160 Vodafone Group Plc Annual Report 2025
Strategic report
Governance
Financials
Other information
INWIT S.p.A.
12. Associates and joint arrangements (continued) Summarised financial information Summarised financial information for the Group’s material joint ventures on a 100% ownership basis is set out below. Oak Holdings 1 GmbH VodafoneZiggo Group Holding B.V. 2025 2024 2023 2025 2024 2023 €m €m €m €m €m €m Income statement Revenue 1,249 1,166 – 4,082 4,128 4,063 Operating expenses (117) (130) – (2,190) (2,195) (2,124) Depreciation and amortisation (953) (868) – (1,600) (1,555) (1,527) Other income/(expense) (26) 5 – – – – Operating profit 153 173 – 292 378 412 Interest income 7 5 – – – – Interest expense (538) (455) – (652) (809) 11 (Loss)/profit before tax (378) (277) – (360) (431) 423 Income tax credit/(expense) 212 132 – 111 77 (150) (Loss)/profit for the financial year 1 (166) (145) – (249) (354) 273 Vodafone Idea Limited TPG Telecom Limited 2025 2024 2023 2025 2024 2023 €m €m €m €m €m €m Income statement Revenue 4,797 4,749 5,046 3,359 3,371 3,027 Operating expenses (3,005) (3,066) (3,280) (2,320) (2,238) (1,870) Depreciation and amortisation (2,142) (2,178) (2,396) (902) (891) (700) Other income – 83 – – – – Operating (loss)/profit (350) (412) (630) 137 242 457 Interest income 107 7 9 – – – Interest expense (2,539) (2,718) (2,567) (391) (368) (172) (Loss)/profit before tax (2,782) (3,123) (3,188) (254) (126) 285 Income tax (expense)/credit (2) (95) – 27 (8) (25) (Loss)/profit for the financial year 1 (2,784) (3,218) (3,188) (227) (134) 260
2025
2024
2023
€m
€m
€m
Income statement Revenue Operating expenses Operating profit Interest expense Profit before tax Income tax expense
853
–
–
– –
– –
(73)
Depreciation and amortisation
(508)
272 191 190
–
–
–
–
(81)
–
–
–
–
(1)
Profit for the financial year 1
–
–
Note: 1. Total Other comprehensive income/(expense) is not materially different to profit/(loss) for the financial year.
As disclosed above, the Group’s investment in VIL was reduced to €nil in the year ended 31 March 2020 and the Group has not recorded any profit or loss in respect of its share of VIL’s results since that date.
Financial information is presented for TPG Telecom Limited (‘TPG’) for the year to, and as at 31 December 202 4 on the basis that full-year information in relation to TPG has not been released at the date of approval of these consolidated financial statements and as such is market sensitive for TPG.
Financial information presented for INWIT S.p.A. for the years to 31 March 2023 is based on the financial results and financial position as at 31 December 2022.
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