140 Vodafone Group Plc Annual Report 2026
Strategic report
Governance
Financials
Other information
Consolidated statement of changes in equity (continued) for the years ended 31 March Additional
Accumulated other comprehensive income
Equity
Non-
Share capital 1
paid-in capital 2
Treasury shares
Accumulated
Currency reserve 3
Pensions reserve (968) €m
Revaluation surplus 4
attributable to owners 52,745 €m
controlling interests
Total equity
losses
Other 5
€m
€m
€m
€m
€m
€m
€m
€m
€m
31 March 2025 Issue or reissue of shares Share-based payments Acquisition of subsidiaries
4,319
149,834
(6,791) (123,503)
27,861
1,227
766
1,171 348 1,045 7 1,248
53,916 351 114 1,045 2,374 (1,336) (99) (49) (209) (403) 562 (2,000) –
– – – – – – – – – – – –
2 – – – – – – – – – –
82
(81)
– – – – – – – – –
– – – – – 1 – 5 – – – –
– – – – – – – – – – – – –
– – – – – – – – – –
3 –
107
– – – – – – – – – –
– –
107
Transactions with NCI in subsidiaries Comprehensive (expense)/income Dividends
548 (1,094) (397) (397)
578
1,126 (1,094) (254) (397) (19) (400) 562 (2,000) –
(242) 155 348 (190)
(496)
638
(Loss)/profit OCI - before tax OCI - taxes
– – – – –
(1,058)
1,034
(4)
(396)
(3)
Transfer to the Income statement Translation of hyperinflationary results Purchase of Treasury shares 7 Cancellation of shares
– – – –
562
(2,000) 2,005
(369)
369
(2,005)
–
–
31 March 2026
3,950
150,312
(6,704) (126,532)
27,943
(967)
1,227
1,404
50,633
3,732
54,365
Notes: 1 See note 17 ‘Called up share capital’.
2 Includes share premium, capital reserve, capital redemption reserve, merger reserve and share-based payment reserve. The merger reserve was derived from acquisitions made prior to 31 March 2004 and subsequently allocated to additional paid-in capital on adoption of IFRS. 3 The currency reserve is used to record cumulative translation differences on the assets and liabilities of foreign operations. These differences are recycled to the income statement on disposal of the foreign operation. 4 The revaluation surplus derives from acquisitions of subsidiaries made before the Group’s adoption of IFRS 3 (Revised) on 1 April 2010 and comprises the amounts arising from recognising the Group’s pre-existing equity interest in the acquired subsidiary at fair value. 5 Includes fair value movements on equity instruments classified as Other investments (2026: €428 million net of tax; 2025: €116 million net of tax; 2024: €nil), together with the impact of the Group’s cash flow hedges, for which a €1,106 million net loss was deferred to other comprehensive income during the year (2025: €230 million net gain; 2024: €2,037 million net loss) and €1,337 million net loss (2025: €197 million net gain; 2024: €254 million net gain) was recycled to the consolidated income statement. These hedges primarily relate to foreign exchange exposure on fixed borrowings, with any foreign exchange on nominal balances directly impacting the income statements in each period but interest cash flows unwinding to the consolidated income statement over the life of the hedges, up to 2064. See note 22 ‘Capital and financial risk management’. 6 Represents the irrevocable and non-discretionary share buyback programmes which completed on 6 August 2024, 13 November 2024, 22 January 2025 and 19 May 2025. 7 Represents the irrevocable and non-discretionary share buyback programmes which completed on 23 July 2025, 10 November 2025, 4 February 2026 and the programme that commenced on 5 February 2026.
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