v3.26.1
Associates and joint arrangements (Tables)
 12 Months Ended
Mar. 31, 2026
Associates and joint arrangements [Abstract]  
Schedule of joint ventures and associates
     
2026
€m
  
2025
€
m
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      –       (96 ) 
Share of net liabilities in associates      (102 )      –  
31 March
   
 
(102
) 
  
 
(96
) 
Schedule of joint ventures
 Name of joint venture    Principal activity    
Country of
incorporation or
registration
   
Percentage
shareholdings
1
2026
   
Percentage 
shareholdings
1
 
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  
Notes:
 
1.
Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent.
 
2.
At 31 March 2026 the fair value of the Group’s interest in Vodafone Idea Limited was INR 149 billion (
€
1,383 million) (2025: INR 118 billion (
€
1,283 million)) based on the quoted share price on the National Stock Exchange of India.
Schedule of aggregated financial information for group's joint ventures
    
 Investment in joint ventures
1
  
       
 (Loss)/profit for the financial year
2
  
         
     
2026 
€m 
  
2025 
€
m 
       
2026
€m
  
2025
€
m
  
2024 
€
m 
Oak Holdings 1 GmbH
      5,207       5,943          (440 )      (74 )      (85 ) 
VodafoneZiggo Group Holding B.V.
      –       330          (95 )      (125 )      (177 ) 
TPG Telecom Limited
3
      –       (96 )         –       (97 )      (74 ) 
Other
      87       69          (85 )      (65 )      (43 ) 
Total
   
 
5,294
 
  
 
6,246
 
     
 
(620
) 
  
 
(361
) 
  
 
(379
) 
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.
 
3.
TPG Telecom Limited has been classified as Associate for the year ended 31 March 2026. Comparative information has been retained in the Joint Venture disclosures.
Schedule of financial information of each of Group's material equity accounted joint ventures
 
    
Oak Holdings 1 GmbH
       
VodafoneZiggo Group Holding B.V.
           
     
     2026 
€m 
       2025
€
m		      2024
€
m		         
    2026
€m
  
    2025
€
m
  
    2024
€
m
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 )      –       –          –       –       –  
Other (expense)/income
      (105 )      (26 )      5          –       –       –  
Operating (loss)/profit
   
 
(717
) 
  
 
153
 
  
 
173
 
     
 
248
 
  
 
292
 
  
 
378
 
Interest income
      4       7       5          –       –       –  
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
) 
 
    
Vodafone Idea Limited
         
     
     
    2026
3
 
€m 
  
    2025 
€
m 
  
    2024
€
m
         
       
                    
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
      –       –       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
      –       (2 )      (95 )            
Loss for the financial year
2
   
 
(1,253
) 
  
 
(2,784
) 
  
 
(3,218
) 
           
Notes:
 
1.
Includes
€
928 million in respect of the investment Oak Holdings 1 GmBH holds in Infrastrutture Wireless Italiane S.p.A. (‘Inwit’).
 
2.
Total Other comprehensive (expense)/income is not materially different to (loss)/profit for the financial year. 
 
3.
Six month period to, and as at 30 September 2025.
 
    
Oak Holdings 1 GmbH
          
VodafoneZiggo Group
Holding B.V.
       
     
     2026 
€m 
   
     2025 
€
m 
          
2026 
€m 
   
2025 
€
m 
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’ 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  
 
    
Vodafone Idea Limited
           
   
     
     2026
3
 
€m 
  
     2025 
€
m 
         
     
          
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’ 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          
 
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. 
           
     
    2026 
€m 
  
   2025 
€
m 
  
   2024 
€
m 
       
   2026 
€m 
  
   2025 
€
m 
  
   2024 
€
m 
Equity shareholders’ funds
   
 
10,414
 
  
 
11,887
 
       
 
319
 
  
 
660
 
  
Interest in joint ventures
1
      5,207       5,943            160       330    
Transferred to assets held for sale
      –       –            (174 )      –    
Share of unrecognised losses
      –       –            14       –    
Carrying value
   
 
5,207
 
  
 
5,943
 
             
 
–
 
  
 
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
      –       –       –          14       –       –  
Share of loss
1
   
 
(440
) 
  
 
(74
) 
  
 
(85
) 
     
 
(95
) 
  
 
(125
) 
  
 
(177
) 
 
    
Vodafone Idea Limited 
     
     
    2026 
€m 
  
   2025 
€
m 
  
   2024 
€
m 
Equity shareholders’ 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
      –       –          
                          
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
      –       –       –  
Note:
 
1.
The Group’s effective ownership percentages of Oak Holdings 1 GmbH, VodafoneZiggo Group Holding B.V. and Vodafone Idea Limited are 50.0%, 50.0% and 16.1% respectively, rounded to the nearest tenth of one percent.
Schedule of associates
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

2026		    Percentage
shareholding
1

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        –  
Indus Towers Limited
      Network infrastructure        India        –        –  
Notes:
 
1.
Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent.
 
2.
At 31 March 2026, the fair value of the Group’s interest in Safaricom PLC was KES 440 billion (
€
2,939 million) (2025: KES 293 billion (
€
2,096 million)) based on the closing quoted share price on the Nairobi Stock Exchange.
 
3.
At 31 March 2026, the fair value of the Group’s interest in TPG Telecom Limited was AUD 1,872 million (
€
1,130 million) (2025: AUD 2,236 million (
€
1,290 million) based on the quoted share price on ASX.
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
1
         
Profit/(loss) for the financial year
         
     
    2026 
€m 
  
    2025 
€
m 
         
    2026 
€m 
  
    2025 
€
m 
  
    2024 
€
m 
Safaricom PLC
2
      539       500          256       201       159  
TPG Telecom Limited
      (102 )      –          (4 )      –       –  
Maziv Proprietary Limited
      623       –          3       –       –  
Indus Towers Limited
      –       –          –       55       140  
Other
      36       50          (17 )      (18 )      (16 ) 
Total
   
 
1,096
 
  
 
550
 
     
 
238
 
  
 
238
 
  
 
283
 
Note:
 
1.
Includes share of net liabilities in joint ventures.
 
2.
Other comprehensive income includes loss for the financial year, together with
€
nil (2025:
€
103 million loss) in respect of the application of IAS 29 to Safaricom’s operations in
Ethiopia in the prior year. See note 1 ‘Basis of preparation’ for further details. 
Disclosure of reconciliation of summarised financial information of associate accounted for using equity method to carrying amount of interest in associate [text block]
Financial information is presented for TPG Telecom Limited (‘TPG’) for the year to, and as at 31 December 2025 on the basis that full-year information in relation to TPG has not been released at the date of approval of these consolidated financial statements and as such is market sensitive for TPG. 
 
    
Safaricom PLC
         
TPG Telecom Limited
           
     
    2026
€m
  
    2025
€
m
  
    2024 
€
m 
         
    2026
€m
  
    2025
€
m
  
    2024 
€
m 
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
      –       79       142          182       –       –  
Operating profit
   
 
986
 
  
 
821
 
  
 
640
 
     
 
473
 
  
 
137
 
  
 
242
 
Interest income
      13       17       16          –       –       –  
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 year and total comprehensive income
   
 
500
 
  
 
331
 
  
 
269
 
     
 
132
 
  
 
(227
) 
  
 
(134
) 
Attributable to:
                
- Owners of the parent
      643       503       399          132       (227 )      (134 ) 
-
Non-controlling
interests
      (143 )      (172 )      (130 )         –       –       –  
 
    
Indus Towers Limited
         
Maziv Proprietary Limited
           
     
    2026
€m
   
    2025
€
m
  
    2024 
€
m 
         
    2026
€m
   
    2025
€
m
   
    2024 
€
m 
Income statement
                   
Revenue
   
 
–
 
   
 
835
 
  
 
3,185
 
     
 
105
 
   
 
–
 
   
 
–
 
Operating expenses
      –        (286 )      (1,598 )        
(36)
        –        –  
Depreciation and amortisation
      –        (167 )      (637 )        
(27)
        –        –  
Operating profit
   
 
–
 
   
 
382
 
  
 
950
 
     
 
42
 
   
 
–
 
   
 
–
 
Interest income
      –        11       126          –        –        –  
Interest expense
      –        (48 )      (218 )        
(23)
        –        –  
Profit before tax
   
 
–
 
   
 
345
 
  
 
858
 
     
 
19
 
   
 
–
 
   
 
–
 
Income tax expense
      –        (82 )      (192 )        
(8)
        –        –  
Profit for the financial year and total comprehensive income
   
 
–
 
   
 
263
 
  
 
666
 
     
 
11
 
   
 
–
 
   
 
–
 
 
 
Summarised financial information for each of the Group’s material associates on a 100% ownership basis is set out in the tables below.
 
    
Safaricom PLC
       
TPG Telecom Limited
     
     2026
€m
   
    2025 
€
m 
       
     2026
€m
   
    2025 
2
 
€
m 
Statement of financial position
              
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          –        –  
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 payables and provisions
      919        791          2,362        6,437  
Current liabilities excluding trade and other payables and provisions
      252        357          3,037        105  
 
    
Maziv Proprietary Limited
           
     
   2026
€m
     
    2025 
€
m 
       
         
   
        
 
 
Statement of financial position
              
Non-current
assets
      2,002           –          
Current assets
      95        –          
Total assets
      2,097        –          
Equity shareholders’ funds
      1,074        –          
Non-controlling
interests
      3        –          
Non-current
liabilities
      899        –          
Current liabilities
      121        –          
Cash and cash equivalents within current assets
      22        –          
Non-current
liabilities excluding trade and other payables and provisions
      885        –          
Current liabilities excluding trade and other payables and provisions
      33        –          
The reconciliation to the carrying amount for each of the Group’s material associates is set out in the following table.
 
    
Safaricom PLC
        
TPG Telecom Limited
           
     
     2026
€m
   
    2025
€
m
   
    2024 
€
m 
        
    2026
€m
  
    2025
€
m
  
    2024 
€
m 
Equity shareholders’ funds
   
 
1,345
 
   
 
1,246
 
         
 
1,604
 
  
 
2,175
 
  
Interest in associates
1
      537        498              (150 )      (144 )   
Goodwill
      2        2              48       48    
Carrying value
   
 
539
 
   
 
500
 
               
 
(102
) 
  
 
(96
) 
        
                                                        
Profit/(loss) for the financial year
      643        503        399           132       (227 )      (134 ) 
Share of profit/(loss)
   
 
256
 
   
 
201
 
   
 
159
 
      
 
(4
) 
  
 
(97
) 
  
 
(74
) 
 
    
Maziv Proprietary Limited
          
Indus Towers Limited
  
           
     
    2026
€m
     
    2025
€
m
   
    2024 
€
m 
        
    2026
€m
     
    2025
€
m
   
    2024 
€
m 
Equity shareholders’ funds
   
 
1,074
 
   
 
–
 
         
 
–
 
   
 
–
 
   
Interest in associates
1
      322        –              –        –     
Goodwill
      319        –              –        –     
Other
      (18)        –              –        –     
Carrying value
   
 
623
 
   
 
–
 
               
 
–
 
   
 
–
 
         
                                                          
Profit for the financial year
      11        –        –           –        263        666  
Share of profit
   
 
3
 
   
 
–
 
   
 
–
 
      
 
–
 
   
 
55
 
   
 
140
 
Notes:
 
1.
The Group’s effective ownership percentage of Safaricom PLC and Maziv Proprietary Limited are 39.9% and 30.0% respectively, rounded to the nearest tenth of one percent.