231 Vodafone Group Plc Annual Report 2026
Strategic report
Governance
Financials
Other information
Cash flow, funding and capital allocation metrics Cash flow and funding Non-GAAP measure Purpose
Non-GAAP measures - Unaudited information (continued) Adjusted basic earnings per share The reconciliation of Adjusted basic earnings per share to the closest equivalent GAAP measure, Basic earnings per share, is provided below. FY26 FY25 €m €m Loss attributable to owners of the parent (397) (4,169) Adjusted profit attributable to owners of the parent
Definition
Free cash flow is Adjusted EBITDAaL after cash flows in relation to capital additions, working capital movements including in respect of capital additions, disposal of property, plant and equipment and intangible assets, integration capital additions and restructuring costs, together with related working capital, licences and spectrum, interest received and paid (excluding interest on bank borrowings secured against Indian assets), taxation, dividends received from associates and joint ventures, dividends paid to non- controlling shareholders in subsidiaries, payments in respect of lease liabilities and other. Adjusted free cash flow is Free cash flow before licences and spectrum, restructuring costs arising from discrete restructuring plans, integration capital additions and working capital related items. Non-current borrowings and current borrowings, excluding lease liabilities, collateral liabilities and borrowings specifically secured against Indian assets. Gross debt less cash and cash equivalents, short-term investments, non-current investments in sovereign securities, derivative and other financial instruments excluding mark-to-market adjustments and net collateral assets.
Free cash flow
Internal performance reporting. External metric used by the investor community. Assists comparability with other companies, although our metric may not be directly comparable to similarly titled measures used by other companies.
2,576 2,058 Million Million 24,033 26,149 eurocent s eurocent s (1.65)c (15.94)c 10.72c 7.87c
Weighted average number of shares outstanding - Basic
Basic loss per share Adjusted basic earnings per share
Adjusted free cash flow
Internal performance reporting. External metric used by the investor community. Setting Director and management remuneration. Key external metric used to evaluate liquidity and the cash generated by our operations. Prominent metric used by debt rating agencies and the investor community.
Gross debt
Prominent metric used by debt rating agencies and the investor community.
Net debt
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