Annual Report on Remuneration continued 111 Vodafone Group Plc Annual Report 2026
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gap. In Vodafone Business we achieved or retained NPS leadership or co-leadership positions in six out of eleven markets, maintaining or improving our position year on year in all other markets. We saw particularly strong performance in South Africa and Egypt; with both becoming the market leader, having improved their NPS scores by double-digits. On an aggregated basis we observed stable churn levels in broadband in Europe and in post-paid consumer mobile contracts in Europe and Africa. We are making progress in Germany and continue to focus on reducing levels through churn prevention and new customer win-back strategies. South Africa delivered strong performance, reducing consumer contract churn by 1.4 percentage points. In relation to broadband, the UK improved churn by 0.5 percentage In respect of RMS, we achieved a good performance across both our mobile and fixed line services (where operated). Service revenue grew on a reported and organic basis, and there was positive year-on-year revenue market share improvements in many of our European markets. In the UK progress was driven by continued progression of the VodafoneThree integration, in Romania, Türkiye, Albania and Ireland we hold strong positions and in Germany, our overall market share remained broadly stable. In Africa, we continued to maintain strong market positions for our mobile services, with notable gains in market share in Egypt and Tanzania. It is within this context that performance against our customers measures during the year was judged to be above the mid-point of the respective ranges for NPS, RMS, and churn. Overall outcome 2026 annual bonus (‘GSTIP’) amounts 1 Base salary £’000 Maximum bonus % of base salary 2026 payout % of maximum Actual payment £’000
Long-term incentive (‘GLTI’) award vesting in July 2026 (audited) Targets The performance conditions for the three-year period ended 31 March 2026 are as follows: Adjusted FCF performance – 60% of total award (€bn) TSR outperformance – 30% of total award TSR peer group Below threshold <9.00 Below threshold Below median BT Group Royal KPN Threshold 9.00 Threshold Median Deutsche Telekom Telecom Italia Maximum 11.00 Maximum 7.00% p.a. Liberty Global Telefónica MTN Telefónica Deutschland 1 Orange Note: 1. This peer delisted from the Frankfurt Stock Exchange in April 2024 after this award was granted. As a result, its respective outcome was its performance up to the delisting date and thereafter based on movements in the peer group, adjusted in line with the average TSR performance of peer companies. ESG performance – 10% of total award Mission pillar ESG metric for 2024 GLTI Overall ambition of 2024 GLTI Baseline position for 2024 GLTI Ambition for 2024 GLTI (10% of total award) Protecting our Planet Net zero 90% reduction in Scope 1 and 2 emissions by 2030 against a FY20 baseline 1 52% reduction in Scope 1 and 2 emissions versus a FY20 baseline at 31 March 2023 84% reduction in Scope 1 and 2 emissions versus a FY20 baseline by 31 March 2026 Empowering People Female Note: 1. Our goals are to achieve Net Zero in Europe by 2028 and Africa by 2035, with an aim to achieve a 90% reduction in Scope 1 & 2 by 2030 based on FY20 baseline. This is in line with our emissions reduction pathway which has been validated by the Science Based Targets initiative (‘SBTi’). Vesting outcome The 2024 long-term incentive (‘GLTI’) awards which were granted to executives in July 2023 will vest at 70.0% of maximum in July 2026. The adjusted free cash flow for the three-year period ended on 31 March 2026 was €12.2 billion and equates to vesting under the FCF element of 100.0% of maximum. The chart on the next page shows that our TSR performance over the three-year period ended on 31 March 2026 was below the median of the peer group resulting in no vesting under this measure. representation in management 40% representation of women in management by 2030 >75m financial inclusion customers by 2026 34% representation of women in management at 31 March 2023 60.7m financial inclusion customers at 31 March 2023 36% representation of women in management by 31 March 2026 70.0m financial inclusion customers by 31 March 2026 Digital Society / Inclusion for All Financial inclusion customers
Margherita Della Valle
1,294 725 760
200% 200% 200%
64.5% 1,667,553 ¹
Pilar López 2 Luka Mucic 2
64.5% 64.5%
311,491 ¹ 653,058
Note: 1. 25% of post-tax bonus will be deferred into shares for two years if an Executive Director has not met their share ownership requirement, having taken into consideration the upcoming vest of their GLTI award. 2. Reflects bonus paid for the period of 1 April 2025 to 30 November 2025 for Luka Mucic and 1 December 2025 to 31 March 2026 for Pilar López. Further details on Luka’s leaving arrangements are found on page 114.
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