Annual Report on Remuneration continued 118 Vodafone Group Plc Annual Report 2026
Strategic report
Governance
Financials
Other information
Financial year remuneration for Group Chief Executive
2027 remuneration Remuneration arrangements Details of how key elements of the Remuneration Policy will be implemented for the 2027 financial year are set out below. 2027 base salaries As part of this year’s review, conducted in March 2026, the Committee reviewed executive remuneration arrangements against its comparator group of FTSE 30 companies (excluding financial services) and industry peers. Following the review the Committee agreed that effective 1 July 2026 the salary for Margherita Della Valle will increase by 3.0%. The level of increase is in line with the budget applicable for Vodafone’s wider UK workforce. It was agreed that the base salary for Pilar López will remain unchanged given her recent appointment. As a result, the salaries for the Executive Directors are as follows: – Group Chief Executive (Margherita Della Valle): £1,332,565 (3.0% increase) – Group Chief Financial Officer (Pilar López): £725,000 (no change) 2027 annual bonus (‘GSTIP’) Following its annual review of the GSTIP structure, the Committee agreed that the performance measures and associated weightings continue to support strategic priorities and therefore the 2027 plan should remain unchanged from 2026 as follows: Growth (70% of total) Service revenue (20%); adjusted EBIT (20%); adjusted free cash flow (20%); and revenue market share (10%). Customers (30% of total) Net promoter score 1 (20%); and churn (10%). Note: 1. The assessment of NPS utilises data collected in our local markets which is validated for quality and consistency by independent third-party agencies. Due to the potential impact on our commercial interests, annual bonus targets are considered commercially sensitive and therefore will be disclosed in the 2027 Remuneration Report following the completion of the financial year. Long-term incentive awards for 2027 Awards for 2027 will be made in line with the arrangements described in our proposed policy on page 105. Performance will be measured over the three financial years ending 31 March 2029, and any net vested shares will be subject to an additional two-year holding period. It is anticipated that the final awards will be reviewed by the Committee at the July 2026 meeting and, subject to the Committee’s approval, will be granted shortly afterwards. Full disclosure of the rationale for the final vesting decision of each award will be provided in the relevant Directors’ Remuneration Report.
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
LTI average 46% Annual bonus average 59%
Single figure of total remuneration £’000 Annual bonus (actual award versus max opportunity) Long-term incentive (vesting versus max opportunity)
2,740 1 /1,619 2 3,529 3,551 4,173
3,507 3 /887 4 4,395 4,825 5 10,132
6,332 7,389
47% 64% 44% 52% 62% 69% 56% 71% 59% 65%
44% 67% 40% 50% 22% 26% 53% 49% 43% 70%
Notes: 1. Reflects the single figure in respect of Vittorio Colao for the period of 1 April 2018 to 30 September 2018. 2. Reflects the single figure in respect of Nick Read for the period of 1 October 2018 to 31 March 2019. 3. Reflects the single figure in respect of Nick Read for the period of 1 April 2022 to 31 December 2022. 4. Reflects the single figure in respect of Margherita Della Valle for the period of 1 January 2023 to 31 March 2023. 5. The single figure for 2025 has been updated to reflect the final vest price under the GLTI confirmed after the 2025 Annual Report on Remuneration was published.
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