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Strategic report
Governance
Financials
Other information
Vodafone Group Plc Annual Report 2025
Vodafone Idea Limited The Group’s carrying value in Vodafone Idea Limited (‘VIL’) reduced to €nil at 30 September 2019. The Group’s share of VIL’s losses not recognised at 31 March 2025 is € 1,758 million (2024: €4,528 million). During the year VIL has undertaken equity fund- raisings totalling €2.5 billion and has undertaken a further conversion of debt due to the Government of India during April 2025, resulting in the Group’s interest in VIL reducing to 16.1%. TPG Telecom Limited TPG Telecom Limited is listed on the Australian Securities Exchange (‘ASX’). Vodafone and Hutchison Telecommunications (Australia) Limited each own an economic interest of 25.05%, with the remaining 49.9% listed as free float on the ASX. The financial information presented in the tables below includes debt held within the structure that holds the Group’s interest in TPG , for which the Group provides a guarantee over its share (see note 22 ‘Capital and financial risk management’). Dividends received from joint ventures During the year ended 31 March 2025, the Group received dividends included in the consolidated statement of cash flows from VodafoneZiggo Group Holding B.V. of €63 million (2024: €100 million, 2023: €165 million), TPG Telecom Limited of €24 million (2024: €23 million, 2023: €24 million) and Oak Holdings 1 GmbH of €30 7 The table below provides aggregated financial information for the Group’s joint ventures as it relates to the amounts recognised in the consolidated income statement and consolidated statement of financial position. Investment in joint ventures 1 (Loss)/profit for the financial year 2 2025 2024 2025 2024 2023 €m €m €m €m €m Oak Holdings 1 GmbH 5,943 7,620 (74) (85) – VodafoneZiggo Group Holding B.V. 330 516 (125) (177) 137 TPG Telecom Limited (96) (2) (97) (74) 48 INWIT S.p.A. – – – – 30 Other 69 69 (65) (43) (15) Total 6,246 8,203 (361) (379) 200 Notes: 1. Includes share of net liabilities in joint ventures. 2. Total Other comprehensive (expense)/income is not materially different to (loss)/profit for the financial year. million (2024: €196 million, 2023: €nil). Aggregated financial information
12. Associates and joint arrangements (continued) Joint ventures
The financial and operating activities of the Group’s joint ventures are jointly controlled by the participating shareholders. The participating shareholders have rights to the net assets of the joint ventures through their equity shareholdings. Unless otherwise stated, the Group’s principal joint ventures all have share capital consisting solely of ordinary shares and are all indirectly held. The country of incorporation or registration of all joint ventures is also their principal place of operation.
Country of
Percentage
Percentage
incorporation or shareholdings 1
shareholdings 1
Name of joint venture
Principal activity
registration
2025
2024
Oak Holdings 1 GmbH
Network infrastructure Network operator Fibre infrastructure
Germany
50.0 50.0 50.0 24.4 25.1
60.3 50.0 50.0 31.4 25.1
VodafoneZiggo Group Holding B.V. OXG Glasfaser Beteiligungs GmbH
Netherlands
Germany
Vodafone Idea Limited 2 TPG Telecom Limited 3
Network operator Network operator
India
Australia
Notes: 1. Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent.
2. At 31 March 2025 the fair value of the Group’s interest in Vodafone Idea Limited was INR 118 billion (€ 1,283 million) (2024: INR 208 billion (€ 2,313 million)) based on the quoted share price on the National Stock Exchange of India. On 30 March 2025, Vodafone Idea announced that the Government of India had agreed to convert US$4.3 billion (€4.0 billion) of outstanding spectrum dues to eq uity and the associated dues were reported within equity as at 31 March 2025. The Group’s sharehol ding in Vodafone Idea Limited was subsequently diluted to 16.1% in April 2025. 3. At 31 March 2025 the fair value of the Group’s interest in TPG Telecom Limited was AUD 2,236 million (€ 1,290 million) (2024: AUD 2,101 million (€1, 269 million)) based on the quoted share price on ASX. Oak Holdings 1 GmbH On 22 July 2024, the Group announced the sale of a further 10.3% stake in Oak Holdings 1 GmbH, the partnership that co- controls Vantage Towers, for €1,336 million, leaving the Group’s retained interest at 50.0%. Oak Holdings 1 GmbH owns 89.3% of Vantage Towers. A net gain on disposal of €26 million has been recorded within Other income in the Consolidated income statement. OXG Glasfaser Beteiligungs GmbH In March 2023, the Group entered into an agreement with Altice Luxembourg S.A. to create a joint venture, OXG Glasfaser Beteiligungs GmbH (‘OXG’), with 50.0% shareholding held by each shareholder. Each shareholder is committed to contribute funding of up t o €950 million to OXG for the deployment of fibre -to-the-home in Germany. During the year ended 31 March 2025, the Group provided €36 million (2024: €32 million ) of capital contributions to OXG. The remaining funding commitment of € 882 million is expected to be contributed between 2025 and 2029. The amount and timing of the funding depends on the speed and size of the fibre deployment. The contribution can be in the form of free capital reserves, shareholder loan, loan notes or similar instruments as agreed by the shareholders.
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