Annual Report on Remuneration continued 116 Vodafone Group Plc Annual Report 2026
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Relative spend on pay The chart below shows the distributions to shareholders in the year by way of dividends and share buy-backs and the total cost of remuneration in the Group.
The pay ratio figures in the above table are calculated using the following total pay and benefits information: Year Supporting information 25th percentile pay ratio (£’000) Median pay ratio (£’000) 75th percentile pay ratio (£’000) 2026 Salary 41.0 62.7 75.3 Total pay and benefits 46.4 77.3 89.3 2025 Salary 40.5 67.1 76.3 Total pay and benefits 47.0 75.7 90.5 2024 Salary 35.9 54.6 72.8 Total pay and benefits 41.3 63.7 88.5 2023 Salary 26.5 56.1 75.6 Total pay and benefits 34.6 70.5 92.8 2022 Salary 31.7 47.1 71.5 Total pay and benefits 36.9 57.5 87.2 2021 Salary 30.0 37.1 71.2 Total pay and benefits 33.5 41.0 85.3 2020 Salary 28.0 42.8 65.0 Total pay and benefits 31.3 51.1 78.6 2019 Salary 23.1 36.4 65.0 Total pay and benefits 28.3 40.8 78.2 The calculation methodology used reflects Option B as defined under the relevant regulations. In line with the relevant regulations this utilises the most recently collected and disclosed data analysed within our Gender Pay Gap report, with employees at the three quartiles identified from this analysis and their respective single figure values calculated. To ensure this data accurately reflects individuals at each quartile the single figure values for individuals immediately above and below the identified employee at each quartile within the gender pay gap analysis were also reviewed. For 2026, the CEO pay ratio increased compared to 2025 and was driven by the GLTI and GSTIP awards paying out at a higher level compared to 2025 and due to the 40% increase in share price of the GLTI award over the grant to vest period. Variable pay forms a more significant proportion of the Group Chief Executive’s package compared to other employees, and this year the value increased because of stronger performance. For the GLTI, this was also driven by an appreciating share price and the award being granted based on the Group Chief Executive package rather than as interim Group Chief Executive, as was the case for 2025. Considering these factors, the Company believes the median pay ratio is consistent with pay policies for the Company’s UK employees, supported by our approach to non-variable pay where decisions are aligned to the wider workforce, as described on page 102.
€m
Distributed by way of dividends and share buyback
Overall expenditure on remuneration for all employees
2026 2025
3,134
5,474 5,522
3,655
Further details of the above chart can be found in notes 9 and 24 of the consolidated financial statements. CEO pay ratio The following table sets out our CEO pay ratio figures: Year CEO single figure (£’000) Method 25th percentile pay ratio
Median pay ratio 75th percentile pay ratio
2026 2025 1 2024 2023 2 2022 2021 2020 2019 3
10,132 4,825 4,395 4,394 4,173 3,551 3,529 4,359
Option B Option B Option B Option B Option B Option B Option B Option B
218:1 103:1 106:1 127:1 113:1 106:1 113.1 154:1
131:1 64:1 69:1 62:1 73:1 87:1 69.1 107:1
113:1 53:1 50:1 47:1 48:1 42:1 45.1 56:1
Notes: 1. The CEO single figure and subsequent pay ratios for 2025 has been updated to reflect the final vest price under the GLTI confirmed after the 2025 Annual Report on Remuneration was published. 2. The CEO single figure used in the calculation of the 2023 ratios reflects a blended figure for Nick Read and Margherita Della Valle, recognising the change in incumbency for the role during this year. 3. The CEO single figure used in the calculation of the 2019 ratios reflects a blended figure for Vittorio Colao and Nick Read, recognising the change in incumbency for the role during this year.
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