Annual Report on Remuneration continued 110 Vodafone Group Plc Annual Report 2026
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Total remuneration for the 2026 financial year (audited) Margherita Della Valle
2026 annual bonus (‘GSTIP’) payout (audited) In the table below we disclose our achievement against each of the performance measures and targets in our annual bonus (‘GSTIP’) and the resulting total annual bonus payout level for the year ended 31 March 2026 of 64.5% of maximum. Commentary on our performance against each measure is provided further below.
Pilar López
Luka Mucic
2026 £’000 1,283
2025 £’000 1,250
2026 £’000 242 62
2025 £’000
2026 £’000 507 66 653
2025 £’000 760 140 890
Salary/fees Taxable benefits 1
– – – – – – – – – – –
Payout at maximum performance (% of salary)
Actual payout (% of overall bonus maximum)
Threshold performance level €bn
Target performance level €bn
Maximum performance level €bn
Actual performance level 1 €bn
49
57
Actual payout (% of salary)
Annual bonus: GSTIP (see below for further detail) Total long-term incentive:
Performance measure Service revenue Adjusted EBIT
40.0% 40.0% 40.0% 40.0% 20.0%
29.6% 14.8% 31.6
32.5 3.9 2.3
33.4 4.6 2.8
33.0 4.0 2.5
1,668 7,004 6,130 874 128
1,464 1,929 1,566 363 125
311
23.1% 11.6% 28.5% 14.3% 25.1% 12.6% 5.5% 11.6% 5.7%
3.3 1.8
– – –
– – – –
– – – –
Adjusted free cash flow Revenue market share Net promoter score Total annual bonus payout level Churn
GLTI awards 2,3 GLTI dividends 4
20.0% 11.0%
Pension/cash in lieu of pension
24
51
76
See overleaf for further details
Other Total
–
–
170 5 809 328 481
10,132 4,825
1,277 1,866
200.0% 128.9% 64.5%
Total Fixed Remuneration Total Variable Remuneration
1,460 8,672
1,432 3,393
624 653
976 890
Note: 1. These figures are adjusted for the impact of M&A transactions, foreign exchange movements and any changes in accounting treatment. Financial metrics As set out in the above table, service revenue and adjusted free cash flow finished at the upper end of the respective target ranges and EBIT, revenue market share, NPS, and churn finished above the mid-point of the respective target ranges. Customer metrics An assessment of performance under the customer measures was conducted on a market-by-market basis. Each market was assessed against a number of different metrics against the following measures: – Net Promoter Score (‘NPS’) for both Consumer and Vodafone Business – defined as the extent to which our customers would recommend us. – Churn – defined as total gross customer disconnections in the period divided by the average total customers in the period. – Revenue market share (‘RMS’) – based on our total service revenue versus that of our competitors in the markets we operate in. All measures utilise data from our local markets which is collected and validated for quality and consistency by independent third-party agencies where possible. Further details on our performance against each key metric is set out below. In respect of Consumer NPS, customer experience strengthened across key markets, with an overall reduction in deep detractors of 8% across the Group. We also recorded good performance in consumer benchmark NPS, with the average gap to the leader improving on an aggregated market level, and recorded clear or joint leadership in VodafoneThree, South Africa, Portugal, Ireland, Albania, and Egypt. Strong performance in Ireland meant we became joint market leader, and in Portugal we widened the
Notes: 1. A range of benefits were provided to Executive Directors, where benefits values for any one Executive Director were significant they have been specifically noted in brackets, the benefits provided include: cash car allowance (£19,200 p.a. each), travel including grossed up tax (Margherita Della Valle £26,638), relocation (Pilar López £52,509 and Luka Mucic £52,000), and private healthcare. 2. The share price used for the 2026 value, as set out in note 3 below, is higher than the grant price when it was awarded. As such, 40% of the value shown in the 2026 column is attributable to share price appreciation over the vesting period. 3. The value shown in the 2025 column is the award which vested on 27 July 2025 and is valued using the execution share price on 27 July 2025 of 83.37 pence. This figure reflects the vest price under the GLTI confirmed after the 2025 Annual Report on Remuneration was published. The value shown in the 2026 column is the award which vests on 27 July 2026 and is valued using an average closing share price over the last quarter of the 2026 financial year of 108.63 pence. 4. Under the GLTI, executives receive a cash award equivalent in value to the dividends that would have been paid during the vesting period on any shares that vest. The dividend value shown for 2026 relates to the award vesting on 27 July 2026, which will be paid at the point of vesting. 5. Reflects the value of the cash award received by Pilar López to compensate her for awards foregone at her previous employer. This value was calculated by reference to the value of the forfeited restricted stock awards, with clawback applicable to the full award for 12 months. No performance conditions have been applied to this award.
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