciation and amortisation
(979)
(2,142)
(2,178)
Other income
\u2013
\u2013
83
Operating loss
(178)
(350)
(412)
Interest income
24
107
7
Interest expense
(1,099)
(2,539)
(2,718)
Loss before tax
(1,253)
(2,782)
(3,123)
Income tax expense
\u2013
(2)
(95)
Loss for the financial year
2
(1,253)
(2,784)
(3,218)
\n
Notes:
\n
1.
Includes \u20ac928 million in respect of the investment Oak Holdings 1 GmBH holds in Infrastrutture Wireless Italiane S.p.A. (\u2018Inwit\u2019).
\n
2.
Total Other comprehensive (expense)/income is not materially different to (loss)/profit for the financial year.
\n
3.
Six month period to, and as at 30 September 2025.
\n
Summarised financial information for the Group\u2019s material joint ventures on a 100% ownership basis is set out in
\n
the tables below.
\n\n \n
VodafoneZiggo Group
Oak Holdings 1 GmbH
Holding B.V.
2026
2025
2026
2025
\u20acm
\u20acm
\u20acm
\u20acm
Statement of financial position
Non-current assets
22,819
24,149
14,184
15,012
Current assets
635
749
680
788
Total assets
23,454
24,898
14,864
15,800
Equity shareholders\u2019 funds
10,414
11,887
319
660
Non-current liabilities
10,434
10,167
12,253
12,773
Current liabilities
2,606
2,844
2,292
2,367
Cash and cash equivalents within current assets
187
240
98
144
Non-current liabilities excluding trade and other
payables and provisions
9,900
9,560
12,049
12,640
Current liabilities excluding trade and other payables and
provisions
320
502
1,082
1,094
\n\n \n
Vodafone Idea Limited
2026
3
2025
\u20acm
\u20acm
Statement of financial position
Non-current assets
14,035
16,069
Current assets
1,854
2,817
Total assets
15,889
18,886
Equity shareholders\u2019 deficit
(9,586)
(9,479)
Non-current liabilities
20,509
22,636
Current liabilities
4,966
5,729
Cash and cash equivalents within current assets
310
1,145
Non-current liabilities excluding trade and other
payables and provisions
20,491
22,612
Current liabilities excluding trade and other payables and
provisions
2,152
2,307
\n
The reconciliation of summarised financial information presented to the carrying amount of our interest in joint
\n
ventures is set out below.
\n\n \n
Oak Holdings 1 GmbH
VodafoneZiggo Group Holding B.V.
2026
2025
2024
2026
2025
2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Equity shareholders\u2019 funds
10,414
11,887
319
660
Interest in joint ventures
1
5,207
5,943
160
330
Transferred to assets held for sale
\u2013
\u2013
(174)
\u2013
Share of unrecognised losses
\u2013
\u2013
14
\u2013
Carrying value
5,207
5,943
\u2013
330
Loss for the financial year
(880)
(166)
(145)
(218)
(249)
(354)
Share of loss
(440)
(74)
(85)
(109)
(125)
(177)
Share of unrecognised loss
\u2013
\u2013
\u2013
14
\u2013
\u2013
Share of loss
1
(440)
(74)
(85)
(95)
(125)
(177)
\n\n \n
Vodafone Idea Limited
2026
2025
2024
\u20acm
\u20acm
\u20acm
Equity shareholders\u2019 deficit
(9,586)
(9,479)
Interest in joint ventures
1
(1,541)
(1,524)
Impairment
(208)
(234)
Share of unrecognised losses
1,749
1,758
Carrying value
\u2013
\u2013
Loss for the financial year
(1,253)
(2,784)
(3,218)
Share of loss
1
(201)
(660)
(1,009)
Share of unrecognised loss
201
660
1,009
Share of loss
1
\u2013
\u2013
\u2013
\n
Note:
\n
1.
The Group\u2019s effective ownership percentages of Oak Holdings 1 GmbH, VodafoneZiggo Group Holding B.V. and Vodafone Idea Limited
\n
are 50.0%, 50.0% and 16.1% respectively, rounded to the nearest tenth of one percent.
\n
Associates
\n
Unless otherwise stated, the Group\u2019s principal associates all have share capital consisting solely of ordinary
\n
shares and are all indirectly held. The country of incorporation or registration is also their place of operation.
\n\n \n
Country of
Percentage
Percentage
incorporation
shareholding
1
shareholding
1
Principal activity
or registration
2026
2025
Safaricom PLC
2
Network operator
Kenya
39.9
39.9
TPG Telecom Limited
3
Network operator
Australia
23.7
25.1
Maziv Proprietary Limited
Network infrastructure
South Africa
30.0
\u2013
Indus Towers Limited
Network infrastructure
India
\u2013
\u2013
\n
Notes:
\n
1.
Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent.
\n
2.
At 31 March 2026, the fair value of the Group\u2019s interest in Safaricom PLC was KES 440 billion (\u20ac2,939 million) (2025: KES 293 billion
\n
(\u20ac2,096 million)) based on the closing quoted share price on the Nairobi Stock Exchange.
\n
3.
At 31 March 2026, the fair value of the Group\u2019s interest in TPG Telecom Limited was AUD 1,872 million (\u20ac1,130 million) (2025: AUD
\n
2,236 million (\u20ac1,290 million) based on the quoted share price on ASX.
\n
Safaricom PLC
\n
In December 2025, the Group announced that Vodacom had agreed to acquire a further 20% of the issued share
\n
capital in Safaricom PLC. Vodacom will acquire 15% from the Government of Kenya and 5% from Vodafone.
\n
Following completion of the acquisition, Safaricom will be owned by Vodacom (55%), the Government of Kenya
\n
(20%) and public investors (25%). Safaricom will be consolidated by both Vodacom and Vodafone.
\n
TPG Telecom Limited
\n
TPG Telecom Limited (\u2018TPG\u2019) is listed on the Australian Securities Exchange (\u2018ASX\u2019). During the year, TPG
\n
undertook a capital management plan following the completion of the disposal of certain fibre and fixed line
\n
assets to Vocus Group Limited. The plan included a cash return to shareholders, from the proceeds following the
\n
disposal, and allowed eligible minority shareholders to reinvest all or part of their cash return in new TPG shares.
\n
Vodafone received \u20ac188 million in respect of the cash return, which is included in Dividends received from
\n
associates and joint ventures in the Consolidated statement of cashflows. The shares issued by TPG resulted in
\n
Vodafone\u2019s and Hutchison Telecommunications (Australia) Limited\u2019s respective economic interest decreasing to
\n
23.7%, with the remaining 52.6% listed as free float on the ASX. The Group now classifies TPG as an Associate,
\n
with comparative information retained in the Joint Venture disclosures.
\n
The financial information presented in the tables below includes debt held within the holding structure that
\n
holds the Group\u2019s interest in TPG. The Group provides a guarantee over its share of the debt in the structure (see
\n
note 22 \u2018Capital and financial risk management\u2019). Following receipt of the cash return described above, the Group
\n
contributed \u20ac188 million into the holding structure to reduce borrowings in that structure, with Hutchison
\n
Telecommunications (Australia) Limited contributing an equal amount. The contribution is included in Purchase
\n
of interests in associates and joint ventures in the Consolidated statement of cashflows.
\n
Maziv Proprietary Limited
\n
On 2 December, Vodacom (Pty) Limited (\u2018Vodacom\u2019) acquired a 30% interest in Maziv Proprietary Limited
\n
(\u2018Maziv\u2019) for \u20ac620 million, of which \u20ac410 million was settled in cash and included in Purchase of interests in
\n
associates and joint ventures in the Consolidated statement of cashflows. The remaining consideration primarily
\n
related to the contribution to Maziv of certain fibre assets previously held by Vodacom. Vodacom retains an
\n
option to acquire a further 5% of Maziv before 31 March 2027.
\n
Indus Towers Limited
\n
In the prior year, on 19 June 2024, the Group announced the sale of an 18.0% stake in Indus Towers Limited
\n
(\u2018Indus\u2019) through an accelerated book-building offering (\u2018placing\u2019). The placing raised INR 153.0 billion (\u20ac1,684
\n
million) in gross proceeds. Following the placing, the Group de-recognised its remaining associate investment in
\n
Indus, which was classified as an Other Investment recorded at fair value through profit and loss. A net gain on
\n
disposal of \u20ac714 million was recorded within other income in the Consolidated income statement. In August
\n
2024 and December 2024, the Group disposed of its remaining 3.0% stake in Indus for cash consideration of
\n
\u20ac329 million.
\n
Dividends received from associates
\n
During the year ended 31 March 2026, the Group received dividends included in the consolidated statement of
\n
cash flows from Safaricom PLC of \u20ac160 million (2025: \u20ac136 million, 2024: \u20ac122 million) and TPG Telecom
\n
Limited of \u20ac210 million (2025: \u20ac24 million, 2024: \u20ac23 million).
\n
Aggregated financial information
\n
The table below provides aggregated financial information for the Group\u2019s associates as it relates to the amounts
\n
recognised in the consolidated income statement and consolidated statement of financial position.
\n\n \n
Investment in associates
1
Profit/(loss) for the financial year
2026
2025
2026
2025
2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Safaricom PLC
2
539
500
256
201
159
TPG Telecom Limited
(102)
\u2013
(4)
\u2013
\u2013
Maziv Proprietary Limited
623
\u2013
3
\u2013
\u2013
Indus Towers Limited
\u2013
\u2013
\u2013
55
140
Other
36
50
(17)
(18)
(16)
Total
1,096
550
238
238
283
\n
Note:
\n
1.
Includes share of net liabilities in joint ventures.
\n
2.
Other comprehensive income includes loss for the financial year, together with \u20acnil (2025: \u20ac103 million loss) in respect of the
\n
application of IAS 29 to Safaricom\u2019s operations in Ethiopia in the prior year. See note 1 \u2018Basis of preparation\u2019 for further details.
\n
Summarised financial information
\n
Summarised financial information for each of the Group\u2019s material associates on a 100% ownership basis is set
\n
out in the tables below.
\n
Financial information is presented for TPG Telecom Limited (\u2018TPG\u2019) for the year to, and as at 31 December 2025
\n
on the basis that full-year information in relation to TPG has not been released at the date of approval of these
\n
consolidated financial statements and as such is market sensitive for TPG.
\n\n \n
Safaricom PLC
TPG Telecom Limited
2026
2025
2024
2026
2025
2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Income statement
Revenue
2,837
2,792
2,210
3,079
3,359
3,371
Operating expenses
(1,356)
(1,561)
(1,189)
(2,033)
(2,320)
(2,238)
Depreciation and amortisation
(495)
(489)
(523)
(755)
(902)
(891)
Other income
\u2013
79
142
182
\u2013
\u2013
Operating profit
986
821
640
473
137
242
Interest income
13
17
16
\u2013
\u2013
\u2013
Interest expense
(145)
(167)
(121)
(345)
(391)
(368)
Profit/(loss) before tax
854
671
535
128
(254)
(126)
Income tax (expense)/credit
(354)
(340)
(266)
4
27
(8)
Profit/(loss) for the financial
500
331
269
132
(227)
(134)
year and total
comprehensive income
Attributable to:
- Owners of the parent
643
503
399
132
(227)
(134)
- Non-controlling interests
(143)
(172)
(130)
\u2013
\u2013
\u2013
\n\n \n
Indus Towers Limited
Maziv Proprietary Limited
2026
2025
2024
2026
2025
2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Income statement
Revenue
\u2013
835
3,185
105
\u2013
\u2013
Operating expenses
\u2013
(286)
(1,598)
(36)
\u2013
\u2013
Depreciation and amortisation
\u2013
(167)
(637)
(27)
\u2013
\u2013
Operating profit
\u2013
382
950
42
\u2013
\u2013
Interest income
\u2013
11
126
\u2013
\u2013
\u2013
Interest expense
\u2013
(48)
(218)
(23)
\u2013
\u2013
Profit before tax
\u2013
345
858
19
\u2013
\u2013
Income tax expense
\u2013
(82)
(192)
(8)
\u2013
\u2013
Profit for the financial year
\u2013
263
666
11
\u2013
\u2013
and total comprehensive
income
\n
Summarised financial information for each of the Group\u2019s material associates on a 100% ownership basis is set
\n
out in the tables below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Safaricom PLC
TPG Telecom Limited
\u00a0
2026
2025
2026
2025
2
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
Statement of financial position
\u00a0\u00a0\u00a0\u00a0
Non-current assets
2,912
3,062
6,737
9,024
Current assets
532
600
1,390
734
Total assets
3,444
3,662
8,127
9,758
Equity shareholders' funds
1,345
1,246
1,604
2,175
Non-controlling interests
192
331
\u2013
\u2013
Non-current liabilities
1,012
975
2,461
6,523
Current liabilities
895
1,110
4,062
1,060
Cash and cash equivalents within current assets
180
215
931
85
Non-current liabilities excluding trade and other
\u00a0\u00a0\u00a0\u00a0
payables and provisions
919
791
2,362
6,437
Current liabilities excluding trade and other payables
\u00a0\u00a0\u00a0\u00a0
and provisions
252
357
3,037
105
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Maziv Proprietary Limited
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Statement of financial position
\u00a0\u00a0
Non-current assets
2,002
\u2013
Current assets
95
\u2013
Total assets
2,097
\u2013
Equity shareholders' funds
1,074
\u2013
Non-controlling interests
3
\u2013
Non-current liabilities
899
\u2013
Current liabilities
121
\u2013
Cash and cash equivalents within current assets
22
\u2013
Non-current liabilities excluding trade and other
\u00a0\u00a0
payables and provisions
885
\u2013
Current liabilities excluding trade and other payables
\u00a0\u00a0
and provisions
33
\u2013
\n
The reconciliation to the carrying amount for each of the Group\u2019s material associates is set out in the following
\n
table.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Safaricom PLC
TPG Telecom Limited
\u00a0
2026
2025
2024
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Equity shareholders' funds
1,345
1,246
\u00a0
1,604
2,175
\u00a0
Interest in associates
1
537
498
\u00a0
(150)
(144)
\u00a0
Goodwill
2
2
\u00a0
48
48
\u00a0
Carrying value
539
500
\u00a0
(102)
(96)
\u00a0
Profit/(loss) for the financial
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
year
643
503
399
132
(227)
(134)
Share of profit/(loss)
256
201
159
(4)
(97)
(74)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Maziv Proprietary Limited
Indus Towers Limited
\u00a0
2026
2025
2024
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Equity shareholders' funds
1,074
\u2013
\u00a0
\u2013
\u2013
\u00a0
Interest in associates
1
322
\u2013
\u00a0
\u2013
\u2013
\u00a0
Goodwill
319
\u2013
\u00a0
\u2013
\u2013
\u00a0
Other
(18)
\u2013
\u00a0
\u2013
\u2013
\u00a0
Carrying value
623
\u2013
\u00a0
\u2013
\u2013
\u00a0
Profit for the financial year
11
\u2013
\u2013
\u2013
263
666
Share of profit
3
\u2013
\u2013
\u2013
55
140
\n
Notes:
\n
1.
The Group\u2019s effective ownership percentage of Safaricom PLC and Maziv Proprietary Limited are 39.9% and 30.0% respectively, rounded
\nto the nearest tenth of one percent.Associated undertakings and joint arrangements
\u00a0
% of share class held
\u00a0
Company name
by Group companies
Share class
Australia
\u00a0\u00a0
Level 27, Tower Two, International Towers Sydney, 200 Barangaroo Avenue,
\u00a0\u00a0
Barangaroo NSW 2000, Australia
\u00a0\u00a0
3.6 GHz Spectrum Pty Ltd
23.73
Ordinary shares
AAPT Limited
23.73
Ordinary shares
ACN 088 889 230 Pty Ltd
23.73
Ordinary shares
ACN 139 798 404 Pty Ltd
23.73
Ordinary shares
Adam Internet Holdings Pty Ltd
23.73
Ordinary shares
Adam Internet Pty Ltd
23.73
Ordinary shares,
\u00a0\u00a0
Class A shares,
\u00a0\u00a0
Class B shares
Agile Pty Ltd
23.73
Ordinary shares
AlchemyIT Pty Ltd
23.73
Ordinary shares
Chariot Pty Ltd
23.73
Ordinary shares
Chime Communications Pty Ltd
23.73
Ordinary shares
Connect West Pty Ltd
23.73
Ordinary shares
Destra Communications Pty Ltd
23.73
Ordinary shares
Digiplus Contracts Pty Ltd
23.73
Ordinary shares
Digiplus Holdings Pty Ltd
23.73
Ordinary shares
Digiplus Investments Pty Ltd
23.73
Ordinary shares
Digiplus Pty Ltd
23.73
Ordinary shares
H3GA Properties (No. 3) Pty Ltd
23.73
Ordinary shares
iiNet Labs Pty Ltd
23.73
Ordinary shares
iiNet Limited
23.73
Ordinary shares
Internode Pty Ltd
23.73
Ordinary shares,
\u00a0\u00a0
Class B shares
IntraPower Pty Ltd
23.73
Ordinary shares
Intrapower Terrestrial Pty Ltd
23.73
Ordinary shares
IP Group Pty Ltd
23.73
Ordinary shares
IP Services Xchange Pty Ltd
\u00a0
Class A shares,
\u00a0
23.73
\u00a0
\u00a0\u00a0
Class B shares
Kooee Communications Pty Ltd
23.73
Ordinary shares
Kooee Mobile Pty Ltd
23.73
Ordinary shares
Mercury Connect Pty Ltd
23.73
Ordinary shares,
\u00a0\u00a0
Class E shares
Mobile JV Pty Limited
23.73
Ordinary shares
Mobileworld Communications Pty Limited
23.73
Ordinary shares
Mobileworld Operating Pty Ltd
23.73
Ordinary shares
Netspace Online Systems Pty Ltd
23.73
Ordinary shares
\n\n \n
% of share class held
Company name
by Group companies
Share class
Australia (continued)
Numillar IPS Pty Ltd
23.73
Ordinary shares
PIPE Transmission Pty Limited
23.73
Ordinary shares
PowerTel Limited
23.73
Ordinary shares
Request Broadband Pty Ltd
23.73
Ordinary shares
Satellite Mobile Pty Ltd
23.73
Ordinary Shares
Soul Communications Pty Ltd
23.73
Ordinary shares
Soul Contracts Pty Ltd
23.73
Ordinary shares
Soul Pattinson Telecommunications Pty Ltd
23.73
Ordinary shares
SPT Telecommunications Pty Ltd
23.73
Ordinary shares
SPTCom Pty Ltd
23.73
Ordinary shares
Telecom Enterprises Australia Pty Limited
23.73
Ordinary shares
Telecom New Zealand Australia Pty Ltd
23.73
Ordinary shares,
Redeemable
preference shares
TPG Corporation Limited
23.73
Ordinary shares
TPG Energy Pty Ltd
23.73
Ordinary shares
TPG Finance Pty Ltd
23.73
Ordinary shares
TPG Holdings Pty Ltd
23.73
Ordinary shares
TPG Internet Pty Ltd
23.73
Ordinary shares
TPG JV Company Pty Ltd
23.73
Ordinary shares
TPG Network Pty Ltd
23.73
Ordinary shares
TPG Telecom Limited
23.73
Ordinary shares
TransACT Capital Communications Pty Ltd
23.73
Ordinary shares
TransACT Communications Pty Ltd
23.73
Ordinary shares
TransACT Victoria Communications Pty Ltd
23.73
Ordinary shares
TransACT Victoria Holdings Pty Ltd
23.73
Ordinary shares
Trusted Cloud Pty Ltd
23.73
Ordinary shares
Trusted Cloud Solutions Pty Ltd
23.73
Ordinary shares
Value Added Network Pty Ltd
23.73
Ordinary shares
Vodafone Australia Pty Limited
23.73
Ordinary shares,
Class B shares,
Redeemable
preference shares
Vodafone Foundation Australia Pty Limited
23.73
Ordinary shares
Vodafone Hutchison Receivables Pty Limited
23.73
Ordinary shares
Vodafone Hutchison Spectrum Pty Limited
23.73
Ordinary shares
Vodafone Network Pty Limited
23.73
Ordinary shares
Vodafone Pty Limited
23.73
Ordinary shares
\n\n \n
% of share class held
Company name
by Group companies
Share class
VtalkVoip Pty Ltd
23.73
Ordinary shares
Westnet Pty Ltd
23.73
Ordinary shares
Belgium
Space Court of Justic, Rue aux Laines 70, 1000 Brussels, Belgium
Utiq S.A
25.00
Ordinary shares
Czech Republic
Praha 4, Z\u00e1vi\u0161ova 502/5, 14000, Nusle, Czech Republic
Vantage Towers s.r.o.
4
44.64
Ordinary shares
U Rajsk\u00e9 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, D\u00fcsseldorf, Germany
MNP Deutschland Gesellschaft b\u00fcrgerlichen Rechts
33.33
Partnership share
Ferdinand-Braun-Platz 1, 40549, D\u00fcsseldorf, 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
50.00
Ordinary shares
Prinzenallee 11-13, 40549, D\u00fcsseldorf, Germany
Oak Holdings 1 GmbH
49.98
Ordinary shares
Oak Holdings 2 GmbH
49.98
Ordinary shares
Oak Holdings GmbH
49.98
Ordinary shares
Oak Renewables GmbH
49.98
Ordinary shares
Vantage Towers AG
44.64
Ordinary shares
Vantage Towers Erste Verwaltungsgesellschaft GmbH
4
44.64
Ordinary shares
\n\n \n
% 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
44.64
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
Boldizs\u00e1r utca 2, Budapest, 1112, Hungary
Vantage Towers Z\u00e1rtk\u00f6r\u0171en M\u0171k\u00f6d\u0151, R\u00e9szv\u00e9nyt\u00e1rsas\u00e1g
4
44.64
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 B 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
44.64
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
\n\n \n
% of share class held
Company name
by Group companies
Share class
Kenya
9th Floor, Williamson House, 4th Ngong Avenue, PO Box 40111 - 00100, Nairobi,
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
ACS Plaza 5th Floor, Lenana Road, Kilimani, Nairobi, Kenya
M-PESA Africa Limited
5
46.42
Ordinary shares
Luxembourg
15 rue Edward Steichen, Luxembourg, 2540, Luxembourg
SatCo GP S.\u00e0 r.l.
50.00
Ordinary shares
SatCo SCS
50.00
Ordinary shares
Vodafone Telenor Procurement Company SCSp
50.00
Ordinary shares
VTPC General Partner S.\u00e0 r.l.
50.00
Ordinary shares
Tomorrow Street SCA
50.00
Ordinary 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
\n\n \n
% 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
50.00
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. Jo\u00e3o II, n\u00ba 36 - 8\u00ba Piso, 1998 - 017, Parque das Na\u00e7\u00f5es, Lisboa, Portugal
DABCO Portugal, Lda
80.20
Ordinary shares
Edif. Arquiparque VII, R Dr Ant\u00f3nio Loureiro Borges, 7, 3.\u00b0, 1495-131 Alg\u00e9s, Oeiras,
Portugal
Vantage Towers, S.A.
4
44.64
Ordinary shares
Rua Pedro e In\u00eas, Lote 2.08.01, 1990-
075, Parque das Na\u00e7\u0151es, Lisboa, Portugal
Sport TV Portugal, S.A.
25.00
Nominative shares
S\u00cdTIO Sete Rios - Pra\u00e7a Nuno Rodrigues dos Santos, 7, 1600-171 , Lisboa, Portugal
Dual Grid \u2013 Gest\u00e3o 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
44.64
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
\n\n \n
% of share class held
by Group companies
Share class
South Africa
76 Maude Street, Sandton, Johannesberg, 2196, South Africa
Waterberg Lodge (Proprietary) Limited
5
32.55
Ordinary shares
Rigel Office Park Block A, No 446 Rigel Avenue South, Erasmu, South Africa
Afri G I S (Pty) Ltd
5
21.16
Ordinary shares
Canard Spatial Technologies Proprietary Limited
5
21.16
Ordinary shares
31 Georgian Cresent East, Bryanston, Gauteng, 2191, South Africa
Maziv Proprietary Limited
30.00
Ordinary shares
CIVH PrefCo (Pty) Ltd
30.00
Ordinary shares
Vumatel (Pty) Ltd
30.00
Ordinary shares
Dark Fibre Africa (Pty) Ltd
30.00
Ordinary shares
CIVH LoanCo (Pty) Ltd
30.00
Ordinary shares
CIVH SecurityCo (Pty) Ltd
30.00
Ordinary shares
Axio Connect (Pty) Ltd
30.00
Ordinary shares
Axio Africa (Pty) Ltd
30.00
Ordinary shares
Hero Telecoms (Pty) Ltd
14.99
Ordinary shares
Regional Fibre Holding (Pty) Ltd
30.00
Ordinary Shares
SADV (Pty) Ltd
30.00
Ordinary shares
Vuma Connect
30.00
Ordinary shares
VumaCam (Pty) Ltd
15.30
Ordinary shares
VumaCam LTIP Co (Pty) Ltd
15.30
Ordinary shares
Centr AI (Pty) Ltd
15.30
Ordinary shares
OSM Trading (Pty) Ltd
15.30
Ordinary shares
VumaCam Infrastructure (Pty) Ltd
30.00
Ordinary shares
Rise Telecomms
30.00
Ordinary shares
Francios O\u2019Kennedy W.O.R.X (Pty) Ltd
30.00
Ordinary shares
Connected Space Pty Ltd
30.00
Ordinary shares
MCT Telecommunications (Pty) Ltd
22.50
Ordinary shares
Maziv PropCo (Pty) Ltd
30.00
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
44.64
Ordinary shares
\n
Company name
\n
% of share class held
\n
by Group companies
Share class
\n
Tanzania, United Republic of
\n
Vodacom Tanzania PLC, 15 Floor, Vodacom Tower, Plot 23 Ursino Estate,
\n
Bagamoyo Road, Dar es Salaam, Tanzania, United Republic of
\n
Ngorongoro Fibre Company Limited
48.82
Ordinary shares
\n
Fast Fibre Tanzania Limited
24.41
Ordinary B shares
\n
Plot No. 23, Ursino Estate, Bagamoyo Road, Dar es Salaam, Tanzania, United
\n
Republic of
\n
Vodacom Trust Limited
\n
5
\n
48.82
Ordinary A shares,
\n
Ordinary B shares
\n
T\u00fcrkiye
\n
\u00c7ifte Havuzlar Mah Eski Londra Asfalti Cad No: 151/1E/301, Esenler, Istanbul,
\n
T\u00fcrkiye
\n
FGS Bilgi Islem Urunler Sanayi ve Ticaret AS
50.00
Ordinary shares
\n
Levazim Mahallesi Vadi Caddesi Zorlu Center No:2 Ic Kapi No: 347, Besiktas,
\n
Istanbul, T\u00fcrkiye
\n
Red Haven Veri Merkezi Anonim Sirketi
50.00
Ordinary A shares,
\n
Ordinary B shares
\n
United Kingdom
\n
One Kingdom Street, London, W2 6BY, United Kingdom
\n
DABCO Limited
\n
3
\n
69.23
Ordinary shares,
\n
Series A - preference
\n
shares
\n
24/25 The Shard, 32 London Bridge Street, London, SE1 9SG, United Kingdom
\n
Digital Mobile Spectrum Limited
33.33
Ordinary shares
\n
Sixth floor, Thames Tower, Station Road, Reading, RG1 1LX, United Kingdom
\n
Mobile Broadband Network Limited
25.50
Ordinary shares
\n
Floor 5, 20 Fenchurch Street, London, EC3M 3BY, United Kingdom
\n
VodaFamily Ethiopia Holding Company Limited
\n
5
\n
31.47
Ordinary shares
\n
120 Kings Road, London, SW3 4TR, United Kingdom
\n
Cable & Wireless Trade Mark Management Limited
50.00
Ordinary A shares,
\n
Ordinary B shares
\n
Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, United Kingdom
\n
Vodafone Hutchison (Australia) Holdings Limited
50.00
Ordinary shares
\n
United States
\n
251 Little Falls Drive, Wilmington DE 19808, United States
\n
Ziggo Financing Partnership
50.00
Partnership interest
\n
2820 Selwyn Avenue, Charlotte NC 28209, United States
\n
Britelink USA Inc
22.50
Common stock
\n
shares
\n
Notes:
\n
1.
Directly held by Vodafone Group Plc.
\n
2.
Branches.
\n
3.
SC DABCO Management LLC has joint control rights over DABCo Limited.
\n
4.
Shareholding is indirect through Vantage Towers A.G.
\n
5.
Shareholding is indirect through Vodacom Group Limited. The indirect shareholding is calculated using the 65.10% ownership interest in Vodacom
\n
Group Limited.
\n
6.
Includes the indirect interest held through Vodafone Idea Limited.
\n
7.
Accenture Holdings B.V. holds 20% of the total voting rights in Vodafone Shared Operations Limited. ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00803": { "value": "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 Oak Holdings 1 GmbH and its markets, the
Netherlands and India where we share control with one or more third parties. See note 1 \u2018Basis
of preparation\u2019 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\u2019s
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\u2019s 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\u2019s 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\u2019s interest in a joint operation is accounted for in accordance
with the Group\u2019s 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\u2019s 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 \u2018Discontinued operations and assets held for sale\u2019), 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\u2019s share of the net assets of the joint venture, less any impairment in the value of the
investment. The Group\u2019s share of post-tax profits or losses are recognised in the consolidated income statement.
Losses of a joint venture in excess of the Group\u2019s interest in that joint venture, which includes the equity
investment and any long-term financing provided to the 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\u2019s 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
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Investments in joint ventures
5,294
6,342
Investments in associates
1,198
550
31 March
6,492
6,892
Share of net liabilities in joint ventures
\u2013
(96)
Share of net liabilities in associates
(102)
\u2013
31 March
(102)
(96)
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n
Joint ventures
\n
The financial and operating activities of the Group\u2019s joint ventures are jointly controlled by the participating
\n
shareholders. The participating shareholders have rights to the net assets of the joint ventures through their
\n
equity shareholdings. Unless otherwise stated, the Group\u2019s principal joint ventures all have share capital
\n
consisting solely of ordinary shares and are all indirectly held. The country of incorporation or registration of all
\n
joint ventures is also their principal place of operation.
\n\n \n
Country of
Percentage
Percentage
incorporation or
shareholdings
1
shareholdings
1
Name of joint venture
Principal activity
registration
2026
2025
Oak Holdings 1 GmbH
Network infrastructure
Germany
50.0
50.0
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
16.1
24.4
\n
Notes:
\n
1.
Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent.
\n
2.
At 31 March 2026 the fair value of the Group\u2019s interest in Vodafone Idea Limited was INR 149 billion (\u20ac1,383 million) (2025: INR 118
\n
billion (\u20ac1,283 million)) based on the quoted share price on the National Stock Exchange of India.
\n
Oak Holdings 1 GmbH
\n
In the comparative year, on 22 July 2024, the Group announced the sale of a further 10.3% stake in Oak Holdings
\n
1 GmbH (\u2018Oak Holdings\u2019), the partnership that co-controls Vantage Towers, for \u20ac1,336 million, leaving the
\n
Group\u2019s retained interest at 50.0%. Oak Holdings owns 89.3% of Vantage Towers. A net gain on disposal of \u20ac26
\n
million was recorded within Other income in the Consolidated income statement.
\n
VodafoneZiggo
\n
On 18 February 2026, the Group announced that it has agreed to sell its 50% interest in VodafoneZiggo
\n
Group Holding B.V. (\u2018VodafoneZiggo\u2019) to Liberty Global plc and has classified its investment in
\n
VodafoneZiggo within Assets held for sale accordingly. See Note 7 \u2018Discontinued operations and assets held
\n
for sale\u2019 for further information.
\n
OXG Glasfaser Beteiligungs GmbH
\n
In March 2023, the Group entered into an agreement with Altice Luxembourg S.A. to create a joint venture, OXG
\n
Glasfaser Beteiligungs GmbH (\u2018OXG\u2019), with 50.0% shareholding held by each shareholder.
OXG deploys fibre-to-
\n
the-home in Germany.
Each shareholder is committed to contribute funding towards the cost of contractually
\n
committed fibre build outs.
During the year ended 31 March 2026, the Group provided \u20ac48 million (2025: \u20ac36
\n
million) of capital contributions to OXG.
The Group\u2019s contributions towards future fibre roll out costs depend on
\n
the speed and size of approved fibre deployment projects and are capped at \u20ac832 million.
Shareholder
\n
contributions are expected to be contributed between 2026 and 2029.
The contribution can be in the form of
\n
capital, shareholder loan, loan notes or similar instruments as agreed by the shareholders.
\n
Vodafone Idea Limited
\n
Financial information is presented for Vodafone Idea Limited (\u2018VIL\u2019) for the six-month period to, and as at 30
\n
September 2025 on the basis that full year information in relation to VIL has not been released at the date of
\n
approval of these consolidated financial statements and as such is market sensitive for VIL. The Group\u2019s carrying
\n
value in Vodafone Idea Limited (\u2018VIL\u2019) reduced to \u20acnil at 30 September 2019. The Group\u2019s share of VIL\u2019s losses not
\n
recognised at 31 March 2026 is \u20ac1,748 million (2025: \u20ac1,758 million).
\n
VIL undertook a conversion of debt due to the Government of India during April 2025, resulting in the Group\u2019s
\n
interest in VIL reducing to 16.1%. VIL remains a joint venture of the Group due to rights that it and a fellow
\n
investor hold enabling key operating decisions to be made on a joint basis.
On 31 December 2025, the Group
\n
reached an agreement with VIL to settle the Group\u2019s obligations under the CLAM, as part of which the Group has
\n
set aside 3,280 million of its shareholding in VIL for VIL\u2019s benefit. See note 29 \u201cContingent liabilities and legal
\n
proceedings\u201d for further details.
\n
Dividends received from joint ventures
\n
During the year ended 31 March 2026, the Group received dividends included in the consolidated statement of
\n
cash flows from VodafoneZiggo of \u20ac62 million (2025: \u20ac63 million, 2024: \u20ac100 million) and Oak Holdings of \u20ac312
\n
million (2025: \u20ac307 million, 2024: \u20ac196 million).
\n
Aggregated financial information
\n
The table below provides aggregated financial information for the Group\u2019s joint ventures as it relates to the
\n
amounts recognised in the consolidated income statement and consolidated statement of financial position.
\n\n \n
Investment in joint ventures
1
(Loss)/profit for the financial year
2
2026
2025
2026
2025
2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Oak Holdings 1 GmbH
5,207
5,943
(440)
(74)
(85)
VodafoneZiggo Group Holding B.V.
\u2013
330
(95)
(125)
(177)
TPG Telecom Limited
3
\u2013
(96)
\u2013
(97)
(74)
Other
87
69
(85)
(65)
(43)
Total
5,294
6,246
(620)
(361)
(379)
\n
Notes:
\n
1.
Includes share of net liabilities in joint ventures.
\n
2.
Total Other comprehensive (expense)/income is not materially different to (loss)/profit for the financial year.
\n
3.
TPG Telecom Limited has been classified as Associate for the year ended 31 March 2026. Comparative information has been retained
\n
in the Joint Venture disclosures.
\n
Summarised financial information
\n
Summarised financial information for the Group\u2019s material joint ventures on a 100% ownership basis is set out
\n
below.
\n
Financial information is presented for Vodafone Idea Limited (\u2018VIL\u2019) for the six month period to, and as at 30
\n
September 2025 on the basis that full year information in relation to VIL has not been released at the date of
\n
approval of these financial statements and as such is market sensitive for VIL.
\n\n \n
Oak Holdings 1 GmbH
VodafoneZiggo Group Holding B.V.
2026
2025
2024
2026
2025
2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Income statement
Revenue
1,327
1,249
1,166
3,976
4,082
4,128
Operating expenses
(94)
(117)
(130)
(2,219)
(2,190)
(2,195)
Depreciation and amortisation
(917)
(953)
(868)
(1,509)
(1,600)
(1,555)
Impairment losses
1
(928)
\u2013
\u2013
\u2013
\u2013
\u2013
Other (expense)/income
(105)
(26)
5
\u2013
\u2013
\u2013
Operating (loss)/profit
(717)
153
173
248
292
378
Interest income
4
7
5
\u2013
\u2013
\u2013
Interest expense
(525)
(538)
(455)
(539)
(652)
(809)
Loss before tax
(1,238)
(378)
(277)
(291)
(360)
(431)
Income tax credit
358
212
132
73
111
77
Loss for the financial year
2
(880)
(166)
(145)
(218)
(249)
(354)
\n\n \n
Vodafone Idea Limited
2026
3
2025
2024
\u20acm
\u20acm
\u20acm
Income statement
Revenue
2,227
4,797
4,749
Operating expenses
(1,426)
(3,005)
(3,066)
Depreciation and amortisation
(979)
(2,142)
(2,178)
Other income
\u2013
\u2013
83
Operating loss
(178)
(350)
(412)
Interest income
24
107
7
Interest expense
(1,099)
(2,539)
(2,718)
Loss before tax
(1,253)
(2,782)
(3,123)
Income tax expense
\u2013
(2)
(95)
Loss for the financial year
2
(1,253)
(2,784)
(3,218)
\n
Notes:
\n
1.
Includes \u20ac928 million in respect of the investment Oak Holdings 1 GmBH holds in Infrastrutture Wireless Italiane S.p.A. (\u2018Inwit\u2019).
\n
2.
Total Other comprehensive (expense)/income is not materially different to (loss)/profit for the financial year.
\n
3.
Six month period to, and as at 30 September 2025.
\n
Summarised financial information for the Group\u2019s material joint ventures on a 100% ownership basis is set out in
\n
the tables below.
\n\n \n
VodafoneZiggo Group
Oak Holdings 1 GmbH
Holding B.V.
2026
2025
2026
2025
\u20acm
\u20acm
\u20acm
\u20acm
Statement of financial position
Non-current assets
22,819
24,149
14,184
15,012
Current assets
635
749
680
788
Total assets
23,454
24,898
14,864
15,800
Equity shareholders\u2019 funds
10,414
11,887
319
660
Non-current liabilities
10,434
10,167
12,253
12,773
Current liabilities
2,606
2,844
2,292
2,367
Cash and cash equivalents within current assets
187
240
98
144
Non-current liabilities excluding trade and other
payables and provisions
9,900
9,560
12,049
12,640
Current liabilities excluding trade and other payables and
provisions
320
502
1,082
1,094
\n\n \n
Vodafone Idea Limited
2026
3
2025
\u20acm
\u20acm
Statement of financial position
Non-current assets
14,035
16,069
Current assets
1,854
2,817
Total assets
15,889
18,886
Equity shareholders\u2019 deficit
(9,586)
(9,479)
Non-current liabilities
20,509
22,636
Current liabilities
4,966
5,729
Cash and cash equivalents within current assets
310
1,145
Non-current liabilities excluding trade and other
payables and provisions
20,491
22,612
Current liabilities excluding trade and other payables and
provisions
2,152
2,307
\n
The reconciliation of summarised financial information presented to the carrying amount of our interest in joint
\n
ventures is set out below.
\n\n \n
Oak Holdings 1 GmbH
VodafoneZiggo Group Holding B.V.
2026
2025
2024
2026
2025
2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Equity shareholders\u2019 funds
10,414
11,887
319
660
Interest in joint ventures
1
5,207
5,943
160
330
Transferred to assets held for sale
\u2013
\u2013
(174)
\u2013
Share of unrecognised losses
\u2013
\u2013
14
\u2013
Carrying value
5,207
5,943
\u2013
330
Loss for the financial year
(880)
(166)
(145)
(218)
(249)
(354)
Share of loss
(440)
(74)
(85)
(109)
(125)
(177)
Share of unrecognised loss
\u2013
\u2013
\u2013
14
\u2013
\u2013
Share of loss
1
(440)
(74)
(85)
(95)
(125)
(177)
\n\n \n
Vodafone Idea Limited
2026
2025
2024
\u20acm
\u20acm
\u20acm
Equity shareholders\u2019 deficit
(9,586)
(9,479)
Interest in joint ventures
1
(1,541)
(1,524)
Impairment
(208)
(234)
Share of unrecognised losses
1,749
1,758
Carrying value
\u2013
\u2013
Loss for the financial year
(1,253)
(2,784)
(3,218)
Share of loss
1
(201)
(660)
(1,009)
Share of unrecognised loss
201
660
1,009
Share of loss
1
\u2013
\u2013
\u2013
\n
Note:
\n
1.
The Group\u2019s effective ownership percentages of Oak Holdings 1 GmbH, VodafoneZiggo Group Holding B.V. and Vodafone Idea Limited
\n
are 50.0%, 50.0% and 16.1% respectively, rounded to the nearest tenth of one percent.
\n
Associates
\n
Unless otherwise stated, the Group\u2019s principal associates all have share capital consisting solely of ordinary
\n
shares and are all indirectly held. The country of incorporation or registration is also their place of operation.
\n\n \n
Country of
Percentage
Percentage
incorporation
shareholding
1
shareholding
1
Principal activity
or registration
2026
2025
Safaricom PLC
2
Network operator
Kenya
39.9
39.9
TPG Telecom Limited
3
Network operator
Australia
23.7
25.1
Maziv Proprietary Limited
Network infrastructure
South Africa
30.0
\u2013
Indus Towers Limited
Network infrastructure
India
\u2013
\u2013
\n
Notes:
\n
1.
Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent.
\n
2.
At 31 March 2026, the fair value of the Group\u2019s interest in Safaricom PLC was KES 440 billion (\u20ac2,939 million) (2025: KES 293 billion
\n
(\u20ac2,096 million)) based on the closing quoted share price on the Nairobi Stock Exchange.
\n
3.
At 31 March 2026, the fair value of the Group\u2019s interest in TPG Telecom Limited was AUD 1,872 million (\u20ac1,130 million) (2025: AUD
\n
2,236 million (\u20ac1,290 million) based on the quoted share price on ASX.
\n
Safaricom PLC
\n
In December 2025, the Group announced that Vodacom had agreed to acquire a further 20% of the issued share
\n
capital in Safaricom PLC. Vodacom will acquire 15% from the Government of Kenya and 5% from Vodafone.
\n
Following completion of the acquisition, Safaricom will be owned by Vodacom (55%), the Government of Kenya
\n
(20%) and public investors (25%). Safaricom will be consolidated by both Vodacom and Vodafone.
\n
TPG Telecom Limited
\n
TPG Telecom Limited (\u2018TPG\u2019) is listed on the Australian Securities Exchange (\u2018ASX\u2019). During the year, TPG
\n
undertook a capital management plan following the completion of the disposal of certain fibre and fixed line
\n
assets to Vocus Group Limited. The plan included a cash return to shareholders, from the proceeds following the
\n
disposal, and allowed eligible minority shareholders to reinvest all or part of their cash return in new TPG shares.
\n
Vodafone received \u20ac188 million in respect of the cash return, which is included in Dividends received from
\n
associates and joint ventures in the Consolidated statement of cashflows. The shares issued by TPG resulted in
\n
Vodafone\u2019s and Hutchison Telecommunications (Australia) Limited\u2019s respective economic interest decreasing to
\n
23.7%, with the remaining 52.6% listed as free float on the ASX. The Group now classifies TPG as an Associate,
\n
with comparative information retained in the Joint Venture disclosures.
\n
The financial information presented in the tables below includes debt held within the holding structure that
\n
holds the Group\u2019s interest in TPG. The Group provides a guarantee over its share of the debt in the structure (see
\n
note 22 \u2018Capital and financial risk management\u2019). Following receipt of the cash return described above, the Group
\n
contributed \u20ac188 million into the holding structure to reduce borrowings in that structure, with Hutchison
\n
Telecommunications (Australia) Limited contributing an equal amount. The contribution is included in Purchase
\n
of interests in associates and joint ventures in the Consolidated statement of cashflows.
\n
Maziv Proprietary Limited
\n
On 2 December, Vodacom (Pty) Limited (\u2018Vodacom\u2019) acquired a 30% interest in Maziv Proprietary Limited
\n
(\u2018Maziv\u2019) for \u20ac620 million, of which \u20ac410 million was settled in cash and included in Purchase of interests in
\n
associates and joint ventures in the Consolidated statement of cashflows. The remaining consideration primarily
\n
related to the contribution to Maziv of certain fibre assets previously held by Vodacom. Vodacom retains an
\n
option to acquire a further 5% of Maziv before 31 March 2027.
\n
Indus Towers Limited
\n
In the prior year, on 19 June 2024, the Group announced the sale of an 18.0% stake in Indus Towers Limited
\n
(\u2018Indus\u2019) through an accelerated book-building offering (\u2018placing\u2019). The placing raised INR 153.0 billion (\u20ac1,684
\n
million) in gross proceeds. Following the placing, the Group de-recognised its remaining associate investment in
\n
Indus, which was classified as an Other Investment recorded at fair value through profit and loss. A net gain on
\n
disposal of \u20ac714 million was recorded within other income in the Consolidated income statement. In August
\n
2024 and December 2024, the Group disposed of its remaining 3.0% stake in Indus for cash consideration of
\n
\u20ac329 million.
\n
Dividends received from associates
\n
During the year ended 31 March 2026, the Group received dividends included in the consolidated statement of
\n
cash flows from Safaricom PLC of \u20ac160 million (2025: \u20ac136 million, 2024: \u20ac122 million) and TPG Telecom
\n
Limited of \u20ac210 million (2025: \u20ac24 million, 2024: \u20ac23 million).
\n
Aggregated financial information
\n
The table below provides aggregated financial information for the Group\u2019s associates as it relates to the amounts
\n
recognised in the consolidated income statement and consolidated statement of financial position.
\n\n \n
Investment in associates
1
Profit/(loss) for the financial year
2026
2025
2026
2025
2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Safaricom PLC
2
539
500
256
201
159
TPG Telecom Limited
(102)
\u2013
(4)
\u2013
\u2013
Maziv Proprietary Limited
623
\u2013
3
\u2013
\u2013
Indus Towers Limited
\u2013
\u2013
\u2013
55
140
Other
36
50
(17)
(18)
(16)
Total
1,096
550
238
238
283
\n
Note:
\n
1.
Includes share of net liabilities in joint ventures.
\n
2.
Other comprehensive income includes loss for the financial year, together with \u20acnil (2025: \u20ac103 million loss) in respect of the
\n
application of IAS 29 to Safaricom\u2019s operations in Ethiopia in the prior year. See note 1 \u2018Basis of preparation\u2019 for further details.
\n
Summarised financial information
\n
Summarised financial information for each of the Group\u2019s material associates on a 100% ownership basis is set
\n
out in the tables below.
\n
Financial information is presented for TPG Telecom Limited (\u2018TPG\u2019) for the year to, and as at 31 December 2025
\n
on the basis that full-year information in relation to TPG has not been released at the date of approval of these
\n
consolidated financial statements and as such is market sensitive for TPG.
\n\n \n
Safaricom PLC
TPG Telecom Limited
2026
2025
2024
2026
2025
2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Income statement
Revenue
2,837
2,792
2,210
3,079
3,359
3,371
Operating expenses
(1,356)
(1,561)
(1,189)
(2,033)
(2,320)
(2,238)
Depreciation and amortisation
(495)
(489)
(523)
(755)
(902)
(891)
Other income
\u2013
79
142
182
\u2013
\u2013
Operating profit
986
821
640
473
137
242
Interest income
13
17
16
\u2013
\u2013
\u2013
Interest expense
(145)
(167)
(121)
(345)
(391)
(368)
Profit/(loss) before tax
854
671
535
128
(254)
(126)
Income tax (expense)/credit
(354)
(340)
(266)
4
27
(8)
Profit/(loss) for the financial
500
331
269
132
(227)
(134)
year and total
comprehensive income
Attributable to:
- Owners of the parent
643
503
399
132
(227)
(134)
- Non-controlling interests
(143)
(172)
(130)
\u2013
\u2013
\u2013
\n\n \n
Indus Towers Limited
Maziv Proprietary Limited
2026
2025
2024
2026
2025
2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Income statement
Revenue
\u2013
835
3,185
105
\u2013
\u2013
Operating expenses
\u2013
(286)
(1,598)
(36)
\u2013
\u2013
Depreciation and amortisation
\u2013
(167)
(637)
(27)
\u2013
\u2013
Operating profit
\u2013
382
950
42
\u2013
\u2013
Interest income
\u2013
11
126
\u2013
\u2013
\u2013
Interest expense
\u2013
(48)
(218)
(23)
\u2013
\u2013
Profit before tax
\u2013
345
858
19
\u2013
\u2013
Income tax expense
\u2013
(82)
(192)
(8)
\u2013
\u2013
Profit for the financial year
\u2013
263
666
11
\u2013
\u2013
and total comprehensive
income
\n
Summarised financial information for each of the Group\u2019s material associates on a 100% ownership basis is set
\n
out in the tables below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Safaricom PLC
TPG Telecom Limited
\u00a0
2026
2025
2026
2025
2
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
Statement of financial position
\u00a0\u00a0\u00a0\u00a0
Non-current assets
2,912
3,062
6,737
9,024
Current assets
532
600
1,390
734
Total assets
3,444
3,662
8,127
9,758
Equity shareholders' funds
1,345
1,246
1,604
2,175
Non-controlling interests
192
331
\u2013
\u2013
Non-current liabilities
1,012
975
2,461
6,523
Current liabilities
895
1,110
4,062
1,060
Cash and cash equivalents within current assets
180
215
931
85
Non-current liabilities excluding trade and other
\u00a0\u00a0\u00a0\u00a0
payables and provisions
919
791
2,362
6,437
Current liabilities excluding trade and other payables
\u00a0\u00a0\u00a0\u00a0
and provisions
252
357
3,037
105
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Maziv Proprietary Limited
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Statement of financial position
\u00a0\u00a0
Non-current assets
2,002
\u2013
Current assets
95
\u2013
Total assets
2,097
\u2013
Equity shareholders' funds
1,074
\u2013
Non-controlling interests
3
\u2013
Non-current liabilities
899
\u2013
Current liabilities
121
\u2013
Cash and cash equivalents within current assets
22
\u2013
Non-current liabilities excluding trade and other
\u00a0\u00a0
payables and provisions
885
\u2013
Current liabilities excluding trade and other payables
\u00a0\u00a0
and provisions
33
\u2013
\n
The reconciliation to the carrying amount for each of the Group\u2019s material associates is set out in the following
\n
table.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Safaricom PLC
TPG Telecom Limited
\u00a0
2026
2025
2024
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Equity shareholders' funds
1,345
1,246
\u00a0
1,604
2,175
\u00a0
Interest in associates
1
537
498
\u00a0
(150)
(144)
\u00a0
Goodwill
2
2
\u00a0
48
48
\u00a0
Carrying value
539
500
\u00a0
(102)
(96)
\u00a0
Profit/(loss) for the financial
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
year
643
503
399
132
(227)
(134)
Share of profit/(loss)
256
201
159
(4)
(97)
(74)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Maziv Proprietary Limited
Indus Towers Limited
\u00a0
2026
2025
2024
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Equity shareholders' funds
1,074
\u2013
\u00a0
\u2013
\u2013
\u00a0
Interest in associates
1
322
\u2013
\u00a0
\u2013
\u2013
\u00a0
Goodwill
319
\u2013
\u00a0
\u2013
\u2013
\u00a0
Other
(18)
\u2013
\u00a0
\u2013
\u2013
\u00a0
Carrying value
623
\u2013
\u00a0
\u2013
\u2013
\u00a0
Profit for the financial year
11
\u2013
\u2013
\u2013
263
666
Share of profit
3
\u2013
\u2013
\u2013
55
140
\n
Notes:
\n
1.
The Group\u2019s effective ownership percentage of Safaricom PLC and Maziv Proprietary Limited are 39.9% and 30.0% respectively, rounded
\nto the nearest tenth of one percent.Associated undertakings and joint arrangements
\u00a0
% of share class held
\u00a0
Company name
by Group companies
Share class
Australia
\u00a0\u00a0
Level 27, Tower Two, International Towers Sydney, 200 Barangaroo Avenue,
\u00a0\u00a0
Barangaroo NSW 2000, Australia
\u00a0\u00a0
3.6 GHz Spectrum Pty Ltd
23.73
Ordinary shares
AAPT Limited
23.73
Ordinary shares
ACN 088 889 230 Pty Ltd
23.73
Ordinary shares
ACN 139 798 404 Pty Ltd
23.73
Ordinary shares
Adam Internet Holdings Pty Ltd
23.73
Ordinary shares
Adam Internet Pty Ltd
23.73
Ordinary shares,
\u00a0\u00a0
Class A shares,
\u00a0\u00a0
Class B shares
Agile Pty Ltd
23.73
Ordinary shares
AlchemyIT Pty Ltd
23.73
Ordinary shares
Chariot Pty Ltd
23.73
Ordinary shares
Chime Communications Pty Ltd
23.73
Ordinary shares
Connect West Pty Ltd
23.73
Ordinary shares
Destra Communications Pty Ltd
23.73
Ordinary shares
Digiplus Contracts Pty Ltd
23.73
Ordinary shares
Digiplus Holdings Pty Ltd
23.73
Ordinary shares
Digiplus Investments Pty Ltd
23.73
Ordinary shares
Digiplus Pty Ltd
23.73
Ordinary shares
H3GA Properties (No. 3) Pty Ltd
23.73
Ordinary shares
iiNet Labs Pty Ltd
23.73
Ordinary shares
iiNet Limited
23.73
Ordinary shares
Internode Pty Ltd
23.73
Ordinary shares,
\u00a0\u00a0
Class B shares
IntraPower Pty Ltd
23.73
Ordinary shares
Intrapower Terrestrial Pty Ltd
23.73
Ordinary shares
IP Group Pty Ltd
23.73
Ordinary shares
IP Services Xchange Pty Ltd
\u00a0
Class A shares,
\u00a0
23.73
\u00a0
\u00a0\u00a0
Class B shares
Kooee Communications Pty Ltd
23.73
Ordinary shares
Kooee Mobile Pty Ltd
23.73
Ordinary shares
Mercury Connect Pty Ltd
23.73
Ordinary shares,
\u00a0\u00a0
Class E shares
Mobile JV Pty Limited
23.73
Ordinary shares
Mobileworld Communications Pty Limited
23.73
Ordinary shares
Mobileworld Operating Pty Ltd
23.73
Ordinary shares
Netspace Online Systems Pty Ltd
23.73
Ordinary shares
\n\n \n
% of share class held
Company name
by Group companies
Share class
Australia (continued)
Numillar IPS Pty Ltd
23.73
Ordinary shares
PIPE Transmission Pty Limited
23.73
Ordinary shares
PowerTel Limited
23.73
Ordinary shares
Request Broadband Pty Ltd
23.73
Ordinary shares
Satellite Mobile Pty Ltd
23.73
Ordinary Shares
Soul Communications Pty Ltd
23.73
Ordinary shares
Soul Contracts Pty Ltd
23.73
Ordinary shares
Soul Pattinson Telecommunications Pty Ltd
23.73
Ordinary shares
SPT Telecommunications Pty Ltd
23.73
Ordinary shares
SPTCom Pty Ltd
23.73
Ordinary shares
Telecom Enterprises Australia Pty Limited
23.73
Ordinary shares
Telecom New Zealand Australia Pty Ltd
23.73
Ordinary shares,
Redeemable
preference shares
TPG Corporation Limited
23.73
Ordinary shares
TPG Energy Pty Ltd
23.73
Ordinary shares
TPG Finance Pty Ltd
23.73
Ordinary shares
TPG Holdings Pty Ltd
23.73
Ordinary shares
TPG Internet Pty Ltd
23.73
Ordinary shares
TPG JV Company Pty Ltd
23.73
Ordinary shares
TPG Network Pty Ltd
23.73
Ordinary shares
TPG Telecom Limited
23.73
Ordinary shares
TransACT Capital Communications Pty Ltd
23.73
Ordinary shares
TransACT Communications Pty Ltd
23.73
Ordinary shares
TransACT Victoria Communications Pty Ltd
23.73
Ordinary shares
TransACT Victoria Holdings Pty Ltd
23.73
Ordinary shares
Trusted Cloud Pty Ltd
23.73
Ordinary shares
Trusted Cloud Solutions Pty Ltd
23.73
Ordinary shares
Value Added Network Pty Ltd
23.73
Ordinary shares
Vodafone Australia Pty Limited
23.73
Ordinary shares,
Class B shares,
Redeemable
preference shares
Vodafone Foundation Australia Pty Limited
23.73
Ordinary shares
Vodafone Hutchison Receivables Pty Limited
23.73
Ordinary shares
Vodafone Hutchison Spectrum Pty Limited
23.73
Ordinary shares
Vodafone Network Pty Limited
23.73
Ordinary shares
Vodafone Pty Limited
23.73
Ordinary shares
\n\n \n
% of share class held
Company name
by Group companies
Share class
VtalkVoip Pty Ltd
23.73
Ordinary shares
Westnet Pty Ltd
23.73
Ordinary shares
Belgium
Space Court of Justic, Rue aux Laines 70, 1000 Brussels, Belgium
Utiq S.A
25.00
Ordinary shares
Czech Republic
Praha 4, Z\u00e1vi\u0161ova 502/5, 14000, Nusle, Czech Republic
Vantage Towers s.r.o.
4
44.64
Ordinary shares
U Rajsk\u00e9 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, D\u00fcsseldorf, Germany
MNP Deutschland Gesellschaft b\u00fcrgerlichen Rechts
33.33
Partnership share
Ferdinand-Braun-Platz 1, 40549, D\u00fcsseldorf, 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
50.00
Ordinary shares
Prinzenallee 11-13, 40549, D\u00fcsseldorf, Germany
Oak Holdings 1 GmbH
49.98
Ordinary shares
Oak Holdings 2 GmbH
49.98
Ordinary shares
Oak Holdings GmbH
49.98
Ordinary shares
Oak Renewables GmbH
49.98
Ordinary shares
Vantage Towers AG
44.64
Ordinary shares
Vantage Towers Erste Verwaltungsgesellschaft GmbH
4
44.64
Ordinary shares
\n\n \n
% 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
44.64
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
Boldizs\u00e1r utca 2, Budapest, 1112, Hungary
Vantage Towers Z\u00e1rtk\u00f6r\u0171en M\u0171k\u00f6d\u0151, R\u00e9szv\u00e9nyt\u00e1rsas\u00e1g
4
44.64
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 B 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
44.64
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
\n\n \n
% of share class held
Company name
by Group companies
Share class
Kenya
9th Floor, Williamson House, 4th Ngong Avenue, PO Box 40111 - 00100, Nairobi,
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
ACS Plaza 5th Floor, Lenana Road, Kilimani, Nairobi, Kenya
M-PESA Africa Limited
5
46.42
Ordinary shares
Luxembourg
15 rue Edward Steichen, Luxembourg, 2540, Luxembourg
SatCo GP S.\u00e0 r.l.
50.00
Ordinary shares
SatCo SCS
50.00
Ordinary shares
Vodafone Telenor Procurement Company SCSp
50.00
Ordinary shares
VTPC General Partner S.\u00e0 r.l.
50.00
Ordinary shares
Tomorrow Street SCA
50.00
Ordinary 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
\n\n \n
% 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
50.00
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. Jo\u00e3o II, n\u00ba 36 - 8\u00ba Piso, 1998 - 017, Parque das Na\u00e7\u00f5es, Lisboa, Portugal
DABCO Portugal, Lda
80.20
Ordinary shares
Edif. Arquiparque VII, R Dr Ant\u00f3nio Loureiro Borges, 7, 3.\u00b0, 1495-131 Alg\u00e9s, Oeiras,
Portugal
Vantage Towers, S.A.
4
44.64
Ordinary shares
Rua Pedro e In\u00eas, Lote 2.08.01, 1990-
075, Parque das Na\u00e7\u0151es, Lisboa, Portugal
Sport TV Portugal, S.A.
25.00
Nominative shares
S\u00cdTIO Sete Rios - Pra\u00e7a Nuno Rodrigues dos Santos, 7, 1600-171 , Lisboa, Portugal
Dual Grid \u2013 Gest\u00e3o 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
44.64
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
\n\n \n
% of share class held
by Group companies
Share class
South Africa
76 Maude Street, Sandton, Johannesberg, 2196, South Africa
Waterberg Lodge (Proprietary) Limited
5
32.55
Ordinary shares
Rigel Office Park Block A, No 446 Rigel Avenue South, Erasmu, South Africa
Afri G I S (Pty) Ltd
5
21.16
Ordinary shares
Canard Spatial Technologies Proprietary Limited
5
21.16
Ordinary shares
31 Georgian Cresent East, Bryanston, Gauteng, 2191, South Africa
Maziv Proprietary Limited
30.00
Ordinary shares
CIVH PrefCo (Pty) Ltd
30.00
Ordinary shares
Vumatel (Pty) Ltd
30.00
Ordinary shares
Dark Fibre Africa (Pty) Ltd
30.00
Ordinary shares
CIVH LoanCo (Pty) Ltd
30.00
Ordinary shares
CIVH SecurityCo (Pty) Ltd
30.00
Ordinary shares
Axio Connect (Pty) Ltd
30.00
Ordinary shares
Axio Africa (Pty) Ltd
30.00
Ordinary shares
Hero Telecoms (Pty) Ltd
14.99
Ordinary shares
Regional Fibre Holding (Pty) Ltd
30.00
Ordinary Shares
SADV (Pty) Ltd
30.00
Ordinary shares
Vuma Connect
30.00
Ordinary shares
VumaCam (Pty) Ltd
15.30
Ordinary shares
VumaCam LTIP Co (Pty) Ltd
15.30
Ordinary shares
Centr AI (Pty) Ltd
15.30
Ordinary shares
OSM Trading (Pty) Ltd
15.30
Ordinary shares
VumaCam Infrastructure (Pty) Ltd
30.00
Ordinary shares
Rise Telecomms
30.00
Ordinary shares
Francios O\u2019Kennedy W.O.R.X (Pty) Ltd
30.00
Ordinary shares
Connected Space Pty Ltd
30.00
Ordinary shares
MCT Telecommunications (Pty) Ltd
22.50
Ordinary shares
Maziv PropCo (Pty) Ltd
30.00
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
44.64
Ordinary shares
\n
Company name
\n
% of share class held
\n
by Group companies
Share class
\n
Tanzania, United Republic of
\n
Vodacom Tanzania PLC, 15 Floor, Vodacom Tower, Plot 23 Ursino Estate,
\n
Bagamoyo Road, Dar es Salaam, Tanzania, United Republic of
\n
Ngorongoro Fibre Company Limited
48.82
Ordinary shares
\n
Fast Fibre Tanzania Limited
24.41
Ordinary B shares
\n
Plot No. 23, Ursino Estate, Bagamoyo Road, Dar es Salaam, Tanzania, United
\n
Republic of
\n
Vodacom Trust Limited
\n
5
\n
48.82
Ordinary A shares,
\n
Ordinary B shares
\n
T\u00fcrkiye
\n
\u00c7ifte Havuzlar Mah Eski Londra Asfalti Cad No: 151/1E/301, Esenler, Istanbul,
\n
T\u00fcrkiye
\n
FGS Bilgi Islem Urunler Sanayi ve Ticaret AS
50.00
Ordinary shares
\n
Levazim Mahallesi Vadi Caddesi Zorlu Center No:2 Ic Kapi No: 347, Besiktas,
\n
Istanbul, T\u00fcrkiye
\n
Red Haven Veri Merkezi Anonim Sirketi
50.00
Ordinary A shares,
\n
Ordinary B shares
\n
United Kingdom
\n
One Kingdom Street, London, W2 6BY, United Kingdom
\n
DABCO Limited
\n
3
\n
69.23
Ordinary shares,
\n
Series A - preference
\n
shares
\n
24/25 The Shard, 32 London Bridge Street, London, SE1 9SG, United Kingdom
\n
Digital Mobile Spectrum Limited
33.33
Ordinary shares
\n
Sixth floor, Thames Tower, Station Road, Reading, RG1 1LX, United Kingdom
\n
Mobile Broadband Network Limited
25.50
Ordinary shares
\n
Floor 5, 20 Fenchurch Street, London, EC3M 3BY, United Kingdom
\n
VodaFamily Ethiopia Holding Company Limited
\n
5
\n
31.47
Ordinary shares
\n
120 Kings Road, London, SW3 4TR, United Kingdom
\n
Cable & Wireless Trade Mark Management Limited
50.00
Ordinary A shares,
\n
Ordinary B shares
\n
Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, United Kingdom
\n
Vodafone Hutchison (Australia) Holdings Limited
50.00
Ordinary shares
\n
United States
\n
251 Little Falls Drive, Wilmington DE 19808, United States
\n
Ziggo Financing Partnership
50.00
Partnership interest
\n
2820 Selwyn Avenue, Charlotte NC 28209, United States
\n
Britelink USA Inc
22.50
Common stock
\n
shares
\n
Notes:
\n
1.
Directly held by Vodafone Group Plc.
\n
2.
Branches.
\n
3.
SC DABCO Management LLC has joint control rights over DABCo Limited.
\n
4.
Shareholding is indirect through Vantage Towers A.G.
\n
5.
Shareholding is indirect through Vodacom Group Limited. The indirect shareholding is calculated using the 65.10% ownership interest in Vodacom
\n
Group Limited.
\n
6.
Includes the indirect interest held through Vodafone Idea Limited.
\n
7.
Accenture Holdings B.V. holds 20% of the total voting rights in Vodafone Shared Operations Limited. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00802": { "value": "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 Oak Holdings 1 GmbH and its markets, the
Netherlands and India where we share control with one or more third parties. See note 1 \u2018Basis
of preparation\u2019 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\u2019s
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\u2019s 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\u2019s 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\u2019s interest in a joint operation is accounted for in accordance
with the Group\u2019s 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\u2019s 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 \u2018Discontinued operations and assets held for sale\u2019), 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\u2019s share of the net assets of the joint venture, less any impairment in the value of the
investment. The Group\u2019s share of post-tax profits or losses are recognised in the consolidated income statement.
Losses of a joint venture in excess of the Group\u2019s interest in that joint venture, which includes the equity
investment and any long-term financing provided to the 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\u2019s 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
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Investments in joint ventures
5,294
6,342
Investments in associates
1,198
550
31 March
6,492
6,892
Share of net liabilities in joint ventures
\u2013
(96)
Share of net liabilities in associates
(102)
\u2013
31 March
(102)
(96)
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n
Joint ventures
\n
The financial and operating activities of the Group\u2019s joint ventures are jointly controlled by the participating
\n
shareholders. The participating shareholders have rights to the net assets of the joint ventures through their
\n
equity shareholdings. Unless otherwise stated, the Group\u2019s principal joint ventures all have share capital
\n
consisting solely of ordinary shares and are all indirectly held. The country of incorporation or registration of all
\n
joint ventures is also their principal place of operation.
\n\n \n
Country of
Percentage
Percentage
incorporation or
shareholdings
1
shareholdings
1
Name of joint venture
Principal activity
registration
2026
2025
Oak Holdings 1 GmbH
Network infrastructure
Germany
50.0
50.0
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
16.1
24.4
\n
Notes:
\n
1.
Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent.
\n
2.
At 31 March 2026 the fair value of the Group\u2019s interest in Vodafone Idea Limited was INR 149 billion (\u20ac1,383 million) (2025: INR 118
\n
billion (\u20ac1,283 million)) based on the quoted share price on the National Stock Exchange of India.
\n
Oak Holdings 1 GmbH
\n
In the comparative year, on 22 July 2024, the Group announced the sale of a further 10.3% stake in Oak Holdings
\n
1 GmbH (\u2018Oak Holdings\u2019), the partnership that co-controls Vantage Towers, for \u20ac1,336 million, leaving the
\n
Group\u2019s retained interest at 50.0%. Oak Holdings owns 89.3% of Vantage Towers. A net gain on disposal of \u20ac26
\n
million was recorded within Other income in the Consolidated income statement.
\n
VodafoneZiggo
\n
On 18 February 2026, the Group announced that it has agreed to sell its 50% interest in VodafoneZiggo
\n
Group Holding B.V. (\u2018VodafoneZiggo\u2019) to Liberty Global plc and has classified its investment in
\n
VodafoneZiggo within Assets held for sale accordingly. See Note 7 \u2018Discontinued operations and assets held
\n
for sale\u2019 for further information.
\n
OXG Glasfaser Beteiligungs GmbH
\n
In March 2023, the Group entered into an agreement with Altice Luxembourg S.A. to create a joint venture, OXG
\n
Glasfaser Beteiligungs GmbH (\u2018OXG\u2019), with 50.0% shareholding held by each shareholder.
OXG deploys fibre-to-
\n
the-home in Germany.
Each shareholder is committed to contribute funding towards the cost of contractually
\n
committed fibre build outs.
During the year ended 31 March 2026, the Group provided \u20ac48 million (2025: \u20ac36
\n
million) of capital contributions to OXG.
The Group\u2019s contributions towards future fibre roll out costs depend on
\n
the speed and size of approved fibre deployment projects and are capped at \u20ac832 million.
Shareholder
\n
contributions are expected to be contributed between 2026 and 2029.
The contribution can be in the form of
\n
capital, shareholder loan, loan notes or similar instruments as agreed by the shareholders.
\n
Vodafone Idea Limited
\n
Financial information is presented for Vodafone Idea Limited (\u2018VIL\u2019) for the six-month period to, and as at 30
\n
September 2025 on the basis that full year information in relation to VIL has not been released at the date of
\n
approval of these consolidated financial statements and as such is market sensitive for VIL. The Group\u2019s carrying
\n
value in Vodafone Idea Limited (\u2018VIL\u2019) reduced to \u20acnil at 30 September 2019. The Group\u2019s share of VIL\u2019s losses not
\n
recognised at 31 March 2026 is \u20ac1,748 million (2025: \u20ac1,758 million).
\n
VIL undertook a conversion of debt due to the Government of India during April 2025, resulting in the Group\u2019s
\n
interest in VIL reducing to 16.1%. VIL remains a joint venture of the Group due to rights that it and a fellow
\n
investor hold enabling key operating decisions to be made on a joint basis.
On 31 December 2025, the Group
\n
reached an agreement with VIL to settle the Group\u2019s obligations under the CLAM, as part of which the Group has
\n
set aside 3,280 million of its shareholding in VIL for VIL\u2019s benefit. See note 29 \u201cContingent liabilities and legal
\n
proceedings\u201d for further details.
\n
Dividends received from joint ventures
\n
During the year ended 31 March 2026, the Group received dividends included in the consolidated statement of
\n
cash flows from VodafoneZiggo of \u20ac62 million (2025: \u20ac63 million, 2024: \u20ac100 million) and Oak Holdings of \u20ac312
\n
million (2025: \u20ac307 million, 2024: \u20ac196 million).
\n
Aggregated financial information
\n
The table below provides aggregated financial information for the Group\u2019s joint ventures as it relates to the
\n
amounts recognised in the consolidated income statement and consolidated statement of financial position.
\n\n \n
Investment in joint ventures
1
(Loss)/profit for the financial year
2
2026
2025
2026
2025
2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Oak Holdings 1 GmbH
5,207
5,943
(440)
(74)
(85)
VodafoneZiggo Group Holding B.V.
\u2013
330
(95)
(125)
(177)
TPG Telecom Limited
3
\u2013
(96)
\u2013
(97)
(74)
Other
87
69
(85)
(65)
(43)
Total
5,294
6,246
(620)
(361)
(379)
\n
Notes:
\n
1.
Includes share of net liabilities in joint ventures.
\n
2.
Total Other comprehensive (expense)/income is not materially different to (loss)/profit for the financial year.
\n
3.
TPG Telecom Limited has been classified as Associate for the year ended 31 March 2026. Comparative information has been retained
\n
in the Joint Venture disclosures.
\n
Summarised financial information
\n
Summarised financial information for the Group\u2019s material joint ventures on a 100% ownership basis is set out
\n
below.
\n
Financial information is presented for Vodafone Idea Limited (\u2018VIL\u2019) for the six month period to, and as at 30
\n
September 2025 on the basis that full year information in relation to VIL has not been released at the date of
\n
approval of these financial statements and as such is market sensitive for VIL.
\n\n \n
Oak Holdings 1 GmbH
VodafoneZiggo Group Holding B.V.
2026
2025
2024
2026
2025
2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Income statement
Revenue
1,327
1,249
1,166
3,976
4,082
4,128
Operating expenses
(94)
(117)
(130)
(2,219)
(2,190)
(2,195)
Depreciation and amortisation
(917)
(953)
(868)
(1,509)
(1,600)
(1,555)
Impairment losses
1
(928)
\u2013
\u2013
\u2013
\u2013
\u2013
Other (expense)/income
(105)
(26)
5
\u2013
\u2013
\u2013
Operating (loss)/profit
(717)
153
173
248
292
378
Interest income
4
7
5
\u2013
\u2013
\u2013
Interest expense
(525)
(538)
(455)
(539)
(652)
(809)
Loss before tax
(1,238)
(378)
(277)
(291)
(360)
(431)
Income tax credit
358
212
132
73
111
77
Loss for the financial year
2
(880)
(166)
(145)
(218)
(249)
(354)
\n\n \n
Vodafone Idea Limited
2026
3
2025
2024
\u20acm
\u20acm
\u20acm
Income statement
Revenue
2,227
4,797
4,749
Operating expenses
(1,426)
(3,005)
(3,066)
Depreciation and amortisation
(979)
(2,142)
(2,178)
Other income
\u2013
\u2013
83
Operating loss
(178)
(350)
(412)
Interest income
24
107
7
Interest expense
(1,099)
(2,539)
(2,718)
Loss before tax
(1,253)
(2,782)
(3,123)
Income tax expense
\u2013
(2)
(95)
Loss for the financial year
2
(1,253)
(2,784)
(3,218)
\n
Notes:
\n
1.
Includes \u20ac928 million in respect of the investment Oak Holdings 1 GmBH holds in Infrastrutture Wireless Italiane S.p.A. (\u2018Inwit\u2019).
\n
2.
Total Other comprehensive (expense)/income is not materially different to (loss)/profit for the financial year.
\n
3.
Six month period to, and as at 30 September 2025.
\n
Summarised financial information for the Group\u2019s material joint ventures on a 100% ownership basis is set out in
\n
the tables below.
\n\n \n
VodafoneZiggo Group
Oak Holdings 1 GmbH
Holding B.V.
2026
2025
2026
2025
\u20acm
\u20acm
\u20acm
\u20acm
Statement of financial position
Non-current assets
22,819
24,149
14,184
15,012
Current assets
635
749
680
788
Total assets
23,454
24,898
14,864
15,800
Equity shareholders\u2019 funds
10,414
11,887
319
660
Non-current liabilities
10,434
10,167
12,253
12,773
Current liabilities
2,606
2,844
2,292
2,367
Cash and cash equivalents within current assets
187
240
98
144
Non-current liabilities excluding trade and other
payables and provisions
9,900
9,560
12,049
12,640
Current liabilities excluding trade and other payables and
provisions
320
502
1,082
1,094
\n\n \n
Vodafone Idea Limited
2026
3
2025
\u20acm
\u20acm
Statement of financial position
Non-current assets
14,035
16,069
Current assets
1,854
2,817
Total assets
15,889
18,886
Equity shareholders\u2019 deficit
(9,586)
(9,479)
Non-current liabilities
20,509
22,636
Current liabilities
4,966
5,729
Cash and cash equivalents within current assets
310
1,145
Non-current liabilities excluding trade and other
payables and provisions
20,491
22,612
Current liabilities excluding trade and other payables and
provisions
2,152
2,307
\n
The reconciliation of summarised financial information presented to the carrying amount of our interest in joint
\n
ventures is set out below.
\n\n \n
Oak Holdings 1 GmbH
VodafoneZiggo Group Holding B.V.
2026
2025
2024
2026
2025
2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Equity shareholders\u2019 funds
10,414
11,887
319
660
Interest in joint ventures
1
5,207
5,943
160
330
Transferred to assets held for sale
\u2013
\u2013
(174)
\u2013
Share of unrecognised losses
\u2013
\u2013
14
\u2013
Carrying value
5,207
5,943
\u2013
330
Loss for the financial year
(880)
(166)
(145)
(218)
(249)
(354)
Share of loss
(440)
(74)
(85)
(109)
(125)
(177)
Share of unrecognised loss
\u2013
\u2013
\u2013
14
\u2013
\u2013
Share of loss
1
(440)
(74)
(85)
(95)
(125)
(177)
\n\n \n
Vodafone Idea Limited
2026
2025
2024
\u20acm
\u20acm
\u20acm
Equity shareholders\u2019 deficit
(9,586)
(9,479)
Interest in joint ventures
1
(1,541)
(1,524)
Impairment
(208)
(234)
Share of unrecognised losses
1,749
1,758
Carrying value
\u2013
\u2013
Loss for the financial year
(1,253)
(2,784)
(3,218)
Share of loss
1
(201)
(660)
(1,009)
Share of unrecognised loss
201
660
1,009
Share of loss
1
\u2013
\u2013
\u2013
\n
Note:
\n
1.
The Group\u2019s effective ownership percentages of Oak Holdings 1 GmbH, VodafoneZiggo Group Holding B.V. and Vodafone Idea Limited
\n
are 50.0%, 50.0% and 16.1% respectively, rounded to the nearest tenth of one percent.
\n
Associates
\n
Unless otherwise stated, the Group\u2019s principal associates all have share capital consisting solely of ordinary
\n
shares and are all indirectly held. The country of incorporation or registration is also their place of operation.
\n\n \n
Country of
Percentage
Percentage
incorporation
shareholding
1
shareholding
1
Principal activity
or registration
2026
2025
Safaricom PLC
2
Network operator
Kenya
39.9
39.9
TPG Telecom Limited
3
Network operator
Australia
23.7
25.1
Maziv Proprietary Limited
Network infrastructure
South Africa
30.0
\u2013
Indus Towers Limited
Network infrastructure
India
\u2013
\u2013
\n
Notes:
\n
1.
Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent.
\n
2.
At 31 March 2026, the fair value of the Group\u2019s interest in Safaricom PLC was KES 440 billion (\u20ac2,939 million) (2025: KES 293 billion
\n
(\u20ac2,096 million)) based on the closing quoted share price on the Nairobi Stock Exchange.
\n
3.
At 31 March 2026, the fair value of the Group\u2019s interest in TPG Telecom Limited was AUD 1,872 million (\u20ac1,130 million) (2025: AUD
\n
2,236 million (\u20ac1,290 million) based on the quoted share price on ASX.
\n
Safaricom PLC
\n
In December 2025, the Group announced that Vodacom had agreed to acquire a further 20% of the issued share
\n
capital in Safaricom PLC. Vodacom will acquire 15% from the Government of Kenya and 5% from Vodafone.
\n
Following completion of the acquisition, Safaricom will be owned by Vodacom (55%), the Government of Kenya
\n
(20%) and public investors (25%). Safaricom will be consolidated by both Vodacom and Vodafone.
\n
TPG Telecom Limited
\n
TPG Telecom Limited (\u2018TPG\u2019) is listed on the Australian Securities Exchange (\u2018ASX\u2019). During the year, TPG
\n
undertook a capital management plan following the completion of the disposal of certain fibre and fixed line
\n
assets to Vocus Group Limited. The plan included a cash return to shareholders, from the proceeds following the
\n
disposal, and allowed eligible minority shareholders to reinvest all or part of their cash return in new TPG shares.
\n
Vodafone received \u20ac188 million in respect of the cash return, which is included in Dividends received from
\n
associates and joint ventures in the Consolidated statement of cashflows. The shares issued by TPG resulted in
\n
Vodafone\u2019s and Hutchison Telecommunications (Australia) Limited\u2019s respective economic interest decreasing to
\n
23.7%, with the remaining 52.6% listed as free float on the ASX. The Group now classifies TPG as an Associate,
\n
with comparative information retained in the Joint Venture disclosures.
\n
The financial information presented in the tables below includes debt held within the holding structure that
\n
holds the Group\u2019s interest in TPG. The Group provides a guarantee over its share of the debt in the structure (see
\n
note 22 \u2018Capital and financial risk management\u2019). Following receipt of the cash return described above, the Group
\n
contributed \u20ac188 million into the holding structure to reduce borrowings in that structure, with Hutchison
\n
Telecommunications (Australia) Limited contributing an equal amount. The contribution is included in Purchase
\n
of interests in associates and joint ventures in the Consolidated statement of cashflows.
\n
Maziv Proprietary Limited
\n
On 2 December, Vodacom (Pty) Limited (\u2018Vodacom\u2019) acquired a 30% interest in Maziv Proprietary Limited
\n
(\u2018Maziv\u2019) for \u20ac620 million, of which \u20ac410 million was settled in cash and included in Purchase of interests in
\n
associates and joint ventures in the Consolidated statement of cashflows. The remaining consideration primarily
\n
related to the contribution to Maziv of certain fibre assets previously held by Vodacom. Vodacom retains an
\n
option to acquire a further 5% of Maziv before 31 March 2027.
\n
Indus Towers Limited
\n
In the prior year, on 19 June 2024, the Group announced the sale of an 18.0% stake in Indus Towers Limited
\n
(\u2018Indus\u2019) through an accelerated book-building offering (\u2018placing\u2019). The placing raised INR 153.0 billion (\u20ac1,684
\n
million) in gross proceeds. Following the placing, the Group de-recognised its remaining associate investment in
\n
Indus, which was classified as an Other Investment recorded at fair value through profit and loss. A net gain on
\n
disposal of \u20ac714 million was recorded within other income in the Consolidated income statement. In August
\n
2024 and December 2024, the Group disposed of its remaining 3.0% stake in Indus for cash consideration of
\n
\u20ac329 million.
\n
Dividends received from associates
\n
During the year ended 31 March 2026, the Group received dividends included in the consolidated statement of
\n
cash flows from Safaricom PLC of \u20ac160 million (2025: \u20ac136 million, 2024: \u20ac122 million) and TPG Telecom
\n
Limited of \u20ac210 million (2025: \u20ac24 million, 2024: \u20ac23 million).
\n
Aggregated financial information
\n
The table below provides aggregated financial information for the Group\u2019s associates as it relates to the amounts
\n
recognised in the consolidated income statement and consolidated statement of financial position.
\n\n \n
Investment in associates
1
Profit/(loss) for the financial year
2026
2025
2026
2025
2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Safaricom PLC
2
539
500
256
201
159
TPG Telecom Limited
(102)
\u2013
(4)
\u2013
\u2013
Maziv Proprietary Limited
623
\u2013
3
\u2013
\u2013
Indus Towers Limited
\u2013
\u2013
\u2013
55
140
Other
36
50
(17)
(18)
(16)
Total
1,096
550
238
238
283
\n
Note:
\n
1.
Includes share of net liabilities in joint ventures.
\n
2.
Other comprehensive income includes loss for the financial year, together with \u20acnil (2025: \u20ac103 million loss) in respect of the
\n
application of IAS 29 to Safaricom\u2019s operations in Ethiopia in the prior year. See note 1 \u2018Basis of preparation\u2019 for further details.
\n
Summarised financial information
\n
Summarised financial information for each of the Group\u2019s material associates on a 100% ownership basis is set
\n
out in the tables below.
\n
Financial information is presented for TPG Telecom Limited (\u2018TPG\u2019) for the year to, and as at 31 December 2025
\n
on the basis that full-year information in relation to TPG has not been released at the date of approval of these
\n
consolidated financial statements and as such is market sensitive for TPG.
\n\n \n
Safaricom PLC
TPG Telecom Limited
2026
2025
2024
2026
2025
2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Income statement
Revenue
2,837
2,792
2,210
3,079
3,359
3,371
Operating expenses
(1,356)
(1,561)
(1,189)
(2,033)
(2,320)
(2,238)
Depreciation and amortisation
(495)
(489)
(523)
(755)
(902)
(891)
Other income
\u2013
79
142
182
\u2013
\u2013
Operating profit
986
821
640
473
137
242
Interest income
13
17
16
\u2013
\u2013
\u2013
Interest expense
(145)
(167)
(121)
(345)
(391)
(368)
Profit/(loss) before tax
854
671
535
128
(254)
(126)
Income tax (expense)/credit
(354)
(340)
(266)
4
27
(8)
Profit/(loss) for the financial
500
331
269
132
(227)
(134)
year and total
comprehensive income
Attributable to:
- Owners of the parent
643
503
399
132
(227)
(134)
- Non-controlling interests
(143)
(172)
(130)
\u2013
\u2013
\u2013
\n\n \n
Indus Towers Limited
Maziv Proprietary Limited
2026
2025
2024
2026
2025
2024
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Income statement
Revenue
\u2013
835
3,185
105
\u2013
\u2013
Operating expenses
\u2013
(286)
(1,598)
(36)
\u2013
\u2013
Depreciation and amortisation
\u2013
(167)
(637)
(27)
\u2013
\u2013
Operating profit
\u2013
382
950
42
\u2013
\u2013
Interest income
\u2013
11
126
\u2013
\u2013
\u2013
Interest expense
\u2013
(48)
(218)
(23)
\u2013
\u2013
Profit before tax
\u2013
345
858
19
\u2013
\u2013
Income tax expense
\u2013
(82)
(192)
(8)
\u2013
\u2013
Profit for the financial year
\u2013
263
666
11
\u2013
\u2013
and total comprehensive
income
\n
Summarised financial information for each of the Group\u2019s material associates on a 100% ownership basis is set
\n
out in the tables below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Safaricom PLC
TPG Telecom Limited
\u00a0
2026
2025
2026
2025
2
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
Statement of financial position
\u00a0\u00a0\u00a0\u00a0
Non-current assets
2,912
3,062
6,737
9,024
Current assets
532
600
1,390
734
Total assets
3,444
3,662
8,127
9,758
Equity shareholders' funds
1,345
1,246
1,604
2,175
Non-controlling interests
192
331
\u2013
\u2013
Non-current liabilities
1,012
975
2,461
6,523
Current liabilities
895
1,110
4,062
1,060
Cash and cash equivalents within current assets
180
215
931
85
Non-current liabilities excluding trade and other
\u00a0\u00a0\u00a0\u00a0
payables and provisions
919
791
2,362
6,437
Current liabilities excluding trade and other payables
\u00a0\u00a0\u00a0\u00a0
and provisions
252
357
3,037
105
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Maziv Proprietary Limited
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Statement of financial position
\u00a0\u00a0
Non-current assets
2,002
\u2013
Current assets
95
\u2013
Total assets
2,097
\u2013
Equity shareholders' funds
1,074
\u2013
Non-controlling interests
3
\u2013
Non-current liabilities
899
\u2013
Current liabilities
121
\u2013
Cash and cash equivalents within current assets
22
\u2013
Non-current liabilities excluding trade and other
\u00a0\u00a0
payables and provisions
885
\u2013
Current liabilities excluding trade and other payables
\u00a0\u00a0
and provisions
33
\u2013
\n
The reconciliation to the carrying amount for each of the Group\u2019s material associates is set out in the following
\n
table.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Safaricom PLC
TPG Telecom Limited
\u00a0
2026
2025
2024
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Equity shareholders' funds
1,345
1,246
\u00a0
1,604
2,175
\u00a0
Interest in associates
1
537
498
\u00a0
(150)
(144)
\u00a0
Goodwill
2
2
\u00a0
48
48
\u00a0
Carrying value
539
500
\u00a0
(102)
(96)
\u00a0
Profit/(loss) for the financial
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
year
643
503
399
132
(227)
(134)
Share of profit/(loss)
256
201
159
(4)
(97)
(74)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Maziv Proprietary Limited
Indus Towers Limited
\u00a0
2026
2025
2024
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Equity shareholders' funds
1,074
\u2013
\u00a0
\u2013
\u2013
\u00a0
Interest in associates
1
322
\u2013
\u00a0
\u2013
\u2013
\u00a0
Goodwill
319
\u2013
\u00a0
\u2013
\u2013
\u00a0
Other
(18)
\u2013
\u00a0
\u2013
\u2013
\u00a0
Carrying value
623
\u2013
\u00a0
\u2013
\u2013
\u00a0
Profit for the financial year
11
\u2013
\u2013
\u2013
263
666
Share of profit
3
\u2013
\u2013
\u2013
55
140
\n
Notes:
\n
1.
The Group\u2019s effective ownership percentage of Safaricom PLC and Maziv Proprietary Limited are 39.9% and 30.0% respectively, rounded
\nto the nearest tenth of one percent.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 2026 is detailed below.
No subsidiaries are excluded from the Group consolidation. Unless otherwise stated the Company\u2019s 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\u2019s most significant associates and joint
arrangements in note 12 \u2018Associates and joint arrangements\u2019.
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\u2019s 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\u2019s 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\u2019s 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.
\u00a0
% of share class held
\u00a0
Company name
by Group companies
Share class
Albania
\u00a0 \u00a0
Autostrada Tirane-Durres, Rruga: \u201cPavaresia\u201d, Nr 61, Kashar, Tirana, Albania
\u00a0 \u00a0
Vodafone Albania Sh.A
100.00
Ordinary shares
Rruga \u201cIbrahim Rugova\u201d, Sky Tower, Kati I 5, Hyrja , Tiran\u00eb 1000, Albania
\u00a0 \u00a0
_VOIS Albania Shpk.
85.71
Ordinary shares
Australia
\u00a0 \u00a0
Quay Quarter Tower, Level 7, 50 Bridge Street, Sydney NSW 2000, Australia
\u00a0 \u00a0
Vodafone Enterprise Australia Pty Limited
100.00
Ordinary shares
Austria
\u00a0 \u00a0
Hohenstaufengasse 9, DG, 1010, Wien, Austria
\u00a0 \u00a0
Vodafone Enterprise Austria GmbH
100.00
Quotas shares
Bahrain
\u00a0 \u00a0
Flat 304, Building 60 Falcon Tower, Road 1701, Diplomatic Area, Manama, 317,
\u00a0 \u00a0
Bahrain
\u00a0 \u00a0
Vodafone Enterprise Bahrain W.L.L.
100.00
Ordinary shares
\u00a0
% of share class held
\u00a0
Company name
by Group companies
Share class
Belgium
\u00a0\u00a0
Malta House, rue Archim\u00e8de 25, 1000 Bruxelles, Belgium
\u00a0\u00a0
Vodafone Belgium SA/NV
100.00
Ordinary shares
Brazil
\u00a0\u00a0
R. Manoel de Oliveira Ramos, 205, Suite 201, Florian\u00f3polis SC, 88075-120 , Brazil
\u00a0\u00a0
Skaylink Ltda.
100.00
Ordinary shares
Rua Boa Vista, 254, 13th Floor, Suite 32, Sao Paulo, Sao Paulo, 01014-907, Brazil
\u00a0\u00a0
Vodafone Empresa Brasil Telecomunica\u00e7\u00f5es Ltda
100.00
Ordinary shares
Rua Boa Vista, No. 254, room 1304 (parte), Centro, S\u00e3o Paulo, 01014907, Brazil
\u00a0\u00a0
Vodafone Servi\u00e7os Empresariais Brasil Ltda
100.00
Ordinary shares
Bulgaria
\u00a0\u00a0
Mladost district, 4 Mihail Tenev Str., Balkan Business Centre, Floor 12, Sofia, 1784,
\u00a0\u00a0
Bulgaria
\u00a0\u00a0
Vodafone Enterprise Bulgaria EOOD
100.00
Ordinary shares
Canada
\u00a0\u00a0
c/o ARC Information Services Inc., 3-84 Castlebury Crescent, Toronto ON M2H
\u00a0\u00a0
1W8, Canada
\u00a0\u00a0
Vodafone Canada Inc.
100.00
Common shares
Cayman Islands
\u00a0\u00a0
PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands
\u00a0\u00a0
CGP Investments (Holdings) Limited
100.00
Ordinary shares
China
\u00a0\u00a0
Level 9, Tower 2, China Central Place, Room 941, No. 79 Jianguo Road, Chaoyang
\u00a0\u00a0
District, Beijing, 100025, China
\u00a0\u00a0
Vodafone Enterprise Communications Technical Service (Shanghai) Co., Ltd.
\u00a0\u00a0
Beijing Branch
2
100.00
Branch
Room 1603, 16
th
Floor, 1200 Pudong Avenue, Free Trade Zone, Shanghai, China
\u00a0\u00a0
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
\u00a0\u00a0
and Technological Development Zone, Beijing, China
\u00a0\u00a0
Vodafone Automotive Technologies (Beijing) Co, Ltd
100.00
Ordinary shares
Congo, The Democratic Republic of the
\u00a0\u00a0
292 Avenue de La Justice, Commune de la Gombe, Kinshasa, The Democratic
\u00a0\u00a0
Republic of the Congo
\u00a0\u00a0
Vodacom Congo (RDC) SA
5
33.20
Ordinary shares
540 avenue de la justice, second floor, Gombe, Kinshasa, The Democratic Republic
\u00a0\u00a0
of the Congo
\u00a0\u00a0
Vodacash S.A
5
33.20
Ordinary shares
Cyprus
\u00a0\u00a0
Ali Riza Caddesi No: 33/A Ortak\u00f6y, Lefko\u015fa, Cyprus
\u00a0\u00a0
Vodafone Evde Operations Ltd
100.00
Ordinary shares
Vodafone Mobile Operations Limited
100.00
Ordinary shares
\n\n \n
% of share class held
Company name
by Group companies
Share class
Czech Republic
N\u00e1m\u0115st\u00ed Junkov\u00fdch 2, Prague 5, 155
00, Czech Republic
Nadace Vodafone \u010cesk\u00e1 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, Z\u00e1vi\u0161ova 502/5, 14000, Nusle, Czech Republic
Z\u00e1vi\u0161ova Real Estate, s.r.o.
100.00
Ordinary shares
Denmark
Lautrupsgade 7, 2100, Copenhagen, Denmark
100.00
Ordinary shares
cVationA/S
C/O DLA Piper Denmark, Oslo Plads 2, DK-2100, Copenhagen East, 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 \u201cVHUB1\u201d, 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
It\u00e4merenkatu 25, 00180 Helsinki, 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 D\u00e9fense Cours Valmy , 1-7 Le Belv\u00e9d\u00e8re , 92800,
Puteaux, France
Vodafone Automotive France S.A.S
100.00
Ordinary shares
Le Belv\u00e9d\u00e8re, 1-7 cours Valmy, 92800, Puteaux, France
Vodafone Enterprise France SAS
100.00
Ordinary shares
\n\n \n
% of share class held
Company name
by Group companies
Share class
Vihan Rue de Champollion, Apollo C\u00e2ble Station, KERADRIVIN 22300, Lannion,
France
Apollo Submarine Cable System Ltd - French Branch
2
100.00
Branch
Georgia
Floor 1, Entrance 2, Commercial Space, Terenti Graneli Street 10-12, Chugureti
District, Tbilisi, Georgia
Vodafone Enterprise Georgia LLC
100.00
Ordinary shares
Germany
Parkring 29, 85748, Garching bei M\u00fcnchen, Bayern, Germany
Cloudforce 1 GmbH
100.00
Ordinary shares
Skaylink GmbH
100.00
Ordinary shares
Danziger Str. 12, Garching b. M\u00fcnchen, Bavaria, 85748, Germany
DrVis Software GmbH
100.00
Ordinary shares
Altes Forsthaus 2, 67661, Kaiserslautern, Germany
TKS Telepost Kabel-Service Kaiserslautern GmbH
100.00
Ordinary shares
Buschurweg 4, 76870 Kandel, Germany
Vodafone Automotive Deutschland GmbH
100.00
Ordinary shares
Ferdinand-Braun-Platz 1, 40549, D\u00fcsseldorf, Germany
Vodafone Enterprise Germany GmbH
100.00
Serial No.1 shares,
Serial No.2 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 Gemeinn\u00fctzige GmbH
100.00
Ordinary shares
Vodafone West GmbH
100.00
Ordinary shares
Ferdinand-Braun-Platz 1, 40549, D\u00fcsseldorf, Nordrhein-Westfalen, Germany
Grandcentrix GmbH
100.00
Ordinary shares
Nobelstrasse 55, 18059, Rostock, Germany
Urbana Teleunion Rostock GmbH & Co. KG
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
\n\n \n
% 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 23, One Taikoo Place, 979 King\u2019s 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 Szolg\u00e1ltat\u00f3 K\u00f6zpont Budapest Z\u00e1rtk\u00f6r\u0171en M\u0171k\u00f6d\u0151
85.71
Registered ordinary
R\u00e9szv\u00e9nyt\u00e1rsas\u00e1g
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
Deloitte & Touche House, 29 Earlsfort Terrace, Dublin 2, Ireland
\n\n \n
% 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
51.00
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 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
\n\n \n
% 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
Lithuania
Laisv\u0117s pr. 53E, Vilnius, 07191, Lithuania
UAB BTT Group
100.00
Ordinary shares
Luxembourg
15 rue Edward Steichen, Luxembourg, 2540, Luxembourg
Tomorrow Street GP S.\u00e0 r.l.
100.00
Ordinary shares
Ordinary euro
Vodafone Enterprise Luxembourg S.A.
100.00
shares
Vodafone Global Connect S.\u00e0 r.l.
100.00
Ordinary shares
Vodafone International 1 S.\u00e0 r.l.
100.00
Ordinary shares
Vodafone International M S.\u00e0 r.l.
100.00
Ordinary shares
Vodafone Investments Luxembourg S.\u00e0 r.l.
100.00
Ordinary shares
Vodafone Luxembourg S.\u00e0 r.l.
100.00
Ordinary shares
Vodafone Procurement Company S.\u00e0 r.l.
100.00
Ordinary shares
Vodafone Roaming Services S.\u00e0 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
Ordinary A shares,
Ordinary B shares
Vodafone Insurance Limited
100.00
Ordinary A shares,
Ordinary B shares
Mauritius
10th Floor, Standard Chartered Towers, 19 Cybercity, Ebene, Mauritius, Mauritius
Mobile Wallet VM1
5
65.10
Ordinary shares
Mobile Wallet VM2
5
65.10
Ordinary 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
\n\n \n
% of share class held
Company name
by Group companies
Share class
CCII (Mauritius), Inc.
100.00
Ordinary shares
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 Jos\u00e9
Insurgentes, Alcald\u00eda Benito Ju\u00e1rez, C.P. 03900, Ciudad de M\u00e9xico, Mexico
Vodafone Empresa M\u00e9xico 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
Mozambique Fibre Company, SY, LDA
5
55.33
Ordinary shares
Mozambique Tower Company, SY, LDA
5
55.33
Ordinary shares
Vodacom Mo\u00e7ambique, 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
30 Daldy Street, Central Auckland, 1010, 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
\n\n \n
% of share class held
Company name
by Group companies
Share class
Oman
Knowledge Oasis Muscat, Al-seeb, Muscat, Governorate P.O Box 104 135, Oman
Vodafone Services LLC
100.00
Ordinary shares
Poland
ul. Towarowa 28, 00-839, Warsaw, Poland
Vodafone Business Poland sp. z o.o.
100.00
Ordinary shares
Portugal
Av. D. Jo\u00e3o II, n\u00ba 36 - 8\u00ba Piso, 1998 - 017, Parque das Na\u00e7\u00f5es, Lisboa, Portugal
Vodafone Enterprise Spain, S.L.U. \u2013 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
Quotas shares
Romania
1 A Constantin Ghercu Street, 10th Floor, 6th District, Bucharest, Romania
UPC Services S.R.L.
100.00
Ordinary shares
1
C Expozi\u021biei Boulevard, building B1, floor 1, 2 and 3
, District 1, Bucharest, Romania
Telekom Romania Mobile Communications S.A.
100.00
Ordinary shares
18 Diligen\u021bei 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
Vodafone Foundation
100.00
Sole member
201 Barbu Vacarescu Street, 4th floor, 2nd District, Bucharest, Romania
Vodafone Romania S.A
100.00
Ordinary shares
201 Barbu Vacarescu Street, Ground Floor, 2nd District 2, Bucharest, Romania
West Network SRL
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, 4th District, Bucharest, Romania
Vodafone Rom\u00e2nia Technologies SRL
85.71
Ordinary shares
Sectorul 2, Strada Barbu V\u0103c\u0103rescu, Nr. 201, Etaj 1, Bucharest, Romania
Vodafone Rom\u00e2nia M - Payments SRL
100.00
Ordinary shares
Calea Turzii nr. 101, et.2, Cluj-Napoca, Romania, 400493
Skaylink 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 Popovi\u0107a 38
-40, New Belgrade, 11070, Serbia
\n\n \n
% of share class held
Company name
by Group companies
Share class
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
Karad\u017ei\u010dova 2, mestsk\u00e1 \u010das\u0165 Star\u00e9 mesto, Bratislava, 811 09, Slovakia
Vodafone Global Network Limited -
organiza\u010dn\u00e1 zlo\u017eka (Slovakia Branch)
2
100.00
Branch
Prievozsk\u00e1 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,
Ordinary B 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
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
Strand (RF) (Pty) Ltd
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
\n\n \n
% of share class held
Company name
by Group companies
Share class
South Africa (continued)
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
Spain
Calle Miguel Yuste, 33 Bis, 2 Planta, 28037, Madrid, Spain
Vodafone Automotive Iberia S.L.
100.00
Ordinary shares
Avenida de Am\u00e9rica 115, 28042, Madrid, Spain
Vodafone Enterprise Spain SLU
100.00
Ordinary euro
shares
Torre Norte Adif, Explanada de la Estaci\u00f3n no 7, 29002, M\u00e1laga, Spain
Vodafone Intelligent Solutions Espa\u00f1a, S.L.U.
100.00
Ordinary shares
Vodafone IoT Spain, S.L.
100.00
Ordinary shares
Sweden
C/o Aspia AB, Kopparbergsv\u00e4gen 11a, 722 13, V\u00e4ster\u00e5s, Sweden
Vodafone Enterprise Sweden AB
100.00
Ordinary shares,
Shareholder\u2019s
contribution shares
Switzerland
In der Luberzen 25, 8902 , Urdorf, Kanton Z\u00fcrich, Switzerland
Beck et al. Services AG i.L.
100.00
Ordinary shares
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 Salaam,
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
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
T\u00fcrkiye
B\u00fcy\u00fckdere Caddesi, No: 251, Maslak, \u015ei\u015fli / \u0130stanbul, 34398, T
\u00fcrkiye
Vodafone Bilgi Ve Iletisim Hizmetleri AS
100.00
Registered shares
\n\n \n
% of share class held
Company name
by Group companies
Share class
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
Vodafone Net \u0130leti\u015fim Hizmetleri A.S.
100.00
Ordinary shares
Vodafone Telekomunikasyon A.S
100.00
Registered shares
Vodafone Finansman A.S.
100.00
Ordinary shares
Vodafone Elektronik Para Ve \u00d6deme Hizmetleri A.S.
100.00
Registered shares
Vodafone Sigorta Aracilik Hizmetleri A.S.
100.00
Ordinary shares
\u0130T\u00dc Ayaza\u011fa Kamp\u00fcs\u00fc, Koru Yolu, Ar\u0131 Teknokent Ar\u0131 3 Binas\u0131, Maslak, \u0130stanbul,
586553, T\u00fcrkiye
Vodafone Teknoloji Hizmetleri A.S.
100.00
Registered shares
Maslak Mah. B\u00fcy\u00fckdere Cad. B\u00fcy\u00fckdere No: 251, Sar\u0131yer, Istanbul , 34453, T
\u00fcrkiye
VOIS Turkey
Akilli \u00c7\u00f6z\u00fcmler Limited \u015eirketi
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
\n\n \n
% 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
51.00
Ordinary shares
Thus Group 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
Ordinary A shares,
Ordinary B shares,
Ordinary C shares,
Ordinary D 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
Ordinary A shares,
Ordinary B 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
Energis Communications Limited
51.00
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
51.00
Ordinary shares
The Eastern Leasing Company Limited
100.00
Ordinary shares
Thus Limited
51.00
Ordinary shares
\n\n \n
% of share class held
Company name
by Group companies
Share class
Vodafone 2.
100.00
Ordinary shares
Vodafone Automotive UK Limited
100.00
Ordinary shares
Vodafone Consolidated Holdings 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.
51.00
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,
Deferred B 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
51.00
Ordinary shares
Company name
% of share class held
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
VodafoneThree Holdings Limited
51.00
Ordinary shares
Vodafone Ventures Limited
1
100.00
Ordinary shares
Vodaphone Limited
100.00
Ordinary shares
Your Communications Group Limited
100.00
Ordinary B shares,
Redeemable
preference shares
450 Longwater Avenue, Green Park, Reading, England, RG2 6GF, United Kingdom
3UK Retail Limited
51.00
Ordinary shares
Hutchison 3G UK Holdings Limited
51.00
Ordinary shares
Hutchison 3G UK Limited
51.00
Ordinary shares
ID Communications Limited
51.00
Ordinary shares
UK Broadband Limited
51.00
Ordinary 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
\u00a0
% of share class held
\u00a0
Company name
by Group companies
Share class
Australia
\u00a0\u00a0
Level 27, Tower Two, International Towers Sydney, 200 Barangaroo Avenue,
\u00a0\u00a0
Barangaroo NSW 2000, Australia
\u00a0\u00a0
3.6 GHz Spectrum Pty Ltd
23.73
Ordinary shares
AAPT Limited
23.73
Ordinary shares
ACN 088 889 230 Pty Ltd
23.73
Ordinary shares
ACN 139 798 404 Pty Ltd
23.73
Ordinary shares
Adam Internet Holdings Pty Ltd
23.73
Ordinary shares
Adam Internet Pty Ltd
23.73
Ordinary shares,
\u00a0\u00a0
Class A shares,
\u00a0\u00a0
Class B shares
Agile Pty Ltd
23.73
Ordinary shares
AlchemyIT Pty Ltd
23.73
Ordinary shares
Chariot Pty Ltd
23.73
Ordinary shares
Chime Communications Pty Ltd
23.73
Ordinary shares
Connect West Pty Ltd
23.73
Ordinary shares
Destra Communications Pty Ltd
23.73
Ordinary shares
Digiplus Contracts Pty Ltd
23.73
Ordinary shares
Digiplus Holdings Pty Ltd
23.73
Ordinary shares
Digiplus Investments Pty Ltd
23.73
Ordinary shares
Digiplus Pty Ltd
23.73
Ordinary shares
H3GA Properties (No. 3) Pty Ltd
23.73
Ordinary shares
iiNet Labs Pty Ltd
23.73
Ordinary shares
iiNet Limited
23.73
Ordinary shares
Internode Pty Ltd
23.73
Ordinary shares,
\u00a0\u00a0
Class B shares
IntraPower Pty Ltd
23.73
Ordinary shares
Intrapower Terrestrial Pty Ltd
23.73
Ordinary shares
IP Group Pty Ltd
23.73
Ordinary shares
IP Services Xchange Pty Ltd
\u00a0
Class A shares,
\u00a0
23.73
\u00a0
\u00a0\u00a0
Class B shares
Kooee Communications Pty Ltd
23.73
Ordinary shares
Kooee Mobile Pty Ltd
23.73
Ordinary shares
Mercury Connect Pty Ltd
23.73
Ordinary shares,
\u00a0\u00a0
Class E shares
Mobile JV Pty Limited
23.73
Ordinary shares
Mobileworld Communications Pty Limited
23.73
Ordinary shares
Mobileworld Operating Pty Ltd
23.73
Ordinary shares
Netspace Online Systems Pty Ltd
23.73
Ordinary shares
\n\n \n
% of share class held
Company name
by Group companies
Share class
Australia (continued)
Numillar IPS Pty Ltd
23.73
Ordinary shares
PIPE Transmission Pty Limited
23.73
Ordinary shares
PowerTel Limited
23.73
Ordinary shares
Request Broadband Pty Ltd
23.73
Ordinary shares
Satellite Mobile Pty Ltd
23.73
Ordinary Shares
Soul Communications Pty Ltd
23.73
Ordinary shares
Soul Contracts Pty Ltd
23.73
Ordinary shares
Soul Pattinson Telecommunications Pty Ltd
23.73
Ordinary shares
SPT Telecommunications Pty Ltd
23.73
Ordinary shares
SPTCom Pty Ltd
23.73
Ordinary shares
Telecom Enterprises Australia Pty Limited
23.73
Ordinary shares
Telecom New Zealand Australia Pty Ltd
23.73
Ordinary shares,
Redeemable
preference shares
TPG Corporation Limited
23.73
Ordinary shares
TPG Energy Pty Ltd
23.73
Ordinary shares
TPG Finance Pty Ltd
23.73
Ordinary shares
TPG Holdings Pty Ltd
23.73
Ordinary shares
TPG Internet Pty Ltd
23.73
Ordinary shares
TPG JV Company Pty Ltd
23.73
Ordinary shares
TPG Network Pty Ltd
23.73
Ordinary shares
TPG Telecom Limited
23.73
Ordinary shares
TransACT Capital Communications Pty Ltd
23.73
Ordinary shares
TransACT Communications Pty Ltd
23.73
Ordinary shares
TransACT Victoria Communications Pty Ltd
23.73
Ordinary shares
TransACT Victoria Holdings Pty Ltd
23.73
Ordinary shares
Trusted Cloud Pty Ltd
23.73
Ordinary shares
Trusted Cloud Solutions Pty Ltd
23.73
Ordinary shares
Value Added Network Pty Ltd
23.73
Ordinary shares
Vodafone Australia Pty Limited
23.73
Ordinary shares,
Class B shares,
Redeemable
preference shares
Vodafone Foundation Australia Pty Limited
23.73
Ordinary shares
Vodafone Hutchison Receivables Pty Limited
23.73
Ordinary shares
Vodafone Hutchison Spectrum Pty Limited
23.73
Ordinary shares
Vodafone Network Pty Limited
23.73
Ordinary shares
Vodafone Pty Limited
23.73
Ordinary shares
\n\n \n
% of share class held
Company name
by Group companies
Share class
VtalkVoip Pty Ltd
23.73
Ordinary shares
Westnet Pty Ltd
23.73
Ordinary shares
Belgium
Space Court of Justic, Rue aux Laines 70, 1000 Brussels, Belgium
Utiq S.A
25.00
Ordinary shares
Czech Republic
Praha 4, Z\u00e1vi\u0161ova 502/5, 14000, Nusle, Czech Republic
Vantage Towers s.r.o.
4
44.64
Ordinary shares
U Rajsk\u00e9 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, D\u00fcsseldorf, Germany
MNP Deutschland Gesellschaft b\u00fcrgerlichen Rechts
33.33
Partnership share
Ferdinand-Braun-Platz 1, 40549, D\u00fcsseldorf, 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
50.00
Ordinary shares
Prinzenallee 11-13, 40549, D\u00fcsseldorf, Germany
Oak Holdings 1 GmbH
49.98
Ordinary shares
Oak Holdings 2 GmbH
49.98
Ordinary shares
Oak Holdings GmbH
49.98
Ordinary shares
Oak Renewables GmbH
49.98
Ordinary shares
Vantage Towers AG
44.64
Ordinary shares
Vantage Towers Erste Verwaltungsgesellschaft GmbH
4
44.64
Ordinary shares
\n\n \n
% 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
44.64
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
Boldizs\u00e1r utca 2, Budapest, 1112, Hungary
Vantage Towers Z\u00e1rtk\u00f6r\u0171en M\u0171k\u00f6d\u0151, R\u00e9szv\u00e9nyt\u00e1rsas\u00e1g
4
44.64
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 B 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
44.64
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
\n\n \n
% of share class held
Company name
by Group companies
Share class
Kenya
9th Floor, Williamson House, 4th Ngong Avenue, PO Box 40111 - 00100, Nairobi,
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
ACS Plaza 5th Floor, Lenana Road, Kilimani, Nairobi, Kenya
M-PESA Africa Limited
5
46.42
Ordinary shares
Luxembourg
15 rue Edward Steichen, Luxembourg, 2540, Luxembourg
SatCo GP S.\u00e0 r.l.
50.00
Ordinary shares
SatCo SCS
50.00
Ordinary shares
Vodafone Telenor Procurement Company SCSp
50.00
Ordinary shares
VTPC General Partner S.\u00e0 r.l.
50.00
Ordinary shares
Tomorrow Street SCA
50.00
Ordinary 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
\n\n \n
% 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
50.00
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. Jo\u00e3o II, n\u00ba 36 - 8\u00ba Piso, 1998 - 017, Parque das Na\u00e7\u00f5es, Lisboa, Portugal
DABCO Portugal, Lda
80.20
Ordinary shares
Edif. Arquiparque VII, R Dr Ant\u00f3nio Loureiro Borges, 7, 3.\u00b0, 1495-131 Alg\u00e9s, Oeiras,
Portugal
Vantage Towers, S.A.
4
44.64
Ordinary shares
Rua Pedro e In\u00eas, Lote 2.08.01, 1990-
075, Parque das Na\u00e7\u0151es, Lisboa, Portugal
Sport TV Portugal, S.A.
25.00
Nominative shares
S\u00cdTIO Sete Rios - Pra\u00e7a Nuno Rodrigues dos Santos, 7, 1600-171 , Lisboa, Portugal
Dual Grid \u2013 Gest\u00e3o 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
44.64
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
\n\n \n
% of share class held
by Group companies
Share class
South Africa
76 Maude Street, Sandton, Johannesberg, 2196, South Africa
Waterberg Lodge (Proprietary) Limited
5
32.55
Ordinary shares
Rigel Office Park Block A, No 446 Rigel Avenue South, Erasmu, South Africa
Afri G I S (Pty) Ltd
5
21.16
Ordinary shares
Canard Spatial Technologies Proprietary Limited
5
21.16
Ordinary shares
31 Georgian Cresent East, Bryanston, Gauteng, 2191, South Africa
Maziv Proprietary Limited
30.00
Ordinary shares
CIVH PrefCo (Pty) Ltd
30.00
Ordinary shares
Vumatel (Pty) Ltd
30.00
Ordinary shares
Dark Fibre Africa (Pty) Ltd
30.00
Ordinary shares
CIVH LoanCo (Pty) Ltd
30.00
Ordinary shares
CIVH SecurityCo (Pty) Ltd
30.00
Ordinary shares
Axio Connect (Pty) Ltd
30.00
Ordinary shares
Axio Africa (Pty) Ltd
30.00
Ordinary shares
Hero Telecoms (Pty) Ltd
14.99
Ordinary shares
Regional Fibre Holding (Pty) Ltd
30.00
Ordinary Shares
SADV (Pty) Ltd
30.00
Ordinary shares
Vuma Connect
30.00
Ordinary shares
VumaCam (Pty) Ltd
15.30
Ordinary shares
VumaCam LTIP Co (Pty) Ltd
15.30
Ordinary shares
Centr AI (Pty) Ltd
15.30
Ordinary shares
OSM Trading (Pty) Ltd
15.30
Ordinary shares
VumaCam Infrastructure (Pty) Ltd
30.00
Ordinary shares
Rise Telecomms
30.00
Ordinary shares
Francios O\u2019Kennedy W.O.R.X (Pty) Ltd
30.00
Ordinary shares
Connected Space Pty Ltd
30.00
Ordinary shares
MCT Telecommunications (Pty) Ltd
22.50
Ordinary shares
Maziv PropCo (Pty) Ltd
30.00
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
44.64
Ordinary shares
\n
Company name
\n
% of share class held
\n
by Group companies
Share class
\n
Tanzania, United Republic of
\n
Vodacom Tanzania PLC, 15 Floor, Vodacom Tower, Plot 23 Ursino Estate,
\n
Bagamoyo Road, Dar es Salaam, Tanzania, United Republic of
\n
Ngorongoro Fibre Company Limited
48.82
Ordinary shares
\n
Fast Fibre Tanzania Limited
24.41
Ordinary B shares
\n
Plot No. 23, Ursino Estate, Bagamoyo Road, Dar es Salaam, Tanzania, United
\n
Republic of
\n
Vodacom Trust Limited
\n
5
\n
48.82
Ordinary A shares,
\n
Ordinary B shares
\n
T\u00fcrkiye
\n
\u00c7ifte Havuzlar Mah Eski Londra Asfalti Cad No: 151/1E/301, Esenler, Istanbul,
\n
T\u00fcrkiye
\n
FGS Bilgi Islem Urunler Sanayi ve Ticaret AS
50.00
Ordinary shares
\n
Levazim Mahallesi Vadi Caddesi Zorlu Center No:2 Ic Kapi No: 347, Besiktas,
\n
Istanbul, T\u00fcrkiye
\n
Red Haven Veri Merkezi Anonim Sirketi
50.00
Ordinary A shares,
\n
Ordinary B shares
\n
United Kingdom
\n
One Kingdom Street, London, W2 6BY, United Kingdom
\n
DABCO Limited
\n
3
\n
69.23
Ordinary shares,
\n
Series A - preference
\n
shares
\n
24/25 The Shard, 32 London Bridge Street, London, SE1 9SG, United Kingdom
\n
Digital Mobile Spectrum Limited
33.33
Ordinary shares
\n
Sixth floor, Thames Tower, Station Road, Reading, RG1 1LX, United Kingdom
\n
Mobile Broadband Network Limited
25.50
Ordinary shares
\n
Floor 5, 20 Fenchurch Street, London, EC3M 3BY, United Kingdom
\n
VodaFamily Ethiopia Holding Company Limited
\n
5
\n
31.47
Ordinary shares
\n
120 Kings Road, London, SW3 4TR, United Kingdom
\n
Cable & Wireless Trade Mark Management Limited
50.00
Ordinary A shares,
\n
Ordinary B shares
\n
Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, United Kingdom
\n
Vodafone Hutchison (Australia) Holdings Limited
50.00
Ordinary shares
\n
United States
\n
251 Little Falls Drive, Wilmington DE 19808, United States
\n
Ziggo Financing Partnership
50.00
Partnership interest
\n
2820 Selwyn Avenue, Charlotte NC 28209, United States
\n
Britelink USA Inc
22.50
Common stock
\n
shares
\n
Notes:
\n
1.
Directly held by Vodafone Group Plc.
\n
2.
Branches.
\n
3.
SC DABCO Management LLC has joint control rights over DABCo Limited.
\n
4.
Shareholding is indirect through Vantage Towers A.G.
\n
5.
Shareholding is indirect through Vodacom Group Limited. The indirect shareholding is calculated using the 65.10% ownership interest in Vodacom
\n
Group Limited.
\n
6.
Includes the indirect interest held through Vodafone Idea Limited.
\n
7.
Accenture Holdings B.V. holds 20% of the total voting rights in Vodafone Shared Operations Limited.
\n
Selected financial information
\n
The table below shows selected financial information in respect of subsidiaries that have non-controlling interests
\n
that are material to the Group.
VodafoneThree
Holdings
Vodacom Group Limited
Limited
2026
2025
2026
\u20acm
\u20acm
\u20acm
Summary comprehensive income information
Revenue
8,365
7,791
9,192
Profit/(loss) for the financial year
1,368
1,058
(1,063)
Other comprehensive income/(expense)
(4)
(121)
30
Total comprehensive income/(expense)
1,364
937
(1,033)
Other financial information
Profit/(loss) for the financial year allocated to non-controlling
interests
604
422
(258)
Dividends paid to non-controlling interests
245
249
\u2013
Summary financial position information
Non-current assets
9,048
8,002
17,983
Current assets
4,398
3,808
4,603
Total assets
13,446
11,810
22,586
Non-current liabilities
(4,582)
(3,535)
(11,531)
Current liabilities
(3,978)
(3,802)
(5,114)
Total assets less total liabilities
4,886
4,473
5,941
Equity shareholders\u2019 funds
3,519
3,353
3,681
Non-controlling interests
1,367
1,120
2,260
Total equity
4,886
4,473
5,941
Statement of cash flows
Net cash inflow from operating activities
2,607
2,573
3,183
Net cash outflow from investing activities
(1,313)
(1,101)
(2,209)
Net cash outflow from financing activities
(895)
(1,328)
(954)
Net cash inflow/(outflow)
399
144
20
Cash and cash equivalents brought forward
1,188
1,052
18
Exchange loss on cash and cash equivalents
(74)
(8)
(1)
Cash and cash equivalents
1,513
1,188
37
32. Subsidiaries exempt from audit
The following UK subsidiaries are expected to take advantage of the audit exemption set out within
section 479A of the Companies Act 2006 for the year ended 31 March 2026.
Name
Registration number
Cable & Wireless Aspac Holdings Limited
04705342
Cable & Wireless CIS Services Limited
02964774
Cable & Wireless Communications Data Network Services Limited
02070812
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
Eastern Leasing Company Limited (The)
01672832
Thus Limited
06798969
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 Enterprise U.K.
01541957
Vodafone European Investments
03961908
Vodafone Finance Management
02139168
Vodafone International Operations Limited
02797438
Vodafone Investments Limited
01530514
Vodafone IP Licensing Limited
06846238
Vodafone Nominees Limited
01172051
Vodafone Overseas Finance Limited
04171115
Vodafone UK Investments Limited
02227940
Your Communications Group Limited
04171876
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00808": { "value": "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\u2019s
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\u2019s 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\u2019s 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\u2019s interest in a joint operation is accounted for in accordance
with the Group\u2019s 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\u2019s 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 \u2018Discontinued operations and assets held for sale\u2019), 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\u2019s share of the net assets of the joint venture, less any impairment in the value of the
investment. The Group\u2019s share of post-tax profits or losses are recognised in the consolidated income statement.
Losses of a joint venture in excess of the Group\u2019s interest in that joint venture, which includes the equity
investment and any long-term financing provided to the 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00806": { "value": "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\u2019s
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\u2019s 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\u2019s 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\u2019s interest in a joint operation is accounted for in accordance
with the Group\u2019s 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\u2019s 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 \u2018Discontinued operations and assets held for sale\u2019), 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\u2019s share of the net assets of the joint venture, less any impairment in the value of the
investment. The Group\u2019s share of post-tax profits or losses are recognised in the consolidated income statement.
Losses of a joint venture in excess of the Group\u2019s interest in that joint venture, which includes the equity
investment and any long-term financing provided to the 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\u2019s 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00807": { "value": "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\u2019s 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00812": { "value": "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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Included within non-current assets
\u00a0\u00a0
Equity securities
1
1,084
1,279
Bonds and debt securities
2,5
1,003
1,874
\u00a0
2,087
3,153
Included within current assets
\u00a0\u00a0
Short-term investments:
\u00a0\u00a0
Bonds and debt securities
3
217
2,139
Managed investment funds
1
3,214
3,141
\u00a0
3,431
5,280
Collateral assets
4
1,169
1,010
Other investments
5
2,170
1,134
\u00a0
6,770
7,424
\n
Notes:
1.
Items measured at a fair value include, \u20ac1,044 million (2025: \u20ac306 million) of equity securities with 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 instruments. \u20acnil (2025: \u20ac937 million) 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
instruments, either directly or indirectly.
2.
Includes \u20ac915 million (2025: \u20ac913 million) of non-current investments in sovereign securities measured at amortised cost and a fair
value of \u20ac899 million (2025: \u20ac909 million) with a valuation basis of level 1 classification. The fair value of the remaining balance
approximates the carrying value measured at amortised cost.
3.
Includes items 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 \u20ac862 million (2025: \u20ac864 million) of items measured at amortised cost with a fair value of \u20ac769 million (2025: \u20ac788 million)
based on a level 2 classification, together with investments measured at a fair value of \u20ac317 million (2025: \u20ac365 million) with a
valuation basis of level 1 classification and \u20ac13 million (2025: nil) with a valuation basis of level 3. The remaining items are measured at
amortised cost and the carrying amount approximates fair value.
Equity securities include an investment in AST SpaceMobile, Inc (\u2018AST\u2019) of \u20ac1,044 million (2025: \u20ac306 million)
which is measured at fair value through other comprehensive income. In the prior year, equity securities with a
level 3 classification basis included an investment in Zegona shares (2025: \u20ac937 million). Valuation approach
and sensitivity to key valuation inputs have been disclosed in note 22 \u2018Capital and financial risk management\u2019.
Investments in Zegona shares were measured at fair value through profit and loss.
Non-current bond securities have maturity dates in 2027 and 2028 and include \u20ac610 million (2025: \u20ac609
million) of German; \u20ac203 million (2025: \u20ac204 million) of Dutch and \u20ac102 million (2025: \u20ac100 million) of
European Union government securities. In the prior year, non-current debt securities included a loan receivable
from VodafoneZiggo Holding B.V. (\u2018VodafoneZiggo\u2019) (2025: \u20ac864 million). Following the announcement to
dispose of VodafoneZiggo (Note 7), the loan receivable of \u20ac862 million was reclassified to Other investments
included within current assets, at 31 March 2026.
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\u2019s net debt based on their liquidity.
Short-term bonds and debt securities includes \u20ac217 million (2025: \u20ac573 million) of Japanese; \u20acnil (2025: \u20ac624
million) of French; \u20acnil (2025: \u20ac498 million) German and \u20acnil (2025: \u20ac444 million) Belgian government
securities.
Managed investment funds of \u20ac3,214 million (2025: \u20ac3,141 million) are in funds with liquidity of up to 90 days.
Collateral assets of \u20ac1,169 million (2025: \u20ac1,010 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00811": { "value": "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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Included within non-current assets
\u00a0\u00a0
Equity securities
1
1,084
1,279
Bonds and debt securities
2,5
1,003
1,874
\u00a0
2,087
3,153
Included within current assets
\u00a0\u00a0
Short-term investments:
\u00a0\u00a0
Bonds and debt securities
3
217
2,139
Managed investment funds
1
3,214
3,141
\u00a0
3,431
5,280
Collateral assets
4
1,169
1,010
Other investments
5
2,170
1,134
\u00a0
6,770
7,424
\n
Notes:
1.
Items measured at a fair value include, \u20ac1,044 million (2025: \u20ac306 million) of equity securities with 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 instruments. \u20acnil (2025: \u20ac937 million) 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
instruments, either directly or indirectly.
2.
Includes \u20ac915 million (2025: \u20ac913 million) of non-current investments in sovereign securities measured at amortised cost and a fair
value of \u20ac899 million (2025: \u20ac909 million) with a valuation basis of level 1 classification. The fair value of the remaining balance
approximates the carrying value measured at amortised cost.
3.
Includes items 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 \u20ac862 million (2025: \u20ac864 million) of items measured at amortised cost with a fair value of \u20ac769 million (2025: \u20ac788 million)
based on a level 2 classification, together with investments measured at a fair value of \u20ac317 million (2025: \u20ac365 million) with a
valuation basis of level 1 classification and \u20ac13 million (2025: nil) with a valuation basis of level 3. The remaining items are measured at
amortised cost and the carrying amount approximates fair value.
Equity securities include an investment in AST SpaceMobile, Inc (\u2018AST\u2019) of \u20ac1,044 million (2025: \u20ac306 million)
which is measured at fair value through other comprehensive income. In the prior year, equity securities with a
level 3 classification basis included an investment in Zegona shares (2025: \u20ac937 million). Valuation approach
and sensitivity to key valuation inputs have been disclosed in note 22 \u2018Capital and financial risk management\u2019.
Investments in Zegona shares were measured at fair value through profit and loss.
Non-current bond securities have maturity dates in 2027 and 2028 and include \u20ac610 million (2025: \u20ac609
million) of German; \u20ac203 million (2025: \u20ac204 million) of Dutch and \u20ac102 million (2025: \u20ac100 million) of
European Union government securities. In the prior year, non-current debt securities included a loan receivable
from VodafoneZiggo Holding B.V. (\u2018VodafoneZiggo\u2019) (2025: \u20ac864 million). Following the announcement to
dispose of VodafoneZiggo (Note 7), the loan receivable of \u20ac862 million was reclassified to Other investments
included within current assets, at 31 March 2026.
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\u2019s net debt based on their liquidity.
Short-term bonds and debt securities includes \u20ac217 million (2025: \u20ac573 million) of Japanese; \u20acnil (2025: \u20ac624
million) of French; \u20acnil (2025: \u20ac498 million) German and \u20acnil (2025: \u20ac444 million) Belgian government
securities.
Managed investment funds of \u20ac3,214 million (2025: \u20ac3,141 million) are in funds with liquidity of up to 90 days.
Collateral assets of \u20ac1,169 million (2025: \u20ac1,010 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00810": { "value": "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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Included within non-current assets
\u00a0\u00a0
Equity securities
1
1,084
1,279
Bonds and debt securities
2,5
1,003
1,874
\u00a0
2,087
3,153
Included within current assets
\u00a0\u00a0
Short-term investments:
\u00a0\u00a0
Bonds and debt securities
3
217
2,139
Managed investment funds
1
3,214
3,141
\u00a0
3,431
5,280
Collateral assets
4
1,169
1,010
Other investments
5
2,170
1,134
\u00a0
6,770
7,424
\n
Notes:
1.
Items measured at a fair value include, \u20ac1,044 million (2025: \u20ac306 million) of equity securities with 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 instruments. \u20acnil (2025: \u20ac937 million) 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
instruments, either directly or indirectly.
2.
Includes \u20ac915 million (2025: \u20ac913 million) of non-current investments in sovereign securities measured at amortised cost and a fair
value of \u20ac899 million (2025: \u20ac909 million) with a valuation basis of level 1 classification. The fair value of the remaining balance
approximates the carrying value measured at amortised cost.
3.
Includes items 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 \u20ac862 million (2025: \u20ac864 million) of items measured at amortised cost with a fair value of \u20ac769 million (2025: \u20ac788 million)
based on a level 2 classification, together with investments measured at a fair value of \u20ac317 million (2025: \u20ac365 million) with a
valuation basis of level 1 classification and \u20ac13 million (2025: nil) with a valuation basis of level 3. The remaining items are measured at
amortised cost and the carrying amount approximates fair value.
Equity securities include an investment in AST SpaceMobile, Inc (\u2018AST\u2019) of \u20ac1,044 million (2025: \u20ac306 million)
which is measured at fair value through other comprehensive income. In the prior year, equity securities with a
level 3 classification basis included an investment in Zegona shares (2025: \u20ac937 million). Valuation approach
and sensitivity to key valuation inputs have been disclosed in note 22 \u2018Capital and financial risk management\u2019.
Investments in Zegona shares were measured at fair value through profit and loss.
Non-current bond securities have maturity dates in 2027 and 2028 and include \u20ac610 million (2025: \u20ac609
million) of German; \u20ac203 million (2025: \u20ac204 million) of Dutch and \u20ac102 million (2025: \u20ac100 million) of
European Union government securities. In the prior year, non-current debt securities included a loan receivable
from VodafoneZiggo Holding B.V. (\u2018VodafoneZiggo\u2019) (2025: \u20ac864 million). Following the announcement to
dispose of VodafoneZiggo (Note 7), the loan receivable of \u20ac862 million was reclassified to Other investments
included within current assets, at 31 March 2026.
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\u2019s net debt based on their liquidity.
Short-term bonds and debt securities includes \u20ac217 million (2025: \u20ac573 million) of Japanese; \u20acnil (2025: \u20ac624
million) of French; \u20acnil (2025: \u20ac498 million) German and \u20acnil (2025: \u20ac444 million) Belgian government
securities.
Managed investment funds of \u20ac3,214 million (2025: \u20ac3,141 million) are in funds with liquidity of up to 90 days.
Collateral assets of \u20ac1,169 million (2025: \u20ac1,010 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00809": { "value": "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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Included within non-current assets
\u00a0\u00a0
Equity securities
1
1,084
1,279
Bonds and debt securities
2,5
1,003
1,874
\u00a0
2,087
3,153
Included within current assets
\u00a0\u00a0
Short-term investments:
\u00a0\u00a0
Bonds and debt securities
3
217
2,139
Managed investment funds
1
3,214
3,141
\u00a0
3,431
5,280
Collateral assets
4
1,169
1,010
Other investments
5
2,170
1,134
\u00a0
6,770
7,424
\n
Notes:
1.
Items measured at a fair value include, \u20ac1,044 million (2025: \u20ac306 million) of equity securities with 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 instruments. \u20acnil (2025: \u20ac937 million) 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
instruments, either directly or indirectly.
2.
Includes \u20ac915 million (2025: \u20ac913 million) of non-current investments in sovereign securities measured at amortised cost and a fair
value of \u20ac899 million (2025: \u20ac909 million) with a valuation basis of level 1 classification. The fair value of the remaining balance
approximates the carrying value measured at amortised cost.
3.
Includes items 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 \u20ac862 million (2025: \u20ac864 million) of items measured at amortised cost with a fair value of \u20ac769 million (2025: \u20ac788 million)
based on a level 2 classification, together with investments measured at a fair value of \u20ac317 million (2025: \u20ac365 million) with a
valuation basis of level 1 classification and \u20ac13 million (2025: nil) with a valuation basis of level 3. The remaining items are measured at
amortised cost and the carrying amount approximates fair value.
Equity securities include an investment in AST SpaceMobile, Inc (\u2018AST\u2019) of \u20ac1,044 million (2025: \u20ac306 million)
which is measured at fair value through other comprehensive income. In the prior year, equity securities with a
level 3 classification basis included an investment in Zegona shares (2025: \u20ac937 million). Valuation approach
and sensitivity to key valuation inputs have been disclosed in note 22 \u2018Capital and financial risk management\u2019.
Investments in Zegona shares were measured at fair value through profit and loss.
Non-current bond securities have maturity dates in 2027 and 2028 and include \u20ac610 million (2025: \u20ac609
million) of German; \u20ac203 million (2025: \u20ac204 million) of Dutch and \u20ac102 million (2025: \u20ac100 million) of
European Union government securities. In the prior year, non-current debt securities included a loan receivable
from VodafoneZiggo Holding B.V. (\u2018VodafoneZiggo\u2019) (2025: \u20ac864 million). Following the announcement to
dispose of VodafoneZiggo (Note 7), the loan receivable of \u20ac862 million was reclassified to Other investments
included within current assets, at 31 March 2026.
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\u2019s net debt based on their liquidity.
Short-term bonds and debt securities includes \u20ac217 million (2025: \u20ac573 million) of Japanese; \u20acnil (2025: \u20ac624
million) of French; \u20acnil (2025: \u20ac498 million) German and \u20acnil (2025: \u20ac444 million) Belgian government
securities.
Managed investment funds of \u20ac3,214 million (2025: \u20ac3,141 million) are in funds with liquidity of up to 90 days.
Collateral assets of \u20ac1,169 million (2025: \u20ac1,010 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.
\n
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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 \u2018Leases\u2019 for more information on the Group\u2019s 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 installments 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Included within non-current assets
\u00a0\u00a0
Trade receivables
7
6
Trade receivables held at fair value through other comprehensive income
319
289
Net investment in leases
348
372
Contract assets
502
496
Contract-related costs
718
822
Other receivables
160
82
Prepayments
285
300
Derivative and other financial instruments
1
2,882
4,064
\u00a0
5,221
6,431
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Included within current assets
\u00a0\u00a0
Trade receivables
3,899
3,236
Trade receivables held at fair value through other comprehensive income
380
421
Net investment in leases
93
88
Contract assets
2,480
2,473
Contract-related costs
1,428
1,253
Amounts owed by associates and joint ventures
172
166
Other receivables
1,074
928
Prepayments
965
706
Derivative and other financial instruments
1
93
133
\u00a0
10,584
9,404
\n
Note:
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.
The Group\u2019s 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 \u2018Capital and financial risk management\u2019
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\u2019s contract-related costs comprise \u20ac2,098 million (2025: \u20ac2,000 million) relating to costs incurred to
obtain customer contracts and \u20ac48 million (2025: \u20ac75 million) relating to costs incurred to fulfil customer
contracts; an amortisation and impairment expense, excluding discontinued operations in Spain and Italy, of
\u20ac1,038 million (2025: \u20ac935 million) was recognised in operating profit during the year.
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.
\n
\n
\n\n
\n
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\n\n
\n
\n
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\n
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\n\n
\n
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\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
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\u2019s 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Included within non-current liabilities
\u00a0\u00a0
Other payables
338
245
Insurance liabilities
208
226
Accruals
251
40
Contract liabilities
817
812
Derivative and other financial instruments
1
1,719
1,824
\u00a0
3,333
3,147
Included within current liabilities
\u00a0\u00a0
Trade payables
2
6,211
6,157
Amounts owed to associates and joint ventures
306
332
Other taxes and social security payable
952
846
Other payables
3
1,540
1,038
Insurance liabilities
52
54
Accruals
4
4,980
4,138
Contract liabilities
1,445
1,416
Derivative and other financial instruments
1
93
82
\u00a0
15,579
14,063
\n
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\u2019s supply chain financing programme of \u20ac1,983 million (31
March 2025: \u20ac2,198 million); suppliers had drawn early payments of \u20ac1,312 million relating to these invoices at 31 March 2026 (2025:
\u20ac1,443 million).
3.
Includes \u20ac256 million (2025: \u20acnil) in relation to the CLAM indemnity between the Group and Vodafone Idea Limited. See note 29
\u201cContingent liabilities and legal proceedings\u201d for further details.
4.
Includes \u20ac92 million (2025: \u20ac132 million) payable in relation to irrevocable and non-discretionary share buyback programmes.
The carrying amounts of trade and other payables approximate their fair value.
Materially all of the \u20ac1,416 million recorded as current contract liabilities at 1 April 2025 was recognised as
revenue during the year.
Insurance liabilities included within non-current liabilities include \u20ac208 million (2025: \u20ac226 million) in respect of
the re-insurance of third party annuity policies relating to the Vodafone and CWW Sections of the Vodafone UK
and Group Pension Scheme and the Vodafone Ireland Pension Plan.
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
2026, 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 (\u2018SCF\u2019), 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 \u20ac128 million
(31 March 2025: \u20ac148 million) of Trade payables for which the Group has extended payment terms from 30 to
90 days
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 60 and 90 days respectively. 19. Cash and cash equivalents
The majority of the Group\u2019s 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Cash and bank deposits
1
5,274
8,871
Money market funds
2
3,708
2,130
Cash and cash equivalents as presented in the consolidated statement of
\u00a0\u00a0
financial position
8,982
11,001
Bank overdrafts
(69)
(108)
Cash and cash equivalents as presented in the consolidated statement of
\u00a0\u00a0
cash flows
8,913
10,893
\n
Notes:
1.
Includes bank deposits under repurchase agreements of \u20ac2,502 million (2025: \u20ac6,531 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 \u20ac2,254 million (2025: \u20ac1,922 million) are held in countries with restrictions on
remittances but where the balances could be used to repay subsidiaries\u2019 third party liabilities. In addition, those
balances could also be used to repay \u20ac695 million (2025: \u20ac800 million) of intercompany liabilities as at 31 March
2026. 21. Borrowings
The Group\u2019s 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\u2019s lease arrangements are also reported in borrowings; see note 20 \u2018Leases\u2019. 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 \u2018Capital and financial risk management\u2019). 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
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Non-current borrowings
\u00a0\u00a0
Bonds
32,285
34,873
Bank loans
1,209
1,009
Lease liabilities (note 20 'Leases')
9,587
8,480
Other borrowings
1
2,425
1,734
\u00a0
45,506
46,096
Current borrowings
\u00a0\u00a0
Bonds
1,543
1,529
Bank loans
174
204
Lease liabilities (note 20 'Leases')
2,801
2,346
Collateral liabilities
1,644
2,357
Other borrowings
1
968
611
\u00a0
7,130
7,047
Borrowings
52,636
53,143
\n
Note:
1.
Includes \u20ac996 million (2025: \u20ac700 million) and \u20ac492 million (2025: \u20ac187 million) of licence and spectrum fees payable, and \u20ac295
million (2025: \u20ac307 million) and \u20ac258 million (2025: \u20ac196 million) of supplier payables classified as borrowings, in non-current and
current borrowings respectively. The supplier payables classified as borrowings predominantly comprise payables for software licences
which are received up-front but charged to the Group via annual or other deferred instalments.
The fair value of the Group\u2019s financial liabilities held at amortised cost approximate to fair value with the
exception of long-term bonds with a carrying value of \u20ac32,285 million (2025: \u20ac34,873 million) which have a fair
value of \u20ac29,432 million (2025: \u20ac31,325 million). Fair value is based on level 1 of the fair value hierarchy using
quoted market prices.
The Group\u2019s borrowings, which mainly include certain bonds that have been designated in hedge relationships,
are carried at \u20ac839 million (2025: \u20ac899 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
increase the euro equivalent redemption value of the bonds by \u20ac173 million (2025: decrease by \u20ac1,132 million).
Commercial paper programmes
The Group currently have US and euro commercial paper programmes of US$15 billion (\u20ac13 billion) and \u20ac10
billion respectively which are available to be used to meet short-term liquidity requirements. At 31 March 2026
both programmes remained undrawn. The commercial paper facilities were supported by US$4.0 billion (\u20ac3.5
billion) and \u20ac4.1 billion of syndicated committed bank facilities. No amounts had been drawn under these
facilities.
Bonds
We have two \u20ac30 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 2026 the total nominal amounts in issue under
these programmes split by currency were US$16.0 billion, \u20ac15.4 billion, \u00a32.7 billion, CHF0.2 billion,
HKD$1.8billion, AUS$0.3 billion, JPY10.0 billion.
At 31 March 2026 the Group had bonds outstanding with a nominal value equivalent to \u20ac33.0 billion. During the
year ended 31 March 2026, bonds with a nominal value of \u00a30.5 billion (\u20ac0.6 billion) and \u20ac4.8 billion were issued
utilising the euro medium-term note programme. During the year bonds with nominal value of US$2.5 billion
(\u20ac2.1 billion), \u00a31.7 billion (\u20ac1.9 billion) and \u20ac1.1 billion were re-purchased and bonds with a carrying value of \u20ac1.3
billion, \u00a30.2 billion (\u20ac0.2 billion) and NOK 0.2billion (\u20ac20 million) matured. Bonds mature between 2026 and
2086 (2025: 2025 and 2086) and have interest rates between 0.5% and 8% (2025: 0.5% and 8%).
Treasury shares
The Group held a maximum of 2,122,987,551 (2025: 2,305,697,477) of its own shares during the year which
represented 8.0% (2025: 8.2%) of issued share capital at that time.
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
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\u2019s
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\u2019s 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\u2019s
policies approved by the Board of Directors, which provide written principles on the use of financial derivatives
consistent with the Group\u2019s risk management strategy. The Group does not use derivative financial instruments
for speculative purposes.
The Group designates certain derivatives as:
\u2212
hedges of the change in fair value of recognised assets and liabilities (\u2018fair value hedges\u2019);
\u2212
hedges of highly probable forecast transactions or hedges of foreign currency or interest rate risks of firm
commitments (\u2018cash flow hedges\u2019); or
\u2212
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:
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Borrowings (note 21)
52,636
53,143
Cash and cash equivalents (note 19)
(8,982)
(11,001)
Derivative and other financial instruments included in trade and other receivables
\u00a0 \u00a0
(note 14)
(2,975)
(4,197)
Derivative and other financial instruments included in trade and other payables
\u00a0 \u00a0
(note 15)
1,812
1,906
Non-current investments in sovereign securities (note 13)
(915)
(913)
Short-term investments (note 13)
(3,431)
(5,280)
Collateral assets (note 13)
(1,169)
(1,010)
Financial liabilities under put option arrangements
107
97
Equity
54,365
53,916
Capital
91,448
86,661
\n
The Group\u2019s 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 associates and joint ventures and to non-controlling shareholders
Dividend policies within shareholder agreements for certain of the Group\u2019s 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.
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 2026 was \u20ac1,868 million (2025: \u20ac1,765 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 \u2018Trade and other payables\u2019). 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\u2019s treasury function centrally manages the Group\u2019s 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 May 2025. Treasury risk management is overseen by a committee comprising of the
Group\u2019s 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\u2019s Internal Auditor
reviews the internal control environment regularly.
Certain borrowings in Vodacom Group are subject to a maximum leverage ratio covenant that is tested on a
periodic basis. Vodacom Group was in compliance with all financial covenants throughout the reporting period.
No bonds issued by the Group or the Revolving Credit Facilities are subject to financial covenant ratios.
Approximately \u20ac30 billion (2025: \u20ac30 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\u2019s financial risk management policies seek to reduce the Group\u2019s 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 \u20ac13.3 billion,
providing significant headroom over short-term liquidity requirements. Additionally the Group maintains
undrawn revolving credit facilities of \u20ac7.6 billion euro equivalent. As at 31 March 2026 and after hedging,
substantially all the Group\u2019s 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\u2019s 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\u2019s 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, investing and financing
activities. The Group considers its maximum exposure to credit risk at 31 March to be:
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Cash and bank deposits (note 19)
5,274
8,871
Money market funds (note 19)
3,708
2,130
Managed investment funds (note 13)
3,214
3,141
Bonds and debt securities (note 13)
1,220
4,013
Collateral assets (note 13)
1,169
1,010
Other investments (note 13)
2,170
1,134
Derivative and other financial instruments (note 14)
2,975
4,197
Trade receivables (note 14)
1
6,473
5,717
Contract assets and other receivables (note 14)
4,829
4,605
Financial Guarantees
2
1,034
1,518
\u00a0
32,066
36,336
\n
Notes:
1.
Includes amounts guaranteed under sales of trade receivables \u20ac1,868 million (2025: \u20ac1,765 million).
2.
Principally comprises Vodafone Group Plc\u2019s guarantee of the Group\u2019s share in a multicurrency loan facility, amounting to US$0.5 billion
and \u20ac0.6 billion (2025: US$1.0 billion and \u20ac0.6 billion), which forms part of its overall joint venture investment in TPG Telecom Ltd. The
Group\u2019s share of these loan balances is included in the net investment in joint venture (see note 12 'Associates and joint arrangements').
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\u2019s 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\u2019s 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\u2019s 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 in the statement of financial position 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Collateral liabilities (note 21)
1,644
2,357
\n
In addition, as discussed in note 29 \u2018Contingent liabilities and legal proceedings\u2019, 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 \u2018Other investments\u2019.
Operating activities
Customer credit risk is managed by the Group\u2019s 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\u2019s 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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0
Trade receivables held
\u00a0\u00a0\u00a0
Trade receivables held
at fair value through
\u00a0
Contract assets
at amortised cost
other comprehensive income
\u00a0
2026
2025
2026
2025
2026
2025
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
1 April
46
20
865
765
77
78
Exchange movements
(1)
1
(24)
(7)
\u2013
\u2013
Amounts charged to credit losses
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
on financial assets
48
85
319
360
62
31
Other
1
4
(60)
(229)
(253)
(78)
(32)
31 March
97
46
931
865
61
77
\n
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\u2019s 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 due\u00b9 and their associated expected credit losses:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Trade receivables at amortised cost past due
\u00a0 \u00a0
30 days
31\u201360
61\u2013180
180
\u00a0
\u00a0
Due
or less
days
days
days+
Total
31 March 2026
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Gross carrying amount
2,878
538
252
280
889
4,837
Expected credit loss allowance
(53)
(49)
(30)
(126)
(673)
(931)
Net carrying amount
2,825
489
222
154
216
3,906
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Trade receivables at amortised cost past due
\u00a0\u00a0
30 days
31\u201360
61\u2013180
180
\u00a0
\u00a0
Due
or less
days
days
days+
Total
31 March 2025
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
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
\n
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.
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 2026 amounted to cash \u20ac9.0
billion (2025: \u20ac11.0 billion) and undrawn committed
facilities of \u20ac7.6 billion (2025: \u20ac8.0 billion), principally US dollar and euro revolving credit facilities of US$4.0
billion (\u20ac3.5 billion) and \u20ac4.1 billion and which mature in 2028 and 2031 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 60 years.
The maturity profile
of the anticipated future cash flows including interest in relation to the Group\u2019s non-
derivative financial liabilities on an undiscounted basis which, therefore, differs from both the carrying value and
fair value, is as follows:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Trade
\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
payables and
\u00a0
\u00a0\u00a0\u00a0
Lease
\u00a0
Total
other financial
\u00a0
\u00a0
Bank loans
Bonds
liabilities
Other
2
Borrowings
liabilities
3
Total
Maturity profile
1
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Within one year
175
3,003
3,241
2,609
9,028
13,089
22,117
One to two years
175
2,047
2,546
1,005
5,773
469
6,242
Two to three years
394
2,444
1,972
729
5,539
\u2013
5,539
Three to four years
62
5,559
1,441
481
7,543
\u2013
7,543
Four to five years
75
4,490
1,269
255
6,089
\u2013
6,089
More than five years
766
36,386
4,265
247
41,664
\u2013
41,664
\u00a0
1,647
53,929
14,734
5,326
75,636
13,558
89,194
Effect of discount /
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
financing rates
(264)
(20,101)
(2,346)
(289)
(23,000)
(26)
(23,026)
31 March 2026
1,383
33,828
12,388
5,037
52,636
13,532
66,168
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
\u2013
4,542
Three to four years
176
2,628
1,434
469
4,707
\u2013
4,707
Four to five years
69
4,893
965
422
6,349
\u2013
6,349
More than five years
769
41,898
3,868
90
46,625
\u2013
46,625
\u00a0
1,487
59,505
12,869
4,876
78,737
11,857
90,594
Effect of discount /
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
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
\n
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 \u2018hybrid
bonds\u2019, the expected settlement date is used.
2.
Includes spectrum licence payables with maturity profile \u20ac215 million (2025: \u20ac187 million) within one year, \u20ac215 million (2025: \u20ac187
million) in one to two years, \u20ac215 million (2025: \u20ac187 million) in two to three years, \u20ac215 million (2025: \u20ac187 million) in three to four
years, \u20ac89 million (2025: \u20ac187 million) in four to five years and \u20ac60 million (2025: \u20ac89 million) in more than five years. Also includes
\u20ac1,644 million (2025: \u20ac2,357 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\u2019s financial derivatives (which include interest rate swaps, cross-currency
interest rate swaps and foreign exchange swaps) using undiscounted cash flows, is as follows:
\u00a0\u00a0
2026
\u00a0\u00a0
2025
\u00a0
\u00a0
Payable
1
Receivable
1
Total
Payable
1
Receivable
1
Total
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Within one year
(9,341)
9,866
525
(8,207)
8,792
585
In one to two years
(2,924)
3,266
342
(5,780)
6,180
400
In two to three years
(3,001)
3,425
424
(2,363)
2,807
444
In three to four years
(4,056)
4,343
287
(5,782)
6,326
544
In four to five years
(2,168)
2,483
315
(4,174)
4,666
492
In more than five years
(46,662)
50,331
3,669
(47,357)
53,987
6,630
\u00a0
(68,152)
73,714
5,562
(73,663)
82,758
9,095
Effect of discount/financing rates
\u00a0\u00a0
(4,399)
\u00a0\u00a0
(6,804)
Financial derivative net receivable
\u00a0\u00a0
1,163
\u00a0\u00a0
2,291
\n
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\u2019s interest rate management policy, interest rates on long-term monetary assets and liabilities
are principally maintained on a fixed rate basis.
At 31 March 2026 and after hedging, substantially all of our bonds 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 2026 there would be a decrease in profit before tax by \u20ac9 million (2025: \u20ac26 million
decrease) including mark to market revaluations of interest rate and other derivatives and the potential interest
on cash and short-term investments. For each one hundred basis point fall in market interest rates for all
currencies in which the Group had borrowings at 31 March 2026 there would be an increase in profit before tax
by \u20ac19 million (2025: \u20ac39 million increase). There would be no material impact on equity.
At 31 March 2026, the Group had limited exposure through interest rate derivatives and floating rate bonds
referencing LIBOR and other interbank offered rates (IBORs).
Foreign exchange management
As Vodafone\u2019s 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 2026, 11% of net debt was denominated in currencies other than euro (8% South African rand and
3% 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\u2019s foreign exchange management policy, foreign exchange transaction exposure in Group
companies is generally maintained at the lower of \u20ac5 million per currency per month or \u20ac15 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 2026 the Group held financial liabilities in a net
investment hedge against the Group\u2019s South African rand operations. Sensitivity to foreign exchange movements
on the hedging liabilities, analysed against a strengthening of the South African rand by 10% would result in a
decrease in equity of \u20ac112 million (2025: \u20ac131 million) which would be fully offset by foreign exchange
movements on the hedged net assets. Weakening of the South African Rand by 10% would result in an increase
of equity of \u20ac91 million (2025: \u20ac107 million). In addition, cash flow hedges of principally US dollar borrowings
would result in an increase in equity of \u20ac235 million (2025: \u20ac372million) against a strengthening of US dollar by
10% and a decrease in equity of \u20ac192 million (2025: \u20ac304 million) against a weakening of US dollar by 10%.
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\u2019s sensitivity to foreign exchange risk as an impact on profit before tax. Each
incremental 10% movement in foreign currency exchange rates would have approximately the same effect as
the initial 10% detailed in the table.
\u00a0
Change in exchange rates
31 March 2026
Weakening 10% \u20acm
Strengthening 10% \u20acm
EGP
(68)
83
TRY
(40)
49
ZAR
(41)
50
GBP
60
(79)
\u00a0
Change in exchange rates
31 March 2025
Weakening 10% \u20acm
Strengthening 10% \u20acm
EGP
(50)
61
TRY
(24)
29
ZAR
(101)
124
GBP
66
(88)
\n
In 2026 the Group changed the presentation of sensitivity to foreign exchange risk by presenting the sensitivity
using a 10% change in the foreign exchange rates instead of the percentage based on the average exchange rates
movement in the previous three annual reporting periods. The change was done to improve comparability with prior
reporting periods and does not have a material impact on financial statements.
Equity risk
A 10% change in the share price of AST would have a \u20ac105 million impact on the value of the Group\u2019s equity
investment. There is no other material equity risk relating to the Group\u2019s equity investments. See note 13 \u2018Other
investments\u2019 for further information.
\n
Risk management strategy of hedge relationships
\n
The risk strategies of the designated cash flow, fair value, and net investment hedges reflect the above market
\n
risk strategies.
\n
The objective of the cash flow hedges is principally to convert foreign currency denominated fixed rate
\n
borrowings in US dollar, Pound sterling, Australian dollar, Swiss franc, Hong Kong dollar, Japanese yen,
\n
Norwegian krona and floating rate borrowings into euro fixed rate borrowings and hedge the foreign exchange
\n
spot rate and interest rate risk. There are also cash flow hedges of certain subsidiary expenditure not
\n
denominated in functional currency of the entity, to hedge foreign exchange risk. Derivative financial
\n
instruments designated in cash flow hedges are cross-currency interest rate swaps and foreign exchange swaps
\n
and forwards. The swap maturity dates and liquidity profiles of the nominal cash flows match those of the
\n
underlying borrowings and exposures.
\n
The objective of the net investment hedges is to hedge foreign exchange risk in foreign operations. Derivative
\n
financial instruments designated in net investment hedges are cross-currency interest rate swaps and foreign
\n
exchange swaps. The hedging instruments are rolled on an ongoing basis as determined by the nature of the
\n
business.
\n
Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective
\n
effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging
\n
instrument.
\n
For hedges of foreign currency denominated borrowings and investments, the Group uses a combination of
\n
cross-currency and foreign exchange swaps to hedge its exposure to foreign exchange risk and interest rate risk
\n
and enters into hedge relationships where the critical terms of the hedging instrument match with the terms of
\n
the hedged item. Therefore, the Group expects a highly effective hedging relationship with the swap contracts
\n
and the value of the corresponding hedged items to change systematically in the opposite direction in response
\n
to movements in the underlying exchange rates and interest rates. The Group therefore performs a qualitative
\n
assessment of effectiveness. If changes in circumstances affect the terms of the hedged item such that the
\n
critical terms no longer match with the critical terms of the hedging instrument, the Group uses the hypothetical
\n
derivative method to assess effectiveness. Hedge ineffectiveness may occur due to:
\n
a) The fair value of the hedging instrument on the hedge relationship designation date if the fair value is not nil;
\n
b) Changes in the contractual terms or timing of the payments on the hedged item; and
\n
c) A change in the credit risk of the Group or the counterparty with the hedging instrument.
\n
The hedge ratio for each designation will be established by comparing the quantity of the hedging instrument
\n
and the quantity of the hedged item to determine their relative weighting; for all of the Group\u2019s existing hedge
\n
relationships the hedge ratio has been determined as 1:1.
\n
The fair values of the derivative financial instruments are calculated by discounting the future cash flows to net
\n
present values using appropriate market rates and foreign currency rates prevailing at 31 March. The valuation
\n
basis is level 2 of the fair value hierarchy. This classification comprises items where fair value is determined from
\n
inputs other than quoted prices that are observable for the asset and liability, either directly or indirectly.
\n
Derivative financial assets and liabilities are included within trade and other receivables and trade and other
\n
payables in the statement of financial position.
The table below shows the carrying values and nominal amounts of derivatives in a continued hedge relationship as at 31 March.
\u00a0 \u00a0 \u00a0
Other comprehensive income
Weighted average
\u00a0 \u00a0
Carrying
Carrying
Opening
(Gain)/loss
Gain/(Loss)
Closing
\u00a0 \u00a0
Euro
\u00a0
Nominal
value
value
balance
deferred
recycled to
balance
Maturity
\u00a0
interest
\u00a0
amounts
assets
liabilities
1 April 2025
to OCI
financing costs
31 March 2026
1
year
FX rate
rate
At 31 March 2026
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u00a0 \u00a0
%
Cash flow hedges - foreign currency risk
2
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cross-currency and foreign exchange swaps:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
- US dollar bonds
13,964
1,230
324
(1,061)
974
(860)
(947)
2044
1.15
3.69
- Australian dollar bonds
163
\u2013
8
(1)
(1)
2
\u2013
2027
1.56
1.58
- Swiss franc bonds
204
46
\u2013
(9)
(8)
5
(12)
2030
1.08
1.53
- Pound sterling bonds
3,154
\u2013
284
489
114
(461)
142
2044
0.85
4.43
- Hong Kong dollar bonds
199
10
\u2013
(1)
10
(15)
(6)
2028
9.14
1.62
- Japanese yen bonds
78
\u2013
24
(3)
10
(7)
\u2013
2037
128.53
2.47
- Norwegian krona bonds
\u2013
\u2013
\u2013
\u2013
1
(1)
\u2013
\u2013
\u2013
\u2013
- Foreign exchange forwards
3
\u2013
\u2013
\u2013
\u2013
6
\u2013
6
\u2013
\u2013
\u2013
Cash flow hedges - foreign currency and interest rate risk
2
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Net investment hedge - foreign exchange risk
4
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cross currency and foreign exchange swaps - South African rand investment
1,024
89
\u2013
994
17
\u2013
1,011
2027
17.86
2.53
\u00a0
18,786
1,375
640
408
1,123
(1,337)
194
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Other comprehensive income
Weighted average
\u00a0 \u00a0
Carrying
Carrying
Opening
(Gain)/loss
Gain/(Loss)
Closing
\u00a0 \u00a0
Euro
\u00a0
Nominal
value
value
balance
deferred
recycled to
balance
Maturity
\u00a0
interest
\u00a0
amounts
assets
liabilities
1 April 2024
to OCI
financing costs
31 March 2025
1
year
FX rate
rate
At 31 March 2025
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u00a0 \u00a0
%
Cash flow hedges - foreign currency risk
2
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cross-currency and foreign exchange swaps:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
- US dollar bonds
16,097
2,245
138
(810)
(307)
56
(1,061)
2044
1.15
3.51
- Australian dollar bonds
163
\u2013
11
(13)
14
(2)
(1)
2027
1.56
1.58
- Swiss franc bonds
204
37
\u2013
(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
\u2013
\u2013
(4)
3
(1)
2028
9.14
1.62
- Japanese yen bonds
78
\u2013
14
(6)
2
1
(3)
2037
128.53
2.47
- Norwegian krona bonds
25
\u2013
4
(5)
3
2
\u2013
2025
9.25
0.37
- Foreign exchange forwards
3
\u2013
\u2013
\u2013
(42)
(1)
43
\u2013
\u2013
\u2013
\u2013
Cash flow hedges - foreign currency and interest rate risk
2
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Net investment hedge - foreign exchange risk
4
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cross currency and foreign exchange swaps - South African rand investment
1,203
124
\u2013
898
96
\u2013
994
2026
17.62
2.76
\u00a0
22,628
2,484
611
345
(134)
197
408
\u00a0 \u00a0 \u00a0
\n
Notes:
1.
Fair value movement deferred into other comprehensive income includes \u20ac55 million loss (2025: \u20ac200 million gain) and \u20ac1 million loss (2025: \u20ac1 million gain) of foreign currency basis outside the cash flow and net investment hedge relationships respectively.
2.
Hedge ineffectiveness of the swaps designated in a cash flow hedge during the period was \u20ac19 million (2025: \u20ac28 million).
3.
Hedge ineffectiveness of swaps designated in a net investment hedge during the period was \u20acnil (2025: \u20acnil).
The carrying value of bonds includes an additional \u20ac382 million loss (2025: \u20ac457 million loss) in relation to fair value of other bonds previously designated in fair value hedge relationships.
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 2026 and
31 March 2025.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Derivative and
\u00a0 \u00a0
Assets and
\u00a0 \u00a0
other financial
Financial
\u00a0
liabilities
\u00a0 \u00a0
instrument
liabilities
\u00a0
arising
from
\u00a0 \u00a0
assets and
under
Other
financing
\u00a0
Borrowings
liabilities
put options
liabilities1
activities
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
1 April 2025
53,143
(2,291)
97
194
51,143
Cash movements
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Proceeds from issuance of long-term
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
borrowings
6,081
\u2013
\u2013
\u2013
6,081
Repayment of borrowings
(11,924)
\u2013
\u2013
\u2013
(11,924)
Net movement in short-term borrowings
(502)
\u2013
\u2013
\u2013
(502)
Net movement in derivative and other
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
financial instruments
\u2013
73
\u2013
\u2013
73
Interest paid
(2,227)
28
10
(68)
(2,257)
Purchase of treasury shares
\u2013
\u2013
\u2013
(2,041)
(2,041)
Non-cash movements
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fair value movements
\u2013
(14)
\u2013
\u2013
(14)
Foreign exchange
(1,642)
1,276
\u2013
(1)
(367)
Interest costs
2,324
(235)
\u2013
57
2,146
Net lease additions
3,190
\u2013
\u2013
\u2013
3,190
Acquisition of subsidiaries
4,209
\u2013
\u2013
\u2013
4,209
Other
(16)
\u2013
\u2013
2,000
1,984
31 March 2026
52,636
(1,163)
107
141
51,721
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Derivative and
\u00a0 \u00a0
Assets and
\u00a0 \u00a0
other financial
Financial
\u00a0
liabilities
\u00a0 \u00a0
instrument
liabilities
\u00a0
arising
from
\u00a0 \u00a0
assets and
under
Other
financing
\u00a0
Borrowings
liabilities
put options
liabilities1
activities
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
1 April 2024
56,987
(2,702)
\u2013
105
54,390
Cash movements
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Proceeds from issuance of long-term
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
borrowings
4,680
\u2013
\u2013
\u2013
4,680
Repayment of borrowings
(12,963)
\u2013
\u2013
\u2013
(12,963)
Net movement in short-term borrowings
78
\u2013
\u2013
\u2013
78
Net movement in derivative and other
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
financial instruments
\u2013
404
\u2013
\u2013
404
Interest paid
(2,975)
348
4
(82)
(2,705)
Purchase of treasury shares
\u2013
\u2013
\u2013
(1,868)
(1,868)
Non-cash movements
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fair value movements
\u2013
(45)
\u2013
\u2013
(45)
Foreign exchange
121
61
\u2013
(4)
178
Interest costs
2,196
(356)
\u2013
43
1,883
Net lease additions
4,361
\u2013
\u2013
\u2013
4,361
Acquisition of subsidiaries
\u2013
\u2013
\u2013
\u2013
\u2013
Other
658
(1)
93
2,000
2,750
31 March 2025
53,143
(2,291)
97
194
51,143
\n
Notes:
1.
Movement in Other liabilities primarily relate to share buyback programmes.
Fair value and carrying value information
The carrying value and valuation basis of the Group\u2019s financial assets are set out in notes 13 \u2018Other investments\u2019,
14 \u2018Trade and other receivables\u2019 and 19 \u2018Cash and cash equivalents\u2019. For all financial assets held at amortised cost
the carrying values approximate fair value except as disclosed in note 13 \u2018Other investments\u2019.
The carrying value and valuation basis of the Group\u2019s financial liabilities are set out in notes 15 \u2018Trade and other
payables\u2019 and 21 \u2018Borrowings\u2019. The carrying values approximate fair value for the Group\u2019s trade payables and
other payables categories. For other financial liabilities a comparison of fair value and carrying value is disclosed
in note 21 \u2018Borrowings\u2019.
Level 3 financial instruments
Following the completion of the sale of Vodafone Spain on 31 May 2024 (See note 7 \u2018Discontinued operations
and assets held for sale\u2019), the Group received the non-cash consideration component in the form of \u20ac900 million
Redeemable Preference Shares (\u2018RPS\u2019) issued by EJLSHM Funding Ltd (\u2018EJLSHM\u2019). The RPS were redeemed in
January 2026. The Zegona shares were recorded at fair value through profit and loss and had a fair value of \u20ac937
million on 31 March 2025.
In the prior year, the valuation approach for the Zegona shares reflected the contractual terms of the RPS
arrangement and utilised a bespoke option model which drew 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 included the timing settlement of the RPS liability to the Group, Zegona\u2019s share price
volatility and the share\u2019s expected dividend yield.
Net financial instruments
The table below shows the Group\u2019s financial assets and liabilities that are subject to offset in the balance sheet
and the impact of enforceable master netting or similar agreements.
\u00a0\u00a0\u00a0
Related amounts not set off in the balance sheet
\u00a0\u00a0\u00a0
Amounts
Right of set off
Collateral
\u00a0
\u00a0\u00a0\u00a0
presented in
with derivative
(liabilities)/
\u00a0
\u00a0
Gross amount
Amount set off
balance sheet
counterparties
assets
1
Net amount
At 31 March 2026
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Derivative and other financial
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
instrument assets
2,975
\u2013
2,975
(921)
(1,599)
455
Derivative and other financial
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
instrument liabilities
(1,812)
\u2013
(1,812)
921
1,169
278
Total
1,163
\u2013
1,163
\u2013
(430)
733
\u00a0\u00a0\u00a0
Related amounts not set off in the balance sheet
\u00a0\u00a0\u00a0
Amounts
Right of set off
Collateral
\u00a0
\u00a0\u00a0\u00a0
presented in
with derivative
(liabilities)/
\u00a0
\u00a0
Gross amount
Amount set off
balance sheet
counterparties
assets
1
Net amount
At 31 March 2025
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Derivative and other financial
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
instrument assets
4,197
\u2013
4,197
(1,146)
(2,357)
694
Derivative and other financial
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
instrument liabilities
(1,906)
\u2013
(1,906)
1,146
1,010
250
Total
2,291
\u2013
2,291
\u2013
(1,347)
944
\n
Note:
1.
Excludes non-cash collateral of \u20ac609 million (2025: \u20ac613 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 (\u2018International Swaps and
Derivatives Association\u2019) 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 \u2018Other
investments\u2019 or 21 \u2018Borrowings\u2019 respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00814": { "value": "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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00813": { "value": "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.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 installments 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. 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. Financial instruments
Financial assets and financial liabilities, in respect of financial instruments, are recognised on the Group\u2019s
consolidated statement of financial position when the Group becomes a party to the contractual provisions of
the instrument. Derivative financial instruments and hedge accounting
The Group\u2019s 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\u2019s
policies approved by the Board of Directors, which provide written principles on the use of financial derivatives
consistent with the Group\u2019s risk management strategy. The Group does not use derivative financial instruments
for speculative purposes.
The Group designates certain derivatives as:
\u2212
hedges of the change in fair value of recognised assets and liabilities (\u2018fair value hedges\u2019);
\u2212
hedges of highly probable forecast transactions or hedges of foreign currency or interest rate risks of firm
commitments (\u2018cash flow hedges\u2019); or
\u2212
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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00815": { "value": "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 \u2018Leases\u2019 for more information on the Group\u2019s 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 installments 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Included within non-current assets
\u00a0\u00a0
Trade receivables
7
6
Trade receivables held at fair value through other comprehensive income
319
289
Net investment in leases
348
372
Contract assets
502
496
Contract-related costs
718
822
Other receivables
160
82
Prepayments
285
300
Derivative and other financial instruments
1
2,882
4,064
\u00a0
5,221
6,431
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Included within current assets
\u00a0\u00a0
Trade receivables
3,899
3,236
Trade receivables held at fair value through other comprehensive income
380
421
Net investment in leases
93
88
Contract assets
2,480
2,473
Contract-related costs
1,428
1,253
Amounts owed by associates and joint ventures
172
166
Other receivables
1,074
928
Prepayments
965
706
Derivative and other financial instruments
1
93
133
\u00a0
10,584
9,404
\n
Note:
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.
The Group\u2019s 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 \u2018Capital and financial risk management\u2019
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\u2019s contract-related costs comprise \u20ac2,098 million (2025: \u20ac2,000 million) relating to costs incurred to
obtain customer contracts and \u20ac48 million (2025: \u20ac75 million) relating to costs incurred to fulfil customer
contracts; an amortisation and impairment expense, excluding discontinued operations in Spain and Italy, of
\u20ac1,038 million (2025: \u20ac935 million) was recognised in operating profit during the year.
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00859": { "value": "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 installments 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. Accounting policies Trade payables are not interest-bearing and are stated at their nominal value.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. Accounting policies
As a lessee
When the Group leases an asset, a \u2018right-of-use asset\u2019 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\u2019s 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 \u2018reasonably certain\u2019 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 \u2018Property, plant and equipment\u2019). 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\u2019s 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.
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
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\u2019s ordinary activities (i.e.
primarily leases of handsets or other equipment to customers, leases of wholesale access to the Group\u2019s 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. 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 \u2018Capital and financial risk management\u2019). 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. Accounting policies
Financial instruments
Financial assets and financial liabilities, in respect of financial instruments, are recognised on the Group\u2019s
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\u2019s 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\u2019s
policies approved by the Board of Directors, which provide written principles on the use of financial derivatives
consistent with the Group\u2019s risk management strategy. The Group does not use derivative financial instruments
for speculative purposes.
The Group designates certain derivatives as:
\u2212
hedges of the change in fair value of recognised assets and liabilities (\u2018fair value hedges\u2019);
\u2212
hedges of highly probable forecast transactions or hedges of foreign currency or interest rate risks of firm
commitments (\u2018cash flow hedges\u2019); or
\u2212
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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00821": { "value": "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 installments 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00820": { "value": "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 installments 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00816": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Included within non-current assets
\u00a0\u00a0
Trade receivables
7
6
Trade receivables held at fair value through other comprehensive income
319
289
Net investment in leases
348
372
Contract assets
502
496
Contract-related costs
718
822
Other receivables
160
82
Prepayments
285
300
Derivative and other financial instruments
1
2,882
4,064
\u00a0
5,221
6,431
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Included within current assets
\u00a0\u00a0
Trade receivables
3,899
3,236
Trade receivables held at fair value through other comprehensive income
380
421
Net investment in leases
93
88
Contract assets
2,480
2,473
Contract-related costs
1,428
1,253
Amounts owed by associates and joint ventures
172
166
Other receivables
1,074
928
Prepayments
965
706
Derivative and other financial instruments
1
93
133
\u00a0
10,584
9,404
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00817": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Included within non-current assets
\u00a0\u00a0
Trade receivables
7
6
Trade receivables held at fair value through other comprehensive income
319
289
Net investment in leases
348
372
Contract assets
502
496
Contract-related costs
718
822
Other receivables
160
82
Prepayments
285
300
Derivative and other financial instruments
1
2,882
4,064
\u00a0
5,221
6,431
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Included within current assets
\u00a0\u00a0
Trade receivables
3,899
3,236
Trade receivables held at fair value through other comprehensive income
380
421
Net investment in leases
93
88
Contract assets
2,480
2,473
Contract-related costs
1,428
1,253
Amounts owed by associates and joint ventures
172
166
Other receivables
1,074
928
Prepayments
965
706
Derivative and other financial instruments
1
93
133
\u00a0
10,584
9,404
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00818": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Included within non-current assets
\u00a0\u00a0
Trade receivables
7
6
Trade receivables held at fair value through other comprehensive income
319
289
Net investment in leases
348
372
Contract assets
502
496
Contract-related costs
718
822
Other receivables
160
82
Prepayments
285
300
Derivative and other financial instruments
1
2,882
4,064
\u00a0
5,221
6,431
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Included within current assets
\u00a0\u00a0
Trade receivables
3,899
3,236
Trade receivables held at fair value through other comprehensive income
380
421
Net investment in leases
93
88
Contract assets
2,480
2,473
Contract-related costs
1,428
1,253
Amounts owed by associates and joint ventures
172
166
Other receivables
1,074
928
Prepayments
965
706
Derivative and other financial instruments
1
93
133
\u00a0
10,584
9,404
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00819": { "value": "The Group\u2019s 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 \u2018Capital and financial risk management\u2019
for more information on credit risk. Operating activities
Customer credit risk is managed by the Group\u2019s 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\u2019s 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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0
Trade receivables held
\u00a0\u00a0\u00a0
Trade receivables held
at fair value through
\u00a0
Contract assets
at amortised cost
other comprehensive income
\u00a0
2026
2025
2026
2025
2026
2025
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
1 April
46
20
865
765
77
78
Exchange movements
(1)
1
(24)
(7)
\u2013
\u2013
Amounts charged to credit losses
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
on financial assets
48
85
319
360
62
31
Other
1
4
(60)
(229)
(253)
(78)
(32)
31 March
97
46
931
865
61
77
\n
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\u2019s 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 due\u00b9 and their associated expected credit losses:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Trade receivables at amortised cost past due
\u00a0 \u00a0
30 days
31\u201360
61\u2013180
180
\u00a0
\u00a0
Due
or less
days
days
days+
Total
31 March 2026
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Gross carrying amount
2,878
538
252
280
889
4,837
Expected credit loss allowance
(53)
(49)
(30)
(126)
(673)
(931)
Net carrying amount
2,825
489
222
154
216
3,906
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Trade receivables at amortised cost past due
\u00a0\u00a0
30 days
31\u201360
61\u2013180
180
\u00a0
\u00a0
Due
or less
days
days
days+
Total
31 March 2025
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
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
\n
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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00822": { "value": "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\u2019s 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Included within non-current liabilities
\u00a0\u00a0
Other payables
338
245
Insurance liabilities
208
226
Accruals
251
40
Contract liabilities
817
812
Derivative and other financial instruments
1
1,719
1,824
\u00a0
3,333
3,147
Included within current liabilities
\u00a0\u00a0
Trade payables
2
6,211
6,157
Amounts owed to associates and joint ventures
306
332
Other taxes and social security payable
952
846
Other payables
3
1,540
1,038
Insurance liabilities
52
54
Accruals
4
4,980
4,138
Contract liabilities
1,445
1,416
Derivative and other financial instruments
1
93
82
\u00a0
15,579
14,063
\n
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\u2019s supply chain financing programme of \u20ac1,983 million (31
March 2025: \u20ac2,198 million); suppliers had drawn early payments of \u20ac1,312 million relating to these invoices at 31 March 2026 (2025:
\u20ac1,443 million).
3.
Includes \u20ac256 million (2025: \u20acnil) in relation to the CLAM indemnity between the Group and Vodafone Idea Limited. See note 29
\u201cContingent liabilities and legal proceedings\u201d for further details.
4.
Includes \u20ac92 million (2025: \u20ac132 million) payable in relation to irrevocable and non-discretionary share buyback programmes.
The carrying amounts of trade and other payables approximate their fair value.
Materially all of the \u20ac1,416 million recorded as current contract liabilities at 1 April 2025 was recognised as
revenue during the year.
Insurance liabilities included within non-current liabilities include \u20ac208 million (2025: \u20ac226 million) in respect of
the re-insurance of third party annuity policies relating to the Vodafone and CWW Sections of the Vodafone UK
and Group Pension Scheme and the Vodafone Ireland Pension Plan.
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
2026, 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 (\u2018SCF\u2019), 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 \u20ac128 million
(31 March 2025: \u20ac148 million) of Trade payables for which the Group has extended payment terms from 30 to
90 days
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 60 and 90 days respectively. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00829": { "value": "Accounting policies Trade payables are not interest-bearing and are stated at their nominal value.As a lessee
When the Group leases an asset, a \u2018right-of-use asset\u2019 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\u2019s 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 \u2018reasonably certain\u2019 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 \u2018Property, plant and equipment\u2019). 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\u2019s 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. 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 \u2018Capital and financial risk management\u2019). 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. Accounting policies
Financial instruments
Financial assets and financial liabilities, in respect of financial instruments, are recognised on the Group\u2019s
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\u2019s 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\u2019s
policies approved by the Board of Directors, which provide written principles on the use of financial derivatives
consistent with the Group\u2019s risk management strategy. The Group does not use derivative financial instruments
for speculative purposes.
The Group designates certain derivatives as:
\u2212
hedges of the change in fair value of recognised assets and liabilities (\u2018fair value hedges\u2019);
\u2212
hedges of highly probable forecast transactions or hedges of foreign currency or interest rate risks of firm
commitments (\u2018cash flow hedges\u2019); or
\u2212
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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00828": { "value": "Accounting policies Trade payables are not interest-bearing and are stated at their nominal value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00823": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Included within non-current liabilities
\u00a0\u00a0
Other payables
338
245
Insurance liabilities
208
226
Accruals
251
40
Contract liabilities
817
812
Derivative and other financial instruments
1
1,719
1,824
\u00a0
3,333
3,147
Included within current liabilities
\u00a0\u00a0
Trade payables
2
6,211
6,157
Amounts owed to associates and joint ventures
306
332
Other taxes and social security payable
952
846
Other payables
3
1,540
1,038
Insurance liabilities
52
54
Accruals
4
4,980
4,138
Contract liabilities
1,445
1,416
Derivative and other financial instruments
1
93
82
\u00a0
15,579
14,063
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00824": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Included within non-current liabilities
\u00a0\u00a0
Other payables
338
245
Insurance liabilities
208
226
Accruals
251
40
Contract liabilities
817
812
Derivative and other financial instruments
1
1,719
1,824
\u00a0
3,333
3,147
Included within current liabilities
\u00a0\u00a0
Trade payables
2
6,211
6,157
Amounts owed to associates and joint ventures
306
332
Other taxes and social security payable
952
846
Other payables
3
1,540
1,038
Insurance liabilities
52
54
Accruals
4
4,980
4,138
Contract liabilities
1,445
1,416
Derivative and other financial instruments
1
93
82
\u00a0
15,579
14,063
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00825": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Included within non-current liabilities
\u00a0\u00a0
Other payables
338
245
Insurance liabilities
208
226
Accruals
251
40
Contract liabilities
817
812
Derivative and other financial instruments
1
1,719
1,824
\u00a0
3,333
3,147
Included within current liabilities
\u00a0\u00a0
Trade payables
2
6,211
6,157
Amounts owed to associates and joint ventures
306
332
Other taxes and social security payable
952
846
Other payables
3
1,540
1,038
Insurance liabilities
52
54
Accruals
4
4,980
4,138
Contract liabilities
1,445
1,416
Derivative and other financial instruments
1
93
82
\u00a0
15,579
14,063
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00826": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Included within non-current liabilities
\u00a0\u00a0
Other payables
338
245
Insurance liabilities
208
226
Accruals
251
40
Contract liabilities
817
812
Derivative and other financial instruments
1
1,719
1,824
\u00a0
3,333
3,147
Included within current liabilities
\u00a0\u00a0
Trade payables
2
6,211
6,157
Amounts owed to associates and joint ventures
306
332
Other taxes and social security payable
952
846
Other payables
3
1,540
1,038
Insurance liabilities
52
54
Accruals
4
4,980
4,138
Contract liabilities
1,445
1,416
Derivative and other financial instruments
1
93
82
\u00a0
15,579
14,063
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00827": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Included within non-current liabilities
\u00a0\u00a0
Other payables
338
245
Insurance liabilities
208
226
Accruals
251
40
Contract liabilities
817
812
Derivative and other financial instruments
1
1,719
1,824
\u00a0
3,333
3,147
Included within current liabilities
\u00a0\u00a0
Trade payables
2
6,211
6,157
Amounts owed to associates and joint ventures
306
332
Other taxes and social security payable
952
846
Other payables
3
1,540
1,038
Insurance liabilities
52
54
Accruals
4
4,980
4,138
Contract liabilities
1,445
1,416
Derivative and other financial instruments
1
93
82
\u00a0
15,579
14,063
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00831": { "value": "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\u2019s 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 \u2018Contingent liabilities and legal proceedings\u2019 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\u2019s other categories of provisions.
The table below is a summary of provisions by type and between current and non-current amounts.
\u00a0
Asset
\u00a0\u00a0\u00a0\u00a0
\u00a0
retirement
Legal and
\u00a0\u00a0\u00a0
\u00a0
obligations
regulatory
Restructuring
Other
Total
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
1 April 2024
933
269
942
304
2,448
Exchange movements
2
(12)
1
(1)
(10)
Amounts capitalised in the year
71
\u2013
\u2013
\u2013
71
Amounts charged to the income statement
\u2013
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
Exchange movements
(20)
(18)
(3)
1
(40)
Acquisitions
80
4
1
5
90
Amounts capitalised in the year
143
\u2013
\u2013
\u2013
143
Amounts charged to the income statement
\u2013
146
78
146
370
Utilised in the year - payments
(41)
(31)
(248)
(104)
(424)
Amounts released to the income statement
(6)
(50)
(194)
(60)
(310)
Other
1
\u2013
\u2013
(333)
\u2013
(333)
31 March 2026
1,115
326
132
419
1,992
\u00a0
Asset
\u00a0\u00a0\u00a0\u00a0
\u00a0
retirement
Legal and
\u00a0\u00a0\u00a0
\u00a0
obligations
regulatory
Restructuring
Other
Total
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Current liabilities
62
283
72
314
731
Non-current liabilities
1,053
43
60
105
1,261
31 March 2026
1,115
326
132
419
1,992
\u00a0
Asset
\u00a0\u00a0\u00a0\u00a0
\u00a0
retirement
Legal and
\u00a0\u00a0\u00a0
\u00a0
obligations
regulatory
Restructuring
Other
Total
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
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
\n
Note:
1.
Other movements in respect of the Restructuring provision includes re-classifications to Trade and other payables of employee
termination liabilities whose timing and value are no longer uncertain. Certain of these payments are long term in nature and are
subject to change for prevailing inflation indices in the relevant market.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.
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Performance and payment bonds
1
863
1,313
\n
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\u2019s main defined benefit plan is the Vodafone UK Group Pension Scheme (\u2018Vodafone UK plan\u2019) which has
two segregated sections, the Vodafone Section and the CWW Section, as detailed in note 25 \u2018Post employment
benefits\u2019.
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 \u2018Post employment benefits\u2019. 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 2026, the Vodafone UK plan holds security over \u00a3100 million (\u20ac114 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 \u00a31.25 billion (\u20ac1.43 billion) to provide security over the deficit under
certain defined circumstances, including insolvency of the employers. The Company has also issued a similar
guarantee of up to \u00a31.25 billion (\u20ac1.43 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 \u00a3100 million (\u20ac114 million).
Under the terms of the merger of Vodafone UK and Three UK (see note 27 \u2018Acquisitions and disposals\u2019), the Group
has provided an indemnity in relation to pre-existing pension funds.
The Group will pay Hutchison for any losses that
it incurs, via its 49% equity interest in VodafoneThree, both as a result of any payments to the Vodafone UK plan and
of any amounts paid to the THUS Plc Group Scheme in respect of service prior to 31 May 2025.
The Group currently
has no obligations that would be covered by the indemnity. The value of any future contributions will depend on
future movements in the values of the assets and the liabilities held by the respective funds.
The Group currently
holds no material provision in respect of this indemnity.
\n
Vodafone Idea
\n
As part of the agreement to merge Vodafone India and Idea Cellular in 2017, the parties agreed a mechanism for
\n
payments (the \u2018CLAM indemnity\u2019) between the Group and Vodafone Idea Limited (\u2018VIL\u2019) under which the Group
\n
would reimburse VIL in the event of the crystallisation and payment of certain identified contingent liabilities. The
\n
Group\u2019s maximum potential exposure under this mechanism was capped at INR 64 billion (\u20ac585 million).
\n
On 31 December 2025 the Group reached an agreement with VIL to settle the Group\u2019s obligations under the CLAM
\n
via the following transactions:
\n
-
The Group will make cash payments totalling \u20ac219 million to VIL; there will be no net cash outflow for the
\n
Group as these will be funded by VIL\u2019s payment of \u20ac219 million of outstanding service charges; and
\n
-
The Group has set aside 3,280 million of Vodafone Group's shares in VIL for VIL\u2019s benefit.
VIL will have the
\n
right to instruct Vodafone to sell these shares, in one or more tranches over up to five years, with any cash
\n
proceeds being transferred to VIL.
\n
The Group has recognised a liability of \u20ac256 million, based on the observable market value of the shares that have
\n
been assigned to VIL.
\n
Legal proceedings
\n
The Group is currently involved in a number of legal proceedings, including inquiries from, or discussions with,
\n
government authorities that are incidental to its operations.
\n
Legal proceedings where the Group considers that the likelihood of material future outflows of cash or other
\n
resources is more than remote are disclosed below. Where the Group assesses that it is probable that the outcome
\n
of legal proceedings will result in a financial outflow, and a reliable estimate can be made of the amount of that
\n
obligation, a provision is recognised for these amounts.
\n
In all cases, determining the probability of successfully defending a claim against the Group involves the application
\n
of judgement as the outcome is inherently uncertain. The determination of the value of any future outflows of cash
\n
or other resources, and the timing of such outflows, involves the use of estimates. The costs incurred in complex
\n
legal proceedings, regardless of outcome, can be significant.
\n
The Group is not involved in any material proceedings in which any of the Group\u2019s Directors, members of senior
\n
management or affiliates are either a party adverse to the Group or have a material interest adverse to the Group.
\n
Tax cases
\n
Netherlands tax case
\n
Vodafone Europe BV (\u2018VEBV\u2019) received assessments totalling \u20ac267 million in tax and interest from the Dutch tax
\n
authorities, who challenged the application of the arm\u2019s length principle in relation to various intra-group financing
\n
transactions. VEBV appealed against these assessments to the District Court of the Hague where a hearing was held
\n
in March 2023. The District Court issued its judgement in July 2023, upholding VEBV\u2019s appeal in relation to the
\n
majority of issues and requiring the Dutch tax authorities to significantly reduce its assessments. VEBV and the Dutch
\n
tax authorities subsequently appealed the District Court\u2019s judgement before the Court of Appeal of The Hague. A
\n
final decision from the Court of Appeal is expected in late 2026.
\n
The Group continues to believe it has robust defences but has recorded a provision of \u20ac27 million for tax and
\n
accrued interest reflecting the July 2023 judgement and the Group\u2019s current view of the probable financial outflow
\n
required to fully resolve the issue.
\n
VISPL tax claims
\n
Vodafone India Services Private Limited (\u2018VISPL\u2019) has now closed all outstanding tax disputes with the Indian tax
\n
authorities relating to Vodafone\u2019s acquisition of Hutchison Essar (later renamed Vodafone India Limited), including
\n
the five assessment years between 2008-09 and 2014-15. The tax amnesty was formally concluded in July 2025.
\n
The amnesty gave rise to an income statement tax charge of \u20ac185 million in the financial year ended 31 March
\n
2025. No income statement tax charge arose in the financial year ended 31 March 2026.
\n
Other cases in the Group
\n
Germany: price increase class action
\n
In November 2023, the Verbraucherzentrale Bundesverband (Federation of German Consumer Organisations)
\n
initiated a class action against Vodafone Germany in the Hamm Higher Regional Court. Vodafone Germany
\n
implemented price increases of \u20ac5 per month for fixed lines services in 2023 in response to higher costs. The claim
\n
alleges that terms regarding price increases in the consumer contracts entered into by Vodafone Germany\u2019s
\n
customers up until August 2023 are invalid under German civil law and seeks reimbursement of the additional
\n
charges plus interest. Customers must enter their details onto the register of collective actions on the Federal Office
\n
of Justice website in order to participate in the claim. The register opened in April 2024 and as at 31 March 2026,
\n
approximately 115,100 customers had registered. Vodafone Germany filed its defence in August 2024. Proceedings
\n
in the class action have been suspended pending the outcome of a referral to the Court of Justice of the European
\n
Union in a related case.
\n
Whilst the Group intends to defend the claim, it is not able to determine the likelihood or estimate the amount of any
\n
possible financial loss at this stage of the proceedings.
\n
Germany: claims regarding transfer of data to credit agencies
\n
Individual consumers are bringing claims against Vodafone Germany and/or the other national network operators
\n
for GDPR infringement relating to the transfer of data to credit agencies without consent.
Vodafone Germany\u2019s
\n
position is that the transfer of information about the existence of a consumer contract is justified for fraud prevention
\n
purposes.
\n
The Group will continue to defend these claims. However, the Group now considers the risk of a material financial
\n
impact to be remote.
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
tower 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 \u2018Vodafone\u2019) were informed that 1&1 had
submitted a complaint to the Bundeskartellamt (\u2018BkA\u2019), 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 sites acted as an obstacle to 1&1\u2019s market entry and an abuse of
relative market power.
Vodafone submitted its response to the Statement of Objections to the BkA on 2 July
2025. Vodafone has received a letter from the BkA stating that, if an infringement decision is issued, it is likely to
include an order for disgorgement of the alleged economic advantage obtained as a result of the alleged
infringement. In November 2025 Vodafone filed an application before the Higher Regional Court of Dusseldorf
challenging procedural irregularities in the BkA\u2019s investigative process and seeking an injunction to prevent the
BkA from issuing an infringement decision pending the outcome of the Court\u2019s decision. The BkA filed its
response to the application and the Court\u2019s decision is pending.
While the outcome is uncertain, the Group believes it has strong defences and that it is probable no present
obligation exists.
Italy: Iliad v Vodafone Italy
In July 2019, Iliad filed a claim for \u20ac500 million against Vodafone Italy in the Civil Court of Milan which, following
the divestment of Vodafone Italy was subject to an indemnity provided by the Group to Swisscom. The claim
alleged 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 which was rejected in a decision dated 30 December
2025. Iliad has not filed a further appeal before the Supreme Court and so the case is closed.
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 \u20ac330 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\u2019s 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. The Papistas claimants filed
a further appeal before the Supreme Court in August 2025. There was a further hearing in February 2025 about
one aspect of the appeal proceedings (a claim for damages of \u20ac2.1 million) which the Court of Appeal referred
back to the Athens Court of First Instance in August 2025.
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.
South Africa: Kenneth Makate v Vodacom (Pty) Limited
Mr Kenneth Makate, a former employee of Vodacom Pty Limited (\u2018Vodacom South Africa\u2019), started legal
proceedings in 2008 claiming compensation for a business idea that led to the development of a service known
as \u2018Please Call Me\u2019 (\u2018PCM\u2019).
On 4 November 2025, an immaterial settlement between Vodacom South Africa and Mr Makate was agreed. The
related court proceedings have been withdrawn.
UK: Mr Justin Gutmann v Vodafone Limited and Vodafone Group Plc
In November 2023, Mr Gutmann issued claims in the Competition Appeal Tribunal (\u2018CAT\u2019) seeking permission, as
a proposed class representative, to bring collective proceedings on an opt-out basis against the four UK mobile
network operators (\u2018MNOs\u2019) 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 \u00a31.4 billion (\u20ac1.6 billion), including interest. Hutchison 3G UK Limited (\u2018Three\u2019), which merged
with Vodafone Limited in May 2025, is also a named defendant to the claim with an alleged value of \u00a3507 million
(\u20ac578 million), including interest.
It is alleged that Vodafone, Three, 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 \u2018loyalty penalty\u2019). The claim was certified by the CAT in November 2025. Following a successful
strike out application based on limitation, the total value of the claims against Vodafone and Three have been
reduced to \u00a3557 million (\u20ac638 million) and \u00a3197 million (\u20ac225 million), respectively. Defences were filed on 27
February 2026 and Replies on 1 May 2026. A hearing will take place on 1-2 July 2026 to set the timetable to trial.
Taking into account all available evidence at this stage, the Group\u2019s 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.
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 (\u2018MNOs
\u2019
), 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. Following a trial on liability, the High Court issued a judgement in Vodafone\u2019s favour in November
2023 rejecting Phones 4U\u2019s allegations that the defendants were in breach of competition law. In July 2025 the
Court of Appeal also rejected all of Phones 4U\u2019s grounds of appeal. Phones 4U has not appealed to the Supreme
Court and so the case is closed. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00830": { "value": "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\u2019s 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 \u2018Contingent liabilities and legal proceedings\u2019 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\u2019s other categories of provisions.
The table below is a summary of provisions by type and between current and non-current amounts.
\u00a0
Asset
\u00a0\u00a0\u00a0\u00a0
\u00a0
retirement
Legal and
\u00a0\u00a0\u00a0
\u00a0
obligations
regulatory
Restructuring
Other
Total
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
1 April 2024
933
269
942
304
2,448
Exchange movements
2
(12)
1
(1)
(10)
Amounts capitalised in the year
71
\u2013
\u2013
\u2013
71
Amounts charged to the income statement
\u2013
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
Exchange movements
(20)
(18)
(3)
1
(40)
Acquisitions
80
4
1
5
90
Amounts capitalised in the year
143
\u2013
\u2013
\u2013
143
Amounts charged to the income statement
\u2013
146
78
146
370
Utilised in the year - payments
(41)
(31)
(248)
(104)
(424)
Amounts released to the income statement
(6)
(50)
(194)
(60)
(310)
Other
1
\u2013
\u2013
(333)
\u2013
(333)
31 March 2026
1,115
326
132
419
1,992
\u00a0
Asset
\u00a0\u00a0\u00a0\u00a0
\u00a0
retirement
Legal and
\u00a0\u00a0\u00a0
\u00a0
obligations
regulatory
Restructuring
Other
Total
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Current liabilities
62
283
72
314
731
Non-current liabilities
1,053
43
60
105
1,261
31 March 2026
1,115
326
132
419
1,992
\u00a0
Asset
\u00a0\u00a0\u00a0\u00a0
\u00a0
retirement
Legal and
\u00a0\u00a0\u00a0
\u00a0
obligations
regulatory
Restructuring
Other
Total
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
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
\n
Note:
1.
Other movements in respect of the Restructuring provision includes re-classifications to Trade and other payables of employee
termination liabilities whose timing and value are no longer uncertain. Certain of these payments are long term in nature and are
subject to change for prevailing inflation indices in the relevant market.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00832": { "value": "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\u2019s 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 \u2018Contingent liabilities and legal proceedings\u2019 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\u2019s other categories of provisions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00833": { "value": "Asset retirement obligations
In the course of the Group\u2019s 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00835": { "value": "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.
\u00a0
2026
2025
\u00a0
Number
\u20acm
Number
\u20acm
Ordinary shares of 20
20
\u2044
21
US cents
\u00a0\u00a0\u00a0\u00a0
each allotted, issued and fully paid:
1,2
\u00a0\u00a0\u00a0\u00a0
1 April
26,388,285,902
4,319
28,818,683,808
4,797
Allotted during the year
495,180
\u2013
455,190
\u2013
Cancelled during the year
(2,060,402,493)
(369)
(2,430,853,096)
(478)
31 March
24,328,378,589
3,950
26,388,285,902
4,319
\n
Notes:
1.
At 31 March 2026, there were 50,000 (2025: 50,000) 7% cumulative fixed rate shares of \u00a31 each in issue.
2.
At 31 March 2026, the Group held 1,234,199,142 (2025: 1,416,813,312) treasury shares with a nominal value of \u20ac200 million (2025:
\u20ac232 million). The market value of shares held was \u20ac1,600 million (2025: \u20ac1,234 million). During the year, 86,121,473 (2025:
99,750,090) treasury shares were reissued under Group share schemes and 1,963,879,726 (2025: 2,208,854,544) shares were
repurchased under share buy-back arrangements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00834": { "value": "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.
\u00a0
2026
2025
\u00a0
Number
\u20acm
Number
\u20acm
Ordinary shares of 20
20
\u2044
21
US cents
\u00a0\u00a0\u00a0\u00a0
each allotted, issued and fully paid:
1,2
\u00a0\u00a0\u00a0\u00a0
1 April
26,388,285,902
4,319
28,818,683,808
4,797
Allotted during the year
495,180
\u2013
455,190
\u2013
Cancelled during the year
(2,060,402,493)
(369)
(2,430,853,096)
(478)
31 March
24,328,378,589
3,950
26,388,285,902
4,319
\n
Notes:
1.
At 31 March 2026, there were 50,000 (2025: 50,000) 7% cumulative fixed rate shares of \u00a31 each in issue.
2.
At 31 March 2026, the Group held 1,234,199,142 (2025: 1,416,813,312) treasury shares with a nominal value of \u20ac200 million (2025:
\u20ac232 million). The market value of shares held was \u20ac1,600 million (2025: \u20ac1,234 million). During the year, 86,121,473 (2025:
99,750,090) treasury shares were reissued under Group share schemes and 1,963,879,726 (2025: 2,208,854,544) shares were
repurchased under share buy-back arrangements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00836": { "value": "Accounting policies
Equity instruments issued by the Group are recorded at the amount of the proceeds received, net of direct
issuance costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00837": { "value": "18. Reconciliation of net cash flow from operating activities
The table below shows how our profit/(loss) for the year from continuing operations translates
into cash flows generated from our operating activities.
\u00a0\u00a0
2026
2025
2024
\u00a0
Note
\u20acm
\u20acm
\u20acm
(Loss)/profit for the financial year
\u00a0
(49)
(3,746)
1,505
Loss for the financial year from discontinued operations
\u00a0
108
22
65
Profit/(loss) for the financial year from continuing
\u00a0\u00a0\u00a0\u00a0
operations
\u00a0
59
(3,724)
1,570
Investment and other income
5
(1,395)
(864)
(581)
Financing costs
5
2,375
1,931
2,626
Income tax expense
6
1,805
2,246
50
Operating profit/(loss)
\u00a0
2,844
(411)
3,665
Adjustments for:
\u00a0\u00a0\u00a0\u00a0
Share-based payments and other non-cash charges
\u00a0
11
68
98
Depreciation and amortisation
10, 11
12,454
10,804
10,414
(Gain)/loss on disposal of property, plant and equipment
\u00a0\u00a0\u00a0\u00a0
and intangible assets
10, 11
(203)
13
34
Share of results of equity accounted associates and joint
\u00a0\u00a0\u00a0\u00a0
ventures
12
382
123
96
Impairment charge/(reversal)
4
\u2013
4,515
(64)
Other (expense)/income
3
88
(565)
(372)
Decrease in inventory
\u00a0
222
134
177
Increase in trade and other receivables
14
(361)
(774)
(597)
(Decrease)/increase in trade and other payables
15
(158)
710
534
Cash generated by operations
\u00a0
15,279
14,617
13,985
Net tax paid
\u00a0
(988)
(901)
(724)
Cashflows from discontinued operations
\u00a0
\u2013
1,657
3,296
Net cash flow from operating activities
\u00a0
14,291
15,373
16,557
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00838": { "value": "19. Cash and cash equivalents
The majority of the Group\u2019s 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Cash and bank deposits
1
5,274
8,871
Money market funds
2
3,708
2,130
Cash and cash equivalents as presented in the consolidated statement of
\u00a0\u00a0
financial position
8,982
11,001
Bank overdrafts
(69)
(108)
Cash and cash equivalents as presented in the consolidated statement of
\u00a0\u00a0
cash flows
8,913
10,893
\n
Notes:
1.
Includes bank deposits under repurchase agreements of \u20ac2,502 million (2025: \u20ac6,531 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 \u20ac2,254 million (2025: \u20ac1,922 million) are held in countries with restrictions on
remittances but where the balances could be used to repay subsidiaries\u2019 third party liabilities. In addition, those
balances could also be used to repay \u20ac695 million (2025: \u20ac800 million) of intercompany liabilities as at 31 March
2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00839": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00840": { "value": "Cash and cash equivalents of \u20ac2,254 million (2025: \u20ac1,922 million) are held in countries with restrictions on
remittances but where the balances could be used to repay subsidiaries\u2019 third party liabilities. In addition, those
balances could also be used to repay \u20ac695 million (2025: \u20ac800 million) of intercompany liabilities as at 31 March
2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00841": { "value": "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 \u2018right-of-use asset\u2019 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\u2019s 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 \u2018reasonably certain\u2019 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 \u2018Property, plant and equipment\u2019). 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\u2019s 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.
\n
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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\u2019s ordinary activities (i.e.
primarily leases of handsets or other equipment to customers, leases of wholesale access to the Group\u2019s 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\u2019s 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\u2019s operations and on a wholesale basis from other operators to provide fixed connectivity services to
the Group\u2019s customers.
The Group\u2019s general approach to determining lease term by class of asset is described in note 1 \u2018Basis of
preparation\u2019 under \u2018Critical accounting judgements and key sources of estimation uncertainty\u2019.
Most of the Group\u2019s 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\u2019s 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\u2019s lease contracts contain optional periods. The Group\u2019s 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 \u2018Basis of preparation\u2019 under \u2018Critical accounting judgements and key sources of
estimation uncertainty\u2019.
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\u2019s cash outflow for leases in the year ended 31 March 2026 was \u20ac4,171 million (2025: \u20ac3,770 million,
2024: \u20ac3,567 million) and absent significant future changes in the volume of the Group\u2019s 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\u2019s 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.
Amounts recognised in the primary financial statements in relation to lessee transactions
Right-of-use assets
The carrying value of the Group\u2019s right-of-use assets, depreciation charge for the year and additions during the
year are disclosed in note 11 \u2018Property, plant and equipment\u2019.
Lease liabilities
\n
The Group\u2019s lease liabilities are disclosed in note 21 \u2018Borrowings\u2019. The maturity profile of the Group\u2019s lease
\n
liabilities is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Within one year
3,241
2,765
In more than one year but less than two years
2,546
2,081
In more than two years but less than three years
1,972
1,756
In more than three years but less than four years
1,441
1,434
In more than four years but less than five years
1,269
965
In more than five years
4,265
3,868
\u00a0
14,734
12,869
Effect of discounting
(2,346)
(2,043)
Lease liability - as disclosed in note 21 \u2018Borrowings\u2019
12,388
10,826
\n
At 31 March 2026 the Group has committed to enter into future lease contracts with future undiscounted lease
\n
payments of \u20ac2,349 million (31 March 2025: \u20ac1,464 million) which includes \u20ac1,386 million (31 March
\n
2025: \u20ac1,102 million) of commitments to Vantage Towers A.G., a subsidiary of the Group\u2019s joint arrangement
\n
Oak Holdings 1 GmbH, for tower leases which predominantly have terms of eight years from the date on which
\n
the towers are made available for use. The towers are expected to become available for use over the four years
\n
ending 31 March 2030.
\n
Interest expense on lease liabilities for the year is disclosed in note 5 \u2018Investment income and financing costs\u2019.
\n
The Group has no material liabilities under residual value guarantees and makes no material variable payments
\n
not included in the lease liability. The Group does not apply either the short term or low value expedient options
\n
in IFRS 16 \u2018Leases\u2019.
\n
The Group\u2019s leasing activities as a lessor
\n
The Group has a wide range of lessor activities with consumer and enterprise customers, other
\n
telecommunication companies and other companies. With consumer and enterprise customers, the Group
\n
generates lease income from the provision of handsets, routers and other communications equipment. The
\n
Group provides wholesale access to the Group\u2019s fibre and cable networks, leases out space on the Group\u2019s owned
\n
mobile base stations to other telecommunication companies and subleases certain retained mobile base station
\n
sites to telecommunication tower companies. In addition, the Group subleases retail stores to franchise partners
\n
in certain markets and leases out surplus assets (e.g. vacant offices and retail stores) to other companies.
\n
Lessor transactions are classified as operating or finance leases based on whether the lease transfers
\n
substantially all of the risks and rewards incidental to ownership of the asset. Leases are individually assessed, but
\n
generally, the Group\u2019s lessor transactions in the year are classified as:
\n
\u2212
Operating leases where the Group provides wholesale access to its fibre and cable networks, provides routers
\n
or similar equipment to fixed customers or is lessor of space on owned mobile base stations; and
\n
\u2212
Finance leases where the Group is sub-lessor of handsets or similar items in back-to-back arrangements or
\n
where surplus assets or certain retained mobile base stations sites are sublet out for all or substantially all of
\n
the remaining head lease term.
\n
The Group\u2019s income as a lessor in the year is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Operating leases
\u00a0 \u00a0 \u00a0
Lease revenue (note 2 \u2018Revenue disaggregation and segmental analysis\u2019)
415
423
463
Income from leases not recognised as revenue
42
36
38
\n
Substantially all of the Group\u2019s income as a lessor is operating lease income.
\n
The committed amounts to be received from the Group\u2019s operating leases are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Maturity
\u00a0 \u00a0 \u00a0
\u00a0
Within one
In one to
In two to
In three to
In four to
In more than
\u00a0
\u00a0
year
two years
three years
four years
five years
five years
Total
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Committed operating lease
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
payments due to the Group as a
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
lessor
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
31 March 2026
258
110
34
21
9
11
443
31 March 2025
261
98
31
18
11
14
433
31 March 2024
296
121
29
16
9
20
491
\n
The Group recognises a net investment in leases (receivables) as a result of providing finance leases as a lessor,
\n
which are disclosed in note 14 \u2018Trade and other receivables\u2019. The maturity profile of the Group\u2019s net investment in
\n
leases is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Within one year
109
106
In more than one year but less than two years
86
82
In more than two years but less than three years
61
59
In more than three years but less than four years
52
51
In more than four years but less than five years
50
42
In more than five years
182
238
\u00a0
540
578
Unearned finance income
(99)
(118)
Net investment in leases - as disclosed in note 14 \u2018Trade and other receivables\u2019
441
460
\nThe Group has no material lease income arising from variable lease payments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00842": { "value": "Accounting policies
As a lessee
When the Group leases an asset, a \u2018right-of-use asset\u2019 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\u2019s 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 \u2018reasonably certain\u2019 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 \u2018Property, plant and equipment\u2019). 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\u2019s 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.
\n
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\n
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\u2019s ordinary activities (i.e.
primarily leases of handsets or other equipment to customers, leases of wholesale access to the Group\u2019s 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00843": { "value": "21. Borrowings
The Group\u2019s 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\u2019s lease arrangements are also reported in borrowings; see note 20 \u2018Leases\u2019. 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 \u2018Capital and financial risk management\u2019). 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
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Non-current borrowings
\u00a0\u00a0
Bonds
32,285
34,873
Bank loans
1,209
1,009
Lease liabilities (note 20 'Leases')
9,587
8,480
Other borrowings
1
2,425
1,734
\u00a0
45,506
46,096
Current borrowings
\u00a0\u00a0
Bonds
1,543
1,529
Bank loans
174
204
Lease liabilities (note 20 'Leases')
2,801
2,346
Collateral liabilities
1,644
2,357
Other borrowings
1
968
611
\u00a0
7,130
7,047
Borrowings
52,636
53,143
\n
Note:
1.
Includes \u20ac996 million (2025: \u20ac700 million) and \u20ac492 million (2025: \u20ac187 million) of licence and spectrum fees payable, and \u20ac295
million (2025: \u20ac307 million) and \u20ac258 million (2025: \u20ac196 million) of supplier payables classified as borrowings, in non-current and
current borrowings respectively. The supplier payables classified as borrowings predominantly comprise payables for software licences
which are received up-front but charged to the Group via annual or other deferred instalments.
The fair value of the Group\u2019s financial liabilities held at amortised cost approximate to fair value with the
exception of long-term bonds with a carrying value of \u20ac32,285 million (2025: \u20ac34,873 million) which have a fair
value of \u20ac29,432 million (2025: \u20ac31,325 million). Fair value is based on level 1 of the fair value hierarchy using
quoted market prices.
The Group\u2019s borrowings, which mainly include certain bonds that have been designated in hedge relationships,
are carried at \u20ac839 million (2025: \u20ac899 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
increase the euro equivalent redemption value of the bonds by \u20ac173 million (2025: decrease by \u20ac1,132 million).
Commercial paper programmes
The Group currently have US and euro commercial paper programmes of US$15 billion (\u20ac13 billion) and \u20ac10
billion respectively which are available to be used to meet short-term liquidity requirements. At 31 March 2026
both programmes remained undrawn. The commercial paper facilities were supported by US$4.0 billion (\u20ac3.5
billion) and \u20ac4.1 billion of syndicated committed bank facilities. No amounts had been drawn under these
facilities.
Bonds
We have two \u20ac30 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 2026 the total nominal amounts in issue under
these programmes split by currency were US$16.0 billion, \u20ac15.4 billion, \u00a32.7 billion, CHF0.2 billion,
HKD$1.8billion, AUS$0.3 billion, JPY10.0 billion.
At 31 March 2026 the Group had bonds outstanding with a nominal value equivalent to \u20ac33.0 billion. During the
year ended 31 March 2026, bonds with a nominal value of \u00a30.5 billion (\u20ac0.6 billion) and \u20ac4.8 billion were issued
utilising the euro medium-term note programme. During the year bonds with nominal value of US$2.5 billion
(\u20ac2.1 billion), \u00a31.7 billion (\u20ac1.9 billion) and \u20ac1.1 billion were re-purchased and bonds with a carrying value of \u20ac1.3
billion, \u00a30.2 billion (\u20ac0.2 billion) and NOK 0.2billion (\u20ac20 million) matured. Bonds mature between 2026 and
2086 (2025: 2025 and 2086) and have interest rates between 0.5% and 8% (2025: 0.5% and 8%).
Treasury shares
The Group held a maximum of 2,122,987,551 (2025: 2,305,697,477) of its own shares during the year which
represented 8.0% (2025: 8.2%) of issued share capital at that time. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00844": { "value": "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 \u2018Capital and financial risk management\u2019). 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00845": { "value": "Treasury shares
The Group held a maximum of 2,122,987,551 (2025: 2,305,697,477) of its own shares during the year which
represented 8.0% (2025: 8.2%) of issued share capital at that time. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00846": { "value": "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\u2019s
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\u2019s 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\u2019s
policies approved by the Board of Directors, which provide written principles on the use of financial derivatives
consistent with the Group\u2019s risk management strategy. The Group does not use derivative financial instruments
for speculative purposes.
The Group designates certain derivatives as:
\u2212
hedges of the change in fair value of recognised assets and liabilities (\u2018fair value hedges\u2019);
\u2212
hedges of highly probable forecast transactions or hedges of foreign currency or interest rate risks of firm
commitments (\u2018cash flow hedges\u2019); or
\u2212
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:
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Borrowings (note 21)
52,636
53,143
Cash and cash equivalents (note 19)
(8,982)
(11,001)
Derivative and other financial instruments included in trade and other receivables
\u00a0 \u00a0
(note 14)
(2,975)
(4,197)
Derivative and other financial instruments included in trade and other payables
\u00a0 \u00a0
(note 15)
1,812
1,906
Non-current investments in sovereign securities (note 13)
(915)
(913)
Short-term investments (note 13)
(3,431)
(5,280)
Collateral assets (note 13)
(1,169)
(1,010)
Financial liabilities under put option arrangements
107
97
Equity
54,365
53,916
Capital
91,448
86,661
\n
The Group\u2019s 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 associates and joint ventures and to non-controlling shareholders
Dividend policies within shareholder agreements for certain of the Group\u2019s 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.
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 2026 was \u20ac1,868 million (2025: \u20ac1,765 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 \u2018Trade and other payables\u2019). 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\u2019s treasury function centrally manages the Group\u2019s 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 May 2025. Treasury risk management is overseen by a committee comprising of the
Group\u2019s 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\u2019s Internal Auditor
reviews the internal control environment regularly.
Certain borrowings in Vodacom Group are subject to a maximum leverage ratio covenant that is tested on a
periodic basis. Vodacom Group was in compliance with all financial covenants throughout the reporting period.
No bonds issued by the Group or the Revolving Credit Facilities are subject to financial covenant ratios.
Approximately \u20ac30 billion (2025: \u20ac30 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\u2019s financial risk management policies seek to reduce the Group\u2019s 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 \u20ac13.3 billion,
providing significant headroom over short-term liquidity requirements. Additionally the Group maintains
undrawn revolving credit facilities of \u20ac7.6 billion euro equivalent. As at 31 March 2026 and after hedging,
substantially all the Group\u2019s 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\u2019s 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\u2019s 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, investing and financing
activities. The Group considers its maximum exposure to credit risk at 31 March to be:
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Cash and bank deposits (note 19)
5,274
8,871
Money market funds (note 19)
3,708
2,130
Managed investment funds (note 13)
3,214
3,141
Bonds and debt securities (note 13)
1,220
4,013
Collateral assets (note 13)
1,169
1,010
Other investments (note 13)
2,170
1,134
Derivative and other financial instruments (note 14)
2,975
4,197
Trade receivables (note 14)
1
6,473
5,717
Contract assets and other receivables (note 14)
4,829
4,605
Financial Guarantees
2
1,034
1,518
\u00a0
32,066
36,336
\n
Notes:
1.
Includes amounts guaranteed under sales of trade receivables \u20ac1,868 million (2025: \u20ac1,765 million).
2.
Principally comprises Vodafone Group Plc\u2019s guarantee of the Group\u2019s share in a multicurrency loan facility, amounting to US$0.5 billion
and \u20ac0.6 billion (2025: US$1.0 billion and \u20ac0.6 billion), which forms part of its overall joint venture investment in TPG Telecom Ltd. The
Group\u2019s share of these loan balances is included in the net investment in joint venture (see note 12 'Associates and joint arrangements').
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\u2019s 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\u2019s 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\u2019s 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 in the statement of financial position 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Collateral liabilities (note 21)
1,644
2,357
\n
In addition, as discussed in note 29 \u2018Contingent liabilities and legal proceedings\u2019, 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 \u2018Other investments\u2019.
Operating activities
Customer credit risk is managed by the Group\u2019s 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\u2019s 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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0
Trade receivables held
\u00a0\u00a0\u00a0
Trade receivables held
at fair value through
\u00a0
Contract assets
at amortised cost
other comprehensive income
\u00a0
2026
2025
2026
2025
2026
2025
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
1 April
46
20
865
765
77
78
Exchange movements
(1)
1
(24)
(7)
\u2013
\u2013
Amounts charged to credit losses
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
on financial assets
48
85
319
360
62
31
Other
1
4
(60)
(229)
(253)
(78)
(32)
31 March
97
46
931
865
61
77
\n
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\u2019s 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 due\u00b9 and their associated expected credit losses:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Trade receivables at amortised cost past due
\u00a0 \u00a0
30 days
31\u201360
61\u2013180
180
\u00a0
\u00a0
Due
or less
days
days
days+
Total
31 March 2026
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Gross carrying amount
2,878
538
252
280
889
4,837
Expected credit loss allowance
(53)
(49)
(30)
(126)
(673)
(931)
Net carrying amount
2,825
489
222
154
216
3,906
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Trade receivables at amortised cost past due
\u00a0\u00a0
30 days
31\u201360
61\u2013180
180
\u00a0
\u00a0
Due
or less
days
days
days+
Total
31 March 2025
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
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
\n
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.
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 2026 amounted to cash \u20ac9.0
billion (2025: \u20ac11.0 billion) and undrawn committed
facilities of \u20ac7.6 billion (2025: \u20ac8.0 billion), principally US dollar and euro revolving credit facilities of US$4.0
billion (\u20ac3.5 billion) and \u20ac4.1 billion and which mature in 2028 and 2031 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 60 years.
The maturity profile
of the anticipated future cash flows including interest in relation to the Group\u2019s non-
derivative financial liabilities on an undiscounted basis which, therefore, differs from both the carrying value and
fair value, is as follows:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Trade
\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
payables and
\u00a0
\u00a0\u00a0\u00a0
Lease
\u00a0
Total
other financial
\u00a0
\u00a0
Bank loans
Bonds
liabilities
Other
2
Borrowings
liabilities
3
Total
Maturity profile
1
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Within one year
175
3,003
3,241
2,609
9,028
13,089
22,117
One to two years
175
2,047
2,546
1,005
5,773
469
6,242
Two to three years
394
2,444
1,972
729
5,539
\u2013
5,539
Three to four years
62
5,559
1,441
481
7,543
\u2013
7,543
Four to five years
75
4,490
1,269
255
6,089
\u2013
6,089
More than five years
766
36,386
4,265
247
41,664
\u2013
41,664
\u00a0
1,647
53,929
14,734
5,326
75,636
13,558
89,194
Effect of discount /
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
financing rates
(264)
(20,101)
(2,346)
(289)
(23,000)
(26)
(23,026)
31 March 2026
1,383
33,828
12,388
5,037
52,636
13,532
66,168
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
\u2013
4,542
Three to four years
176
2,628
1,434
469
4,707
\u2013
4,707
Four to five years
69
4,893
965
422
6,349
\u2013
6,349
More than five years
769
41,898
3,868
90
46,625
\u2013
46,625
\u00a0
1,487
59,505
12,869
4,876
78,737
11,857
90,594
Effect of discount /
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
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
\n
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 \u2018hybrid
bonds\u2019, the expected settlement date is used.
2.
Includes spectrum licence payables with maturity profile \u20ac215 million (2025: \u20ac187 million) within one year, \u20ac215 million (2025: \u20ac187
million) in one to two years, \u20ac215 million (2025: \u20ac187 million) in two to three years, \u20ac215 million (2025: \u20ac187 million) in three to four
years, \u20ac89 million (2025: \u20ac187 million) in four to five years and \u20ac60 million (2025: \u20ac89 million) in more than five years. Also includes
\u20ac1,644 million (2025: \u20ac2,357 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\u2019s financial derivatives (which include interest rate swaps, cross-currency
interest rate swaps and foreign exchange swaps) using undiscounted cash flows, is as follows:
\u00a0\u00a0
2026
\u00a0\u00a0
2025
\u00a0
\u00a0
Payable
1
Receivable
1
Total
Payable
1
Receivable
1
Total
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Within one year
(9,341)
9,866
525
(8,207)
8,792
585
In one to two years
(2,924)
3,266
342
(5,780)
6,180
400
In two to three years
(3,001)
3,425
424
(2,363)
2,807
444
In three to four years
(4,056)
4,343
287
(5,782)
6,326
544
In four to five years
(2,168)
2,483
315
(4,174)
4,666
492
In more than five years
(46,662)
50,331
3,669
(47,357)
53,987
6,630
\u00a0
(68,152)
73,714
5,562
(73,663)
82,758
9,095
Effect of discount/financing rates
\u00a0\u00a0
(4,399)
\u00a0\u00a0
(6,804)
Financial derivative net receivable
\u00a0\u00a0
1,163
\u00a0\u00a0
2,291
\n
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\u2019s interest rate management policy, interest rates on long-term monetary assets and liabilities
are principally maintained on a fixed rate basis.
At 31 March 2026 and after hedging, substantially all of our bonds 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 2026 there would be a decrease in profit before tax by \u20ac9 million (2025: \u20ac26 million
decrease) including mark to market revaluations of interest rate and other derivatives and the potential interest
on cash and short-term investments. For each one hundred basis point fall in market interest rates for all
currencies in which the Group had borrowings at 31 March 2026 there would be an increase in profit before tax
by \u20ac19 million (2025: \u20ac39 million increase). There would be no material impact on equity.
At 31 March 2026, the Group had limited exposure through interest rate derivatives and floating rate bonds
referencing LIBOR and other interbank offered rates (IBORs).
Foreign exchange management
As Vodafone\u2019s 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 2026, 11% of net debt was denominated in currencies other than euro (8% South African rand and
3% 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\u2019s foreign exchange management policy, foreign exchange transaction exposure in Group
companies is generally maintained at the lower of \u20ac5 million per currency per month or \u20ac15 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 2026 the Group held financial liabilities in a net
investment hedge against the Group\u2019s South African rand operations. Sensitivity to foreign exchange movements
on the hedging liabilities, analysed against a strengthening of the South African rand by 10% would result in a
decrease in equity of \u20ac112 million (2025: \u20ac131 million) which would be fully offset by foreign exchange
movements on the hedged net assets. Weakening of the South African Rand by 10% would result in an increase
of equity of \u20ac91 million (2025: \u20ac107 million). In addition, cash flow hedges of principally US dollar borrowings
would result in an increase in equity of \u20ac235 million (2025: \u20ac372million) against a strengthening of US dollar by
10% and a decrease in equity of \u20ac192 million (2025: \u20ac304 million) against a weakening of US dollar by 10%.
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\u2019s sensitivity to foreign exchange risk as an impact on profit before tax. Each
incremental 10% movement in foreign currency exchange rates would have approximately the same effect as
the initial 10% detailed in the table.
\u00a0
Change in exchange rates
31 March 2026
Weakening 10% \u20acm
Strengthening 10% \u20acm
EGP
(68)
83
TRY
(40)
49
ZAR
(41)
50
GBP
60
(79)
\u00a0
Change in exchange rates
31 March 2025
Weakening 10% \u20acm
Strengthening 10% \u20acm
EGP
(50)
61
TRY
(24)
29
ZAR
(101)
124
GBP
66
(88)
\n
In 2026 the Group changed the presentation of sensitivity to foreign exchange risk by presenting the sensitivity
using a 10% change in the foreign exchange rates instead of the percentage based on the average exchange rates
movement in the previous three annual reporting periods. The change was done to improve comparability with prior
reporting periods and does not have a material impact on financial statements.
Equity risk
A 10% change in the share price of AST would have a \u20ac105 million impact on the value of the Group\u2019s equity
investment. There is no other material equity risk relating to the Group\u2019s equity investments. See note 13 \u2018Other
investments\u2019 for further information.
\n
Risk management strategy of hedge relationships
\n
The risk strategies of the designated cash flow, fair value, and net investment hedges reflect the above market
\n
risk strategies.
\n
The objective of the cash flow hedges is principally to convert foreign currency denominated fixed rate
\n
borrowings in US dollar, Pound sterling, Australian dollar, Swiss franc, Hong Kong dollar, Japanese yen,
\n
Norwegian krona and floating rate borrowings into euro fixed rate borrowings and hedge the foreign exchange
\n
spot rate and interest rate risk. There are also cash flow hedges of certain subsidiary expenditure not
\n
denominated in functional currency of the entity, to hedge foreign exchange risk. Derivative financial
\n
instruments designated in cash flow hedges are cross-currency interest rate swaps and foreign exchange swaps
\n
and forwards. The swap maturity dates and liquidity profiles of the nominal cash flows match those of the
\n
underlying borrowings and exposures.
\n
The objective of the net investment hedges is to hedge foreign exchange risk in foreign operations. Derivative
\n
financial instruments designated in net investment hedges are cross-currency interest rate swaps and foreign
\n
exchange swaps. The hedging instruments are rolled on an ongoing basis as determined by the nature of the
\n
business.
\n
Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective
\n
effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging
\n
instrument.
\n
For hedges of foreign currency denominated borrowings and investments, the Group uses a combination of
\n
cross-currency and foreign exchange swaps to hedge its exposure to foreign exchange risk and interest rate risk
\n
and enters into hedge relationships where the critical terms of the hedging instrument match with the terms of
\n
the hedged item. Therefore, the Group expects a highly effective hedging relationship with the swap contracts
\n
and the value of the corresponding hedged items to change systematically in the opposite direction in response
\n
to movements in the underlying exchange rates and interest rates. The Group therefore performs a qualitative
\n
assessment of effectiveness. If changes in circumstances affect the terms of the hedged item such that the
\n
critical terms no longer match with the critical terms of the hedging instrument, the Group uses the hypothetical
\n
derivative method to assess effectiveness. Hedge ineffectiveness may occur due to:
\n
a) The fair value of the hedging instrument on the hedge relationship designation date if the fair value is not nil;
\n
b) Changes in the contractual terms or timing of the payments on the hedged item; and
\n
c) A change in the credit risk of the Group or the counterparty with the hedging instrument.
\n
The hedge ratio for each designation will be established by comparing the quantity of the hedging instrument
\n
and the quantity of the hedged item to determine their relative weighting; for all of the Group\u2019s existing hedge
\n
relationships the hedge ratio has been determined as 1:1.
\n
The fair values of the derivative financial instruments are calculated by discounting the future cash flows to net
\n
present values using appropriate market rates and foreign currency rates prevailing at 31 March. The valuation
\n
basis is level 2 of the fair value hierarchy. This classification comprises items where fair value is determined from
\n
inputs other than quoted prices that are observable for the asset and liability, either directly or indirectly.
\n
Derivative financial assets and liabilities are included within trade and other receivables and trade and other
\n
payables in the statement of financial position.
The table below shows the carrying values and nominal amounts of derivatives in a continued hedge relationship as at 31 March.
\u00a0 \u00a0 \u00a0
Other comprehensive income
Weighted average
\u00a0 \u00a0
Carrying
Carrying
Opening
(Gain)/loss
Gain/(Loss)
Closing
\u00a0 \u00a0
Euro
\u00a0
Nominal
value
value
balance
deferred
recycled to
balance
Maturity
\u00a0
interest
\u00a0
amounts
assets
liabilities
1 April 2025
to OCI
financing costs
31 March 2026
1
year
FX rate
rate
At 31 March 2026
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u00a0 \u00a0
%
Cash flow hedges - foreign currency risk
2
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cross-currency and foreign exchange swaps:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
- US dollar bonds
13,964
1,230
324
(1,061)
974
(860)
(947)
2044
1.15
3.69
- Australian dollar bonds
163
\u2013
8
(1)
(1)
2
\u2013
2027
1.56
1.58
- Swiss franc bonds
204
46
\u2013
(9)
(8)
5
(12)
2030
1.08
1.53
- Pound sterling bonds
3,154
\u2013
284
489
114
(461)
142
2044
0.85
4.43
- Hong Kong dollar bonds
199
10
\u2013
(1)
10
(15)
(6)
2028
9.14
1.62
- Japanese yen bonds
78
\u2013
24
(3)
10
(7)
\u2013
2037
128.53
2.47
- Norwegian krona bonds
\u2013
\u2013
\u2013
\u2013
1
(1)
\u2013
\u2013
\u2013
\u2013
- Foreign exchange forwards
3
\u2013
\u2013
\u2013
\u2013
6
\u2013
6
\u2013
\u2013
\u2013
Cash flow hedges - foreign currency and interest rate risk
2
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Net investment hedge - foreign exchange risk
4
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cross currency and foreign exchange swaps - South African rand investment
1,024
89
\u2013
994
17
\u2013
1,011
2027
17.86
2.53
\u00a0
18,786
1,375
640
408
1,123
(1,337)
194
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Other comprehensive income
Weighted average
\u00a0 \u00a0
Carrying
Carrying
Opening
(Gain)/loss
Gain/(Loss)
Closing
\u00a0 \u00a0
Euro
\u00a0
Nominal
value
value
balance
deferred
recycled to
balance
Maturity
\u00a0
interest
\u00a0
amounts
assets
liabilities
1 April 2024
to OCI
financing costs
31 March 2025
1
year
FX rate
rate
At 31 March 2025
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u00a0 \u00a0
%
Cash flow hedges - foreign currency risk
2
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cross-currency and foreign exchange swaps:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
- US dollar bonds
16,097
2,245
138
(810)
(307)
56
(1,061)
2044
1.15
3.51
- Australian dollar bonds
163
\u2013
11
(13)
14
(2)
(1)
2027
1.56
1.58
- Swiss franc bonds
204
37
\u2013
(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
\u2013
\u2013
(4)
3
(1)
2028
9.14
1.62
- Japanese yen bonds
78
\u2013
14
(6)
2
1
(3)
2037
128.53
2.47
- Norwegian krona bonds
25
\u2013
4
(5)
3
2
\u2013
2025
9.25
0.37
- Foreign exchange forwards
3
\u2013
\u2013
\u2013
(42)
(1)
43
\u2013
\u2013
\u2013
\u2013
Cash flow hedges - foreign currency and interest rate risk
2
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Net investment hedge - foreign exchange risk
4
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cross currency and foreign exchange swaps - South African rand investment
1,203
124
\u2013
898
96
\u2013
994
2026
17.62
2.76
\u00a0
22,628
2,484
611
345
(134)
197
408
\u00a0 \u00a0 \u00a0
\n
Notes:
1.
Fair value movement deferred into other comprehensive income includes \u20ac55 million loss (2025: \u20ac200 million gain) and \u20ac1 million loss (2025: \u20ac1 million gain) of foreign currency basis outside the cash flow and net investment hedge relationships respectively.
2.
Hedge ineffectiveness of the swaps designated in a cash flow hedge during the period was \u20ac19 million (2025: \u20ac28 million).
3.
Hedge ineffectiveness of swaps designated in a net investment hedge during the period was \u20acnil (2025: \u20acnil).
The carrying value of bonds includes an additional \u20ac382 million loss (2025: \u20ac457 million loss) in relation to fair value of other bonds previously designated in fair value hedge relationships.
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 2026 and
31 March 2025.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Derivative and
\u00a0 \u00a0
Assets and
\u00a0 \u00a0
other financial
Financial
\u00a0
liabilities
\u00a0 \u00a0
instrument
liabilities
\u00a0
arising
from
\u00a0 \u00a0
assets and
under
Other
financing
\u00a0
Borrowings
liabilities
put options
liabilities1
activities
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
1 April 2025
53,143
(2,291)
97
194
51,143
Cash movements
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Proceeds from issuance of long-term
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
borrowings
6,081
\u2013
\u2013
\u2013
6,081
Repayment of borrowings
(11,924)
\u2013
\u2013
\u2013
(11,924)
Net movement in short-term borrowings
(502)
\u2013
\u2013
\u2013
(502)
Net movement in derivative and other
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
financial instruments
\u2013
73
\u2013
\u2013
73
Interest paid
(2,227)
28
10
(68)
(2,257)
Purchase of treasury shares
\u2013
\u2013
\u2013
(2,041)
(2,041)
Non-cash movements
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fair value movements
\u2013
(14)
\u2013
\u2013
(14)
Foreign exchange
(1,642)
1,276
\u2013
(1)
(367)
Interest costs
2,324
(235)
\u2013
57
2,146
Net lease additions
3,190
\u2013
\u2013
\u2013
3,190
Acquisition of subsidiaries
4,209
\u2013
\u2013
\u2013
4,209
Other
(16)
\u2013
\u2013
2,000
1,984
31 March 2026
52,636
(1,163)
107
141
51,721
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Derivative and
\u00a0 \u00a0
Assets and
\u00a0 \u00a0
other financial
Financial
\u00a0
liabilities
\u00a0 \u00a0
instrument
liabilities
\u00a0
arising
from
\u00a0 \u00a0
assets and
under
Other
financing
\u00a0
Borrowings
liabilities
put options
liabilities1
activities
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
1 April 2024
56,987
(2,702)
\u2013
105
54,390
Cash movements
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Proceeds from issuance of long-term
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
borrowings
4,680
\u2013
\u2013
\u2013
4,680
Repayment of borrowings
(12,963)
\u2013
\u2013
\u2013
(12,963)
Net movement in short-term borrowings
78
\u2013
\u2013
\u2013
78
Net movement in derivative and other
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
financial instruments
\u2013
404
\u2013
\u2013
404
Interest paid
(2,975)
348
4
(82)
(2,705)
Purchase of treasury shares
\u2013
\u2013
\u2013
(1,868)
(1,868)
Non-cash movements
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fair value movements
\u2013
(45)
\u2013
\u2013
(45)
Foreign exchange
121
61
\u2013
(4)
178
Interest costs
2,196
(356)
\u2013
43
1,883
Net lease additions
4,361
\u2013
\u2013
\u2013
4,361
Acquisition of subsidiaries
\u2013
\u2013
\u2013
\u2013
\u2013
Other
658
(1)
93
2,000
2,750
31 March 2025
53,143
(2,291)
97
194
51,143
\n
Notes:
1.
Movement in Other liabilities primarily relate to share buyback programmes.
Fair value and carrying value information
The carrying value and valuation basis of the Group\u2019s financial assets are set out in notes 13 \u2018Other investments\u2019,
14 \u2018Trade and other receivables\u2019 and 19 \u2018Cash and cash equivalents\u2019. For all financial assets held at amortised cost
the carrying values approximate fair value except as disclosed in note 13 \u2018Other investments\u2019.
The carrying value and valuation basis of the Group\u2019s financial liabilities are set out in notes 15 \u2018Trade and other
payables\u2019 and 21 \u2018Borrowings\u2019. The carrying values approximate fair value for the Group\u2019s trade payables and
other payables categories. For other financial liabilities a comparison of fair value and carrying value is disclosed
in note 21 \u2018Borrowings\u2019.
Level 3 financial instruments
Following the completion of the sale of Vodafone Spain on 31 May 2024 (See note 7 \u2018Discontinued operations
and assets held for sale\u2019), the Group received the non-cash consideration component in the form of \u20ac900 million
Redeemable Preference Shares (\u2018RPS\u2019) issued by EJLSHM Funding Ltd (\u2018EJLSHM\u2019). The RPS were redeemed in
January 2026. The Zegona shares were recorded at fair value through profit and loss and had a fair value of \u20ac937
million on 31 March 2025.
In the prior year, the valuation approach for the Zegona shares reflected the contractual terms of the RPS
arrangement and utilised a bespoke option model which drew 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 included the timing settlement of the RPS liability to the Group, Zegona\u2019s share price
volatility and the share\u2019s expected dividend yield.
Net financial instruments
The table below shows the Group\u2019s financial assets and liabilities that are subject to offset in the balance sheet
and the impact of enforceable master netting or similar agreements.
\u00a0\u00a0\u00a0
Related amounts not set off in the balance sheet
\u00a0\u00a0\u00a0
Amounts
Right of set off
Collateral
\u00a0
\u00a0\u00a0\u00a0
presented in
with derivative
(liabilities)/
\u00a0
\u00a0
Gross amount
Amount set off
balance sheet
counterparties
assets
1
Net amount
At 31 March 2026
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Derivative and other financial
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
instrument assets
2,975
\u2013
2,975
(921)
(1,599)
455
Derivative and other financial
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
instrument liabilities
(1,812)
\u2013
(1,812)
921
1,169
278
Total
1,163
\u2013
1,163
\u2013
(430)
733
\u00a0\u00a0\u00a0
Related amounts not set off in the balance sheet
\u00a0\u00a0\u00a0
Amounts
Right of set off
Collateral
\u00a0
\u00a0\u00a0\u00a0
presented in
with derivative
(liabilities)/
\u00a0
\u00a0
Gross amount
Amount set off
balance sheet
counterparties
assets
1
Net amount
At 31 March 2025
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Derivative and other financial
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
instrument assets
4,197
\u2013
4,197
(1,146)
(2,357)
694
Derivative and other financial
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
instrument liabilities
(1,906)
\u2013
(1,906)
1,146
1,010
250
Total
2,291
\u2013
2,291
\u2013
(1,347)
944
\n
Note:
1.
Excludes non-cash collateral of \u20ac609 million (2025: \u20ac613 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 (\u2018International Swaps and
Derivatives Association\u2019) 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 \u2018Other
investments\u2019 or 21 \u2018Borrowings\u2019 respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00862": { "value": "Derivative financial instruments and hedge accounting
The Group\u2019s 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\u2019s
policies approved by the Board of Directors, which provide written principles on the use of financial derivatives
consistent with the Group\u2019s risk management strategy. The Group does not use derivative financial instruments
for speculative purposes.
The Group designates certain derivatives as:
\u2212
hedges of the change in fair value of recognised assets and liabilities (\u2018fair value hedges\u2019);
\u2212
hedges of highly probable forecast transactions or hedges of foreign currency or interest rate risks of firm
commitments (\u2018cash flow hedges\u2019); or
\u2212
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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00861": { "value": "Derivative financial instruments and hedge accounting
The Group\u2019s 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\u2019s
policies approved by the Board of Directors, which provide written principles on the use of financial derivatives
consistent with the Group\u2019s risk management strategy. The Group does not use derivative financial instruments
for speculative purposes.
The Group designates certain derivatives as:
\u2212
hedges of the change in fair value of recognised assets and liabilities (\u2018fair value hedges\u2019);
\u2212
hedges of highly probable forecast transactions or hedges of foreign currency or interest rate risks of firm
commitments (\u2018cash flow hedges\u2019); or
\u2212
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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00860": { "value": "Derivative financial instruments and hedge accounting
The Group\u2019s 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\u2019s
policies approved by the Board of Directors, which provide written principles on the use of financial derivatives
consistent with the Group\u2019s risk management strategy. The Group does not use derivative financial instruments
for speculative purposes.
The Group designates certain derivatives as:
\u2212
hedges of the change in fair value of recognised assets and liabilities (\u2018fair value hedges\u2019);
\u2212
hedges of highly probable forecast transactions or hedges of foreign currency or interest rate risks of firm
commitments (\u2018cash flow hedges\u2019); or
\u2212
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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00847": { "value": "Capital management
The following table summarises the capital of the Group at 31 March:
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Borrowings (note 21)
52,636
53,143
Cash and cash equivalents (note 19)
(8,982)
(11,001)
Derivative and other financial instruments included in trade and other receivables
\u00a0 \u00a0
(note 14)
(2,975)
(4,197)
Derivative and other financial instruments included in trade and other payables
\u00a0 \u00a0
(note 15)
1,812
1,906
Non-current investments in sovereign securities (note 13)
(915)
(913)
Short-term investments (note 13)
(3,431)
(5,280)
Collateral assets (note 13)
(1,169)
(1,010)
Financial liabilities under put option arrangements
107
97
Equity
54,365
53,916
Capital
91,448
86,661
\n
The Group\u2019s 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 associates and joint ventures and to non-controlling shareholders
Dividend policies within shareholder agreements for certain of the Group\u2019s 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.
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 2026 was \u20ac1,868 million (2025: \u20ac1,765 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 \u2018Trade and other payables\u2019). 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00848": { "value": "
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Borrowings (note 21)
52,636
53,143
Cash and cash equivalents (note 19)
(8,982)
(11,001)
Derivative and other financial instruments included in trade and other receivables
\u00a0 \u00a0
(note 14)
(2,975)
(4,197)
Derivative and other financial instruments included in trade and other payables
\u00a0 \u00a0
(note 15)
1,812
1,906
Non-current investments in sovereign securities (note 13)
(915)
(913)
Short-term investments (note 13)
(3,431)
(5,280)
Collateral assets (note 13)
(1,169)
(1,010)
Financial liabilities under put option arrangements
107
97
Equity
54,365
53,916
Capital
91,448
86,661
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Cash and bank deposits (note 19)
5,274
8,871
Money market funds (note 19)
3,708
2,130
Managed investment funds (note 13)
3,214
3,141
Bonds and debt securities (note 13)
1,220
4,013
Collateral assets (note 13)
1,169
1,010
Other investments (note 13)
2,170
1,134
Derivative and other financial instruments (note 14)
2,975
4,197
Trade receivables (note 14)
1
6,473
5,717
Contract assets and other receivables (note 14)
4,829
4,605
Financial Guarantees
2
1,034
1,518
\u00a0
32,066
36,336
The maturity profile of the Group\u2019s financial derivatives (which include interest rate swaps, cross-currency
interest rate swaps and foreign exchange swaps) using undiscounted cash flows, is as follows:
\u00a0\u00a0
2026
\u00a0\u00a0
2025
\u00a0
\u00a0
Payable
1
Receivable
1
Total
Payable
1
Receivable
1
Total
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Within one year
(9,341)
9,866
525
(8,207)
8,792
585
In one to two years
(2,924)
3,266
342
(5,780)
6,180
400
In two to three years
(3,001)
3,425
424
(2,363)
2,807
444
In three to four years
(4,056)
4,343
287
(5,782)
6,326
544
In four to five years
(2,168)
2,483
315
(4,174)
4,666
492
In more than five years
(46,662)
50,331
3,669
(47,357)
53,987
6,630
\u00a0
(68,152)
73,714
5,562
(73,663)
82,758
9,095
Effect of discount/financing rates
\u00a0\u00a0
(4,399)
\u00a0\u00a0
(6,804)
Financial derivative net receivable
\u00a0\u00a0
1,163
\u00a0\u00a0
2,291
\n
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\u2019s interest rate management policy, interest rates on long-term monetary assets and liabilities
are principally maintained on a fixed rate basis.
At 31 March 2026 and after hedging, substantially all of our bonds 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 2026 there would be a decrease in profit before tax by \u20ac9 million (2025: \u20ac26 million
decrease) including mark to market revaluations of interest rate and other derivatives and the potential interest
on cash and short-term investments. For each one hundred basis point fall in market interest rates for all
currencies in which the Group had borrowings at 31 March 2026 there would be an increase in profit before tax
by \u20ac19 million (2025: \u20ac39 million increase). There would be no material impact on equity.
At 31 March 2026, the Group had limited exposure through interest rate derivatives and floating rate bonds
referencing LIBOR and other interbank offered rates (IBORs).
Foreign exchange management
As Vodafone\u2019s 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 2026, 11% of net debt was denominated in currencies other than euro (8% South African rand and
3% 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\u2019s foreign exchange management policy, foreign exchange transaction exposure in Group
companies is generally maintained at the lower of \u20ac5 million per currency per month or \u20ac15 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 2026 the Group held financial liabilities in a net
investment hedge against the Group\u2019s South African rand operations. Sensitivity to foreign exchange movements
on the hedging liabilities, analysed against a strengthening of the South African rand by 10% would result in a
decrease in equity of \u20ac112 million (2025: \u20ac131 million) which would be fully offset by foreign exchange
movements on the hedged net assets. Weakening of the South African Rand by 10% would result in an increase
of equity of \u20ac91 million (2025: \u20ac107 million). In addition, cash flow hedges of principally US dollar borrowings
would result in an increase in equity of \u20ac235 million (2025: \u20ac372million) against a strengthening of US dollar by
10% and a decrease in equity of \u20ac192 million (2025: \u20ac304 million) against a weakening of US dollar by 10%.
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\u2019s sensitivity to foreign exchange risk as an impact on profit before tax. Each
incremental 10% movement in foreign currency exchange rates would have approximately the same effect as
the initial 10% detailed in the table.
\u00a0
Change in exchange rates
31 March 2026
Weakening 10% \u20acm
Strengthening 10% \u20acm
EGP
(68)
83
TRY
(40)
49
ZAR
(41)
50
GBP
60
(79)
\u00a0
Change in exchange rates
31 March 2025
Weakening 10% \u20acm
Strengthening 10% \u20acm
EGP
(50)
61
TRY
(24)
29
ZAR
(101)
124
GBP
66
(88)
\n
In 2026 the Group changed the presentation of sensitivity to foreign exchange risk by presenting the sensitivity
using a 10% change in the foreign exchange rates instead of the percentage based on the average exchange rates
movement in the previous three annual reporting periods. The change was done to improve comparability with prior
reporting periods and does not have a material impact on financial statements.
Equity risk
A 10% change in the share price of AST would have a \u20ac105 million impact on the value of the Group\u2019s equity
investment. There is no other material equity risk relating to the Group\u2019s equity investments. See note 13 \u2018Other
investments\u2019 for further information.
\n
Risk management strategy of hedge relationships
\n
The risk strategies of the designated cash flow, fair value, and net investment hedges reflect the above market
\n
risk strategies.
\n
The objective of the cash flow hedges is principally to convert foreign currency denominated fixed rate
\n
borrowings in US dollar, Pound sterling, Australian dollar, Swiss franc, Hong Kong dollar, Japanese yen,
\n
Norwegian krona and floating rate borrowings into euro fixed rate borrowings and hedge the foreign exchange
\n
spot rate and interest rate risk. There are also cash flow hedges of certain subsidiary expenditure not
\n
denominated in functional currency of the entity, to hedge foreign exchange risk. Derivative financial
\n
instruments designated in cash flow hedges are cross-currency interest rate swaps and foreign exchange swaps
\n
and forwards. The swap maturity dates and liquidity profiles of the nominal cash flows match those of the
\n
underlying borrowings and exposures.
\n
The objective of the net investment hedges is to hedge foreign exchange risk in foreign operations. Derivative
\n
financial instruments designated in net investment hedges are cross-currency interest rate swaps and foreign
\n
exchange swaps. The hedging instruments are rolled on an ongoing basis as determined by the nature of the
\n
business.
\n
Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective
\n
effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging
\n
instrument.
\n
For hedges of foreign currency denominated borrowings and investments, the Group uses a combination of
\n
cross-currency and foreign exchange swaps to hedge its exposure to foreign exchange risk and interest rate risk
\n
and enters into hedge relationships where the critical terms of the hedging instrument match with the terms of
\n
the hedged item. Therefore, the Group expects a highly effective hedging relationship with the swap contracts
\n
and the value of the corresponding hedged items to change systematically in the opposite direction in response
\n
to movements in the underlying exchange rates and interest rates. The Group therefore performs a qualitative
\n
assessment of effectiveness. If changes in circumstances affect the terms of the hedged item such that the
\n
critical terms no longer match with the critical terms of the hedging instrument, the Group uses the hypothetical
\n
derivative method to assess effectiveness. Hedge ineffectiveness may occur due to:
\n
a) The fair value of the hedging instrument on the hedge relationship designation date if the fair value is not nil;
\n
b) Changes in the contractual terms or timing of the payments on the hedged item; and
\n
c) A change in the credit risk of the Group or the counterparty with the hedging instrument.
\n
The hedge ratio for each designation will be established by comparing the quantity of the hedging instrument
\n
and the quantity of the hedged item to determine their relative weighting; for all of the Group\u2019s existing hedge
\n
relationships the hedge ratio has been determined as 1:1.
\n
The fair values of the derivative financial instruments are calculated by discounting the future cash flows to net
\n
present values using appropriate market rates and foreign currency rates prevailing at 31 March. The valuation
\n
basis is level 2 of the fair value hierarchy. This classification comprises items where fair value is determined from
\n
inputs other than quoted prices that are observable for the asset and liability, either directly or indirectly.
\n
Derivative financial assets and liabilities are included within trade and other receivables and trade and other
\n
payables in the statement of financial position.
The table below shows the carrying values and nominal amounts of derivatives in a continued hedge relationship as at 31 March.
\u00a0 \u00a0 \u00a0
Other comprehensive income
Weighted average
\u00a0 \u00a0
Carrying
Carrying
Opening
(Gain)/loss
Gain/(Loss)
Closing
\u00a0 \u00a0
Euro
\u00a0
Nominal
value
value
balance
deferred
recycled to
balance
Maturity
\u00a0
interest
\u00a0
amounts
assets
liabilities
1 April 2025
to OCI
financing costs
31 March 2026
1
year
FX rate
rate
At 31 March 2026
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u00a0 \u00a0
%
Cash flow hedges - foreign currency risk
2
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cross-currency and foreign exchange swaps:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
- US dollar bonds
13,964
1,230
324
(1,061)
974
(860)
(947)
2044
1.15
3.69
- Australian dollar bonds
163
\u2013
8
(1)
(1)
2
\u2013
2027
1.56
1.58
- Swiss franc bonds
204
46
\u2013
(9)
(8)
5
(12)
2030
1.08
1.53
- Pound sterling bonds
3,154
\u2013
284
489
114
(461)
142
2044
0.85
4.43
- Hong Kong dollar bonds
199
10
\u2013
(1)
10
(15)
(6)
2028
9.14
1.62
- Japanese yen bonds
78
\u2013
24
(3)
10
(7)
\u2013
2037
128.53
2.47
- Norwegian krona bonds
\u2013
\u2013
\u2013
\u2013
1
(1)
\u2013
\u2013
\u2013
\u2013
- Foreign exchange forwards
3
\u2013
\u2013
\u2013
\u2013
6
\u2013
6
\u2013
\u2013
\u2013
Cash flow hedges - foreign currency and interest rate risk
2
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Net investment hedge - foreign exchange risk
4
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cross currency and foreign exchange swaps - South African rand investment
1,024
89
\u2013
994
17
\u2013
1,011
2027
17.86
2.53
\u00a0
18,786
1,375
640
408
1,123
(1,337)
194
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Other comprehensive income
Weighted average
\u00a0 \u00a0
Carrying
Carrying
Opening
(Gain)/loss
Gain/(Loss)
Closing
\u00a0 \u00a0
Euro
\u00a0
Nominal
value
value
balance
deferred
recycled to
balance
Maturity
\u00a0
interest
\u00a0
amounts
assets
liabilities
1 April 2024
to OCI
financing costs
31 March 2025
1
year
FX rate
rate
At 31 March 2025
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u00a0 \u00a0
%
Cash flow hedges - foreign currency risk
2
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cross-currency and foreign exchange swaps:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
- US dollar bonds
16,097
2,245
138
(810)
(307)
56
(1,061)
2044
1.15
3.51
- Australian dollar bonds
163
\u2013
11
(13)
14
(2)
(1)
2027
1.56
1.58
- Swiss franc bonds
204
37
\u2013
(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
\u2013
\u2013
(4)
3
(1)
2028
9.14
1.62
- Japanese yen bonds
78
\u2013
14
(6)
2
1
(3)
2037
128.53
2.47
- Norwegian krona bonds
25
\u2013
4
(5)
3
2
\u2013
2025
9.25
0.37
- Foreign exchange forwards
3
\u2013
\u2013
\u2013
(42)
(1)
43
\u2013
\u2013
\u2013
\u2013
Cash flow hedges - foreign currency and interest rate risk
2
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Net investment hedge - foreign exchange risk
4
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cross currency and foreign exchange swaps - South African rand investment
1,203
124
\u2013
898
96
\u2013
994
2026
17.62
2.76
\u00a0
22,628
2,484
611
345
(134)
197
408
\u00a0 \u00a0 \u00a0
\n
Notes:
1.
Fair value movement deferred into other comprehensive income includes \u20ac55 million loss (2025: \u20ac200 million gain) and \u20ac1 million loss (2025: \u20ac1 million gain) of foreign currency basis outside the cash flow and net investment hedge relationships respectively.
2.
Hedge ineffectiveness of the swaps designated in a cash flow hedge during the period was \u20ac19 million (2025: \u20ac28 million).
3.
Hedge ineffectiveness of swaps designated in a net investment hedge during the period was \u20acnil (2025: \u20acnil).
The carrying value of bonds includes an additional \u20ac382 million loss (2025: \u20ac457 million loss) in relation to fair value of other bonds previously designated in fair value hedge relationships.
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 2026 and
31 March 2025.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Derivative and
\u00a0 \u00a0
Assets and
\u00a0 \u00a0
other financial
Financial
\u00a0
liabilities
\u00a0 \u00a0
instrument
liabilities
\u00a0
arising
from
\u00a0 \u00a0
assets and
under
Other
financing
\u00a0
Borrowings
liabilities
put options
liabilities1
activities
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
1 April 2025
53,143
(2,291)
97
194
51,143
Cash movements
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Proceeds from issuance of long-term
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
borrowings
6,081
\u2013
\u2013
\u2013
6,081
Repayment of borrowings
(11,924)
\u2013
\u2013
\u2013
(11,924)
Net movement in short-term borrowings
(502)
\u2013
\u2013
\u2013
(502)
Net movement in derivative and other
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
financial instruments
\u2013
73
\u2013
\u2013
73
Interest paid
(2,227)
28
10
(68)
(2,257)
Purchase of treasury shares
\u2013
\u2013
\u2013
(2,041)
(2,041)
Non-cash movements
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fair value movements
\u2013
(14)
\u2013
\u2013
(14)
Foreign exchange
(1,642)
1,276
\u2013
(1)
(367)
Interest costs
2,324
(235)
\u2013
57
2,146
Net lease additions
3,190
\u2013
\u2013
\u2013
3,190
Acquisition of subsidiaries
4,209
\u2013
\u2013
\u2013
4,209
Other
(16)
\u2013
\u2013
2,000
1,984
31 March 2026
52,636
(1,163)
107
141
51,721
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Derivative and
\u00a0 \u00a0
Assets and
\u00a0 \u00a0
other financial
Financial
\u00a0
liabilities
\u00a0 \u00a0
instrument
liabilities
\u00a0
arising
from
\u00a0 \u00a0
assets and
under
Other
financing
\u00a0
Borrowings
liabilities
put options
liabilities1
activities
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
1 April 2024
56,987
(2,702)
\u2013
105
54,390
Cash movements
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Proceeds from issuance of long-term
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
borrowings
4,680
\u2013
\u2013
\u2013
4,680
Repayment of borrowings
(12,963)
\u2013
\u2013
\u2013
(12,963)
Net movement in short-term borrowings
78
\u2013
\u2013
\u2013
78
Net movement in derivative and other
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
financial instruments
\u2013
404
\u2013
\u2013
404
Interest paid
(2,975)
348
4
(82)
(2,705)
Purchase of treasury shares
\u2013
\u2013
\u2013
(1,868)
(1,868)
Non-cash movements
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fair value movements
\u2013
(45)
\u2013
\u2013
(45)
Foreign exchange
121
61
\u2013
(4)
178
Interest costs
2,196
(356)
\u2013
43
1,883
Net lease additions
4,361
\u2013
\u2013
\u2013
4,361
Acquisition of subsidiaries
\u2013
\u2013
\u2013
\u2013
\u2013
Other
658
(1)
93
2,000
2,750
31 March 2025
53,143
(2,291)
97
194
51,143
\n
Notes:
1.
Movement in Other liabilities primarily relate to share buyback programmes.
Fair value and carrying value information
The carrying value and valuation basis of the Group\u2019s financial assets are set out in notes 13 \u2018Other investments\u2019,
14 \u2018Trade and other receivables\u2019 and 19 \u2018Cash and cash equivalents\u2019. For all financial assets held at amortised cost
the carrying values approximate fair value except as disclosed in note 13 \u2018Other investments\u2019.
The carrying value and valuation basis of the Group\u2019s financial liabilities are set out in notes 15 \u2018Trade and other
payables\u2019 and 21 \u2018Borrowings\u2019. The carrying values approximate fair value for the Group\u2019s trade payables and
other payables categories. For other financial liabilities a comparison of fair value and carrying value is disclosed
in note 21 \u2018Borrowings\u2019.
Level 3 financial instruments
Following the completion of the sale of Vodafone Spain on 31 May 2024 (See note 7 \u2018Discontinued operations
and assets held for sale\u2019), the Group received the non-cash consideration component in the form of \u20ac900 million
Redeemable Preference Shares (\u2018RPS\u2019) issued by EJLSHM Funding Ltd (\u2018EJLSHM\u2019). The RPS were redeemed in
January 2026. The Zegona shares were recorded at fair value through profit and loss and had a fair value of \u20ac937
million on 31 March 2025.
In the prior year, the valuation approach for the Zegona shares reflected the contractual terms of the RPS
arrangement and utilised a bespoke option model which drew 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 included the timing settlement of the RPS liability to the Group, Zegona\u2019s share price
volatility and the share\u2019s expected dividend yield.
Net financial instruments
The table below shows the Group\u2019s financial assets and liabilities that are subject to offset in the balance sheet
and the impact of enforceable master netting or similar agreements.
\u00a0\u00a0\u00a0
Related amounts not set off in the balance sheet
\u00a0\u00a0\u00a0
Amounts
Right of set off
Collateral
\u00a0
\u00a0\u00a0\u00a0
presented in
with derivative
(liabilities)/
\u00a0
\u00a0
Gross amount
Amount set off
balance sheet
counterparties
assets
1
Net amount
At 31 March 2026
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Derivative and other financial
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
instrument assets
2,975
\u2013
2,975
(921)
(1,599)
455
Derivative and other financial
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
instrument liabilities
(1,812)
\u2013
(1,812)
921
1,169
278
Total
1,163
\u2013
1,163
\u2013
(430)
733
\u00a0\u00a0\u00a0
Related amounts not set off in the balance sheet
\u00a0\u00a0\u00a0
Amounts
Right of set off
Collateral
\u00a0
\u00a0\u00a0\u00a0
presented in
with derivative
(liabilities)/
\u00a0
\u00a0
Gross amount
Amount set off
balance sheet
counterparties
assets
1
Net amount
At 31 March 2025
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Derivative and other financial
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
instrument assets
4,197
\u2013
4,197
(1,146)
(2,357)
694
Derivative and other financial
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
instrument liabilities
(1,906)
\u2013
(1,906)
1,146
1,010
250
Total
2,291
\u2013
2,291
\u2013
(1,347)
944
\n
Note:
1.
Excludes non-cash collateral of \u20ac609 million (2025: \u20ac613 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 (\u2018International Swaps and
Derivatives Association\u2019) 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 \u2018Other
investments\u2019 or 21 \u2018Borrowings\u2019 respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00849": { "value": "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, investing and financing
activities. The Group considers its maximum exposure to credit risk at 31 March to be:
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Cash and bank deposits (note 19)
5,274
8,871
Money market funds (note 19)
3,708
2,130
Managed investment funds (note 13)
3,214
3,141
Bonds and debt securities (note 13)
1,220
4,013
Collateral assets (note 13)
1,169
1,010
Other investments (note 13)
2,170
1,134
Derivative and other financial instruments (note 14)
2,975
4,197
Trade receivables (note 14)
1
6,473
5,717
Contract assets and other receivables (note 14)
4,829
4,605
Financial Guarantees
2
1,034
1,518
\u00a0
32,066
36,336
\n
Notes:
1.
Includes amounts guaranteed under sales of trade receivables \u20ac1,868 million (2025: \u20ac1,765 million).
2.
Principally comprises Vodafone Group Plc\u2019s guarantee of the Group\u2019s share in a multicurrency loan facility, amounting to US$0.5 billion
and \u20ac0.6 billion (2025: US$1.0 billion and \u20ac0.6 billion), which forms part of its overall joint venture investment in TPG Telecom Ltd. The
Group\u2019s share of these loan balances is included in the net investment in joint venture (see note 12 'Associates and joint arrangements').
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\u2019s 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\u2019s 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\u2019s 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 in the statement of financial position 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Collateral liabilities (note 21)
1,644
2,357
\n
In addition, as discussed in note 29 \u2018Contingent liabilities and legal proceedings\u2019, 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 \u2018Other investments\u2019.
Operating activities
Customer credit risk is managed by the Group\u2019s 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\u2019s 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:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0
Trade receivables held
\u00a0\u00a0\u00a0
Trade receivables held
at fair value through
\u00a0
Contract assets
at amortised cost
other comprehensive income
\u00a0
2026
2025
2026
2025
2026
2025
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
1 April
46
20
865
765
77
78
Exchange movements
(1)
1
(24)
(7)
\u2013
\u2013
Amounts charged to credit losses
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
on financial assets
48
85
319
360
62
31
Other
1
4
(60)
(229)
(253)
(78)
(32)
31 March
97
46
931
865
61
77
\n
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\u2019s 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 due\u00b9 and their associated expected credit losses:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Trade receivables at amortised cost past due
\u00a0 \u00a0
30 days
31\u201360
61\u2013180
180
\u00a0
\u00a0
Due
or less
days
days
days+
Total
31 March 2026
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Gross carrying amount
2,878
538
252
280
889
4,837
Expected credit loss allowance
(53)
(49)
(30)
(126)
(673)
(931)
Net carrying amount
2,825
489
222
154
216
3,906
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Trade receivables at amortised cost past due
\u00a0\u00a0
30 days
31\u201360
61\u2013180
180
\u00a0
\u00a0
Due
or less
days
days
days+
Total
31 March 2025
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
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
\n
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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00850": { "value": "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\u2019s 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\u2019s 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\u2019s 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 in the statement of financial position 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Collateral liabilities (note 21)
1,644
2,357
\n
In addition, as discussed in note 29 \u2018Contingent liabilities and legal proceedings\u2019, 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 \u2018Other investments\u2019. UK pension schemes
The Group\u2019s main defined benefit plan is the Vodafone UK Group Pension Scheme (\u2018Vodafone UK plan\u2019) which has
two segregated sections, the Vodafone Section and the CWW Section, as detailed in note 25 \u2018Post employment
benefits\u2019.
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 \u2018Post employment benefits\u2019. 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 2026, the Vodafone UK plan holds security over \u00a3100 million (\u20ac114 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 \u00a31.25 billion (\u20ac1.43 billion) to provide security over the deficit under
certain defined circumstances, including insolvency of the employers. The Company has also issued a similar
guarantee of up to \u00a31.25 billion (\u20ac1.43 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 \u00a3100 million (\u20ac114 million).
Under the terms of the merger of Vodafone UK and Three UK (see note 27 \u2018Acquisitions and disposals\u2019), the Group
has provided an indemnity in relation to pre-existing pension funds.
The Group will pay Hutchison for any losses that
it incurs, via its 49% equity interest in VodafoneThree, both as a result of any payments to the Vodafone UK plan and
of any amounts paid to the THUS Plc Group Scheme in respect of service prior to 31 May 2025.
The Group currently
has no obligations that would be covered by the indemnity. The value of any future contributions will depend on
future movements in the values of the assets and the liabilities held by the respective funds.
The Group currently
holds no material provision in respect of this indemnity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00851": { "value": "Customer credit risk is managed by the Group\u2019s 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\u2019s 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00852": { "value": "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 2026 amounted to cash \u20ac9.0
billion (2025: \u20ac11.0 billion) and undrawn committed
facilities of \u20ac7.6 billion (2025: \u20ac8.0 billion), principally US dollar and euro revolving credit facilities of US$4.0
billion (\u20ac3.5 billion) and \u20ac4.1 billion and which mature in 2028 and 2031 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 60 years.
The maturity profile
of the anticipated future cash flows including interest in relation to the Group\u2019s non-
derivative financial liabilities on an undiscounted basis which, therefore, differs from both the carrying value and
fair value, is as follows:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Trade
\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
payables and
\u00a0
\u00a0\u00a0\u00a0
Lease
\u00a0
Total
other financial
\u00a0
\u00a0
Bank loans
Bonds
liabilities
Other
2
Borrowings
liabilities
3
Total
Maturity profile
1
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Within one year
175
3,003
3,241
2,609
9,028
13,089
22,117
One to two years
175
2,047
2,546
1,005
5,773
469
6,242
Two to three years
394
2,444
1,972
729
5,539
\u2013
5,539
Three to four years
62
5,559
1,441
481
7,543
\u2013
7,543
Four to five years
75
4,490
1,269
255
6,089
\u2013
6,089
More than five years
766
36,386
4,265
247
41,664
\u2013
41,664
\u00a0
1,647
53,929
14,734
5,326
75,636
13,558
89,194
Effect of discount /
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
financing rates
(264)
(20,101)
(2,346)
(289)
(23,000)
(26)
(23,026)
31 March 2026
1,383
33,828
12,388
5,037
52,636
13,532
66,168
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
\u2013
4,542
Three to four years
176
2,628
1,434
469
4,707
\u2013
4,707
Four to five years
69
4,893
965
422
6,349
\u2013
6,349
More than five years
769
41,898
3,868
90
46,625
\u2013
46,625
\u00a0
1,487
59,505
12,869
4,876
78,737
11,857
90,594
Effect of discount /
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
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
\n
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 \u2018hybrid
bonds\u2019, the expected settlement date is used.
2.
Includes spectrum licence payables with maturity profile \u20ac215 million (2025: \u20ac187 million) within one year, \u20ac215 million (2025: \u20ac187
million) in one to two years, \u20ac215 million (2025: \u20ac187 million) in two to three years, \u20ac215 million (2025: \u20ac187 million) in three to four
years, \u20ac89 million (2025: \u20ac187 million) in four to five years and \u20ac60 million (2025: \u20ac89 million) in more than five years. Also includes
\u20ac1,644 million (2025: \u20ac2,357 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\u2019s financial derivatives (which include interest rate swaps, cross-currency
interest rate swaps and foreign exchange swaps) using undiscounted cash flows, is as follows:
\u00a0\u00a0
2026
\u00a0\u00a0
2025
\u00a0
\u00a0
Payable
1
Receivable
1
Total
Payable
1
Receivable
1
Total
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Within one year
(9,341)
9,866
525
(8,207)
8,792
585
In one to two years
(2,924)
3,266
342
(5,780)
6,180
400
In two to three years
(3,001)
3,425
424
(2,363)
2,807
444
In three to four years
(4,056)
4,343
287
(5,782)
6,326
544
In four to five years
(2,168)
2,483
315
(4,174)
4,666
492
In more than five years
(46,662)
50,331
3,669
(47,357)
53,987
6,630
\u00a0
(68,152)
73,714
5,562
(73,663)
82,758
9,095
Effect of discount/financing rates
\u00a0\u00a0
(4,399)
\u00a0\u00a0
(6,804)
Financial derivative net receivable
\u00a0\u00a0
1,163
\u00a0\u00a0
2,291
\n
Note:
1.
Payables and receivables are stated separately in the table above where cash settlement is on a gross basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00853": { "value": "Market risk
Interest rate management
Under the Group\u2019s interest rate management policy, interest rates on long-term monetary assets and liabilities
are principally maintained on a fixed rate basis.
At 31 March 2026 and after hedging, substantially all of our bonds 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 2026 there would be a decrease in profit before tax by \u20ac9 million (2025: \u20ac26 million
decrease) including mark to market revaluations of interest rate and other derivatives and the potential interest
on cash and short-term investments. For each one hundred basis point fall in market interest rates for all
currencies in which the Group had borrowings at 31 March 2026 there would be an increase in profit before tax
by \u20ac19 million (2025: \u20ac39 million increase). There would be no material impact on equity.
At 31 March 2026, the Group had limited exposure through interest rate derivatives and floating rate bonds
referencing LIBOR and other interbank offered rates (IBORs).
Foreign exchange management
As Vodafone\u2019s 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 2026, 11% of net debt was denominated in currencies other than euro (8% South African rand and
3% 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\u2019s foreign exchange management policy, foreign exchange transaction exposure in Group
companies is generally maintained at the lower of \u20ac5 million per currency per month or \u20ac15 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 2026 the Group held financial liabilities in a net
investment hedge against the Group\u2019s South African rand operations. Sensitivity to foreign exchange movements
on the hedging liabilities, analysed against a strengthening of the South African rand by 10% would result in a
decrease in equity of \u20ac112 million (2025: \u20ac131 million) which would be fully offset by foreign exchange
movements on the hedged net assets. Weakening of the South African Rand by 10% would result in an increase
of equity of \u20ac91 million (2025: \u20ac107 million). In addition, cash flow hedges of principally US dollar borrowings
would result in an increase in equity of \u20ac235 million (2025: \u20ac372million) against a strengthening of US dollar by
10% and a decrease in equity of \u20ac192 million (2025: \u20ac304 million) against a weakening of US dollar by 10%.
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\u2019s sensitivity to foreign exchange risk as an impact on profit before tax. Each
incremental 10% movement in foreign currency exchange rates would have approximately the same effect as
the initial 10% detailed in the table.
\u00a0
Change in exchange rates
31 March 2026
Weakening 10% \u20acm
Strengthening 10% \u20acm
EGP
(68)
83
TRY
(40)
49
ZAR
(41)
50
GBP
60
(79)
\u00a0
Change in exchange rates
31 March 2025
Weakening 10% \u20acm
Strengthening 10% \u20acm
EGP
(50)
61
TRY
(24)
29
ZAR
(101)
124
GBP
66
(88)
\n
In 2026 the Group changed the presentation of sensitivity to foreign exchange risk by presenting the sensitivity
using a 10% change in the foreign exchange rates instead of the percentage based on the average exchange rates
movement in the previous three annual reporting periods. The change was done to improve comparability with prior
reporting periods and does not have a material impact on financial statements.
Equity risk
A 10% change in the share price of AST would have a \u20ac105 million impact on the value of the Group\u2019s equity
investment. There is no other material equity risk relating to the Group\u2019s equity investments. See note 13 \u2018Other
investments\u2019 for further information.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00855": { "value": "Foreign exchange management
As Vodafone\u2019s 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 2026, 11% of net debt was denominated in currencies other than euro (8% South African rand and
3% 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\u2019s foreign exchange management policy, foreign exchange transaction exposure in Group
companies is generally maintained at the lower of \u20ac5 million per currency per month or \u20ac15 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 2026 the Group held financial liabilities in a net
investment hedge against the Group\u2019s South African rand operations. Sensitivity to foreign exchange movements
on the hedging liabilities, analysed against a strengthening of the South African rand by 10% would result in a
decrease in equity of \u20ac112 million (2025: \u20ac131 million) which would be fully offset by foreign exchange
movements on the hedged net assets. Weakening of the South African Rand by 10% would result in an increase
of equity of \u20ac91 million (2025: \u20ac107 million). In addition, cash flow hedges of principally US dollar borrowings
would result in an increase in equity of \u20ac235 million (2025: \u20ac372million) against a strengthening of US dollar by
10% and a decrease in equity of \u20ac192 million (2025: \u20ac304 million) against a weakening of US dollar by 10%.
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\u2019s sensitivity to foreign exchange risk as an impact on profit before tax. Each
incremental 10% movement in foreign currency exchange rates would have approximately the same effect as
the initial 10% detailed in the table.
\u00a0
Change in exchange rates
31 March 2026
Weakening 10% \u20acm
Strengthening 10% \u20acm
EGP
(68)
83
TRY
(40)
49
ZAR
(41)
50
GBP
60
(79)
\u00a0
Change in exchange rates
31 March 2025
Weakening 10% \u20acm
Strengthening 10% \u20acm
EGP
(50)
61
TRY
(24)
29
ZAR
(101)
124
GBP
66
(88)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00854": { "value": "
\u00a0 \u00a0 \u00a0
Other comprehensive income
Weighted average
\u00a0 \u00a0
Carrying
Carrying
Opening
(Gain)/loss
Gain/(Loss)
Closing
\u00a0 \u00a0
Euro
\u00a0
Nominal
value
value
balance
deferred
recycled to
balance
Maturity
\u00a0
interest
\u00a0
amounts
assets
liabilities
1 April 2025
to OCI
financing costs
31 March 2026
1
year
FX rate
rate
At 31 March 2026
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u00a0 \u00a0
%
Cash flow hedges - foreign currency risk
2
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cross-currency and foreign exchange swaps:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
- US dollar bonds
13,964
1,230
324
(1,061)
974
(860)
(947)
2044
1.15
3.69
- Australian dollar bonds
163
\u2013
8
(1)
(1)
2
\u2013
2027
1.56
1.58
- Swiss franc bonds
204
46
\u2013
(9)
(8)
5
(12)
2030
1.08
1.53
- Pound sterling bonds
3,154
\u2013
284
489
114
(461)
142
2044
0.85
4.43
- Hong Kong dollar bonds
199
10
\u2013
(1)
10
(15)
(6)
2028
9.14
1.62
- Japanese yen bonds
78
\u2013
24
(3)
10
(7)
\u2013
2037
128.53
2.47
- Norwegian krona bonds
\u2013
\u2013
\u2013
\u2013
1
(1)
\u2013
\u2013
\u2013
\u2013
- Foreign exchange forwards
3
\u2013
\u2013
\u2013
\u2013
6
\u2013
6
\u2013
\u2013
\u2013
Cash flow hedges - foreign currency and interest rate risk
2
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Net investment hedge - foreign exchange risk
4
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cross currency and foreign exchange swaps - South African rand investment
1,024
89
\u2013
994
17
\u2013
1,011
2027
17.86
2.53
\u00a0
18,786
1,375
640
408
1,123
(1,337)
194
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Other comprehensive income
Weighted average
\u00a0 \u00a0
Carrying
Carrying
Opening
(Gain)/loss
Gain/(Loss)
Closing
\u00a0 \u00a0
Euro
\u00a0
Nominal
value
value
balance
deferred
recycled to
balance
Maturity
\u00a0
interest
\u00a0
amounts
assets
liabilities
1 April 2024
to OCI
financing costs
31 March 2025
1
year
FX rate
rate
At 31 March 2025
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u00a0 \u00a0
%
Cash flow hedges - foreign currency risk
2
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cross-currency and foreign exchange swaps:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
- US dollar bonds
16,097
2,245
138
(810)
(307)
56
(1,061)
2044
1.15
3.51
- Australian dollar bonds
163
\u2013
11
(13)
14
(2)
(1)
2027
1.56
1.58
- Swiss franc bonds
204
37
\u2013
(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
\u2013
\u2013
(4)
3
(1)
2028
9.14
1.62
- Japanese yen bonds
78
\u2013
14
(6)
2
1
(3)
2037
128.53
2.47
- Norwegian krona bonds
25
\u2013
4
(5)
3
2
\u2013
2025
9.25
0.37
- Foreign exchange forwards
3
\u2013
\u2013
\u2013
(42)
(1)
43
\u2013
\u2013
\u2013
\u2013
Cash flow hedges - foreign currency and interest rate risk
2
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Net investment hedge - foreign exchange risk
4
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cross currency and foreign exchange swaps - South African rand investment
1,203
124
\u2013
898
96
\u2013
994
2026
17.62
2.76
\u00a0
22,628
2,484
611
345
(134)
197
408
\u00a0 \u00a0 \u00a0
\n
Notes:
1.
Fair value movement deferred into other comprehensive income includes \u20ac55 million loss (2025: \u20ac200 million gain) and \u20ac1 million loss (2025: \u20ac1 million gain) of foreign currency basis outside the cash flow and net investment hedge relationships respectively.
2.
Hedge ineffectiveness of the swaps designated in a cash flow hedge during the period was \u20ac19 million (2025: \u20ac28 million).
3.
Hedge ineffectiveness of swaps designated in a net investment hedge during the period was \u20acnil (2025: \u20acnil).", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00863": { "value": "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 2026 and
31 March 2025.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Derivative and
\u00a0 \u00a0
Assets and
\u00a0 \u00a0
other financial
Financial
\u00a0
liabilities
\u00a0 \u00a0
instrument
liabilities
\u00a0
arising
from
\u00a0 \u00a0
assets and
under
Other
financing
\u00a0
Borrowings
liabilities
put options
liabilities1
activities
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
1 April 2025
53,143
(2,291)
97
194
51,143
Cash movements
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Proceeds from issuance of long-term
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
borrowings
6,081
\u2013
\u2013
\u2013
6,081
Repayment of borrowings
(11,924)
\u2013
\u2013
\u2013
(11,924)
Net movement in short-term borrowings
(502)
\u2013
\u2013
\u2013
(502)
Net movement in derivative and other
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
financial instruments
\u2013
73
\u2013
\u2013
73
Interest paid
(2,227)
28
10
(68)
(2,257)
Purchase of treasury shares
\u2013
\u2013
\u2013
(2,041)
(2,041)
Non-cash movements
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fair value movements
\u2013
(14)
\u2013
\u2013
(14)
Foreign exchange
(1,642)
1,276
\u2013
(1)
(367)
Interest costs
2,324
(235)
\u2013
57
2,146
Net lease additions
3,190
\u2013
\u2013
\u2013
3,190
Acquisition of subsidiaries
4,209
\u2013
\u2013
\u2013
4,209
Other
(16)
\u2013
\u2013
2,000
1,984
31 March 2026
52,636
(1,163)
107
141
51,721
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Derivative and
\u00a0 \u00a0
Assets and
\u00a0 \u00a0
other financial
Financial
\u00a0
liabilities
\u00a0 \u00a0
instrument
liabilities
\u00a0
arising
from
\u00a0 \u00a0
assets and
under
Other
financing
\u00a0
Borrowings
liabilities
put options
liabilities1
activities
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
1 April 2024
56,987
(2,702)
\u2013
105
54,390
Cash movements
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Proceeds from issuance of long-term
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
borrowings
4,680
\u2013
\u2013
\u2013
4,680
Repayment of borrowings
(12,963)
\u2013
\u2013
\u2013
(12,963)
Net movement in short-term borrowings
78
\u2013
\u2013
\u2013
78
Net movement in derivative and other
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
financial instruments
\u2013
404
\u2013
\u2013
404
Interest paid
(2,975)
348
4
(82)
(2,705)
Purchase of treasury shares
\u2013
\u2013
\u2013
(1,868)
(1,868)
Non-cash movements
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fair value movements
\u2013
(45)
\u2013
\u2013
(45)
Foreign exchange
121
61
\u2013
(4)
178
Interest costs
2,196
(356)
\u2013
43
1,883
Net lease additions
4,361
\u2013
\u2013
\u2013
4,361
Acquisition of subsidiaries
\u2013
\u2013
\u2013
\u2013
\u2013
Other
658
(1)
93
2,000
2,750
31 March 2025
53,143
(2,291)
97
194
51,143
\n
Notes:
1.
Movement in Other liabilities primarily relate to share buyback programmes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00857": { "value": "Fair value and carrying value information
The carrying value and valuation basis of the Group\u2019s financial assets are set out in notes 13 \u2018Other investments\u2019,
14 \u2018Trade and other receivables\u2019 and 19 \u2018Cash and cash equivalents\u2019. For all financial assets held at amortised cost
the carrying values approximate fair value except as disclosed in note 13 \u2018Other investments\u2019.
The carrying value and valuation basis of the Group\u2019s financial liabilities are set out in notes 15 \u2018Trade and other
payables\u2019 and 21 \u2018Borrowings\u2019. The carrying values approximate fair value for the Group\u2019s trade payables and
other payables categories. For other financial liabilities a comparison of fair value and carrying value is disclosed
in note 21 \u2018Borrowings\u2019.
Level 3 financial instruments
Following the completion of the sale of Vodafone Spain on 31 May 2024 (See note 7 \u2018Discontinued operations
and assets held for sale\u2019), the Group received the non-cash consideration component in the form of \u20ac900 million
Redeemable Preference Shares (\u2018RPS\u2019) issued by EJLSHM Funding Ltd (\u2018EJLSHM\u2019). The RPS were redeemed in
January 2026. The Zegona shares were recorded at fair value through profit and loss and had a fair value of \u20ac937
million on 31 March 2025.
In the prior year, the valuation approach for the Zegona shares reflected the contractual terms of the RPS
arrangement and utilised a bespoke option model which drew 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 included the timing settlement of the RPS liability to the Group, Zegona\u2019s share price
volatility and the share\u2019s expected dividend yield.
Net financial instruments
The table below shows the Group\u2019s financial assets and liabilities that are subject to offset in the balance sheet
and the impact of enforceable master netting or similar agreements.
\u00a0\u00a0\u00a0
Related amounts not set off in the balance sheet
\u00a0\u00a0\u00a0
Amounts
Right of set off
Collateral
\u00a0
\u00a0\u00a0\u00a0
presented in
with derivative
(liabilities)/
\u00a0
\u00a0
Gross amount
Amount set off
balance sheet
counterparties
assets
1
Net amount
At 31 March 2026
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Derivative and other financial
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
instrument assets
2,975
\u2013
2,975
(921)
(1,599)
455
Derivative and other financial
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
instrument liabilities
(1,812)
\u2013
(1,812)
921
1,169
278
Total
1,163
\u2013
1,163
\u2013
(430)
733
\u00a0\u00a0\u00a0
Related amounts not set off in the balance sheet
\u00a0\u00a0\u00a0
Amounts
Right of set off
Collateral
\u00a0
\u00a0\u00a0\u00a0
presented in
with derivative
(liabilities)/
\u00a0
\u00a0
Gross amount
Amount set off
balance sheet
counterparties
assets
1
Net amount
At 31 March 2025
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Derivative and other financial
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
instrument assets
4,197
\u2013
4,197
(1,146)
(2,357)
694
Derivative and other financial
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
instrument liabilities
(1,906)
\u2013
(1,906)
1,146
1,010
250
Total
2,291
\u2013
2,291
\u2013
(1,347)
944
\n
Note:
1.
Excludes non-cash collateral of \u20ac609 million (2025: \u20ac613 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 (\u2018International Swaps and
Derivatives Association\u2019) 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 \u2018Other
investments\u2019 or 21 \u2018Borrowings\u2019 respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00856": { "value": "Fair value and carrying value information
The carrying value and valuation basis of the Group\u2019s financial assets are set out in notes 13 \u2018Other investments\u2019,
14 \u2018Trade and other receivables\u2019 and 19 \u2018Cash and cash equivalents\u2019. For all financial assets held at amortised cost
the carrying values approximate fair value except as disclosed in note 13 \u2018Other investments\u2019.
The carrying value and valuation basis of the Group\u2019s financial liabilities are set out in notes 15 \u2018Trade and other
payables\u2019 and 21 \u2018Borrowings\u2019. The carrying values approximate fair value for the Group\u2019s trade payables and
other payables categories. For other financial liabilities a comparison of fair value and carrying value is disclosed
in note 21 \u2018Borrowings\u2019.
Level 3 financial instruments
Following the completion of the sale of Vodafone Spain on 31 May 2024 (See note 7 \u2018Discontinued operations
and assets held for sale\u2019), the Group received the non-cash consideration component in the form of \u20ac900 million
Redeemable Preference Shares (\u2018RPS\u2019) issued by EJLSHM Funding Ltd (\u2018EJLSHM\u2019). The RPS were redeemed in
January 2026. The Zegona shares were recorded at fair value through profit and loss and had a fair value of \u20ac937
million on 31 March 2025.
In the prior year, the valuation approach for the Zegona shares reflected the contractual terms of the RPS
arrangement and utilised a bespoke option model which drew 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 included the timing settlement of the RPS liability to the Group, Zegona\u2019s share price
volatility and the share\u2019s expected dividend yield.
Net financial instruments
The table below shows the Group\u2019s financial assets and liabilities that are subject to offset in the balance sheet
and the impact of enforceable master netting or similar agreements.
\u00a0\u00a0\u00a0
Related amounts not set off in the balance sheet
\u00a0\u00a0\u00a0
Amounts
Right of set off
Collateral
\u00a0
\u00a0\u00a0\u00a0
presented in
with derivative
(liabilities)/
\u00a0
\u00a0
Gross amount
Amount set off
balance sheet
counterparties
assets
1
Net amount
At 31 March 2026
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Derivative and other financial
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
instrument assets
2,975
\u2013
2,975
(921)
(1,599)
455
Derivative and other financial
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
instrument liabilities
(1,812)
\u2013
(1,812)
921
1,169
278
Total
1,163
\u2013
1,163
\u2013
(430)
733
\u00a0\u00a0\u00a0
Related amounts not set off in the balance sheet
\u00a0\u00a0\u00a0
Amounts
Right of set off
Collateral
\u00a0
\u00a0\u00a0\u00a0
presented in
with derivative
(liabilities)/
\u00a0
\u00a0
Gross amount
Amount set off
balance sheet
counterparties
assets
1
Net amount
At 31 March 2025
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
Derivative and other financial
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
instrument assets
4,197
\u2013
4,197
(1,146)
(2,357)
694
Derivative and other financial
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
instrument liabilities
(1,906)
\u2013
(1,906)
1,146
1,010
250
Total
2,291
\u2013
2,291
\u2013
(1,347)
944
\n
Note:
1.
Excludes non-cash collateral of \u20ac609 million (2025: \u20ac613 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 (\u2018International Swaps and
Derivatives Association\u2019) 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 \u2018Other
investments\u2019 or 21 \u2018Borrowings\u2019 respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00858": { "value": "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 (\u2018International Swaps and
Derivatives Association\u2019) 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 \u2018Other
investments\u2019 or 21 \u2018Borrowings\u2019 respectively.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00864": { "value": "23. Directors and key management compensation
This note details the total amounts earned by the Company\u2019s Directors and members of the
Executive Committee.
Directors
Aggregate emoluments of the Directors of the Company were as follows:
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Short-term remuneration
9
8
8
Long-term incentive schemes
1
2
1
1
\u00a0
11
9
9
\n
Note:
1.
Relates to share-based payments.
No Directors serving during the year exercised share options in the year ended 31 March 2026 (2025: None;
2024: None).
Key management compensation
Aggregate compensation for key management, being the Directors and members of the Executive Committee,
was as follows:
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Short-term employee benefits
1
27
24
27
Share-based payments
9
9
7
\u00a0
36
33
34
\n
Note:
1.
Includes termination payments to Executive Committee members of \u20ac0.6 million (2025: \u20acnil; 2024: \u20acnil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00866": { "value": "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.
\u00a0
2026
2025
2024
\u00a0
Employees
Employees
Employees
By activity
\u00a0\u00a0\u00a0
Operations
15,371
15,440
15,707
Selling and distribution
20,695
21,830
22,928
Customer care and administration
56,922
55,564
57,647
\u00a0
92,988
92,834
96,282
By segment
\u00a0\u00a0\u00a0
Germany
13,568
14,341
15,115
UK
12,416
9,332
9,640
Other Europe
11,635
11,744
11,441
Africa
14,676
14,036
13,578
T
\u00fc
rkiye
3,143
3,164
3,126
Common Functions
37,550
36,163
34,273
- Of which: Shared operations
36,790
35,338
33,359
- Of which: Corporate services
760
825
914
\u00a0
92,988
88,780
87,173
Discontinued operations
\u2013
4,054
9,109
Total
92,988
92,834
96,282
\n
The cost incurred in respect of these employees (including Directors) was:
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Wages and salaries
4,521
4,369
4,674
Social security costs
602
512
497
Other pension costs (note 25 'Post employment benefits')
248
245
217
Share-based payments (note 26 'Shared-based payments')
103
110
110
\u00a0
5,474
5,236
5,498
Discontinued operations
\u2013
286
748
Total
5,474
5,522
6,246
\n
25. Post employment benefits
The Group operates a number of Defined Benefit and Defined Contribution retirement plans
for our employees. The Group\u2019s largest defined benefit plan is in the UK. For further details see
\u2018Critical accounting judgements and key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of
preparation\u2019.
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\u2019s share of the results of equity accounted operations, as appropriate.
The Group\u2019s contributions to defined contribution pension plans are charged to the consolidated income
statement as they fall due.
Background
At 31 March 2026 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\u2019s 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\u2019 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, DRC and T\u00fcrkiye. 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\u2019s (\u2018Vodafone Italy\u2019s\u2019) defined contribution and defined benefit schemes have been transferred to Swisscom AG (see
note 27 \u2018Acquisitions and disposals\u2019).
However, some small Group Italian schemes remain.
Income statement expense/(income)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Defined contribution plans
210
194
183
Defined benefit plans
38
51
34
Total amount charged to staff costs (note 24 \u2018Employees\u2019)
248
245
217
Defined benefit net interest income in financing costs
(5)
(4)
\u2013
Total amount charged to income statement
243
241
217
\n
Defined benefit plans
The Group\u2019s retirement policy is to provide competitive pension provision, in each operating country, in line with
the market median for that location. The Group\u2019s preferred retirement provision is focused on Defined
Contribution arrangements and/or State provision for future service.
The Group\u2019s main defined benefit funding liability is the Vodafone UK Group Pension Scheme (\u2018Vodafone UK
plan\u2019). Since June 2014 the Vodafone UK plan has consisted of two segregated sections: the Vodafone Section
and the Cable & Wireless Section (\u2018CWW Section\u2019). 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 (\u2018HMRC\u2019)
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 \u00a3248 million (\u20ac284 million) on the funding basis, comprising of a \u00a397 million (\u20ac111
million) surplus for the Vodafone Section and a \u00a3151 million (\u20ac173 million) surplus for the CWW Section.
Accordingly, no further contributions were made during the three years to 31 March 2025 as agreed with the
Trustees.
The triennial actuarial valuation as at 31 March 2025 is at an advanced stage and will be completed in 2026. The
Group has reflected the outcome of the mortality analysis carried out for the 2025 actuarial valuation in its
chosen accounting assumptions and updated the accounting valuation to reflect experience emerging from the
2025 actuarial valuation.
These plan-specific actuarial valuations differ to the IAS 19 \u2018Employee Benefits\u2019 accounting basis, which is used
to measure pension assets and liabilities presented in the Group\u2019s consolidated statement of financial position.
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n
Funding plans are individually agreed for each of the Group\u2019s other defined benefit plans with the respective
\n
trustees or governing board, taking into account local regulatory requirements. It is expected that contributions
\n
of \u20ac19 million will be paid into the Group\u2019s defined benefit plans during the year ending 31 March 2027. The
\n
Group has also provided certain guarantees in respect of the Vodafone UK plan; further details are provided in
\n
note 29 \u2018Contingent liabilities and legal proceedings\u2019 to the consolidated financial statements.
\n
The investment strategy for the UK plans is controlled by the trustees in consultation with the Group and the
\n
plans have no direct investments in the Group\u2019s equity securities or in property or other assets currently used by
\n
the Group. The allocation of assets between different classes of investment is reviewed regularly and is a key
\n
factor in the trustee investment policy. The trustees aim to achieve the plan\u2019s investment objectives through
\n
investing partly in a diversified mix of growth assets which, over the long term, are expected to grow in value by
\n
more than the low-risk assets. The low-risk assets include cash and gilts, inflation and interest rate hedging and
\n
in-substance insured pensioner annuity policies in both the Vodafone Section and CWW Section of the Vodafone
\n
UK plan and an insured pensioner annuity policy in the Vodafone Ireland Pension Plan. A number of investment
\n
managers are appointed to promote diversification by assets, organisation and investment style and current
\n
market conditions and trends are regularly assessed, which may lead to adjustments in the asset allocation.
\n
The key risks in relation to the Vodafone UK plan are set out below, alongside a summary of the steps taken to
\n
mitigate each risk
\n\n \n
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\u2019s liabilities. This can help to hedge the
Vodafone UK Plan\u2019s 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\u2019s 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\u2019s
changes in regulation and to proactively address potential
pension obligations and reporting
resulting risks.
requirements.
\n
Actuarial assumptions
\n
The Group\u2019s plan liabilities are measured using the projected unit credit method using the principal
\n
actuarial assumptions set out below:
\n\n \n
2026
2025
2024
%
%
%
Weighted average actuarial assumptions used at 31 March
1
Rate of inflation
2
3.0
2.8
2.9
Rate of increase in salaries
3
3.3
3.1
3.0
Discount rate
5.6
5.1
4.5
\n
Notes:
\n
1.
Figures shown represent a weighted average assumption of the individual plans.
\n
2.
The rate of increase in pensions in payment and deferred revaluation are dependent on the rate of inflation.
\n
3.
Relates only to schemes open to future accrual primarily in Germany, Ireland and India.
\n
Mortality assumptions used are based on recommendations from the individual local actuaries which include
\n
adjustments for the experience of the Group where appropriate. The Group\u2019s largest plan is the Vodafone UK
\n
plan. Life expectancies assumed for the UK plans are 22.0/23.6 years (2025: 22.5/24.3 years) for a male/female
\n
pensioner currently aged 65 years and 23.0/25.2 years (2025: 23.5/25.4 years) from age 65 for a male/female
\n
non-pensioner member currently aged 40.
\n
Charges made to the consolidated income statement and consolidated statement of comprehensive income
\n
(\u2018SOCI\u2019) on the basis of the assumptions stated above are shown in the table below.
\n\n \n
2026
2025
2024
\u20acm
\u20acm
\u20acm
Current service cost
32
36
42
Net past service cost
6
15
\u2013
Net interest income included within staff costs
\u2013
\u2013
(8)
Total net cost included within staff costs
38
51
34
Net interest income included in financing costs
(5)
(4)
\u2013
Total net cost included within profit and loss
33
47
34
Actuarial (gains) / losses recognised in the SOCI
(5)
12
77
\n
Duration of the benefit obligations
\n
The weighted average duration of the defined benefit obligation at 31 March 2026 is 12 years (2025: 13 years).
\n
Fair value of the assets and present value of the liabilities of the plans
\n
The amount included in the consolidated statement of financial position arising from the Group\u2019s obligations in
\n
respect of its defined benefit plans is as follows:
\n\n \n
Assets
Liabilities
Net surplus
\u20acm
\u20acm
\u20acm
1 April 2024
5,148
(5,072)
76
Service cost
\u2013
(51)
(51)
Interest income/(cost)
229
(225)
4
Return on plan assets excluding interest income
(467)
\u2013
(467)
Actuarial gains arising from changes in demographic assumptions
\u2013
6
6
Actuarial gains arising from changes in financial assumptions
\u2013
465
465
Actuarial losses arising from experience adjustments
\u2013
(16)
(16)
Employer cash contributions
41
\u2013
41
Member cash contributions
19
(19)
\u2013
Benefits paid
(192)
192
\u2013
Exchange rate movements
84
(79)
5
Other movements
(8)
\u2013
(8)
31 March 2025
4,854
(4,799)
55
Service cost
\u2013
(38)
(38)
Interest income/(cost)
237
(232)
5
Return on plan assets excluding interest income
(35)
\u2013
(35)
Actuarial gains arising from changes in demographic assumptions
\u2013
55
55
Actuarial gains arising from changes in financial assumptions
\u2013
173
173
Actuarial losses arising from experience adjustments
\u2013
(188)
(188)
Employer cash contributions
46
\u2013
46
Member cash contributions
16
(16)
\u2013
Benefits paid
(221)
221
\u2013
Exchange rate movements
(149)
167
18
Other movements
(9)
\u2013
(9)
31 March 2026
4,739
(4,657)
82
\n
The table below provides an analysis of the net surplus for the Group as a whole.
\n\n \n
2026
2025
\u20acm
\u20acm
Analysis of net surplus:
Total fair value of plan assets
4,739
4,854
Present value of funded plan liabilities
(4,561)
(4,722)
Net surplus for funded plans
178
132
Present value of unfunded plan liabilities
(96)
(77)
Net surplus
82
55
Net surplus is analysed as:
Assets
1
288
242
Liabilities
(206)
(187)
\n
Note:
\n
1.
All net surpluses are reported as non-current assets in the consolidated statement of financial position. Pension assets are deemed to
\n
be recoverable and there are no adjustments in respect of minimum funding requirements as economic benefits are available to the
\n
Group either in the form of future refunds or, for plans still open to benefit accrual, in the form of possible reductions in future
\n
contributions.
\n
An analysis of net surplus is provided below for the Vodafone UK plan, which is a funded plan. As part of the
\n
merger of the Vodafone UK plan and the Cable and Wireless Worldwide Retirement Plan (\u2018CWWRP\u2019) plan on 6
\n
June 2014 the assets and liabilities of the CWW Section are segregated from the Vodafone Section and hence are
\n
reported separately below.
\n\n \n
CWW Section
Vodafone Section
2026
2025
2026
2025
\u20acm
\u20acm
\u20acm
\u20acm
Analysis of net surplus:
Total fair value of plan assets
1,529
1,640
1,781
1,805
Present value of plan liabilities
(1,452)
(1,550)
(1,681)
(1,750)
Net surplus
1
77
90
100
55
\n
Note:
\n
1.
All net surpluses are reported as non-current assets in the consolidated statement of financial position.
Fair value of plan assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Cash and cash equivalents
35
61
Equity investments:
\u00a0\u00a0
With quoted prices in an active market
450
471
Without quoted prices in an active market
35
37
Debt and derivative instruments:
\u00a0\u00a0
With quoted prices in an active market
1,140
1,042
Without quoted prices in an active market
1
1,599
1,719
Property:
\u00a0\u00a0
With quoted prices in an active market
12
17
Without quoted prices in an active market
291
313
Investment funds
602
572
Annuity policies
\u00a0\u00a0
Without quoted prices in an active market
575
622
Total
4,739
4,854
\n
Note:
1.
Includes immaterial amounts of derivative instruments.
The fair value of plan assets, which have been measured in accordance with IFRS 13 \u2018Fair Value Measurement\u2019,
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 \u20ac602 million at 31 March 2026 (2025: \u20ac572
million) includes investments in private equity and investment grade corporate bond funds held across both
sections of the Vodafone UK plan.
The actual return on plan assets over the year to 31 March 2026 was a gain of \u20ac202 million (2025: \u20ac238 million
loss).
Sensitivity analysis
Measurement of the Group\u2019s 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 2026.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0
Rate of increase
\u00a0\u00a0\u00a0\u00a0
\u00a0
Rate of inflation
in salaries
Discount rate
Life expectancy
\u00a0
Decrease
Increase
Decrease
Increase
Decrease
Increase
Decrease
Increase
\u00a0
by 0.5%
by 0.5%
by 0.5%
by 0.5%
by 0.5%
by 0.5%
by 1 year
by 1 year
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
(Decrease)/increase in the present
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
value of the defined benefit
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
obligation
1
(158)
169
(2)
2
253
(229)
(119)
117
\n
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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00865": { "value": "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.
\u00a0
2026
2025
2024
\u00a0
Employees
Employees
Employees
By activity
\u00a0\u00a0\u00a0
Operations
15,371
15,440
15,707
Selling and distribution
20,695
21,830
22,928
Customer care and administration
56,922
55,564
57,647
\u00a0
92,988
92,834
96,282
By segment
\u00a0\u00a0\u00a0
Germany
13,568
14,341
15,115
UK
12,416
9,332
9,640
Other Europe
11,635
11,744
11,441
Africa
14,676
14,036
13,578
T
\u00fc
rkiye
3,143
3,164
3,126
Common Functions
37,550
36,163
34,273
- Of which: Shared operations
36,790
35,338
33,359
- Of which: Corporate services
760
825
914
\u00a0
92,988
88,780
87,173
Discontinued operations
\u2013
4,054
9,109
Total
92,988
92,834
96,282
\n
The cost incurred in respect of these employees (including Directors) was:
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Wages and salaries
4,521
4,369
4,674
Social security costs
602
512
497
Other pension costs (note 25 'Post employment benefits')
248
245
217
Share-based payments (note 26 'Shared-based payments')
103
110
110
\u00a0
5,474
5,236
5,498
Discontinued operations
\u2013
286
748
Total
5,474
5,522
6,246
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00867": { "value": "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\u2019s share of the results of equity accounted operations, as appropriate.
The Group\u2019s contributions to defined contribution pension plans are charged to the consolidated income
statement as they fall due. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00868": { "value": "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\u2019s 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 (\u2018TSR\u2019), which is taken
into account when calculating the fair value of the share awards. The valuation for the TSR is based on
Vodafone\u2019s 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\u2019s 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 or transferred from Treasury in respect
of share options or share plans will not (without shareholder approval) exceed:
\u2212
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
\u2212
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 \u00a3375 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\u2019s 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
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Ordinary share options
\u00a0
2026
2025
2024
\u00a0
Millions
Millions
Millions
1 April
65
70
62
Granted
4
13
63
Forfeited
(1)
(1)
(1)
Exercised
(2)
\u2013
\u2013
Expired
(7)
(17)
(54)
31 March
59
65
70
Weighted average exercise price:
\u00a0 \u00a0 \u00a0
1 April
\u00a30.62
\u00a30.66
\u00a30.87
Granted
\u00a30.70
\u00a30.61
\u00a30.58
Forfeited
\u00a30.63
\u00a30.63
\u00a30.81
Exercised
\u00a30.72
\u00a30.58
\u00a31.06
Expired
\u00a30.76
\u00a30.74
\u00a30.82
31 March
\u00a30.61
\u00a30.62
\u00a30.66
\n
Summary of options outstanding
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
31 March 2026
31 March 2025
\u00a0\u00a0
Outstanding
Weighted
Weighted
Outstanding
Weighted
Weighted
\u00a0\u00a0
Millions
shares
average
price
remaining
Months
Millions
shares
average
price
remaining
Months
\u00a0
Vodafone Group Sharesave Plan:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
\u00a30.58 - \u00a31.28
59
\u00a30.61
14
65
\u00a30.62
23
\n
Share awards
Movements in non-vested shares are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
2024
\u00a0 \u00a0
Weighted
\u00a0
Weighted
\u00a0
Weighted
\u00a0 \u00a0
average fair
\u00a0
average fair
\u00a0
average fair
\u00a0 \u00a0
value at
\u00a0
value at
\u00a0
value at
\u00a0
Millions
grant date
Millions
grant date
Millions
grant date
1 April
369
\u00a30.77
317
\u00a30.92
261
\u00a31.14
Granted
153
\u00a30.80
187
\u00a30.70
177
\u00a30.72
Vested
(71)
\u00a30.97
(85)
\u00a31.09
(76)
\u00a31.17
Forfeited
(74)
\u00a30.81
(50)
\u00a30.90
(45)
\u00a30.99
31 March
377
\u00a30.74
369
\u00a30.77
317
\u00a30.92
\n
\n
\n\n
\n
\n
\n\n
\n
\n
Other information
The total fair value of shares vested during the year ended 31 March 2026 was \u00a369 million (2025: \u00a393 million;
2024: \u00a389 million).
The compensation cost included in the consolidated income statement in respect of share options and share
plans was \u20ac103 million (2025: \u20ac112 million; 2024: \u20ac125 million) which is comprised principally of equity-settled
transactions.
The average share price for the year ended 31 March 2026 was 89.5 pence (2025: 71.3 pence; 2024: 74.7 pence).", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00869": { "value": "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\u2019s 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 (\u2018TSR\u2019), which is taken
into account when calculating the fair value of the share awards. The valuation for the TSR is based on
Vodafone\u2019s 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\u2019s 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 or transferred from Treasury in respect
of share options or share plans will not (without shareholder approval) exceed:
\u2212
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
\u2212
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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00870": { "value": "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 \u2018Critical accounting judgements and key
sources of estimation uncertainty\u2019 in note 1 \u2018Basis of preparation\u2019 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\u2019s 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\u2019s previously held equity interest in the acquiree, if any, over the net amount 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\u2019 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 summarised
below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Net cash consideration paid
\u00a0\u00a0
Merger of Vodafone Limited and Hutchison 3G UK Holdings Limited in the UK
(31)
\u2013
Acquisition of Cloudforce 1 GmbH ('Skaylink')
(175)
\u2013
Other
(37)
(9)
Net cash acquired
50
\u2013
\u00a0
(193)
(9)
\n
Merger of Vodafone Limited and Hutchison 3G UK Holdings Limited in the UK
On 31 May 2025, the Group and CK Hutchison Group Telecom Holdings Limited (\u2018CKHGT\u2019), a wholly owned
subsidiary of CK Hutchison Holdings Limited (\u2018Hutchison\u2019), transferred their UK telecommunication businesses,
respectively Vodafone Limited (\u2018Vodafone UK\u2019) and Hutchison 3G UK Holdings Limited (\u2018Three UK\u2019), into
VodafoneThree Holdings Limited (\u2018VTHL\u2019). 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\u2019s equity, subject to closing adjustments
that will be settled in cash. 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 \u00a36,010 million to VTHL, of which \u00a31,684 million was utilised to settle Three UK\u2019s outstanding debt with
Hutchison. In addition, Vodafone and Hutchison jointly contributed, in proportion to their shareholdings, a total
of \u00a3600 million of equity funding on completion, with a further total of \u00a3200 million jointly contributed in April
2026.
As part of the transaction, Vodafone and Hutchison agreed a framework to enable Vodafone to acquire
Hutchison\u2019s 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\u2019s 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 \u00a316.5 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.
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
A purchase price allocation has been performed as at 31 May 2025, the acquisition date, and is set out in the
table below.
\u00a0
\u20acm
Other intangible assets
1
2,555
Property, plant and equipment
3,457
Inventory
43
Trade and other receivables
867
Cash and cash equivalents
27
Current and deferred taxation
88
Borrowings
(4,160)
Trade and other payables
(675)
Provisions
(69)
Net identifiable assets acquired
2,133
Non-controlling interests
2
(1,045)
Goodwill
3
1,358
Total consideration
4
2,446
\n
Notes:
1.
Identifiable intangible assets of \u20ac2,555 million consisted of acquired licences of \u20ac975 million, computer software of \u20ac887 million,
customer relationships of \u20ac467 million and brand of \u20ac226 million.
2.
Measured at the non-controlling shareholders\u2019 proportion of the net fair value of the identifiable assets acquired, liabilities and
contingent liabilities assumed.
3.
The goodwill is attributable to future profits to be generated from new customers and the synergies expected to arise after the Group\u2019s
acquisition of the business.
4.
Includes closing adjustments of \u20ac178 million payable to Hutchison, of which \u20ac31 million was paid in the year.
Transaction costs of \u20ac30 million were charged to Other (expense)/income in the Group\u2019s consolidated income
statement in the year ended 31 March 2026.
From the date of acquisition, the acquired entities have contributed \u20ac2,302 million of revenue and a loss of \u20ac551
million is included in the loss for the financial year of the Group. If the acquisition had taken place at the
beginning of the financial year, Group revenue would have been \u20ac40,957 million and the Group loss for the
financial year would have been \u20ac155 million.
As part of the merger of Vodafone and Three in the UK, the Group gave up a 49% interest in Vodafone UK to
Hutchison, with consideration taking the form of 51% of Three UK\u2019s equity, subject to closing adjustments that
will be settled in cash. The Group recognised non-controlling interests of \u20ac1,208 million and a net gain of \u20ac603
million in retained earnings in relation to this transaction.
Additionally, non-controlling interests of \u20ac348 million were recognised in relation to Hutchison\u2019s proportionate
contribution of the \u00a3600 million equity funding raised by VTHL on closing, this being settled by way of offset
against amounts due to Hutchison.
Acquisition of Cloudforce 1 GmbH
On 17 December 2025, the Group announced it had completed the acquisition of Cloudforce 1 GmbH
(\u2018Skaylink\u2019) for a total cash consideration of \u20ac175 million. The aggregate fair values of goodwill, identifiable
assets, liabilities recognised on acquisition were \u20ac107 million, \u20ac110 million and \u20ac42 million, respectively. The
acquisition enhances the Group\u2019s cloud consulting and managed services capabilities and has been accounted
for as a business combination in accordance with IFRS
\u202f
3, with Skaylink consolidated from the acquisition date.
Other transactions with non-controlling shareholders in subsidiaries
The aggregate net cash received in respect of other transactions with non-controlling shareholders in
subsidiaries was \u20ac100 million (2025: \u20ac8 million)
including \u20ac125 million (2025: \u20ac25 million) received from
Accenture Holdings B.V. for a non-controlling interest in Vodafone Shared Operations Limited.
Disposal of subsidiaries
\n
The aggregate cash consideration in respect of the disposal of subsidiaries, net of cash disposed, is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Cash consideration (paid)/received
\u00a0 \u00a0
Vodafone Spain
(33)
3,669
Vodafone Italy
(98)
7,707
Net cash disposed
\u2013
(155)
\u00a0
(131)
11,221
\n
Vodafone Spain
\n
In the comparative year, on 31 May 2024, the Group announced it had completed the sale of Vodafone Holdings
\n
Europe, S.L.U. (\u2018Vodafone Spain\u2019) to Zegona Communications plc (\u2018Zegona\u2019) for \u20ac4,069 million in cash (subject to
\n
closing accounts adjustments, which were finalised during the year ended 31 March 2026) and up to \u20ac900 million of
\n
non-cash consideration in the form of redeemable preference shares, which were settled during the year ended 31
\n
March 2026. \u20ac400 million of the cash received related to future services to be provided by the Group to Zegona and
\n
was deferred on the Group\u2019s statement of financial position. The disposal resulted in a loss of \u20ac148 million in the
\n
comparative year.
\n
The table below summarises the net assets disposed on 31 May 2024 and the resulting loss.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
\u20acm
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)
\n
Notes:
\n
1.
Excludes \u20ac400 million of consideration related to future services to be provided by the Group to Zegona.
\n
2.
The non-cash consideration comprises an investment in Zegona shares with a fair value of \u20ac807 million at the transaction date.
\n
3.
Included in \u2018Loss for the financial year - Discontinued operations\u2019 in the consolidated income statement.
\n
Vodafone Italy
\n
In the comparative year, on 31 December 2024, the Group announced it had completed the sale of Vodafone Italia
\n
S.p.A. (\u2018Vodafone Italy\u2019) to Swisscom AG for \u20ac7,885 million in cash (subject to closing accounts adjustments, which
\n
were finalised during the year ended 31 March 2026). \u20ac178 million of the cash received relates to future services to
\n
be provided by the Group to Swisscom AG and was deferred on the Group\u2019s statement of financial position. The
\n
disposal resulted in a loss of \u20ac1,133 million in the comparative year.
\n
The table below summarises the net assets disposed on 31 December 2024 and the resulting loss.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
\u20acm
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)
\n
Notes:
\n
1.
Excludes \u20ac178 million of consideration related to future services to be provided by the Group to Swisscom AG.
\n
2.
Included in \u2018Loss for the financial year - Discontinued operations\u2019 in the consolidated income statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00872": { "value": "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\u2019s 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\u2019s previously held equity interest in the acquiree, if any, over the net amount 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\u2019 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00873": { "value": "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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00871": { "value": "Other transactions with non-controlling shareholders in subsidiaries
The aggregate net cash received in respect of other transactions with non-controlling shareholders in
subsidiaries was \u20ac100 million (2025: \u20ac8 million)
including \u20ac125 million (2025: \u20ac25 million) received from
Accenture Holdings B.V. for a non-controlling interest in Vodafone Shared Operations Limited.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00876": { "value": "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.
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Contracts placed for future capital expenditure not provided in the financial
\u00a0\u00a0
statements
1
3,292
2,264
\n
Notes:
1.
Commitment includes contracts placed for property, plant and equipment and intangible assets.
Leases entered into by the Group but not commenced at 31 March 2026 are disclosed in note 20 \u2018Leases\u2019.
In March 2023, the Group entered into an agreement with Altice Luxembourg S.A. to create a joint venture, OXG
Glasfaser Beteiligungs GmbH (\u2018OXG\u2019), with 50.0% shareholding held by each shareholder. Each shareholder is
committed to contribute funding of up to \u20ac950 million to OXG for the deployment of fibre-to-the-home in
Germany.
During the year ended 31 March 2026, the Group provided \u20ac48 million (2025: \u20ac36 million) of capital
contributions to OXG. The remaining funding commitment of \u20ac832 million is expected to be contributed
between 2026 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.
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Performance and payment bonds
1
863
1,313
\n
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\u2019s main defined benefit plan is the Vodafone UK Group Pension Scheme (\u2018Vodafone UK plan\u2019) which has
two segregated sections, the Vodafone Section and the CWW Section, as detailed in note 25 \u2018Post employment
benefits\u2019.
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 \u2018Post employment benefits\u2019. 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 2026, the Vodafone UK plan holds security over \u00a3100 million (\u20ac114 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 \u00a31.25 billion (\u20ac1.43 billion) to provide security over the deficit under
certain defined circumstances, including insolvency of the employers. The Company has also issued a similar
guarantee of up to \u00a31.25 billion (\u20ac1.43 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 \u00a3100 million (\u20ac114 million).
Under the terms of the merger of Vodafone UK and Three UK (see note 27 \u2018Acquisitions and disposals\u2019), the Group
has provided an indemnity in relation to pre-existing pension funds.
The Group will pay Hutchison for any losses that
it incurs, via its 49% equity interest in VodafoneThree, both as a result of any payments to the Vodafone UK plan and
of any amounts paid to the THUS Plc Group Scheme in respect of service prior to 31 May 2025.
The Group currently
has no obligations that would be covered by the indemnity. The value of any future contributions will depend on
future movements in the values of the assets and the liabilities held by the respective funds.
The Group currently
holds no material provision in respect of this indemnity.
\n
Vodafone Idea
\n
As part of the agreement to merge Vodafone India and Idea Cellular in 2017, the parties agreed a mechanism for
\n
payments (the \u2018CLAM indemnity\u2019) between the Group and Vodafone Idea Limited (\u2018VIL\u2019) under which the Group
\n
would reimburse VIL in the event of the crystallisation and payment of certain identified contingent liabilities. The
\n
Group\u2019s maximum potential exposure under this mechanism was capped at INR 64 billion (\u20ac585 million).
\n
On 31 December 2025 the Group reached an agreement with VIL to settle the Group\u2019s obligations under the CLAM
\n
via the following transactions:
\n
-
The Group will make cash payments totalling \u20ac219 million to VIL; there will be no net cash outflow for the
\n
Group as these will be funded by VIL\u2019s payment of \u20ac219 million of outstanding service charges; and
\n
-
The Group has set aside 3,280 million of Vodafone Group's shares in VIL for VIL\u2019s benefit.
VIL will have the
\n
right to instruct Vodafone to sell these shares, in one or more tranches over up to five years, with any cash
\n
proceeds being transferred to VIL.
\n
The Group has recognised a liability of \u20ac256 million, based on the observable market value of the shares that have
\n
been assigned to VIL.
\n
Legal proceedings
\n
The Group is currently involved in a number of legal proceedings, including inquiries from, or discussions with,
\n
government authorities that are incidental to its operations.
\n
Legal proceedings where the Group considers that the likelihood of material future outflows of cash or other
\n
resources is more than remote are disclosed below. Where the Group assesses that it is probable that the outcome
\n
of legal proceedings will result in a financial outflow, and a reliable estimate can be made of the amount of that
\n
obligation, a provision is recognised for these amounts.
\n
In all cases, determining the probability of successfully defending a claim against the Group involves the application
\n
of judgement as the outcome is inherently uncertain. The determination of the value of any future outflows of cash
\n
or other resources, and the timing of such outflows, involves the use of estimates. The costs incurred in complex
\n
legal proceedings, regardless of outcome, can be significant.
\n
The Group is not involved in any material proceedings in which any of the Group\u2019s Directors, members of senior
\n
management or affiliates are either a party adverse to the Group or have a material interest adverse to the Group.
\n
Tax cases
\n
Netherlands tax case
\n
Vodafone Europe BV (\u2018VEBV\u2019) received assessments totalling \u20ac267 million in tax and interest from the Dutch tax
\n
authorities, who challenged the application of the arm\u2019s length principle in relation to various intra-group financing
\n
transactions. VEBV appealed against these assessments to the District Court of the Hague where a hearing was held
\n
in March 2023. The District Court issued its judgement in July 2023, upholding VEBV\u2019s appeal in relation to the
\n
majority of issues and requiring the Dutch tax authorities to significantly reduce its assessments. VEBV and the Dutch
\n
tax authorities subsequently appealed the District Court\u2019s judgement before the Court of Appeal of The Hague. A
\n
final decision from the Court of Appeal is expected in late 2026.
\n
The Group continues to believe it has robust defences but has recorded a provision of \u20ac27 million for tax and
\n
accrued interest reflecting the July 2023 judgement and the Group\u2019s current view of the probable financial outflow
\n
required to fully resolve the issue.
\n
VISPL tax claims
\n
Vodafone India Services Private Limited (\u2018VISPL\u2019) has now closed all outstanding tax disputes with the Indian tax
\n
authorities relating to Vodafone\u2019s acquisition of Hutchison Essar (later renamed Vodafone India Limited), including
\n
the five assessment years between 2008-09 and 2014-15. The tax amnesty was formally concluded in July 2025.
\n
The amnesty gave rise to an income statement tax charge of \u20ac185 million in the financial year ended 31 March
\n
2025. No income statement tax charge arose in the financial year ended 31 March 2026.
\n
Other cases in the Group
\n
Germany: price increase class action
\n
In November 2023, the Verbraucherzentrale Bundesverband (Federation of German Consumer Organisations)
\n
initiated a class action against Vodafone Germany in the Hamm Higher Regional Court. Vodafone Germany
\n
implemented price increases of \u20ac5 per month for fixed lines services in 2023 in response to higher costs. The claim
\n
alleges that terms regarding price increases in the consumer contracts entered into by Vodafone Germany\u2019s
\n
customers up until August 2023 are invalid under German civil law and seeks reimbursement of the additional
\n
charges plus interest. Customers must enter their details onto the register of collective actions on the Federal Office
\n
of Justice website in order to participate in the claim. The register opened in April 2024 and as at 31 March 2026,
\n
approximately 115,100 customers had registered. Vodafone Germany filed its defence in August 2024. Proceedings
\n
in the class action have been suspended pending the outcome of a referral to the Court of Justice of the European
\n
Union in a related case.
\n
Whilst the Group intends to defend the claim, it is not able to determine the likelihood or estimate the amount of any
\n
possible financial loss at this stage of the proceedings.
\n
Germany: claims regarding transfer of data to credit agencies
\n
Individual consumers are bringing claims against Vodafone Germany and/or the other national network operators
\n
for GDPR infringement relating to the transfer of data to credit agencies without consent.
Vodafone Germany\u2019s
\n
position is that the transfer of information about the existence of a consumer contract is justified for fraud prevention
\n
purposes.
\n
The Group will continue to defend these claims. However, the Group now considers the risk of a material financial
\n
impact to be remote.
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
tower 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 \u2018Vodafone\u2019) were informed that 1&1 had
submitted a complaint to the Bundeskartellamt (\u2018BkA\u2019), 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 sites acted as an obstacle to 1&1\u2019s market entry and an abuse of
relative market power.
Vodafone submitted its response to the Statement of Objections to the BkA on 2 July
2025. Vodafone has received a letter from the BkA stating that, if an infringement decision is issued, it is likely to
include an order for disgorgement of the alleged economic advantage obtained as a result of the alleged
infringement. In November 2025 Vodafone filed an application before the Higher Regional Court of Dusseldorf
challenging procedural irregularities in the BkA\u2019s investigative process and seeking an injunction to prevent the
BkA from issuing an infringement decision pending the outcome of the Court\u2019s decision. The BkA filed its
response to the application and the Court\u2019s decision is pending.
While the outcome is uncertain, the Group believes it has strong defences and that it is probable no present
obligation exists.
Italy: Iliad v Vodafone Italy
In July 2019, Iliad filed a claim for \u20ac500 million against Vodafone Italy in the Civil Court of Milan which, following
the divestment of Vodafone Italy was subject to an indemnity provided by the Group to Swisscom. The claim
alleged 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 which was rejected in a decision dated 30 December
2025. Iliad has not filed a further appeal before the Supreme Court and so the case is closed.
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 \u20ac330 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\u2019s 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. The Papistas claimants filed
a further appeal before the Supreme Court in August 2025. There was a further hearing in February 2025 about
one aspect of the appeal proceedings (a claim for damages of \u20ac2.1 million) which the Court of Appeal referred
back to the Athens Court of First Instance in August 2025.
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.
South Africa: Kenneth Makate v Vodacom (Pty) Limited
Mr Kenneth Makate, a former employee of Vodacom Pty Limited (\u2018Vodacom South Africa\u2019), started legal
proceedings in 2008 claiming compensation for a business idea that led to the development of a service known
as \u2018Please Call Me\u2019 (\u2018PCM\u2019).
On 4 November 2025, an immaterial settlement between Vodacom South Africa and Mr Makate was agreed. The
related court proceedings have been withdrawn.
UK: Mr Justin Gutmann v Vodafone Limited and Vodafone Group Plc
In November 2023, Mr Gutmann issued claims in the Competition Appeal Tribunal (\u2018CAT\u2019) seeking permission, as
a proposed class representative, to bring collective proceedings on an opt-out basis against the four UK mobile
network operators (\u2018MNOs\u2019) 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 \u00a31.4 billion (\u20ac1.6 billion), including interest. Hutchison 3G UK Limited (\u2018Three\u2019), which merged
with Vodafone Limited in May 2025, is also a named defendant to the claim with an alleged value of \u00a3507 million
(\u20ac578 million), including interest.
It is alleged that Vodafone, Three, 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 \u2018loyalty penalty\u2019). The claim was certified by the CAT in November 2025. Following a successful
strike out application based on limitation, the total value of the claims against Vodafone and Three have been
reduced to \u00a3557 million (\u20ac638 million) and \u00a3197 million (\u20ac225 million), respectively. Defences were filed on 27
February 2026 and Replies on 1 May 2026. A hearing will take place on 1-2 July 2026 to set the timetable to trial.
Taking into account all available evidence at this stage, the Group\u2019s 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.
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 (\u2018MNOs
\u2019
), 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. Following a trial on liability, the High Court issued a judgement in Vodafone\u2019s favour in November
2023 rejecting Phones 4U\u2019s allegations that the defendants were in breach of competition law. In July 2025 the
Court of Appeal also rejected all of Phones 4U\u2019s grounds of appeal. Phones 4U has not appealed to the Supreme
Court and so the case is closed. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00874": { "value": "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.
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Contracts placed for future capital expenditure not provided in the financial
\u00a0\u00a0
statements
1
3,292
2,264
\n
Notes:
1.
Commitment includes contracts placed for property, plant and equipment and intangible assets.
Leases entered into by the Group but not commenced at 31 March 2026 are disclosed in note 20 \u2018Leases\u2019.
In March 2023, the Group entered into an agreement with Altice Luxembourg S.A. to create a joint venture, OXG
Glasfaser Beteiligungs GmbH (\u2018OXG\u2019), with 50.0% shareholding held by each shareholder. Each shareholder is
committed to contribute funding of up to \u20ac950 million to OXG for the deployment of fibre-to-the-home in
Germany.
During the year ended 31 March 2026, the Group provided \u20ac48 million (2025: \u20ac36 million) of capital
contributions to OXG. The remaining funding commitment of \u20ac832 million is expected to be contributed
between 2026 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00875": { "value": "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.
\u00a0
2026
2025
\u00a0
\u20acm
\u20acm
Performance and payment bonds
1
863
1,313
\n
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\u2019s main defined benefit plan is the Vodafone UK Group Pension Scheme (\u2018Vodafone UK plan\u2019) which has
two segregated sections, the Vodafone Section and the CWW Section, as detailed in note 25 \u2018Post employment
benefits\u2019.
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 \u2018Post employment benefits\u2019. 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 2026, the Vodafone UK plan holds security over \u00a3100 million (\u20ac114 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 \u00a31.25 billion (\u20ac1.43 billion) to provide security over the deficit under
certain defined circumstances, including insolvency of the employers. The Company has also issued a similar
guarantee of up to \u00a31.25 billion (\u20ac1.43 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 \u00a3100 million (\u20ac114 million).
Under the terms of the merger of Vodafone UK and Three UK (see note 27 \u2018Acquisitions and disposals\u2019), the Group
has provided an indemnity in relation to pre-existing pension funds.
The Group will pay Hutchison for any losses that
it incurs, via its 49% equity interest in VodafoneThree, both as a result of any payments to the Vodafone UK plan and
of any amounts paid to the THUS Plc Group Scheme in respect of service prior to 31 May 2025.
The Group currently
has no obligations that would be covered by the indemnity. The value of any future contributions will depend on
future movements in the values of the assets and the liabilities held by the respective funds.
The Group currently
holds no material provision in respect of this indemnity.
\n
Vodafone Idea
\n
As part of the agreement to merge Vodafone India and Idea Cellular in 2017, the parties agreed a mechanism for
\n
payments (the \u2018CLAM indemnity\u2019) between the Group and Vodafone Idea Limited (\u2018VIL\u2019) under which the Group
\n
would reimburse VIL in the event of the crystallisation and payment of certain identified contingent liabilities. The
\n
Group\u2019s maximum potential exposure under this mechanism was capped at INR 64 billion (\u20ac585 million).
\n
On 31 December 2025 the Group reached an agreement with VIL to settle the Group\u2019s obligations under the CLAM
\n
via the following transactions:
\n
-
The Group will make cash payments totalling \u20ac219 million to VIL; there will be no net cash outflow for the
\n
Group as these will be funded by VIL\u2019s payment of \u20ac219 million of outstanding service charges; and
\n
-
The Group has set aside 3,280 million of Vodafone Group's shares in VIL for VIL\u2019s benefit.
VIL will have the
\n
right to instruct Vodafone to sell these shares, in one or more tranches over up to five years, with any cash
\n
proceeds being transferred to VIL.
\n
The Group has recognised a liability of \u20ac256 million, based on the observable market value of the shares that have
\n
been assigned to VIL.
\n
Legal proceedings
\n
The Group is currently involved in a number of legal proceedings, including inquiries from, or discussions with,
\n
government authorities that are incidental to its operations.
\n
Legal proceedings where the Group considers that the likelihood of material future outflows of cash or other
\n
resources is more than remote are disclosed below. Where the Group assesses that it is probable that the outcome
\n
of legal proceedings will result in a financial outflow, and a reliable estimate can be made of the amount of that
\n
obligation, a provision is recognised for these amounts.
\n
In all cases, determining the probability of successfully defending a claim against the Group involves the application
\n
of judgement as the outcome is inherently uncertain. The determination of the value of any future outflows of cash
\n
or other resources, and the timing of such outflows, involves the use of estimates. The costs incurred in complex
\n
legal proceedings, regardless of outcome, can be significant.
\n
The Group is not involved in any material proceedings in which any of the Group\u2019s Directors, members of senior
\n
management or affiliates are either a party adverse to the Group or have a material interest adverse to the Group.
\n
Tax cases
\n
Netherlands tax case
\n
Vodafone Europe BV (\u2018VEBV\u2019) received assessments totalling \u20ac267 million in tax and interest from the Dutch tax
\n
authorities, who challenged the application of the arm\u2019s length principle in relation to various intra-group financing
\n
transactions. VEBV appealed against these assessments to the District Court of the Hague where a hearing was held
\n
in March 2023. The District Court issued its judgement in July 2023, upholding VEBV\u2019s appeal in relation to the
\n
majority of issues and requiring the Dutch tax authorities to significantly reduce its assessments. VEBV and the Dutch
\n
tax authorities subsequently appealed the District Court\u2019s judgement before the Court of Appeal of The Hague. A
\n
final decision from the Court of Appeal is expected in late 2026.
\n
The Group continues to believe it has robust defences but has recorded a provision of \u20ac27 million for tax and
\n
accrued interest reflecting the July 2023 judgement and the Group\u2019s current view of the probable financial outflow
\n
required to fully resolve the issue.
\n
VISPL tax claims
\n
Vodafone India Services Private Limited (\u2018VISPL\u2019) has now closed all outstanding tax disputes with the Indian tax
\n
authorities relating to Vodafone\u2019s acquisition of Hutchison Essar (later renamed Vodafone India Limited), including
\n
the five assessment years between 2008-09 and 2014-15. The tax amnesty was formally concluded in July 2025.
\n
The amnesty gave rise to an income statement tax charge of \u20ac185 million in the financial year ended 31 March
\n
2025. No income statement tax charge arose in the financial year ended 31 March 2026.
\n
Other cases in the Group
\n
Germany: price increase class action
\n
In November 2023, the Verbraucherzentrale Bundesverband (Federation of German Consumer Organisations)
\n
initiated a class action against Vodafone Germany in the Hamm Higher Regional Court. Vodafone Germany
\n
implemented price increases of \u20ac5 per month for fixed lines services in 2023 in response to higher costs. The claim
\n
alleges that terms regarding price increases in the consumer contracts entered into by Vodafone Germany\u2019s
\n
customers up until August 2023 are invalid under German civil law and seeks reimbursement of the additional
\n
charges plus interest. Customers must enter their details onto the register of collective actions on the Federal Office
\n
of Justice website in order to participate in the claim. The register opened in April 2024 and as at 31 March 2026,
\n
approximately 115,100 customers had registered. Vodafone Germany filed its defence in August 2024. Proceedings
\n
in the class action have been suspended pending the outcome of a referral to the Court of Justice of the European
\n
Union in a related case.
\n
Whilst the Group intends to defend the claim, it is not able to determine the likelihood or estimate the amount of any
\n
possible financial loss at this stage of the proceedings.
\n
Germany: claims regarding transfer of data to credit agencies
\n
Individual consumers are bringing claims against Vodafone Germany and/or the other national network operators
\n
for GDPR infringement relating to the transfer of data to credit agencies without consent.
Vodafone Germany\u2019s
\n
position is that the transfer of information about the existence of a consumer contract is justified for fraud prevention
\n
purposes.
\n
The Group will continue to defend these claims. However, the Group now considers the risk of a material financial
\n
impact to be remote.
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
tower 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 \u2018Vodafone\u2019) were informed that 1&1 had
submitted a complaint to the Bundeskartellamt (\u2018BkA\u2019), 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 sites acted as an obstacle to 1&1\u2019s market entry and an abuse of
relative market power.
Vodafone submitted its response to the Statement of Objections to the BkA on 2 July
2025. Vodafone has received a letter from the BkA stating that, if an infringement decision is issued, it is likely to
include an order for disgorgement of the alleged economic advantage obtained as a result of the alleged
infringement. In November 2025 Vodafone filed an application before the Higher Regional Court of Dusseldorf
challenging procedural irregularities in the BkA\u2019s investigative process and seeking an injunction to prevent the
BkA from issuing an infringement decision pending the outcome of the Court\u2019s decision. The BkA filed its
response to the application and the Court\u2019s decision is pending.
While the outcome is uncertain, the Group believes it has strong defences and that it is probable no present
obligation exists.
Italy: Iliad v Vodafone Italy
In July 2019, Iliad filed a claim for \u20ac500 million against Vodafone Italy in the Civil Court of Milan which, following
the divestment of Vodafone Italy was subject to an indemnity provided by the Group to Swisscom. The claim
alleged 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 which was rejected in a decision dated 30 December
2025. Iliad has not filed a further appeal before the Supreme Court and so the case is closed.
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 \u20ac330 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\u2019s 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. The Papistas claimants filed
a further appeal before the Supreme Court in August 2025. There was a further hearing in February 2025 about
one aspect of the appeal proceedings (a claim for damages of \u20ac2.1 million) which the Court of Appeal referred
back to the Athens Court of First Instance in August 2025.
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.
South Africa: Kenneth Makate v Vodacom (Pty) Limited
Mr Kenneth Makate, a former employee of Vodacom Pty Limited (\u2018Vodacom South Africa\u2019), started legal
proceedings in 2008 claiming compensation for a business idea that led to the development of a service known
as \u2018Please Call Me\u2019 (\u2018PCM\u2019).
On 4 November 2025, an immaterial settlement between Vodacom South Africa and Mr Makate was agreed. The
related court proceedings have been withdrawn.
UK: Mr Justin Gutmann v Vodafone Limited and Vodafone Group Plc
In November 2023, Mr Gutmann issued claims in the Competition Appeal Tribunal (\u2018CAT\u2019) seeking permission, as
a proposed class representative, to bring collective proceedings on an opt-out basis against the four UK mobile
network operators (\u2018MNOs\u2019) 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 \u00a31.4 billion (\u20ac1.6 billion), including interest. Hutchison 3G UK Limited (\u2018Three\u2019), which merged
with Vodafone Limited in May 2025, is also a named defendant to the claim with an alleged value of \u00a3507 million
(\u20ac578 million), including interest.
It is alleged that Vodafone, Three, 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 \u2018loyalty penalty\u2019). The claim was certified by the CAT in November 2025. Following a successful
strike out application based on limitation, the total value of the claims against Vodafone and Three have been
reduced to \u00a3557 million (\u20ac638 million) and \u00a3197 million (\u20ac225 million), respectively. Defences were filed on 27
February 2026 and Replies on 1 May 2026. A hearing will take place on 1-2 July 2026 to set the timetable to trial.
Taking into account all available evidence at this stage, the Group\u2019s 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.
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 (\u2018MNOs
\u2019
), 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. Following a trial on liability, the High Court issued a judgement in Vodafone\u2019s favour in November
2023 rejecting Phones 4U\u2019s allegations that the defendants were in breach of competition law. In July 2025 the
Court of Appeal also rejected all of Phones 4U\u2019s grounds of appeal. Phones 4U has not appealed to the Supreme
Court and so the case is closed. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00877": { "value": "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 \u2018Associates and joint
arrangements\u2019, note 25 \u2018Post employment benefits\u2019 and note 23 \u2018Directors and key management
compensation\u2019).
Transactions with joint arrangements and associates
Related party transactions with the Group\u2019s 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.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
2024
\u00a0
\u20acm
\u20acm
\u20acm
Sales of goods and services to associates
30
13
25
Purchase of goods and services from associates
9
6
6
Sales of goods and services to joint ventures
259
280
267
Purchase of goods and services from joint ventures
555
761
932
Interest income receivable from associates
9
\u2013
\u2013
Interest expense payable to associates
6
\u2013
\u2013
Interest income receivable from joint ventures
1
65
66
52
Interest expense payable to joint ventures
1
157
243
239
Trade balances owed:
\u00a0\u00a0\u00a0
by associates
9
3
\u00a0
to associates
2
1
\u00a0
by joint ventures
220
210
\u00a0
to joint ventures
304
331
\u00a0
Other balances owed by associates
11
\u2013
\u00a0
Other balances owed to associates
126
\u2013
\u00a0
Other balances owed by joint ventures
1
1,219
1,265
\u00a0
Other balances owed to joint ventures
2
3,192
3,941
\u00a0
\n
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\u2019s commitment to enter into future lease contracts with Oak Holdings 1 GmbH are disclosed in
Note 20 \u2018Leases\u2019.
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 2026 and as of 19 May 2026, 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 2026 and as of 19 May 2026, 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00878": { "value": "Related party transactions with the Group\u2019s 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00879": { "value": "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\u2019s 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\u2019s 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\u2019s 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.
\u00a0
% of share class held
\u00a0
Company name
by Group companies
Share class
Albania
\u00a0 \u00a0
Autostrada Tirane-Durres, Rruga: \u201cPavaresia\u201d, Nr 61, Kashar, Tirana, Albania
\u00a0 \u00a0
Vodafone Albania Sh.A
100.00
Ordinary shares
Rruga \u201cIbrahim Rugova\u201d, Sky Tower, Kati I 5, Hyrja , Tiran\u00eb 1000, Albania
\u00a0 \u00a0
_VOIS Albania Shpk.
85.71
Ordinary shares
Australia
\u00a0 \u00a0
Quay Quarter Tower, Level 7, 50 Bridge Street, Sydney NSW 2000, Australia
\u00a0 \u00a0
Vodafone Enterprise Australia Pty Limited
100.00
Ordinary shares
Austria
\u00a0 \u00a0
Hohenstaufengasse 9, DG, 1010, Wien, Austria
\u00a0 \u00a0
Vodafone Enterprise Austria GmbH
100.00
Quotas shares
Bahrain
\u00a0 \u00a0
Flat 304, Building 60 Falcon Tower, Road 1701, Diplomatic Area, Manama, 317,
\u00a0 \u00a0
Bahrain
\u00a0 \u00a0
Vodafone Enterprise Bahrain W.L.L.
100.00
Ordinary shares
\u00a0
% of share class held
\u00a0
Company name
by Group companies
Share class
Belgium
\u00a0\u00a0
Malta House, rue Archim\u00e8de 25, 1000 Bruxelles, Belgium
\u00a0\u00a0
Vodafone Belgium SA/NV
100.00
Ordinary shares
Brazil
\u00a0\u00a0
R. Manoel de Oliveira Ramos, 205, Suite 201, Florian\u00f3polis SC, 88075-120 , Brazil
\u00a0\u00a0
Skaylink Ltda.
100.00
Ordinary shares
Rua Boa Vista, 254, 13th Floor, Suite 32, Sao Paulo, Sao Paulo, 01014-907, Brazil
\u00a0\u00a0
Vodafone Empresa Brasil Telecomunica\u00e7\u00f5es Ltda
100.00
Ordinary shares
Rua Boa Vista, No. 254, room 1304 (parte), Centro, S\u00e3o Paulo, 01014907, Brazil
\u00a0\u00a0
Vodafone Servi\u00e7os Empresariais Brasil Ltda
100.00
Ordinary shares
Bulgaria
\u00a0\u00a0
Mladost district, 4 Mihail Tenev Str., Balkan Business Centre, Floor 12, Sofia, 1784,
\u00a0\u00a0
Bulgaria
\u00a0\u00a0
Vodafone Enterprise Bulgaria EOOD
100.00
Ordinary shares
Canada
\u00a0\u00a0
c/o ARC Information Services Inc., 3-84 Castlebury Crescent, Toronto ON M2H
\u00a0\u00a0
1W8, Canada
\u00a0\u00a0
Vodafone Canada Inc.
100.00
Common shares
Cayman Islands
\u00a0\u00a0
PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands
\u00a0\u00a0
CGP Investments (Holdings) Limited
100.00
Ordinary shares
China
\u00a0\u00a0
Level 9, Tower 2, China Central Place, Room 941, No. 79 Jianguo Road, Chaoyang
\u00a0\u00a0
District, Beijing, 100025, China
\u00a0\u00a0
Vodafone Enterprise Communications Technical Service (Shanghai) Co., Ltd.
\u00a0\u00a0
Beijing Branch
2
100.00
Branch
Room 1603, 16
th
Floor, 1200 Pudong Avenue, Free Trade Zone, Shanghai, China
\u00a0\u00a0
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
\u00a0\u00a0
and Technological Development Zone, Beijing, China
\u00a0\u00a0
Vodafone Automotive Technologies (Beijing) Co, Ltd
100.00
Ordinary shares
Congo, The Democratic Republic of the
\u00a0\u00a0
292 Avenue de La Justice, Commune de la Gombe, Kinshasa, The Democratic
\u00a0\u00a0
Republic of the Congo
\u00a0\u00a0
Vodacom Congo (RDC) SA
5
33.20
Ordinary shares
540 avenue de la justice, second floor, Gombe, Kinshasa, The Democratic Republic
\u00a0\u00a0
of the Congo
\u00a0\u00a0
Vodacash S.A
5
33.20
Ordinary shares
Cyprus
\u00a0\u00a0
Ali Riza Caddesi No: 33/A Ortak\u00f6y, Lefko\u015fa, Cyprus
\u00a0\u00a0
Vodafone Evde Operations Ltd
100.00
Ordinary shares
Vodafone Mobile Operations Limited
100.00
Ordinary shares
\n\n \n
% of share class held
Company name
by Group companies
Share class
Czech Republic
N\u00e1m\u0115st\u00ed Junkov\u00fdch 2, Prague 5, 155
00, Czech Republic
Nadace Vodafone \u010cesk\u00e1 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, Z\u00e1vi\u0161ova 502/5, 14000, Nusle, Czech Republic
Z\u00e1vi\u0161ova Real Estate, s.r.o.
100.00
Ordinary shares
Denmark
Lautrupsgade 7, 2100, Copenhagen, Denmark
100.00
Ordinary shares
cVationA/S
C/O DLA Piper Denmark, Oslo Plads 2, DK-2100, Copenhagen East, 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 \u201cVHUB1\u201d, 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
It\u00e4merenkatu 25, 00180 Helsinki, 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 D\u00e9fense Cours Valmy , 1-7 Le Belv\u00e9d\u00e8re , 92800,
Puteaux, France
Vodafone Automotive France S.A.S
100.00
Ordinary shares
Le Belv\u00e9d\u00e8re, 1-7 cours Valmy, 92800, Puteaux, France
Vodafone Enterprise France SAS
100.00
Ordinary shares
\n\n \n
% of share class held
Company name
by Group companies
Share class
Vihan Rue de Champollion, Apollo C\u00e2ble Station, KERADRIVIN 22300, Lannion,
France
Apollo Submarine Cable System Ltd - French Branch
2
100.00
Branch
Georgia
Floor 1, Entrance 2, Commercial Space, Terenti Graneli Street 10-12, Chugureti
District, Tbilisi, Georgia
Vodafone Enterprise Georgia LLC
100.00
Ordinary shares
Germany
Parkring 29, 85748, Garching bei M\u00fcnchen, Bayern, Germany
Cloudforce 1 GmbH
100.00
Ordinary shares
Skaylink GmbH
100.00
Ordinary shares
Danziger Str. 12, Garching b. M\u00fcnchen, Bavaria, 85748, Germany
DrVis Software GmbH
100.00
Ordinary shares
Altes Forsthaus 2, 67661, Kaiserslautern, Germany
TKS Telepost Kabel-Service Kaiserslautern GmbH
100.00
Ordinary shares
Buschurweg 4, 76870 Kandel, Germany
Vodafone Automotive Deutschland GmbH
100.00
Ordinary shares
Ferdinand-Braun-Platz 1, 40549, D\u00fcsseldorf, Germany
Vodafone Enterprise Germany GmbH
100.00
Serial No.1 shares,
Serial No.2 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 Gemeinn\u00fctzige GmbH
100.00
Ordinary shares
Vodafone West GmbH
100.00
Ordinary shares
Ferdinand-Braun-Platz 1, 40549, D\u00fcsseldorf, Nordrhein-Westfalen, Germany
Grandcentrix GmbH
100.00
Ordinary shares
Nobelstrasse 55, 18059, Rostock, Germany
Urbana Teleunion Rostock GmbH & Co. KG
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
\n\n \n
% 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 23, One Taikoo Place, 979 King\u2019s 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 Szolg\u00e1ltat\u00f3 K\u00f6zpont Budapest Z\u00e1rtk\u00f6r\u0171en M\u0171k\u00f6d\u0151
85.71
Registered ordinary
R\u00e9szv\u00e9nyt\u00e1rsas\u00e1g
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
Deloitte & Touche House, 29 Earlsfort Terrace, Dublin 2, Ireland
\n\n \n
% 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
51.00
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 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
\n\n \n
% 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
Lithuania
Laisv\u0117s pr. 53E, Vilnius, 07191, Lithuania
UAB BTT Group
100.00
Ordinary shares
Luxembourg
15 rue Edward Steichen, Luxembourg, 2540, Luxembourg
Tomorrow Street GP S.\u00e0 r.l.
100.00
Ordinary shares
Ordinary euro
Vodafone Enterprise Luxembourg S.A.
100.00
shares
Vodafone Global Connect S.\u00e0 r.l.
100.00
Ordinary shares
Vodafone International 1 S.\u00e0 r.l.
100.00
Ordinary shares
Vodafone International M S.\u00e0 r.l.
100.00
Ordinary shares
Vodafone Investments Luxembourg S.\u00e0 r.l.
100.00
Ordinary shares
Vodafone Luxembourg S.\u00e0 r.l.
100.00
Ordinary shares
Vodafone Procurement Company S.\u00e0 r.l.
100.00
Ordinary shares
Vodafone Roaming Services S.\u00e0 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
Ordinary A shares,
Ordinary B shares
Vodafone Insurance Limited
100.00
Ordinary A shares,
Ordinary B shares
Mauritius
10th Floor, Standard Chartered Towers, 19 Cybercity, Ebene, Mauritius, Mauritius
Mobile Wallet VM1
5
65.10
Ordinary shares
Mobile Wallet VM2
5
65.10
Ordinary 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
\n\n \n
% of share class held
Company name
by Group companies
Share class
CCII (Mauritius), Inc.
100.00
Ordinary shares
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 Jos\u00e9
Insurgentes, Alcald\u00eda Benito Ju\u00e1rez, C.P. 03900, Ciudad de M\u00e9xico, Mexico
Vodafone Empresa M\u00e9xico 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
Mozambique Fibre Company, SY, LDA
5
55.33
Ordinary shares
Mozambique Tower Company, SY, LDA
5
55.33
Ordinary shares
Vodacom Mo\u00e7ambique, 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
30 Daldy Street, Central Auckland, 1010, 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
\n\n \n
% of share class held
Company name
by Group companies
Share class
Oman
Knowledge Oasis Muscat, Al-seeb, Muscat, Governorate P.O Box 104 135, Oman
Vodafone Services LLC
100.00
Ordinary shares
Poland
ul. Towarowa 28, 00-839, Warsaw, Poland
Vodafone Business Poland sp. z o.o.
100.00
Ordinary shares
Portugal
Av. D. Jo\u00e3o II, n\u00ba 36 - 8\u00ba Piso, 1998 - 017, Parque das Na\u00e7\u00f5es, Lisboa, Portugal
Vodafone Enterprise Spain, S.L.U. \u2013 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
Quotas shares
Romania
1 A Constantin Ghercu Street, 10th Floor, 6th District, Bucharest, Romania
UPC Services S.R.L.
100.00
Ordinary shares
1
C Expozi\u021biei Boulevard, building B1, floor 1, 2 and 3
, District 1, Bucharest, Romania
Telekom Romania Mobile Communications S.A.
100.00
Ordinary shares
18 Diligen\u021bei 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
Vodafone Foundation
100.00
Sole member
201 Barbu Vacarescu Street, 4th floor, 2nd District, Bucharest, Romania
Vodafone Romania S.A
100.00
Ordinary shares
201 Barbu Vacarescu Street, Ground Floor, 2nd District 2, Bucharest, Romania
West Network SRL
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, 4th District, Bucharest, Romania
Vodafone Rom\u00e2nia Technologies SRL
85.71
Ordinary shares
Sectorul 2, Strada Barbu V\u0103c\u0103rescu, Nr. 201, Etaj 1, Bucharest, Romania
Vodafone Rom\u00e2nia M - Payments SRL
100.00
Ordinary shares
Calea Turzii nr. 101, et.2, Cluj-Napoca, Romania, 400493
Skaylink 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 Popovi\u0107a 38
-40, New Belgrade, 11070, Serbia
\n\n \n
% of share class held
Company name
by Group companies
Share class
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
Karad\u017ei\u010dova 2, mestsk\u00e1 \u010das\u0165 Star\u00e9 mesto, Bratislava, 811 09, Slovakia
Vodafone Global Network Limited -
organiza\u010dn\u00e1 zlo\u017eka (Slovakia Branch)
2
100.00
Branch
Prievozsk\u00e1 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,
Ordinary B 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
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
Strand (RF) (Pty) Ltd
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
\n\n \n
% of share class held
Company name
by Group companies
Share class
South Africa (continued)
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
Spain
Calle Miguel Yuste, 33 Bis, 2 Planta, 28037, Madrid, Spain
Vodafone Automotive Iberia S.L.
100.00
Ordinary shares
Avenida de Am\u00e9rica 115, 28042, Madrid, Spain
Vodafone Enterprise Spain SLU
100.00
Ordinary euro
shares
Torre Norte Adif, Explanada de la Estaci\u00f3n no 7, 29002, M\u00e1laga, Spain
Vodafone Intelligent Solutions Espa\u00f1a, S.L.U.
100.00
Ordinary shares
Vodafone IoT Spain, S.L.
100.00
Ordinary shares
Sweden
C/o Aspia AB, Kopparbergsv\u00e4gen 11a, 722 13, V\u00e4ster\u00e5s, Sweden
Vodafone Enterprise Sweden AB
100.00
Ordinary shares,
Shareholder\u2019s
contribution shares
Switzerland
In der Luberzen 25, 8902 , Urdorf, Kanton Z\u00fcrich, Switzerland
Beck et al. Services AG i.L.
100.00
Ordinary shares
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 Salaam,
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
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
T\u00fcrkiye
B\u00fcy\u00fckdere Caddesi, No: 251, Maslak, \u015ei\u015fli / \u0130stanbul, 34398, T
\u00fcrkiye
Vodafone Bilgi Ve Iletisim Hizmetleri AS
100.00
Registered shares
\n\n \n
% of share class held
Company name
by Group companies
Share class
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
Vodafone Net \u0130leti\u015fim Hizmetleri A.S.
100.00
Ordinary shares
Vodafone Telekomunikasyon A.S
100.00
Registered shares
Vodafone Finansman A.S.
100.00
Ordinary shares
Vodafone Elektronik Para Ve \u00d6deme Hizmetleri A.S.
100.00
Registered shares
Vodafone Sigorta Aracilik Hizmetleri A.S.
100.00
Ordinary shares
\u0130T\u00dc Ayaza\u011fa Kamp\u00fcs\u00fc, Koru Yolu, Ar\u0131 Teknokent Ar\u0131 3 Binas\u0131, Maslak, \u0130stanbul,
586553, T\u00fcrkiye
Vodafone Teknoloji Hizmetleri A.S.
100.00
Registered shares
Maslak Mah. B\u00fcy\u00fckdere Cad. B\u00fcy\u00fckdere No: 251, Sar\u0131yer, Istanbul , 34453, T
\u00fcrkiye
VOIS Turkey
Akilli \u00c7\u00f6z\u00fcmler Limited \u015eirketi
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
\n\n \n
% 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
51.00
Ordinary shares
Thus Group 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
Ordinary A shares,
Ordinary B shares,
Ordinary C shares,
Ordinary D 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
Ordinary A shares,
Ordinary B 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
Energis Communications Limited
51.00
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
51.00
Ordinary shares
The Eastern Leasing Company Limited
100.00
Ordinary shares
Thus Limited
51.00
Ordinary shares
\n\n \n
% of share class held
Company name
by Group companies
Share class
Vodafone 2.
100.00
Ordinary shares
Vodafone Automotive UK Limited
100.00
Ordinary shares
Vodafone Consolidated Holdings 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.
51.00
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,
Deferred B 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
51.00
Ordinary shares
Company name
% of share class held
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
VodafoneThree Holdings Limited
51.00
Ordinary shares
Vodafone Ventures Limited
1
100.00
Ordinary shares
Vodaphone Limited
100.00
Ordinary shares
Your Communications Group Limited
100.00
Ordinary B shares,
Redeemable
preference shares
450 Longwater Avenue, Green Park, Reading, England, RG2 6GF, United Kingdom
3UK Retail Limited
51.00
Ordinary shares
Hutchison 3G UK Holdings Limited
51.00
Ordinary shares
Hutchison 3G UK Limited
51.00
Ordinary shares
ID Communications Limited
51.00
Ordinary shares
UK Broadband Limited
51.00
Ordinary 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 32. Subsidiaries exempt from audit
The following UK subsidiaries are expected to take advantage of the audit exemption set out within
section 479A of the Companies Act 2006 for the year ended 31 March 2026.
Name
Registration number
Cable & Wireless Aspac Holdings Limited
04705342
Cable & Wireless CIS Services Limited
02964774
Cable & Wireless Communications Data Network Services Limited
02070812
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
Eastern Leasing Company Limited (The)
01672832
Thus Limited
06798969
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 Enterprise U.K.
01541957
Vodafone European Investments
03961908
Vodafone Finance Management
02139168
Vodafone International Operations Limited
02797438
Vodafone Investments Limited
01530514
Vodafone IP Licensing Limited
06846238
Vodafone Nominees Limited
01172051
Vodafone Overseas Finance Limited
04171115
Vodafone UK Investments Limited
02227940
Your Communications Group Limited
04171876
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00905": { "value": "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\u2019s 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\u2019s 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\u2019s 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00880": { "value": "33. Subsequent events
Full ownership of VodafoneThree in the UK
On 5 May 2026, the Group announced that it had reached an agreement for the buyout of CK Hutchison Group Telecom
Holding Limited\u2019s (\u2018CKHGT\u2019) 49% interest in VodafoneThree Holdings Limited (\u2018VodafoneThree\u2019) for \u00a34.3 billion (\u20ac4.9
billion) cash, implemented through a cancellation of CKHGT\u2019s shares. Following the completion of the transaction, the
Group will be the sole owner of VodafoneThree. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00906": { "value": "Company statement of financial position of Vodafone Group Plc
At 31 March
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2026
2025
\u00a0
Note
\u20acm
\u20acm
Fixed assets
\u00a0\u00a0\u00a0
Shares in Group undertakings
2
84,300
84,320
Current assets
\u00a0\u00a0\u00a0
Debtors: amounts falling due within one year
3
63,553
74,012
Debtors: amounts falling due after more than one year
3
2,883
4,069
Other investments
4
1,168
1,010
Cash at bank and in hand
\u00a0
175
156
\u00a0\u00a0
67,779
79,247
Creditors: amounts falling due within one year
5
(76,530)
(82,948)
Net current liabilities
\u00a0
(8,751)
(3,701)
Total assets less current liabilities
\u00a0
75,549
80,619
Creditors: amounts falling due after more than one year
5
(36,291)
(37,741)
\u00a0\u00a0
39,258
42,878
Capital and reserves
\u00a0\u00a0\u00a0
Called up share capital
6
3,950
4,319
Share premium account
\u00a0
20,387
20,385
Capital redemption reserve
\u00a0
958
589
Other reserves
\u00a0
1,215
1,182
Own shares held
\u00a0
(6,839)
(6,926)
Profit and loss account
1
\u00a0
19,587
23,329
Total equity shareholders\u2019 funds
\u00a0
39,258
42,878
\n
Note:
1.
The loss for the financial year dealt with in the financial statements of the Company is \u20ac819 million (2025: \u20ac1,485 million profit).
The Company financial statements on pages 219 to 225 were approved by the Board of Directors and authorised for
issue on 19 May 2026 and were signed on its behalf by:
Margherita Della Valle
Pilar L\u00f3pez
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
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Called up
\u00a0
Capital
\u00a0\u00a0\u00a0
Total equity
\u00a0
share
Share
redemption
Other
Treasury
Accumulated
shareholders\u2019
\u00a0
capital
1
premium
2
reserve
2
reserves
2
shares
3
profit
4
funds
\u00a0
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
1 April 2024
4,797
20,385
111
1,153
(7,780)
26,351
45,017
Issue or re-issue of shares
\u2013
\u2013
\u2013
\u2013
84
\u2013
84
Profit for the financial year
\u2013
\u2013
\u2013
\u2013
\u2013
1,485
1,485
Dividends
\u2013
\u2013
\u2013
\u2013
\u2013
(1,795)
(1,795)
Capital contribution given
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
relating to share-based
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
payments
\u2013
\u2013
\u2013
110
\u2013
\u2013
110
Contribution received
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
relating to share-based
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
payments
\u2013
\u2013
\u2013
(81)
\u2013
\u2013
(81)
\u00a0
6
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Purchase of treasury shares
\u2013
\u2013
\u2013
\u2013
(2,000)
\u2013
(2,000)
Cancellation of shares
(478)
\u2013
478
\u2013
2,770
(2,770)
\u2013
Other movements
5
\u2013
\u2013
\u2013
\u2013
\u2013
58
58
31 March 2025
4,319
20,385
589
1,182
(6,926)
23,329
42,878
Issue or re-issue of shares
\u2013
2
\u2013
\u2013
82
\u2013
84
Loss for the financial year
\u2013
\u2013
\u2013
\u2013
\u2013
(819)
(819)
Dividends
\u2013
\u2013
\u2013
\u2013
\u2013
(1,094)
(1,094)
Capital contribution given
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
relating to share-based
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
payments
\u2013
\u2013
\u2013
114
\u2013
\u2013
114
Contribution received
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
relating to share-based
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
payments
\u2013
\u2013
\u2013
(81)
\u2013
\u2013
(81)
\u00a0
7
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Purchase of treasury shares
\u2013
\u2013
\u2013
\u2013
(2,000)
\u2013
(2,000)
Cancellation of shares
(369)
\u2013
369
\u2013
2,005
(2,005)
\u2013
Other movements
5
\u2013
\u2013
\u2013
\u2013
\u2013
176
176
31 March 2026
3,950
20,387
958
1,215
(6,839)
19,587
39,258
\n
Notes:
1.
See note 6 \u2018Called up share capital\u2019.
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\u2019 called up share capital and non-distributable
reserves.
5.
Includes the impact of the Company\u2019s cash flow hedges with \u20ac1,102 million net loss deferred to other comprehensive income during the year (2025:
\u20ac229 million net gain), \u20ac1,337 million net loss (2025: \u20ac154 million net gain) recycled to the income statement and a tax credit of \u20ac 59 million (2025: tax
charge of \u20ac19 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 \u2018Capital and financial risk management\u2019 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 19 May 2025.
7.
Represents the irrevocable and non-discretionary share buyback programmes which completed on 23 July 2025, 10 November 2025, 4 February 2026
and the programme that commenced on 5 February 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800TB53ELEUKM7Q61", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } } } }