179 Vodafone Group Plc Annual Report 2026
Strategic report
Governance
Financials
Other information
17. Called up share capital Called up share capital is the number of shares in issue at their par value. A number of shares were allotted during the year in relation to employee share schemes. Accounting policies Equity instruments issued by the Group are recorded at the amount of the proceeds received, net of direct issuance costs. 2026 2025 Number €m Number €m Ordinary shares of 20 20 ⁄ 21 US cents each allotted, issued and fully paid: 1,2 1 April 26,388,285,902 4,319 28,818,683,808 4,797 Allotted during the year 495,180 – 455,190 – Cancelled during the year (2,060,402,493) (369) (2,430,853,096) (478) 31 March 24,328,378,589 3,950 26,388,285,902 4,319 Notes: 1. At 31 March 2026, there were 50,000 (2025: 50,000) 7% cumulative fixed rate shares of £1 each in issue. 2. At 31 March 2026, the Group held 1,234,199,142 (2025: 1,416,813,312) treasury shares with a nominal value of €200 million (2025: €232 million). The market value of shares held was €1,600 million (2025: €1,234 million). During the year, 86,121,473 (2025: 99,750,090) treasury shares were reissued under Group share schemes and 1,963,879,726 (2025: 2,208,854,544) shares were repurchased under share buy-back arrangements.
18. Reconciliation of net cash flow from operating activities The table below shows how our profit/(loss) for the year from continuing operations translates into cash flows generated from our operating activities. 2026 2025 2024 Note €m €m €m (Loss)/profit for the financial year (49) (3,746) 1,505 Loss for the financial year from discontinued operations 108 22 65 Profit/(loss) for the financial year from continuing operations 59 (3,724) 1,570 Investment and other income 5 (1,395) (864) (581) Financing costs 5 2,375 1,931 2,626 Income tax expense 6 1,805 2,246 50 Operating profit/(loss) 2,844 (411) 3,665 Adjustments for: Share-based payments and other non-cash charges 11 68 98 Depreciation and amortisation 10, 11 12,454 10,804 10,414 (Gain)/loss on disposal of property, plant and equipment and intangible assets 10, 11 (203) 13 34 Share of results of equity accounted associates and joint ventures 12 382 123 96 Impairment charge/(reversal) 4 – 4,515 (64) Other (expense)/income 3 88 (565) (372) Decrease in inventory 222 134 177 Increase in trade and other receivables 14 (361) (774) (597) (Decrease)/increase in trade and other payables 15 (158) 710 534 Cash generated by operations 15,279 14,617 13,985 Net tax paid (988) (901) (724) Cashflows from discontinued operations – 1,657 3,296 Net cash flow from operating activities 14,291 15,373 16,557
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