Appendix VIII Net debt, liquidity & total funding obligations
Total funding obligations
Net debt progression (€billion)
FY25 FY24 €m €m (36,402) (40,743)
€41.0bn
€33.2bn
€36.0bn
Bonds Bank loans Gross debt
1.9
1.8
€31.0bn
(1,213) (2,345) 11,001 913 5,280 1,716 (1,347)
(767) (1,457) 6,183 3,225 2,204 (1,887) -
(2.5)
(13.3)
€22.4bn FY25 2.0x Net debt/ Adj. EBITDAaL
Other borrowings including spectrum
€26.0bn
FY24 2.5x Net debt/ Adj. EBITDAaL 1
1.3
(39,960) (42,967)
€21.0bn
Cash and cash equivalents Non-current investments in sovereign securities
1
€16.0bn
€11.0bn
Short-term investments Derivative financial instruments Net collateral liabilities
€6.0bn
FY24
Adjusted FCF FY25
Dividends
Share buybacks
M&A
Other
FY25
Net debt (a)
(22,397) (33,242)
Bond maturity profile (€billion) Current liquidity Senior Hybrid
Other funding obligations Lease liabilities
(10,826) (1,479) (187) 4,081
(9,672) (1,479) (181) 4,497
Guarantees over Australia joint ventures loans Pension liabilities Equity content of hybrid bonds 2 Total funding obligations (b) Adjusted EBITDAaL (c) Depreciation on right of use assets Adjusted EBITDAaL before leases (d) Interest on leases
0.8
(30,808) (40,077) 10,932 11,019
15.8
2.2
13.7
3,205 488
3,003 440
6.9
1.5 0.6 FY26
1.0 0.8 FY30
1.5 1.4
14,625 14,462
0.9 2.3 FY29
0.7
Current liquidity
FY27
FY28
FY31-39
FY40+
2.0x 2.1x
2.5x 2.4x
Ratio of net debt to adjusted EBITDAaL (a/c) 1 Ratio of total funding obligations to adjusted EBITDAaL before leases (b/d) 1
100% of bonds fixed. Average life of bonds 14 years
All 3 credit rating agencies at BBB
FY25 results ⫶ May 2025
1. FY24 ratios are pro forma for FX and M&A (incl. Vodafone Spain & Vodafone Italy, excl. Hungary, Ghana & Vantage Towers); excluding the impact of hyperinflationary accounting in Türkiye.
37
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