Exhibit 99.3

AMENDMENT AGREEMENT No. 2

dated as of 27 July 2026

to an equity-linked security arrangement dated 22 May 2026,
as amended by an amendment agreement dated 13 July 2026

Between:

SOCIÉTÉ GÉNÉRALE, a société anonyme, having its registered office at 29 boulevard Haussmann, 75009 Paris, registered with the Registre du Commerce et des Sociétés of Paris under the number 552 120 222 R.C.S. Paris and with ADEME number FR231725_01YSGB, represented by Yasmine KARADJA duly authorised for the purposes thereof (“Party A”)

And:

VEGA a société par actions simplifiée, having its registered office at 16, rue de la Ville L’Evêque, 75008 Paris, France, registered with the Registre du Commerce et des Sociétés of Paris under the number 908 731 912 R.C.S. Paris, duly represented by Xavier de Neuville (“Party B”)

Accordingly, in consideration of the mutual agreements contained in this Amendment the Parties agree as follows:

Party A and Party B hereby agree that, upon execution of this Amendment by both Parties, and subject to Article 2 below, with effect from the date hereof (the “Amendment Effective Date”), the Confirmation, as amended on 13 July 2026, is hereby amended as set out in Appendix 1 (Amended Confirmation) hereto. For the avoidance of doubt, the Parties acknowledge that this amendment is made between them without novation.

The entry into force of the Amendment is subject to the following, in each case in a form and substance satisfactory to Party A on the date hereof :

Except for any amendment to the Transaction and the Confirmation made pursuant to this Amendment, all terms and conditions of the Transaction, the Confirmation and the Master Agreement will continue in full force and effect in accordance with their provisions on the Amendment Effective Date.

Party B shall at its own expense, do all acts and steps necessary or desirable to give effect to the amendments effected or to be effected by this Amendment.

Party B repeats as of the date hereof the representations made to Party A in (a) Sections 6.1.1 to 6.1.10 of the FBF Master Agreement provided that reference therein to "this Transaction" shall be deemed to be reference to this Amendment; and (b) Sections G (Representations and undertakings), sub paragraphs 2(i)(ii), 7(i)(ii), 8, 9, 10 and 12 (provided that the existence of this Amendment, the Master Agreement and the Transaction does not constitute material non-public information for the purpose of these provisions).

In accordance with articles 1366 and 1367 of the Civil Code, this Amendment may be signed electronically by each of the authorized representatives of the Parties. The Parties acknowledge and agree that electronic signatures via DocuSign, which is compliant with EU eIDAS Regulation (EU) 910/2014, were used for the execution of this Amendment by such signatories. Each Party acknowledges that it has received all the information required for the electronic signature of this Amendment and that it has signed this Amendment electronically in full knowledge of the technology used and its terms and conditions, and consequently waives any claim and/or legal action challenging the reliability of this electronic signature system and/or its intention to enter into this Amendment. Furthermore, in accordance with the provisions of article 1375 of the Civil Code, the obligation to deliver an original copy to each of the Parties is not necessary as proof of the commitments and obligations of each Party to this Amendment. The delivery of an electronic copy of this Amendment directly by DocuSign to each Party shall constitute sufficient and irrefutable proof of the commitments and obligations of each Party to this Amendment.

IN WITNESS whereof the Parties have executed this Amendment on the respective date specified below with effect from the Amendment Effective Date.

On 27 July 2026.

VEGA

Name: Xavier DE NEUVILLE

Title: Authorised signatory

SOCIÉTÉ GÉNÉRALE

Name: Yasmine KARADJA

Title: Authorised signatory

Appendix 1 – Amended Confirmation

DATE: 22 May 2026, as amended by amendment agreements dated 13 July 2026 and 27 July 2026, respectively

FROM: SOCIETE GENERALE, a public limited company with a share capital of EUR 930,492,767.50, whose registered office is at 29, boulevard Haussmann, 75009 Paris, with the unique identification number RCS Paris 552 120 222 and with ADEME number FR231725_01YSGB, represented by Olivier BUTTIER, duly authorised, acting for the purposes hereof through its registered office (hereinafter “SG” or “Party A”)

LEI: O2RNE8IBXP4R0TD8PU41

LEI: 9695001RZBW9UM255U67

(hereinafter referred to as the “Parties”, and individually as a “Party”),

Gentlemen,

We hereby confirm the terms of the transaction implemented between the Parties (the “Transaction”) governed by the agreement referred to in the following paragraph and by the provisions of this confirmation (the “Confirmation”). This document constitutes a Confirmation, as that term is defined in the Agreement (as that term is defined below).

This Transaction is governed (i) by the provisions of the FBF Master Agreement relating to transactions in forward financial instruments entered into between the Parties on 22 May 2026, as supplemented and/or amended by its annexes, and as subsequently amended (the “Agreement”) and (ii) by the definitions and provisions contained in the Technical Addenda “Share Option” and “Interest Rate or Currency Swap” as well as by the “Definitions Common to Several Technical Addenda” published by the Association Française des Banques (now the French Banking Federation) (“AFB”), supplemented and/or amended as set out below (the Technical Addenda “Share Option” and “Interest Rate or Currency Swap” and the “Definitions Common to Several Technical Addenda” being collectively referred to as the “AFB Technical Addenda”), which form an integral part of the Agreement.

In the event of any discrepancy between the provisions of the Agreement or the AFB Technical Addenda and those of the Confirmation, the provisions of the Confirmation shall prevail.

Any amendments made to the Agreement and the AFB Technical Addenda by the French Banking Federation shall not apply to this Confirmation unless the Parties agree otherwise.

Neither Party acts nor intends to act in concert with the other Party or with any third party in relation to the Issuer.

The Parties acknowledge that a French language version of this Confirmation (the "French Version") was initially executed between the Parties on 22 May 2026 and amended on 13 July 2026 and on 27 July 2026. The Parties agree that, in the event of any inconsistency, discrepancy or conflict between the terms of this Confirmation and the French Version, the French Version shall prevail.

NOW THEREFORE, THE PARTIES HAVE AGREED AS FOLLOWS:

I.       DEFINITIONS

"Share":

Shares listed on the Stock Exchange (ISIN Code: GB00BH4HKS39) issued by the Issuer, or any security that may replace them.

"Notional Share":

Any Shares purchased by SG for hedging purposes in connection with the Increase in the Notional Amount. It is hereby clarified, where necessary, that the Number of Notional Shares will increase during the Constitution Period and may be adjusted in accordance with the provisions of Article III – Special Provisions set out below. Apart from these scenarios for changes in the Notional Number of Shares specifically provided for in this Confirmation, the Notional Number of Shares shall be independent of SG’s management of its hedging, and SG may freely dispose of the hedging shares it has acquired without this affecting the Notional Number of Shares.

"Agent":

SG

"Stock Exchange":

LSE or any other regulated market on which the Share may come to be primarily listed.

"Early Closure":

For a Trading Day, the close prior to the Stock Exchange’s scheduled closing time, unless such early close is announced by the Stock Exchange at least one hour before the earlier of (x) the effective closing time for the usual trading session on that Stock Exchange on that Trading Day, and (y) the deadline for submitting orders on the Stock Exchange for execution at the Valuation Time on that Trading Day.

"Top-Up Commencement Date":

The later of (i) 1 July 2026 and (ii) the End of the Constitution Period.

"Market Disruption":

In relation to the Share, the occurrence or existence of (i) a Stock Exchange Malfunction, (ii) a Trading Malfunction, which the Agent considers to be significant, or (iii) an Early Close.

"Currency":

EUR up to and including the second Business Day following the Currency Change Date, and GBP thereafter.

“Currency Change Date”:

28 July 2026.

"Stock Exchange Malfunction":

For a Share, any event (other than an Early Closure) that renders it impossible for market participants in general to execute transactions or to obtain market values for that Share on the Stock Exchange.

"Trading Disruption":

In relation to a Share, any suspension or restriction imposed by the Stock Exchange due to price movements exceeding the limits permitted by the Stock Exchange or for any other reason, on transactions relating to that Share.

"Issuer":

Vodafone Group PLC, a public limited company under the laws of England and Wales, with Legal Entity Identifier (LEI) 213800TB53ELEUKM7Q61, whose registered office is at Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, registered at Companies House with registration number 01833679 (or any company that may replace it pursuant to the terms of the Transaction) (hereinafter, the "Company").

"€STR":

Refers to the overnight euro rate expressed as an annual rate, determined by the European Central Bank on the basis of information provided to it by the main interbank market operators regarding transactions carried out on each TARGET Business Day and published on the following TARGET Business Day at approximately 08:00 (Brussels time) by the European Banking Federation on the Bloomberg ESTRON Index screen or on any other page that may replace it.

In the event that it is impossible to determine the €STR under the conditions set out above by 11.00 am (Brussels time) on the said TARGET Business Day, the €STR shall be equal to the average of the rates offered by reference banks for euro deposits of an amount comparable to the amount in question, for a duration of one day (24 hours) on the euro area interbank market at around 11:00 (Brussels time) on the same TARGET Business Day.

In the event of the €STR ceasing to exist and being replaced by a rate of the same nature or equivalent by the European Central Bank, as well as in the event of a change affecting the body publishing it or the terms of publication, the rate resulting from such replacement or change shall apply automatically.

In the event that the €STR rate published on a given date is negative, the Parties agree that the €STR rate applicable on that date shall be equal to 0%.

"Valuation Time":

The close of trading on the Stock Exchange.

"Trading Day":

Any day on which the Stock Exchange and the Related Market are open and operating for trading during their respective normal trading sessions.

"Business Day":

In the case of a payment obligation in EUR, TARGET2.

In the case of a payment obligation in GBP, a day on which commercial banks are open for the conduct of their ordinary business (including foreign exchange transactions and foreign currency deposits) in London and on which the GBP payment system is operating.

In the case of a Delivery obligation, a day on which the settlement system necessary for the fulfilment of the relevant Delivery is generally open and operating in such a way that the Delivery can be effected in accordance with market practices in the relevant financial centre.

For the purposes of the New Circumstance referred to in Article 7.2.1.1, a day on which commercial banks are open for the conduct of their day-to-day business (including foreign exchange transactions and foreign currency deposits) in the financial centre where the event or circumstance giving rise to a New Circumstance under Article 7.2.1.1 occurs.

For all other purposes, a day on which commercial banks are open for the conduct of their day-to-day business (including foreign exchange transactions and foreign currency deposits) in Paris.

"Related Market":

The principal market for options on the Share or futures contracts on the Share, or any market that may succeed it.

"Specific Amount":

At any time, the sum of all amounts in EUR and GBP previously paid by VEGA to SG in the event of a Top-Up Event, less any amounts paid by SG to VEGA following a Release Event. The Agent shall calculate the Specific Amount and update it daily in accordance with any adjustments made in accordance with the terms of this Transaction.

"Daily Number of Shares":

The number notified by SG to VEGA via the Notification of Increase in the Notional Amount after the close of trading on each Trading Day during the Constitution Period.

"Constitution Period":

The period commencing on the Commencement Date and ending at the End of the Constitution Period.

"Daily Reference Price":

The price in EUR (by reference to the Exchange Rate) notified by SG to VEGA via the Notification of Increase in Notional Amount after the close of trading on each Trading Day of the Constitution Period, net of all costs and charges previously approved by VEGA, it being specified that no Increase in the Notional Amount may occur on the Currency Change Date as the Maximum Notional Amount has already been reached.

"Reference Price":

For a Business Day during the Constitution Period, the volume-weighted average price calculated on the basis of the Daily Number of Shares and the Daily Reference Prices for the Trading Days preceding that Business Day from the start of the Constitution Period and for that Business Day if it is also a Trading Day, expressed in EUR; and at the end of the Constitution Period, up to and including the second Business Day following the Currency Change Date, the price in EUR notified in writing by the Agent to the Parties after the close of trading, corresponding to the volume-weighted average price calculated on the basis of the Daily Number of Shares and the Daily Reference Prices recorded throughout the Constitution Period, and, after the second Business Day (excluded) following the Currency Change Date, the Reference Price in EUR converted into GBP at the Currency Change Exchange Rate (it being understood that Party A shall notify Party B in writing of such amount in GBP as soon as possible), and as may be adjusted in accordance with the provisions of Article III Special Provisions below in the event of any occurrence having a dilutive or anti-dilutive effect on the value of the Share.

“SONIA”:

Means, for each Business Day, the Sterling Overnight Index Average rate expressed as an annual rate, determined by the Bank of England and published on the following Business Day at approximately 10:00 (London time) by or on behalf of the Bank of England on Bloomberg page SONIA Index or any successor page.

If SONIA cannot be determined as described above by 11:00 (London time) on that Business Day, the Agent shall determine the applicable SONIA rate in good faith, taking into account, in particular, the last known SONIA rate, unless the Agent has officially selected a replacement rate, with any adjustment necessary to preserve its economic effect.

If the SONIA rate published on a given date is negative, the Parties agree that the SONIA rate applicable on that date shall be equal to 0%.

"Exchange Rate":

Means the spot rate of exchange from GBP into EUR published by Bloomberg on page BFIX at 6.00pm (Paris time) mid point on a given Trading Day, which shall be notified by Party A to Party B.

“Currency Change Exchange Rate”:

Means the arithmetic average of the EUR-to-GBP spot exchange rates published by Bloomberg on page BFIX at 14:00 (Paris time) and 17:00 (Paris time), mid-point, on the Currency Change Date, which shall be notified by Party A to Party B.

"Share Value":

Has the meaning given to such term in the Appendix.

II.   TECHNICAL DETAILS

A.       Failure to comply with the procedure to be followed upon the occurrence of a “Top-Up Event”

(i) Definitions

For the purposes of the Transaction:

The term “Ratio” means, for a given Trading Day, the following ratio:

The term "Maximum Ratio" has the meaning given to such term in the Appendix.

The term “Release Ratio" has the meaning given to such term in the Appendix.

The term “Initial Ratio” has the meaning given to such term in the Appendix.

"Restoration of the Ratio" means that, following receipt of a Top-Up Notice (as defined below), VEGA pays an amount (the "Top-Up Amount") in GBP or EUR to SG to increase the Specific Amount, so that the Ratio becomes less than or equal to the Initial Ratio.

"Failure to Comply with the Top-Up Procedure" means that on the third Trading Day following the Top-Up Day (as defined below), VEGA has not carried out the Ratio Restoration.

(ii) Procedure

If, at the close of trading on a given Trading Day between the Top-Up Commencement Date and the Expiry Date, the Agent determines that the Ratio is a percentage equal to or greater than the Maximum Ratio (hereinafter the "Top-Up Event"), then the Agent shall, on that Trading Day (hereinafter the “Top-Up Day”), send a written notice to VEGA informing it of the occurrence of the Top-Up Event (hereinafter the “Top-Up Notice”).

VEGA shall then carry out the Restoration of the Ratio no later than the third Trading Day following the Top-Up Day.

The Top-Up Amount shall be taken into account in the calculation of the Ratio as soon as the Top-Up Notice takes effect, even if the payment has not yet been effected, provided that such payment is made within the time limits specified in the paragraph above.

However, if the Specific Amount exceeds the Maximum Top-up Amount (as such term is defined in the Appendix), the parties agree that no Top-Up Amount shall be due.

Failure to Comply with the Top-Up Procedure constitutes an Event of Default under Article 7.1.1.12 of the Agreement.

(iii) Interest on the Specific Amount

The Specific Amount shall bear interest calculated daily from the Commencement Date (included) until the second Trading Day following the Expiry Date (exclusive), the first day of this period included and the last day excluded (an “Interest Period”) at the €STR rate for amounts paid in EUR and at the SONIA rate for amounts paid in GBP, applied in accordance with the formula for calculating the Variable Amount referred to above. The amount of interest calculated for each Interest Period shall be paid on the second Trading Day following the Expiry Date. The amount of interest shall be paid by SG to VEGA.

If, following a Top-Up Event, the Agent determines that the Ratio remains below the Release Ratio on a given Trading Day (hereinafter the “Release Event”), then the Agent shall send a written notice to VEGA specifying the amount by which the Specific Amount payable by SG to VEGA is to be reduced so that the Ratio becomes equal to the Initial Ratio. For the sake of clarity, it is specified that at all times, the Specific Amount must be greater than or equal to zero.

VEGA may then, on a Trading Day, request that SG make a cash payment so that the Ratio becomes equal to the Initial Ratio. Any cash payment pursuant to this paragraph shall take place on the fifth Trading Day following the date on which VEGA requested such payment.

For the sake of clarity, it is specified that on the Delivery Date of the Notional Number of Shares, SG shall pay to VEGA an amount equal to the Specific Amount on that date, and that this amount shall be subject to the netting provided for in Article 5.3 of the Agreement with other reciprocal payment obligations arising on the same day, including, without limitation, VEGA’s obligation to pay the Notional Amount and the Fixed Amount.

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If, between the Signature Date and the Expiry Date, any of the events referred to below occurs, the Agent shall determine and notify the Parties as soon as possible following the occurrence of the event in question of the consequences for this Transaction arising from that event, the terms of which are set out in the provisions below.

D.1 Public offer, merger, demerger or any similar event

If, between the Signature Date and the Expiry Date (both dates inclusive), a public offer, merger, demerger or any event with similar characteristics or effects relating to the Share or the Issuer of the Share occurs, the Agent may decide to:

I/ with effect from the date of the official announcement of the event in question, terminate this Transaction, in accordance with the terms set out in Article 6.3 of the Technical Supplement “Share Option and Basket of Shares Option (March 2007)”;

II/ on the date of the official declaration of success for a public offer or on the official completion date for the other events in question (these dates to be determined in accordance with the regulations applicable to the Share concerned):

(1)       either determine the consequences for this Transaction, which may include, but are not limited to, the substitution of the relevant Share with a new share, or

(2)       or terminate this Transaction in accordance with the terms set out in Article 6.3 of the Technical Supplement "Share Option and Basket of Shares Option (March 2007)".

D.2 In the event that, between the Commencement Date and the Expiry Date of this Transaction (both dates inclusive):

(i) the transfer of the Share’s listing on the Stock Exchange to another market, paragraph 6.2.3 of the Technical Supplement “Share Option and Basket of Shares Option (March 2007)” shall apply.

(ii) the delisting of the Share and the consequent cessation of any official listing thereof, paragraph 6.2.2 of the Technical Supplement “Share Options and Basket of Shares Options (March 2007)” shall apply.

D.3 In the event of the commencement of voluntary settlement or liquidation proceedings or any other equivalent proceedings, judicial reorganisation or liquidation proceedings or any equivalent proceedings, or the announcement of the nationalisation of the Issuer of the Share, this Transaction shall be terminated on the day on which such event occurs and the Agent shall calculate, in accordance with market practice, the amount of the cash adjustment payable by one Party to the other as a result of such termination and shall notify the Parties of the amount of the cash adjustment and the method of its calculation. This amount shall be paid by the Party liable for it to the other Party on the third Business Day following the date on which the Agent’s determination has been communicated to the Parties.

D.4 Market Disruption:

In the event of a Market Disruption lasting for more than five (5) consecutive Trading Days, the Agent shall notify the Parties, who shall consult with one another for a maximum period of two (2) Trading Days to determine the consequences for the Transaction.

In the absence of an agreement between the Parties within the aforementioned period, this Transaction shall be terminated and the date of early termination shall be the last day of the aforementioned period. The Agent shall calculate, in accordance with market practice, the amount of the adjustment payment due by one Party to the other as a result of such termination and shall notify the Parties of the amount of the adjustment payment and the method of its calculation. This amount shall be paid by the Party liable for it to the other Party on the third Business Day following the date on which the Agent’s determination has been communicated to the Parties.

In the event of any occurrence having a dilutive or anti-dilutive effect on the value of the Share, the Agent shall determine the consequences for this Transaction by adjusting, where necessary, the terms of the Transaction, and in particular the Reference Price and the Number of Notional Shares, in order to preserve the economic balance of this transaction as it stood prior to the occurrence of the event in question.

The Agent shall notify the Parties of the adjustments it has made.

If several adjustments were to take place on the same date, the adjustments would apply cumulatively.

Notwithstanding any provision to the contrary in the Agreement or the AFB Technical Addenda referred to above, in the absence of agreement between the Parties on any determination, calculation and/or finding made by the Agent, the Party acting in good faith shall notify the Agent thereof within two (2) Business Days from the date of receipt of the Agent’s notification regarding such determination, calculation or finding.

If, at the end of a consultation period of three (3) Business Days from the date of the notification referred to above, the Parties have been unable to reach an agreement, they shall appoint a joint representative chosen from among leading market participants in the equity derivatives market, who shall carry out the disputed determination, calculation and/or finding.

In the event of disagreement between the Parties regarding the choice of the joint representative, the latter shall be appointed by the President of the Paris Commercial Court at the initiative of one of the Parties.

The joint agent shall notify the Agent (who shall immediately notify the Parties) of the outcome of its determination, calculation and/or finding two (2) Business Days after the date of acceptance of the mandate. This outcome shall be binding on the Parties.

Payment, where applicable, shall be made on the second Business Day following receipt by the Parties of the results communicated by the joint agent.

The fees and expenses of the joint agent shall be borne equally by the Parties.

Any stamp duty and registration fees to which the delivery of this Transaction and its execution (excluding the establishment and the management of the related hedging by Party A) may give rise to shall, where applicable, be borne by VEGA, provided in all cases that Party A has not failed to avail itself on its or Party B's behalf of any available exemption or relief in relation to any such stamp duty and registration fees and subject to notification by SG (as the counterparty to the Transaction) to VEGA prior to payment of the amount of such stamp and registration duties and of the documents evidencing their liability.

Unless otherwise provided, neither Party A nor Party B may assign or transfer their rights and obligations arising from the Confirmation in respect of the Transaction.

For the avoidance of doubt, and without prejudice to the stipulations of this Agreement (as supplemented by the Share Option Technical Addendum as may be relevant), in the event of termination of this Transaction otherwise than at the Expiry Date where the Additional Delivery Conditions have been met (either at maturity or through voluntary early termination as contemplated under that definition), there shall be no obligation on the part of Party A to deliver any Shares to Party B, and Party B shall have no rights to call for Shares thereunder, in each case by reference to the Notional Shares under this Transaction.

As a condition precedent to the implementation of this Transaction and this Confirmation, to secure the obligations of Party B:

Each Party confirms that it has the legal capacity to sign a contract electronically and undertakes to take all appropriate measures to ensure that the electronic signature of this Confirmation is provided by a representative duly authorised for the purposes hereof.

Please return to us as soon as possible a copy of this Confirmation duly signed by your authorised representatives.

Signed in London on 22 May 2026 in two (2) originals.

Agreed

SOCIETE GENERALE

ZAKARIA JODDAR

By: Zakaria JODDAR

Position: Authorised signatory

[Signature Page – ELS Confirmation (English)]

Agreed

VEGA

XAVIER RIOULT DE NEUVILLE

By: Xavier RIOULT DE NEUVILLE

Position: Authorised signatory

[Signature Page – ELS Confirmation (English)]