226 Vodafone Group Plc Annual Report 2026
Strategic report
Governance
Financials
Other information
Non-GAAP measures - Unaudited information In the discussion of the Group’s reported operating results, non-GAAP measures are presented to provide readers with additional financial information that is regularly reviewed by management. This additional information presented is not uniformly defined by all companies including those in the Group’s industry. Accordingly, it may not be comparable with similarly titled measures and disclosures by other companies. Additionally, certain information presented is derived from amounts calculated in accordance with IFRS but is not itself a measure defined under GAAP. Such measures should not be viewed in isolation or as an alternative to the equivalent GAAP measure. The non-GAAP measures discussed in this document are listed below. Non-GAAP measure Definition Closest equivalent GAAP measure Reconciliation
Closest equivalent GAAP measure
Definition
Reconciliation
Non-GAAP measure Cash flow, funding and capital allocation metrics Free cash flow
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Inflow from operating activities Inflow from operating activities Borrowings less cash and cash equivalents Borrowings ROCE calculated using GAAP measures ROCE calculated using GAAP measures Net financing costs Profit before taxation Income tax expense Income tax expense Share of results of equity accounted associates and joint ventures Share of results of equity accounted associates and joint ventures
Page 232
Adjusted free cash flow
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Gross debt Net debt
Pre-tax ROCE (controlled) Post-tax ROCE (controlled and associates/joint ventures) Financing and Taxation metrics Adjusted net financing costs Adjusted profit before taxation Adjusted income tax expense Adjusted effective tax rate Adjusted share of results of equity accounted associates and joint ventures Adjusted share of results of equity accounted associates and joint ventures used in post-tax ROCE
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Performance metrics Organic revenue growth
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Revenue
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Organic service revenue growth
Service revenue Service revenue Service revenue Service revenue Service revenue Service revenue Service revenue Operating profit Operating profit Operating profit
Organic mobile service revenue growth Organic fixed service revenue growth Organic Vodafone Business service revenue growth South Africa: Financial services organic revenue growth Vodacom International: M-Pesa organic revenue growth Egypt: Financial services (Vodafone Cash) organic revenue growth Group Adjusted EBITDAaL Organic Adjusted EBITDAaL growth Organic Adjusted EBITDAaL margin growth Other metrics Adjusted profit attributable to owners of the parent Adjusted basic earnings per share
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Profit attributable to owners of the parent Basic earnings per share
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