172 Vodafone Group Plc Annual Report 2026
Strategic report
Governance
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12. Associates and joint arrangements (continued) The reconciliation of summarised financial information presented to the carrying amount of our interest in joint ventures is set out below. Oak Holdings 1 GmbH VodafoneZiggo Group Holding B.V. 2026 2025 2024 2026 2025 2024 €m €m €m €m €m €m Equity shareholders’ funds 10,414 11,887 319 660 Interest in joint ventures 1 5,207 5,943 160 330 Transferred to assets held for sale – – (174) – Share of unrecognised losses – – 14 – Carrying value 5,207 5,943 – 330 Loss for the financial year (880) (166) (145) (218) (249) (354) Share of loss (440) (74) (85) (109) (125) (177) Share of unrecognised loss – – – 14 – – Share of loss 1 (440) (74) (85) (95) (125) (177) Vodafone Idea Limited 2026 2025 2024 €m €m €m Equity shareholders’ deficit (9,586) (9,479) Interest in joint ventures 1 (1,541) (1,524) Impairment (208) (234) Share of unrecognised losses 1,749 1,758 Carrying value – – Loss for the financial year (1,253) (2,784) (3,218) Share of loss 1 (201) (660) (1,009) Share of unrecognised loss 201 660 1,009 Share of loss 1 – – – Note: 1. The Group’s effective ownership percentages of Oak Holdings 1 GmbH, VodafoneZiggo Group Holding B.V. and Vodafone Idea Limited are 50.0%, 50.0% and 16.1% respectively, rounded to the nearest tenth of one percent.
Associates Unless otherwise stated, the Group’s principal associates all have share capital consisting solely of ordinary shares and are all indirectly held. The country of incorporation or registration is also their place of operation. Country of Percentage Percentage incorporation shareholding 1 shareholding 1 Principal activity or registration 2026 2025 Safaricom PLC 2 Network operator Kenya 39.9 39.9 TPG Telecom Limited 3 Network operator Australia 23.7 25.1 Maziv Proprietary Limited Network infrastructure South Africa 30.0 – Indus Towers Limited Network infrastructure India – – 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 Safaricom PLC was KES 440 billion (€2,939 million) (2025: KES 293 billion (€2,096 million)) based on the closing quoted share price on the Nairobi Stock Exchange. 3. At 31 March 2026, the fair value of the Group’s interest in TPG Telecom Limited was AUD 1,872 million (€1,130 million) (2025: AUD 2,236 million (€1,290 million) based on the quoted share price on ASX. Safaricom PLC In December 2025, the Group announced that Vodacom had agreed to acquire a further 20% of the issued share capital in Safaricom PLC. Vodacom will acquire 15% from the Government of Kenya and 5% from Vodafone. Following completion of the acquisition, Safaricom will be owned by Vodacom (55%), the Government of Kenya (20%) and public investors (25%). Safaricom will be consolidated by both Vodacom and Vodafone. TPG Telecom Limited TPG Telecom Limited (‘TPG’) is listed on the Australian Securities Exchange (‘ASX’). During the year, TPG undertook a capital management plan following the completion of the disposal of certain fibre and fixed line assets to Vocus Group Limited. The plan included a cash return to shareholders, from the proceeds following the disposal, and allowed eligible minority shareholders to reinvest all or part of their cash return in new TPG shares. Vodafone received €188 million in respect of the cash return, which is included in Dividends received from associates and joint ventures in the Consolidated statement of cashflows. The shares issued by TPG resulted in Vodafone’s and Hutchison Telecommunications (Australia) Limited’s respective economic interest decreasing to 23.7%, with the remaining 52.6% listed as free float on the ASX. The Group now classifies TPG as an Associate, with comparative information retained in the Joint Venture disclosures. The financial information presented in the tables below includes debt held within the holding structure that holds the Group’s interest in TPG. The Group provides a guarantee over its share of the debt in the structure (see note 22 ‘Capital and financial risk management’). Following receipt of the cash return described above, the Group contributed €188 million into the holding structure to reduce borrowings in that structure, with Hutchison Telecommunications (Australia) Limited contributing an equal amount. The contribution is included in Purchase of interests in associates and joint ventures in the Consolidated statement of cashflows.
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