149 Vodafone Group Plc Annual Report 2026
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Revenue disaggregation and segmental income statement analysis Revenue reported for the year includes revenue from contracts with customers, comprising service and equipment revenue, as well as other revenue items including revenue from leases and interest revenue arising from transactions with a significant financing component. The table below presents Revenue and Adjusted EBITDAaL for the years ended 31 March 2026 and 31 March 2025.
2. Revenue disaggregation and segmental analysis (continued) Segmental analysis
The Group’s operating segments are established on the basis of those components of the Group that are evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Group has determined the chief operating decision maker to be its Chief Executive. The Group has a single group of similar services and products, being the supply of communications services and related products. Revenue is attributed to a country based on the location of the Group company reporting the revenue. Transactions between operating segments are charged at arm’s-length prices. The operating segments for Germany, UK, Türkiye and Africa are individually material for the Group and are each reporting segments for which certain financial information is provided. The aggregation of smaller operating segments into the Other Europe reporting segment reflects, in the opinion of management, the similar local market economic characteristics and regulatory environments for each of those operating segments as well as the similar products and services sold and comparable classes of customers. The Other Europe reporting segment (Albania, Czech Republic, Greece, Ireland, Portugal and Romania) largely reflects countries with membership or a close association with the European Union. Common Functions is a separate reporting segment and comprises activities which are undertaken primarily in central Group entities that do not meet the criteria for aggregation with other reporting segments. Adjusted EBITDAaL is the Group’s measure of segment profit. A reconciliation of adjusted EBITDAaL, which excludes discontinued operations, to the Group’s profit or loss before taxation for the financial year is shown below. 2026 €m 2025 €m 2024 €m Adjusted EBITDAaL 11,351 10,932 11,019
Revenue from contracts with customers €m
Total segment revenue €m 9,192 5,714 3,431 8,365 1,825 (199) Total segment revenue €m 7,069 5,694 3,086 7,791 1,817 (189)
Service revenue €m 10,874 7,597 4,888 2,826 6,653 763 33,480 (121) 10,876 5,887 4,805 2,484 6,172 663 30,758 Service revenue €m (129)
Equipment revenue €m
Other revenue 1 €m 346
Interest revenue €m
Adjusted EBITDAaL €m 4,243 1,881 1,574 983 2,834 (164)
31 March 2026 Germany Other Europe UK
890 11,764
23 12,133
1,486 707 526 1,157
9,083 5,595 3,352 7,810
43 91
66 28 71 33
T ü rkiye Africa
8
522
Common Functions 2 Eliminations
41
804 1,020
1 –
–
(121)
(78)
–
Group
4,807 38,287 1,952
222 40,461 11,351
Revenue from contracts with customers €m
Equipment revenue €m
Other revenue 1 €m 345
Interest revenue €m
Adjusted EBITDAaL €m 4,384 1,558 1,510 842 2,593
31 March 2025 Germany Other Europe UK
942 11,818
17 12,180
1,109 761 595 1,113
6,996 5,566 3,079 7,285
14 108 472 7
59 20 34 – – –
T ü rkiye Africa
Common Functions 2 Eliminations
57
720 1,097
45
Restructuring costs 1 Interest on lease liabilities
(370) 615 199 (382)
(164) 488 (25)
(703) 440 (34)
–
(129)
(60)
–
Group
4,577 35,335 1,983
130 37,448 10,932
intangible assets Depreciation and amortisation on owned assets Share of results of equity accounted associates and joint ventures Gain/(loss) on disposal of property, plant and equipment and
Notes: 1. Other revenue includes lease revenue recognised under IFRS 16 ‘Leases’ (see note 20 ‘Leases’). 2. Comprises corporate functions and shared operations.
(8,481) (7,569) (7,397)
(123) (4,515) 565
(96) 64
Impairment (charge)/reversal Other (expense)/income Operating profit/(loss) Investment income Financing costs Profit/(loss) before taxation
–
(88)
372 581
2,844 1,395 1,864
(411) 3,665
864
(2,375) (1,931) (2,626) (1,478) 1,620
Note: 1. Restructuring costs includes €299 million relating to depreciation on leased assets. See page 235 for more information.
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