Post employment benefits (Tables)

12 Months Ended

Mar. 31, 2026

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



	2026 €m			2025 € m			2024 € m

Defined contribution plans		210			194			183

Defined benefit plans		38			51			34

Total amount charged to staff costs (note 24 ‘Employees’)		248			245			217

Defined benefit net interest income in financing costs		(5	)		(4	)		–

Total amount charged to income statement		243			241			217

Schedule of actuarial assumptions for defined benefit plans



	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

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



	2026 €m		2025 € m		2024 € m

Current service cost		32		36		42

Net past service cost		6		15		–

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

Total net cost included within staff costs		38		51		34

Net interest income included in financing costs		(5)		(4)		–

Total net cost included within profit and loss		33		47		34

Actuarial (gains) / losses recognised in the SOCI		(5)		12		77

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 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

Service cost		–		(38)		(38)

Interest income/(cost)		237		(232)		5

Return on plan assets excluding interest income		(35)		–		(35)

Actuarial gains arising from changes in demographic assumptions		–		55		55

Actuarial gains arising from changes in financial assumptions		–		173		173

Actuarial losses arising from experience adjustments		–		(188)		(188)

Employer cash contributions		46		–		46

Member cash contributions		16		(16)		–

Benefits paid		(221)		221		–

Exchange rate movements		(149)		167		18

Other movements		(9)		–		(9)

31 March 2026		4,739		(4,657)		82

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



	2026 €m		2025 € m

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)

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

	2026 €m		2025 € m		2026 €m		2025 € m

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

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



	2026 €m		2025 € m

Cash and cash equivalents		35		61

Equity investments:

With quoted prices in an active market		450		471

Without quoted prices in an active market		35		37

Debt and derivative instruments:

With quoted prices in an active market		1,140		1,042

Without quoted prices in an active market 1		1,599		1,719

Property:

With quoted prices in an active market		12		17

Without quoted prices in an active market		291		313

Investment funds		602		572

Annuity policies

Without quoted prices in an active market		575		622

Total		4,739		4,854

Note:

1.	Includes immaterial amounts of derivative instruments.

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

(158)

169

(2)

253

(229)

(119)

117

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.