Income statement
Consolidated income statement
Key inorganic items
Six months ended 30 September
Revenue • Impact of Three UK, and acquisition of Safaricom & Telekom Romania for full period
2026
2025
€m
€m
Revenue
21,853
19,609
Cost of sales
(14,651)
(13,229)
Impairment charge • Non-cash impairment charge of €4.85 billion with respect to Germany, primarily reflecting higher yields on German government bond rates and ECJ impact
Gross profit
7,202
6,380
Selling and distribution expenses
(1,692)
(1,529)
Administrative expenses
(3,280)
(2,750)
Net credit losses on financial assets
(257)
(207)
Other income • Includes a non-recurring and tax neutral accounting gain of €3.0 billion driven by the remeasurement of a previously held associate interest in Safaricom
Share of results of equity accounted associates and joint ventures
25
182
Impairment charge
(4,850)
–
Other income
3,369
86
Operating profit
517
2,162
Investment and other income
288
1,085
Investment & other income in the prior year • Prior year includes a one-off gain of €0.8 billion from the redemption of certain bonds bought back below par in advance of their maturity dates
Financing costs
(1,178)
(1,134)
Profit before taxation
(373)
2,113
Income tax expense
(3,224)
(1,061)
(Loss)/profit for the financial period
(3,597)
1,052
Income tax expense • Includes de-recognition of deferred tax assets amounting to €2.2 billion in the UK • This is an accounting adjustment with no current cash tax impact • The underlying tax attributes continue to be carried forward for future utilisation
Attributable to: – Owners of the parent
(4,789)
829
– Non-controlling interests
1,192
223
(Loss)/profit for the financial period
(3,597)
1,052
For more information, please see our H1 FY27 preliminary results statement: vodafone.com/results
Vodafone Group Plc H1 FY27 Results ⫶ November 2026
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