170 Vodafone Group Plc Annual Report 2026
Strategic report
Governance
Financials
Other information
OXG Glasfaser Beteiligungs GmbH In March 2023, the Group entered into an agreement with Altice Luxembourg S.A. to create a joint venture, OXG Glasfaser Beteiligungs GmbH (‘OXG’), with 50.0% shareholding held by each shareholder. OXG deploys fibre-to- the-home in Germany. Each shareholder is committed to contribute funding towards the cost of contractually committed fibre build outs. During the year ended 31 March 2026, the Group provided €48 million (2025: €36 million) of capital contributions to OXG. The Group’s contributions towards future fibre roll out costs depend on the speed and size of approved fibre deployment projects and are capped at €832 million. Shareholder contributions are expected to be contributed between 2026 and 2029. The contribution can be in the form of capital, shareholder loan, loan notes or similar instruments as agreed by the shareholders. Vodafone Idea Limited Financial information is presented for Vodafone Idea Limited (‘VIL’) for the six-month period to, and as at 30 September 2025 on the basis that full year information in relation to VIL has not been released at the date of approval of these consolidated financial statements and as such is market sensitive for VIL. The Group’s carrying value in Vodafone Idea Limited (‘VIL’) reduced to €nil at 30 September 2019. The Group’s share of VIL’s losses not recognised at 31 March 2026 is €1,748 million (2025: €1,758 million). VIL undertook a conversion of debt due to the Government of India during April 2025, resulting in the Group’s interest in VIL reducing to 16.1%. VIL remains a joint venture of the Group due to rights that it and a fellow investor hold enabling key operating decisions to be made on a joint basis. On 31 December 2025, the Group reached an agreement with VIL to settle the Group’s obligations under the CLAM, as part of which the Group has set aside 3,280 million of its shareholding in VIL for VIL’s benefit. See note 29 “Contingent liabilities and legal proceedings” for further details. Dividends received from joint ventures During the year ended 31 March 2026, the Group received dividends included in the consolidated statement of cash flows from VodafoneZiggo of €62 million (2025: €63 million, 2024: €100 million) and Oak Holdings of €312 million (2025: €307 million, 2024: €196 million). Aggregated financial information The table below provides aggregated financial information for the Group’s joint ventures as it relates to the amounts recognised in the consolidated income statement and consolidated statement of financial position. Investment in joint ventures 1 (Loss)/profit for the financial year 2 2026 2025 2026 2025 2024 €m €m €m €m €m Oak Holdings 1 GmbH 5,207 5,943 (440) (74) (85) VodafoneZiggo Group Holding B.V. – 330 (95) (125) (177) TPG Telecom Limited 3 – (96) – (97) (74) Other 87 69 (85) (65) (43) Total 5,294 6,246 (620) (361) (379) Notes: 1. Includes share of net liabilities in joint ventures. 2. Total Other comprehensive (expense)/income is not materially different to (loss)/profit for the financial year. 3. TPG Telecom Limited has been classified as Associate for the year ended 31 March 2026. Comparative information has been retained in the Joint Venture disclosures.
12. Associates and joint arrangements (continued) Joint ventures
The financial and operating activities of the Group’s joint ventures are jointly controlled by the participating shareholders. The participating shareholders have rights to the net assets of the joint ventures through their equity shareholdings. Unless otherwise stated, the Group’s principal joint ventures all have share capital consisting solely of ordinary shares and are all indirectly held. The country of incorporation or registration of all joint ventures is also their principal place of operation. Country of Percentage Percentage incorporation or shareholdings 1 shareholdings 1 Name of joint venture Principal activity registration 2026 2025 Oak Holdings 1 GmbH Network infrastructure Germany 50.0 50.0 VodafoneZiggo Group Holding B.V. Network operator Netherlands 50.0 50.0 OXG Glasfaser Beteiligungs GmbH Fibre infrastructure Germany 50.0 50.0 Vodafone Idea Limited 2 Network operator India 16.1 24.4 Notes: 1. Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent. 2. At 31 March 2026 the fair value of the Group’s interest in Vodafone Idea Limited was INR 149 billion (€1,383 million) (2025: INR 118 billion (€1,283 million)) based on the quoted share price on the National Stock Exchange of India. Oak Holdings 1 GmbH In the comparative year, on 22 July 2024, the Group announced the sale of a further 10.3% stake in Oak Holdings 1 GmbH (‘Oak Holdings’), the partnership that co-controls Vantage Towers, for €1,336 million, leaving the Group’s retained interest at 50.0%. Oak Holdings owns 89.3% of Vantage Towers. A net gain on disposal of €26 million was recorded within Other income in the Consolidated income statement. VodafoneZiggo On 18 February 2026, the Group announced that it has agreed to sell its 50% interest in VodafoneZiggo Group Holding B.V. (‘VodafoneZiggo’) to Liberty Global plc and has classified its investment in VodafoneZiggo within Assets held for sale accordingly. See Note 7 ‘Discontinued operations and assets held for sale’ for further information.
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