173 Vodafone Group Plc Annual Report 2026
Strategic report
Governance
Financials
Other information
Summarised financial information Summarised financial information for each of the Group’s material associates on a 100% ownership basis is set out in the tables below. Financial information is presented for TPG Telecom Limited (‘TPG’) for the year to, and as at 31 December 2025 on the basis that full-year information in relation to TPG has not been released at the date of approval of these consolidated financial statements and as such is market sensitive for TPG. Safaricom PLC TPG Telecom Limited 2026 2025 2024 2026 2025 2024 €m €m €m €m €m €m Income statement Revenue 2,837 2,792 2,210 3,079 3,359 3,371 Operating expenses (1,356) (1,561) (1,189) (2,033) (2,320) (2,238) Depreciation and amortisation (495) (489) (523) (755) (902) (891) Other income – 79 142 182 – – Operating profit 986 821 640 473 137 242 Interest income 13 17 16 – – – Interest expense (145) (167) (121) (345) (391) (368) Profit/(loss) before tax 854 671 535 128 (254) (126) Income tax (expense)/credit (354) (340) (266) 4 27 (8) Profit/(loss) for the financial year and total comprehensive income 500 331 269 132 (227) (134) Attributable to: - Owners of the parent 643 503 399 132 (227) (134) - Non-controlling interests (143) (172) (130) – – – Indus Towers Limited Maziv Proprietary Limited 2026 2025 2024 2026 2025 2024 €m €m €m €m €m €m Income statement Revenue – 835 3,185 105 – – Operating expenses – (286) (1,598) (36) – – Depreciation and amortisation – (167) (637) (27) – – Operating profit – 382 950 42 – – Interest income – 11 126 – – – Interest expense – (48) (218) (23) – – Profit before tax – 345 858 19 – – Income tax expense – (82) (192) (8) – –
12. Associates and joint arrangements (continued) Maziv Proprietary Limited
On 2 December, Vodacom (Pty) Limited (‘Vodacom’) acquired a 30% interest in Maziv Proprietary Limited (‘Maziv’) for €620 million, of which €410 million was settled in cash and included in Purchase of interests in associates and joint ventures in the Consolidated statement of cashflows. The remaining consideration primarily related to the contribution to Maziv of certain fibre assets previously held by Vodacom. Vodacom retains an option to acquire a further 5% of Maziv before 31 March 2027. Indus Towers Limited In the prior year, on 19 June 2024, the Group announced the sale of an 18.0% stake in Indus Towers Limited (‘Indus’) through an accelerated book-building offering (‘placing’). The placing raised INR 153.0 billion (€1,684 million) in gross proceeds. Following the placing, the Group de-recognised its remaining associate investment in Indus, which was classified as an Other Investment recorded at fair value through profit and loss. A net gain on disposal of €714 million was recorded within other income in the Consolidated income statement. In August 2024 and December 2024, the Group disposed of its remaining 3.0% stake in Indus for cash consideration of €329 million. Dividends received from associates During the year ended 31 March 2026, the Group received dividends included in the consolidated statement of cash flows from Safaricom PLC of €160 million (2025: €136 million, 2024: €122 million) and TPG Telecom Limited of €210 million (2025: €24 million, 2024: €23 million). Aggregated financial information The table below provides aggregated financial information for the Group’s associates as it relates to the amounts recognised in the consolidated income statement and consolidated statement of financial position. Investment in associates 1 Profit/(loss) for the financial year 2026 2025 2026 2025 2024 €m €m €m €m €m Safaricom PLC 2 539 500 256 201 159 TPG Telecom Limited (102) – (4) – – Maziv Proprietary Limited 623 – 3 – – Indus Towers Limited – – – 55 140 Other 36 50 (17) (18) (16) Total 1,096 550 238 238 283 Note: 1. Includes share of net liabilities in joint ventures. 2. Other comprehensive income includes loss for the financial year, together with €nil (2025: €103 million loss) in respect of the application of IAS 29 to Safaricom’s operations in Ethiopia in the prior year. See note 1 ‘Basis of preparation’ for further details.
Profit for the financial year and total comprehensive income
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263
666
11
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