Our outlook ⫶ A valuable Investments portfolio Ongoing value realisation Pillar Investment
Diverse Investments portfolio
Focus
Ownership
April 2024 Creation of Vodafone Investments
Ziggo Group 2
Benelux converged operator
10.0%
23.7% Market cap: A$8 billion 1 13.0% Market cap: €12 billion 1
Telco Operations
June 2024 €1.7 billion Sale of 18% stake in Indus Towers December 2024 €0.3 billion Sale of final 3% stake in Indus Towers
Australia converged operator
July 2024 €1.3 billion, with total net proceeds to €6.6 billion Sale of further 10% in Vantage Towers, achieving 50:50 JV
India mobile operator European passive tower infrastructure
44.7% 50.0% 50.0%
Infrastructure
Germany FTTH infrastructure Ireland FTTH infrastructure
February 2026 €1.0 billion +10% stake in Ziggo Group after sale of VodafoneZiggo Launch of Satellite Connect Europe JV with AST SpaceMobile July 2025 €0.4 billion distribution to Vodafone after TPG sells fixed fibre assets
Direct-to-mobile satellite connectivity
3.8% Market cap: $32 billion 1
December 2025 Settlement of Vodafone Idea CLAM
European wholesaler of direct-to- mobile satellite connectivity
50.0%
Innovation
Network API aggregator Advertising Technology
c.5% 25%
All debt secured against Indian assets repaid, with all material issues been Vodafone and Vi closed
Economy-of-things
69.0%
Vodafone Group Plc FY26 Results ⫶ May 2026
1. As at 11 May 2026. 2. Ziggo Group, not yet formed, but will own 100% of VodafoneZiggo Liberty Global’s Belgian subsidiary, Telenet.
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