Borrowings (Tables)

12 Months Ended

Mar. 31, 2026



	2026 €m		2025 € m

Non-current borrowings

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

		45,506		46,096

Current borrowings

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

		7,130		7,047

Borrowings		52,636		53,143

Note:

Includes

€

996 million (2025:

€

700 million) and

€

492 million (2025:

€

187 million) of licence and spectrum fees payable, and

€

295 million (2025:

€

307 million) and

€

258 million (2025:

€

196 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.