198 Vodafone Group Plc Annual Report 2026
Strategic report
Governance
Financials
Other information
Movements in outstanding ordinary share options
26. Share-based payments The Group has a number of share plans used to award shares to Executive Directors and employees as part of their remuneration package. A charge is recognised over the vesting period in the consolidated income statement to record the cost of these, based on the fair value of the award on the grant date. Accounting policies The Group issues equity-settled share-based awards to certain employees. Equity-settled share-based awards are measured at fair value (excluding the effect of non-market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based award is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of the shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions. A corresponding increase in additional paid-in capital is also recognised. Some share awards have an attached market condition, based on total shareholder return (‘TSR’), which is taken into account when calculating the fair value of the share awards. The valuation for the TSR is based on Vodafone’s ranking within the same group of companies, where possible, over the past five years. The fair value of awards of non-vested shares is a calculation of the closing price of the Company’s shares on the day prior to the grant date, adjusted for the present value of the delay in receiving dividends where appropriate. The maximum aggregate number of ordinary shares which may be issued or transferred from Treasury in respect of share options or share plans will not (without shareholder approval) exceed: − 10% of the ordinary share capital of the Company in issue immediately prior to the date of grant, when aggregated with the total number of ordinary shares which have been allocated in the preceding ten year period under all plans; and − 5% of the ordinary share capital of the Company in issue immediately prior to the date of grant, when aggregated with the total number of ordinary shares which have been allocated in the preceding ten year period under all plans, other than any plans which are operated on an all-employee basis. Share options Vodafone Sharesave Plan Under the Vodafone Sharesave Plan UK staff may acquire shares in the Company through monthly savings of up to £375 over a three and/or five year period. The savings may then be used to purchase shares at the option price, which is set at the beginning of the invitation period at a discount of up to 20% to the then prevailing market price of the Company’s shares. Share plans Vodafone Group executive plans Under the Vodafone Global Incentive Plan awards of shares are granted to Directors and certain employees. The release of these shares is conditional upon continued employment and for some awards achievement of certain performance targets measured over a three year period.
Ordinary share options
2026 Millions
2025 Millions
2024 Millions
1 April Granted Forfeited Exercised Expired 31 March Granted Forfeited Exercised Expired 31 March
65
70 13
62 63
4
(1) (2) (7)
(1)
(1)
–
–
(17) 65
(54) 70
59
Weighted average exercise price: 1 April
£0.62 £0.70 £0.63 £0.72 £0.76 £0.61
£0.66 £0.61 £0.63 £0.58 £0.74 £0.62
£0.87 £0.58 £0.81 £1.06 £0.82 £0.66
Summary of options outstanding
31 March 2026
31 March 2025
Outstanding shares Millions
Weighted average exercise price
Weighted remaining average contractual life Months 14
Outstanding shares Millions
Weighted average exercise price £0.62
Weighted remaining average contractual life Months 23
Vodafone Group Sharesave Plan: £0.58 - £1.28
59
£0.61
65
Share awards Movements in non-vested shares are as follows:
2026
2025
2024
Weighted
Weighted average fair value at grant date
Weighted average fair value at grant date
average fair value at
Millions grant date
Millions 317 187 (85) (50) 369
Millions 261 177 (76) (45) 317
1 April Granted Vested Forfeited 31 March
369 153
£0.77 £0.80 £0.97 £0.81 £0.74
£0.92 £0.70 £1.09 £0.90 £0.77
£1.14 £0.72 £1.17 £0.99 £0.92
(71) (74)
377
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