Vodafone 2026 Annual Report

163 Vodafone Group Plc Annual Report 2026

Strategic report

Governance

Financials

Other information

7. Discontinued operations and assets held for sale (continued) Segment analysis of discontinued operations Vodafone Spain The disposal of Vodafone Spain completed in the comparative period on 31 May 2024. The results of discontinued operations in Spain are detailed below. 2026 2025

Vodafone Italy The disposal of Vodafone Italy completed in the comparative period on 31 December 2024. The results of discontinued operations in Italy are detailed below. 2026 2025 2024 €m €m €m Revenue – 3,356 4,579 Cost of sales – (1,293) (3,438) Gross profit – 2,063 1,141 Selling and distribution expenses – (160) (244) Administrative expenses – (356) (760) Net credit losses on financial assets – (36) (51) Operating profit – 1,511 86 Financing costs – (66) (86) Profit before taxation – 1,445 – Income tax (expense)/credit – (387) 23 Profit after tax of discontinued operations – 1,058 23 After tax loss on the re-measurement of disposal group – – (83) Loss on sale of disposal group (83) (1,133) – Loss for the financial year from discontinued operations (83) (75) (60) Total comprehensive expense for the financial year from discontinued operations Attributable to owners of the parent (83) (72) (71) Assets held for sale On 18 February 2026, the Group announced that it has agreed to sell its interests in VodafoneZiggo Group Holding B.V. (‘VodafoneZiggo’) to Liberty Global plc for €1.0 billion in cash and a 10% stake in the new Ziggo Group which will own 100% of both VodafoneZiggo and Liberty Global’s Belgian subsidiary, Telenet Group Holding. The Group’s €0.9 billion loan receivable from VodafoneZiggo (see Note 13: Other investments) will be settled from the transaction proceeds. Consequently, the Group’s investment in VodafoneZiggo is classified as held for sale at 31 March 2026. 31 March 31 March 2026 2025 €m €m Non-current assets Investments in associates and joint ventures 174 – 174 –

2024 €m

€m

Revenue Cost of sales Gross profit

– –

603 282

3,773 1,180

– – – – – – –

(321) (2,593)

Selling and distribution expenses Administrative expenses Net credit losses on financial assets

(27) (34) (15)

(259) (435) (120) 366 29 (56) 339 340 1 (345)

Operating profit Investment income Financing costs Profit before taxation Income tax credit

–

206

(8)

– – –

201 201 –

Profit after tax of discontinued operations

After tax loss on the re-measurement of disposal group

–

Loss on sale of disposal group

(25) (25)

(148)

–

(Loss)/profit for the financial year from discontinued operations Total comprehensive (expense)/income for the financial year from discontinued operations Attributable to owners of the parent

(5)

(25)

(5)