Post employment benefits (Tables)

12 Months Ended

Mar. 31, 2025

Schedule of income statement effect of defined contribution and defined benefit plans



	2025 €m			2024 € m		2023 € m

Defined contribution plans		194			183		175

Defined benefit plans		51			34		37

Total amount charged to staff costs (note 24 ‘Employees’)		245			217		212

Defined benefit net interest (income) in financing costs		(4	)		–		–

Total amount charged to income statement		241			217		212

Schedule of actuarial assumptions for defined benefit plans



	2025 %		2024 %		2023 %

Weighted average actuarial assumptions used at 31 March 1

Rate of inflation 2		2.8		2.9		3.0

Rate of increase in salaries 3		3.1		3.0		3.0

Discount rate		5.1		4.5		4.5

Notes:

1.	Figures shown represent a weighted average assumption of the individual plans.

2.	The rate of increase in pensions in payment and deferred revaluation are dependent on the rate of inflation.

3.	Relates only to schemes open to future accrual primarily in Germany, Ireland and India.

Schedule of charges made to consolidated income statement and consolidated statement of comprehensive income on basis of actuarial assumptions



	2025 €m		2024 € m		2023 € m

Current service cost		36		42		44

Net past service cost		15		–		–

Net interest (income) included within staff costs		–		(8)		(7)

Total net cost included within staff costs		51		34		37

Net interest (income) included in financing costs		(4)		–		–

Total net cost included within profit and loss		47		34		37

Actuarial losses recognised in the SOCI		12		77		213

Schedule of fair value of assets and present value of liabilities under defined benefit plans

The amount included in the consolidated statement of financial position arising from the Group’s obligations in respect of its defined benefit plans is as follows:



	Assets € m		Liabilities € m		Net surplus € m

1 April 2023		5,047		(4,976)		71

Service cost		–		(42)		(42)

Interest income/(cost)		223		(215)		8

Return on plan assets excluding interest income		(102)		–		(102)

Actuarial gains arising from changes in demographic assumptions		–		72		72

Actuarial gains arising from changes in financial assumptions		–		30		30

Actuarial losses arising from experience adjustments		–		(77)		(77)

Employer cash contributions		41		–		41

Member cash contributions		15		(15)		–

Benefits paid		(173)		173		–

Exchange rate movements		104		(73)		31

Liabilities held for sale		–		51		51

Other movements		(7)		–		(7)

31 March 2024		5,148		(5,072)		76

Service cost		–		(51)		(51)

Interest income/(cost)		229		(225)		4

Return on plan assets excluding interest income		(467)		–		(467)

Actuarial gains arising from changes in demographic assumptions		–		6		6

Actuarial gains arising from changes in financial assumptions		–		465		465

Actuarial losses arising from experience adjustments		–		(16)		(16)

Employer cash contributions		41		–		41

Member cash contributions		19		(19)		–

Benefits paid		(192)		192		–

Exchange rate movements		84		(79)		5

Other movements		(8)		–		(8)

31 March 2025		4,854		(4,799)		55

The table below provides an analysis of the net surplus for the Group as a whole.



	2025 €m		2024 € m

Analysis of net surplus:

Total fair value of plan assets		4,854		5,148

Present value of funded plan liabilities		(4,722)		(5,017)

Net surplus for funded plans		132		131

Present value of unfunded plan liabilities		(77)		(55)

Net surplus		55		76

Net surplus is analysed as:

Assets 1		242		257

Liabilities		(187)		(181)

Note:

All net surpluses are reported as non-current assets in the consolidated statement of financial position. Pension assets are deemed to be recoverable and there are no adjustments in respect of minimum funding requirements as economic benefits are available to the Group either in the form of future refunds or, for plans still open to benefit accrual, in the form of possible reductions in future contributions.

An analysis of net surplus is provided below for the Vodafone UK plan, which is a funded plan. As part of the merger of the Vodafone UK plan and the Cable and Wireless Worldwide Retirement Plan (‘CWWRP’) plan on 6 June 2014 the assets and liabilities of the CWW Section are segregated from the Vodafone Section and hence are reported separately below.


	CWW Section				Vodafone Section

	2025 €m		2024 € m		2025 €m		2024 € m

Analysis of net surplus:

Total fair value of plan assets		1,640		1,781		1,805		1,983

Present value of plan liabilities		(1,550)		(1,676)		(1,750)		(1,924)

Net surplus 1		90		105		55		59

Note:

1.	All net surpluses are reported as non-current assets in the consolidated statement of financial position.

Schedule of fair value of pension assets



	2025 €m		2024 € m

Cash and cash equivalents		61		52

Equity investments:

With quoted prices in an active market		471		261

Without quoted prices in an active market		37		293

Debt instruments:

With quoted prices in an active market		1,151		928

Without quoted prices in an active market		683		944

Property:

With quoted prices in an active market		17		16

Without quoted prices in an active market		313		374

Derivatives 1 :

Without quoted prices in an active market		927		1,040

Investment funds		572		580

Annuity policies

Without quoted prices in an active market		622		660

Total		4,854		5,148

Note:

1.	Derivatives include collateral held in the form of cash. Assets are valued using ‘level 2’ inputs under IFRS 13 ‘Fair Value Measurement’ principles and classified as unquoted accordingly.

Schedule of sensitivity analysis under defined benefit plans

Rate of inflation

Rate of increase

in salaries

Discount rate

Life expectancy

Decrease
by 0.5%

€

Increase

by 0.5%

€

Decrease

by 0.5%

€

Increase

by 0.5%

€

Decrease

by 0.5%

€

Increase

by 0.5%

€

Decrease

by 1 year

€

Increase

by 1 year

€

(Decrease)/increase in the present value of the defined benefit obligation

(198)

189

(2)

286

(264)

(108)

111

Note:

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.