Annual Report on Remuneration continued 117 Vodafone Group Plc Annual Report 2026
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Change in remuneration for Directors and all employees In line with regulatory requirements, the table below calculates the percentage change in Directors’ remuneration (salary, taxable benefits and annual bonus payment) compared to the average remuneration for other Vodafone Group employees in the UK who are measured on comparable business objectives and employed in the same location. Change from 2025 to 2026 (%) Change from 2024 to 2025 (%) Change from 2023 to 2024 (%) Change from 2022 to 2023 (%) Change from 2021 to 2022 (%) Base salary/ fees Taxable benefits Annual bonus Base salary/ fees Taxable benefits Annual bonus Base salary/ fees Taxable benefits Annual bonus Base salary/ fees Taxable benefits Annual bonus Base salary/ fees Taxable benefits
Annual bonus
Executive Directors Margherita Della Valle
2.6
-14.0
13.9
1.0
42.5
-17.8 41.0 –
53.6 53.8
47.6 15.1 18.2 24.6
0.0
4.8 11.6
–
–
–
–
–
– –
– –
– – – – – – – – – – – – –
– –
– –
– –
– –
– – – – – – – – – – – – –
– – – – – – – – – – – – – –
Pilar López 1 Luka Mucic 1
-33.3 -52.9 -26.6
71.6 21.7 0.0 -20.5 0.0 -50.0 – 400.0 0.0 -41.2 0.0 0.0 33.3 0.0 – –
Non-Executive Directors Jean-François van Boxmeer Stephen A. Carter CBE Delphine Ernotte Cunci Michel Demaré Simon Dingemans Hatem Dowidar Deborah Kerr David Nish 3 Christine Ramon Simon Segars Amparo Moraleda Anne-Françoise Nesmes 3
5.1 17.4 17.4
9.7 -25.0 20.0
– – – – – – – – – – –
– 0.0 34.5 – 45.6 50.0
0.0
61.1
– 118.9
– – – – – – –
– – – – – – –
– – – – – – – – – –
– – – – – – – –
– 45.6
0.0
20.0 120.0
– – – – –
0.0 -9.1
0.0 1,000.0
0.0
424.1
– 2
– –
– –
–
25.0
20.0 50.0
0.0
21.4
– 1,050.0 1,300.0
0.0
0.0
– 17.8
0.0
– 12.1 10.0 – 12.1 5.3 – 161.4 1,400.0 – – – 73.4 933.3 2
2.2 900.0 0.0 90.0
– 19.1
–
–
–
–
-67.4 -25.0 20.0 -33.3
21.0 0.0 4
0.0 900.0
0.0 9.5 6.1
0.0 -15.3
28.7 5.8
-85.7
Other Vodafone Group employees employed in the UK
4.1 21.8
5.3 -8.6 10.2 2.7 45.7
5.8
5.2 -9.6 2.5
0.3 80.0
Notes: 1. On 1 December 2025 Pilar López joined the Board as Group Chief Financial Officer. Luka Mucic stepped down as Group Chief Financial Officer and as a Director of the Company on 30 November 2025.
2. The % change in Simon Dingeman’s taxable benefits figure was not possible to calculate due to his reported 2025 figure being 0. 3. On 27 July 2025 Anne-Françoise Nesmes was appointed as a Non-Executive Director and David Nish retired from the Board. 4. This figure is restated on account of a change to David Nish’s applicable tax treatment for the benefits provided. The percentage change in remuneration from 2025 to 2026 for Luka Mucic in respect of base salary, taxable benefits, and annual bonus reflect a full period of service as Group Chief Financial Officer in the 2025 financial year compared to a part year of service in the 2026 financial year. Context on year-on-year percentile changes of prior years outlined in the table above can be found in the Annual Report on Remuneration of the relevant financial year. Assessing pay and performance
Ten year historical TSR performance Growth in the value of a hypothetical €100 holding over ten years .
In the table on the next page we summarise the Chief Executive’s single figure remuneration over the past 10 years and how our variable pay plans have paid out in relation to the maximum opportunity. This can be compared with the historic TSR performance over the same period. The chart to the right shows the performance of the Company relative to the FTSE 100 Index over a 10-year period. This year we changed to the FTSE 100 index to better reflect the resized Group portfolio, while retaining a broad- based index. It should be noted that the TSR element of the 2024 GLTI is based on the TSR performance shown in the chart on page 112 and not this chart.
Mar ’25 Mar ’24 Mar ’23 Mar ’22 Mar ’21 Mar ’20 Mar ’19 Mar ’18 Mar ’17 Mar ’16 Mar ’26
100 150 200 250
217
Vodafone Group
185
162
145
144
123
122
114
112
97
FTSE 100
100
90
92
89
0 50
76
75
70
58
58
56
51
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