I ⫶ Vodafone Investments
Pillar
Investment
Focus
Ownership Key Information
• Owns 100% of Vodafone Ziggo, a Dutch operator, and Telenet, a Belgian operator
Ziggo Group
Benelux converged operator
10.0%
• Vodafone Group provides guarantees amounting to US$0.5 billion and €0.6 billion in relation to its 50% share in the loan facility within the holding company structure • Government stake now at 49% following €4 billion of spectrum debt-for-equity swap • Vodafone’s stake reduced by 3 percentage points following agreement with Vi announced on 31 December 2025
23.7% Market cap: A$8 billion 1
Australia converged operator
Telco Operations
13.0% Market cap: €13 billion 1
India mobile operator
• H1 FY27 Adj. EBITDAaL of €377 million, macro sites 48,416 2 and tenancy ratio 1.57x 2
European passive tower infrastructure
44.7%
• 1.1 million households passed (Sep’26), targeting 7 million • Societe Generale S.A. completed acquisition of a 50% shareholding on 30 October 2026
Infrastructure
Germany FTTH infrastructure
50.0%
• >0.7m homes passed (~36% of total households)
Ireland FTTH infrastructure
50.0%
• Preparing for commercial launch in 2027 • Current market value of investment US$0.5 billion 1 (vs. US$60 million invested) • JV with AST SpaceMobile, building ground stations, and distributing satellite connectivity in Europe • Collaborations underway with CK Hutchison, Orange, Telefonica, Sunrise and Vodafone
Direct-to-mobile low-orbit satellite connectivity
3.7% Market cap: $14 billion 1
Open access provider of European operated direct to device satellite services
50.0%
Innovation
• Venture with global telecom providers and Ericsson to aggregate network APIs
Network API aggregator
4.6%
• Venture with European telcos to deliver a telco-powered authentic consent service
Advertising Technology
25.0%
• Venture with Sumitomo to enable IoT devices to securely connect, transact, and communicate autonomously
Economy-of-things
69.0%
1. As at 9 November 2026. 2. Does not include CTIL and INWIT macro sites.
Vodafone Group Plc H1 FY27 Results ⫶ November 2026
Page 30
Powered by FlippingBook