174 Vodafone Group Plc Annual Report 2026
Strategic report
Governance
Financials
Other information
The reconciliation to the carrying amount for each of the Group’s material associates is set out in the following table. Safaricom PLC TPG Telecom Limited 2026 2025 2024 2026 2025 2024 €m €m €m €m €m €m Equity shareholders' funds 1,345 1,246 1,604 2,175 Interest in associates 1 537 498 (150) (144) Goodwill 2 2 48 48 Carrying value 539 500 (102) (96) Profit/(loss) for the financial year 643 503 399 132 (227) (134) Share of profit/(loss) 256 201 159 (4) (97) (74) Maziv Proprietary Limited Indus Towers Limited 2026 2025 2024 2026 2025 2024 €m €m €m €m €m €m Equity shareholders' funds 1,074 – – – Interest in associates 1 322 – – – Goodwill 319 – – – Other (18) – – – Carrying value 623 – – – Profit for the financial year 11 – – – 263 666 Share of profit 3 – – – 55 140 Notes: 1. The Group’s effective ownership percentage of Safaricom PLC and Maziv Proprietary Limited are 39.9% and 30.0% respectively, rounded to the nearest tenth of one percent.
12. Associates and joint arrangements (continued) Summarised financial information for each of the Group’s material associates on a 100% ownership basis is set out in the tables below. Safaricom PLC TPG Telecom Limited 2026 2025 2026 2025 2 €m €m €m €m Statement of financial position Non-current assets 2,912 3,062 6,737 9,024 Current assets 532 600 1,390 734 Total assets 3,444 3,662 8,127 9,758 Equity shareholders' funds 1,345 1,246 1,604 2,175 Non-controlling interests 192 331 – – Non-current liabilities 1,012 975 2,461 6,523 Current liabilities 895 1,110 4,062 1,060 Cash and cash equivalents within current assets 180 215 931 85 Non-current liabilities excluding trade and other payables and provisions 919 791 2,362 6,437 Current liabilities excluding trade and other payables and provisions 252 357 3,037 105 Maziv Proprietary Limited 2026 2025 €m €m Statement of financial position Non-current assets 2,002 – Current assets 95 – Total assets 2,097 – Equity shareholders' funds 1,074 – Non-controlling interests 3 – Non-current liabilities 899 – Current liabilities 121 – Cash and cash equivalents within current assets 22 – Non-current liabilities excluding trade and other payables and provisions 885 – Current liabilities excluding trade and other payables and provisions 33 –
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