v3.25.1
Associates and joint arrangements (Tables)
 12 Months Ended
Mar. 31, 2025
Associates and joint arrangements [Abstract]  
Schedule of joint ventures and associates
     
2025
€m
  
2024
€
m
Investments in joint ventures      6,342       8,203  
Investments in associates      550       1,829  
31 March
   
 
 6,892
 
  
 
 10,032
 
          
Share of net liabilities in joint ventures      (96 )      –  
31 March
   
 
(96
) 
  
 
–
 
Schedule of joint ventures
 Name of joint venture    Principal activity     Country of
incorporation or
registration		    Percentage
shareholdings
1

2025		    Percentage 
shareholdings
1
 
2024 
Oak Holdings 1 GmbH
      Network infrastructure        Germany        50.0        60.3  
VodafoneZiggo Group Holding B.V.
      Network operator        Netherlands        50.0        50.0  
OXG Glasfaser Beteiligungs GmbH
      Fibre infrastructure        Germany        50.0        50.0  
Vodafone Idea Limited
2
      Network operator        India        24.4        31.4  
TPG Telecom Limited
3
      Network operator        Australia        25.1        25.1  
Notes:
 
1.
Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent.
 
2.
At 31 March 2025 the fair value of the Group’s interest in Vodafone Idea Limited was INR 118 billion (
€
1,283 million) (2024: INR 208 billion (
€
2,313 million)) based on the quoted share price on the National Stock Exchange of India. On 30 March 2025, Vodafone Idea announced that the Government of India had agreed to convert US$4.3 billion (
€
4.0 billion) of outstanding spectrum dues to equity and the associated dues were reported within equity as at 31 March 2025. The Group’s shareholding in Vodafone Idea Limited was subsequently diluted to 16.1% in April 2025.
 
3.
At 31 March 2025 the fair value of the Group’s interest in TPG Telecom Limited was AUD 2,236 million (
€
1,290 million) (2024: AUD 2,101 million (
€
1,269 million)) based on the quoted share price on ASX.
Schedule of aggregated financial information for group's joint ventures
    
 Investment in joint ventures
1
  
       
 (Loss)/profit for the financial year
2
  
         
     
2025 
€m 
  
2024 
€
m 
       
2025
€m
  
2024
€
m
  
2023 
€
m 
Oak Holdings 1 GmbH
      5,943       7,620          (74 )      (85 )      –  
VodafoneZiggo Group Holding B.V.
      330       516          (125 )      (177 )      137  
TPG Telecom Limited
      (96 )      (2 )         (97 )      (74 )      48  
INWIT S.p.A.
      –       –          –       –       30  
Other
      69       69          (65 )      (43 )      (15 ) 
Total
   
 
6,246
 
  
 
8,203
 
     
 
(361
) 
  
 
(379
) 
  
 
200
 
Notes:
 
1.
Includes share of net liabilities in joint ventures.
 
2.
Total Other comprehensive (expense)/income is not materially different to (loss)/profit for the financial year.
Schedule of financial information of each of Group's material equity accounted joint ventures
    
Oak Holdings 1 GmbH
        
VodafoneZiggo Group Holding B.V.
           
     
     2025
€m
  
    2024 
€
m 
  
   2023
€
m
          
    2025
€m
  
    2024
€
m
  
    2023 
€
m 
Income statement
                 
Revenue
   
 
1,249
 
  
 
1,166
 
  
 
– 
 
      
 
4,082
 
  
 
4,128
 
  
 
4,063
 
Operating expenses
      (117 )      (130 )      –            (2,190 )      (2,195 )      (2,124 ) 
Depreciation and amortisation
      (953 )      (868 )      –            (1,600 )      (1,555 )      (1,527 ) 
Other income/(expense)
      (26 )      5       –            –       –       –  
Operating profit
   
 
153
 
  
 
173
 
  
 
– 
 
      
 
292
 
  
 
378
 
  
 
412
 
Interest income
      7       5       –            –       –       –  
Interest expense
      (538 )      (455 )      –            (652 )      (809 )      11  
(Loss)/profit before tax
   
 
(378
) 
  
 
(277
) 
  
 
– 
 
      
 
(360
) 
  
 
(431
) 
  
 
423
 
Income tax credit/(expense)
      212       132       –            111       77       (150 ) 
(Loss)/profit for the financial year
1
   
 
(166
) 
  
 
(145
) 
  
 
– 
 
      
 
(249
) 
  
 
(354
) 
  
 
273
 
    
Vodafone Idea Limited
       
TPG Telecom Limited
           
     
    2025
€m
  
     2024 
€
m 
  
   2023 
€
m 
       
     2025
€m
  
    2024
€
m
  
    2023 
€
m 
Income statement
                
Revenue
   
 
4,797
 
  
 
4,749
 
  
 
5,046
 
     
 
3,359
 
  
 
3,371
 
  
 
3,027
 
Operating expenses
      (3,005 )      (3,066 )      (3,280 )         (2,320 )      (2,238 )      (1,870 ) 
Depreciation and amortisation
      (2,142 )      (2,178 )      (2,396 )         (902 )      (891 )      (700 ) 
Other income
      –       83       –          –       –       –  
Operating (loss)/profit
   
 
(350
) 
  
 
(412
) 
  
 
(630
) 
     
 
137
 
  
 
242
 
  
 
457
 
Interest income
      107       7       9          –       –       –  
Interest expense
      (2,539 )      (2,718 )      (2,567 )         (391 )      (368 )      (172 ) 
(Loss)/profit before tax
   
 
(2,782
) 
  
 
(3,123
) 
  
 
(3,188
) 
     
 
(254
) 
  
 
(126
) 
  
 
285
 
Income tax (expense)/credit
      (2 )      (95 )      –          27       (8 )      (25 ) 
(Loss)/profit for the financial year
1
   
 
(2,784
)
  
 
(3,218
) 
  
 
(3,188
) 
     
 
(227
) 
  
 
(134
) 
  
 
260
 
        
INWIT S.p.A.
  
     
         
    2025
€m
     
    2024
€
m
     
    2023 
€
m 
Income statement
           
Revenue
     
 
– 
 
   
 
– 
 
   
 
853
 
Operating expenses
        –         –         (73 ) 
Depreciation and amortisation
        –         –         (508 ) 
Operating profit
     
 
– 
 
   
 
– 
 
   
 
272
 
Interest expense
        –         –         (81 ) 
Profit before tax
     
 
– 
 
   
 
– 
 
   
 
191
 
Income tax expense
        –         –         (1 ) 
Profit for the financial year
1
     
 
– 
 
   
 
– 
 
   
 
190
 
Note:
 
1.
Total Other comprehensive income/(expense) is not materially different to profit/(loss) for the financial year.
    
 Oak Holdings 1 GmbH   
   
VodafoneZiggo Group Holding B.V.  
       
     
    2025
€m
   
     2024 
€
m 
       
 2025
€m
   
 2024 
€
m 
Statement of financial position
              
Non-current
assets
        24,149          24,015          15,012        15,753  
Current assets
      749        746          788        884  
Total assets
      24,898        24,761          15,800        16,637  
Equity shareholders’ funds
      11,887        12,630          660        1,033  
Non-current
liabilities
      10,167        9,386          12,773        13,145  
Current liabilities
      2,844        2,745          2,367        2,459  
Cash and cash equivalents within current assets
      240        267          144        61  
Non-current
liabilities excluding trade and other payables and provisions
      9,560        8,751          12,640        12,995  
Current liabilities excluding trade and other payables and provisions
      502        502          1,094        1,171  
    
 Vodafone Idea Limited  
   
     TPG Telecom Limited     
       
     
    2025
€m
  
     2024 
€
m 
       
 2025
€m
   
 2024 
€
m 
Statement of financial position
             
Non-current
assets
       16,069         16,251          9,024        9,663  
Current assets
      2,817       1,654          734        900  
Total assets
      18,886       17,905          9,758        10,563  
Equity shareholders’ (deficit)/funds
      (9,479 )      (13,710 )         2,175        2,606  
Non-current
liabilities
      22,636       25,855          6,523        6,789  
Current liabilities
      5,729       5,760          1,060        1,168  
Cash and cash equivalents within current assets
      1,145       60          85        192  
Non-current
liabilities excluding trade and other payables and provisions
      22,612       25,837          6,437        6,704  
Current liabilities excluding trade and other payables and provisions
      2,307       2,044          105        102  
Reconciliation of summarised financial information present to the carrying amount of our interest in joint ventures
    
Oak Holdings 1 GmbH 
   
VodafoneZiggo Group Holding B.V. 
           
     
    2025
€m
  
    2024
€
m
                   
   2025
€m
  
   2024
€
m
  
   2023 
€
m 
Equity shareholders’ funds
   
 
  11,887
 
  
 
 12,630
 
        
 
 660
 
  
 
  1,033
 
  
Interest in joint ventures
1
      5,943       7,620             330       516    
Carrying value
   
 
5,943
 
  
 
7,620
 
              
 
330
 
  
 
516
 
        
                                                      
(Loss)/profit for the financial year
      (166 )      (145 )            (249 )      (354 )      273  
Share of (loss)/profit
1
   
 
(74
) 
  
 
(85
) 
              
 
(125
) 
  
 
(177
) 
  
 
137
 
 
    
Vodafone Idea Limited 
       
TPG Telecom Limited 
           
     
   2025
€m
  
   2024
€
m
  
   2023 
€
m 
       
   2025
€m
  
    2024
€
m
  
    2023 
€
m 
Equity shareholders’ (deficit)/funds
   
 
(9,479
)
  
 
(13,710
) 
       
 
2,175
 
  
 
  2,606
 
  
Interest in joint ventures
1
      (1,524 )     (4,300 )           (144 )      (53 )   
Impairment
      (234 )      (240 )           –       –    
Goodwill
      –       –            48       51    
Investment proportion not recognised
        1,758         4,540             –       –    
Carrying value
   
 
–
 
  
 
–
 
             
 
(96
) 
  
 
(2
) 
        
                                                     
(Loss)/profit for the financial year
      (2,784 )     (3,218 )      (3,188 )         (227 )      (134 )      260  
Share of (loss)/profit
1
      (660 )     (1,009 )      (1,030 )         (97 )      (74 )      48  
Share of loss not recognised
      660       1,009       1,030          –       –       –  
Share of (loss)/profit
1
   
 
–
 
  
 
–
 
  
 
–
 
     
 
(97
) 
  
 
(74
) 
  
 
48
 
 
        
INWIT S.p.A. 
  
     
         
   2025
€m
     
     2024
€
m
     
     2023 
€
m 
Equity shareholders’ funds
     
 
– 
 
   
 
– 
 
   
Interest in joint ventures
        –         –      
Carrying value
     
 
– 
 
   
 
– 
 
         
                              
Profit for the financial year
        –         –         190  
Share of profit
        –         –         63  
Share of profit not recognised as held for sale
        –         –         (33 ) 
Share of profit
     
 
– 
 
   
 
– 
 
   
 
30
 
Note:
 
1.
The Group’s effective ownership percentages of Oak Holdings 1 GmbH, VodafoneZiggo Group Holding B.V., Vodafone Idea Limited and TPG Telecom Limited are 50.0%, 50.0%, 24.4% and 25.1%, respectively, rounded to the nearest tenth of one percent.
Schedule of associates
Unless otherwise stated, the Group’s principal associates all have share capital consisting solely of ordinary shares and are all indirectly held. The country of incorporation or registration is also their place of operation. 
 
      Principal activity    Country of
incorporation
or registration		    Percentage
shareholding
1

2025		    Percentage
shareholding
1

2024
Safaricom PLC
1
      Network operator        Kenya        39.9        39.9  
Indus Towers Limited
      Network infrastructure        India        –        21.0  
Notes:
 
1.
Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent.
 
2.
At 31 March 2025, the fair value of the Group’s interest in Safaricom PLC was KES 293 billion (
€
2,096 million) (2024: KES 284 billion (
€
1,996 million)) based on the closing quoted share price on the Nairobi Stock Exchange.
 
3.
At 31 March 2025, the fair value of the Group’s interest in Indus Towers Limited was
nil
(2024: INR
165
 billion (
€
1,833 million)).
Schedule of aggregated financial information for group's associates
The table below provides aggregated financial information for the Group’s associates as it relates to the amounts recognised in the consolidated income statement and consolidated statement of financial position.
    
 Investment in associates 
         
Profit/(loss) for the financial year
         
     
    2025 
€m 
   
    2024 
€
m 
         
    2025 
€m 
  
    2024 
€
m 
  
    2023 
€
m 
Safaricom PLC
1
      500        627          201       159       195  
Indus Towers Limited
      –        1,104          55       140       50  
Other
      50        98          (18 )      (16 )      (12 ) 
Total
   
 
550
 
   
 
1,829
 
     
 
238
 
  
 
283
 
  
 
233
 
Note:
 
1.
Other comprehensive income includes loss for the financial year, together with
€
103 million loss (2024:
€
76 million gain) in respect of the application of IAS 29 to Safaricom’s operations in Ethiopia.
    
Safaricom PLC
         
Indus Towers Limited
           
     
    2025
€m
  
    2024
€
m
  
    2023 
€
m 
         
    2025
€m
  
    2024
€
m
  
    2023 
€
m 
Income statement
                
Revenue
   
 
2,792
 
  
 
2,210
 
  
 
2,468
 
     
 
835
 
  
 
3,185
 
  
 
3,343
 
Operating expenses
      (1,561 )     (1,189 )      (1,353 )         (286 )      (1,598 )      (2,240 ) 
Depreciation and amortisation
      (489 )     (523 )      (432 )         (167 )      (637 )      (588 ) 
Other income
      79       142       68          –       –       –  
Operating profit
   
 
821
 
  
 
640
 
  
 
751
 
     
 
382
 
  
 
950
 
  
 
515
 
Interest income
      17       16       13          11       126       26  
Interest expense
      (167 )     (121 )      (69 )         (48 )      (218 )      (200 ) 
Profit before tax
   
 
671
 
  
 
535
 
  
 
695
 
     
 
345
 
  
 
858
 
  
 
341
 
Income tax expense
      (340 )      (266 )      (285 )         (82 )      (192 )      (102 ) 
Profit for the financial year and total comprehensive income
   
 
331
 
  
 
269
 
  
 
410
 
     
 
263
 
  
 
666
 
  
 
239
 
Attributable to:
                
- Owners of the parent
      503       399       489          263       666       239  
-
Non-controlling
interests
      (172 )      (130 )      (79 )         –       –       –  
                                                     
Statement of financial position
                
Non-current
assets
      3,062       3,901            –       6,082    
Current assets
      600       578            –       1,230    
Total assets
      3,662       4,479            –       7,312    
Equity shareholders’ funds
      1,246       1,566            –       4,086    
Non-controlling
interests
      331       767            –       –    
Non-current
liabilities
      975       968            –       2,098    
Current liabilities
      1,110       1,178            –       1,128    
Cash and cash equivalents within current assets
      215       163            –       7    
Non-current
liabilities excluding trade and other payables and provisions
      791       784            –       1,716    
Current liabilities excluding trade and other payables and provisions
      357       349    
 
 
 
        –       583    
 
 
 
                                                     
Equity shareholders’ funds
   
 
1,246
 
  
 
1,566
 
         
 
4,086
 
  
Interest in associates
1
      498       625              860    
Goodwill
      2       2              244    
Carrying value
   
 
500
 
  
 
627
 
  
 
 
 
     
 
 
 
  
 
1,104
 
  
 
 
 
                                                     
Profit for the financial year
      503       399       489          263       666       239  
Share of profit
   
 
201
 
  
 
159
 
  
 
195
 
     
 
55
 
  
 
140
 
  
 
50
 
Note:
 
1.
The Group’s effective ownership percentage of Sa
fari
com PLC is 39.9%, rounded to the nearest tenth of one percent.
2.
Financial information for 2025 relates to the period to 19th June 2024.