IV ⫶ Net debt, liquidity & total funding obligations Total funding obligations Net debt progression (€billion)
2.7
FY26 FY25 €m €m
2.0
(0.2)
1.1
25.4
Bonds Bank loans Gross debt
(33,828) (1,383) (3,393)
(36,402) (1,213) (2,345) 11,001 913 5,280 1,716 (1,347) (10,826) (1,479) (187) 4,081 10,932 3,205 488
22.4
(2.6)
Other borrowings including spectrum
FY26 2.2x Net debt/ Adj. EBITDAaL
FY25 2.0x Net debt/ Adj. EBITDAaL
(38,604) (39,960)
Cash and cash equivalents Non-current investments in sovereign securities
8,982 915 3,431 340 (475)
Short-term investments Derivative financial instruments Net collateral liabilities
FY25
Adjusted FCF FY25
Dividends
Share buybacks
M&A
Other
FY26
Net debt (a)
(25,411) (22,397)
Bond maturity profile (€billion)
Other funding obligations Lease liabilities
(12,388) (1,031) (206) 3,797 11,351 3,674 615
Current Liquidity Hybrid Senior
Guarantees over Australia joint ventures loans
0.8
Pension liabilities Equity content of hybrid bonds Total funding obligations (b)
(35,239) (30,808)
2.0
12.9
Adjusted EBITDAaL (c) Depreciation on right of use assets Interest on leases Adjusted EBITDAaL before leases (d)
11.9
7.5
1.5 1.8
1.8 0.8
15,640 14,625
0.6 2.2 FY29
1.6
0.7 FY28
Ratio of net debt to adjusted EBITDAaL (a/c) Ratio of total funding obligations to adjusted EBITDAaL before leases (b/d)
2.2x 2.3x
2.0x 2.1x
Current Liquidity
FY27
FY30
FY31
FY32-FY39 FY40+
100% of bonds fixed. Average life of bonds 13 years
All 3 credit rating agencies at BBB
Vodafone Group Plc FY26 Results ⫶ May 2026
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