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Vodafone : Annual Report and Accounts for the year ended 31 March 2025

Published on 06/06/2025 at 01:25 pm BST

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VODAFONE GROUP PLC

-2.05%

Vodafone Group Plc

Annual Report 2025

Vodafone Group Plc Annual Report 2025 Strategic report Governance Financials Other information

Welcome to our 2025 Annual Report

Helping you get the most from our 2025 reporting suite

You'll find the fundamentals of our business within our annual report, for greater detail on the topics that matter to you, please refer to our cross-referencing table. We continue

to move our future reporting under the Corporate Sustainability Reporting Directive ('CSRD').

Human Rights

Climate Transition Plan

Vodafone Annual Report

Modern

In this report

Strategic report

1 FY25 highlights

2 About Vodafone

3 Business model

6 Key performance indicators

8 Chair's message

9 Chief Executive's statement and strategic roadmap

10 Mega trends

Our reporting suite

Strategy

Financial Performance Stakeholder Engagement People Strategy

GHG Emissions & Net Zero Human Rights

Modern Slavery

Privacy & Cyber Security Climate Related Risk

Our Governance Structure Pay Gap

ESG Addendum & Methodology

Slavery Statement

Pay Gap Reporting Site

Transparency Report

11 Stakeholder engagement

14 Our people strategy

19 Our financial performance

30 Purpose, sustainability and responsible business

31 ESG governance structure and reporting

34 Protecting the Planet

39 Empowering people

42 Maintaining trust

44 - Human rights

46 - Privacy, security and resilience

53 Non-financial information

55 Our principle risks and uncertainties

60 Risk management

61 Climate-related risk

Governance

67 Governance at a glance

68 Chair's governance statement

70 Our governance structure and responsibilities

Code of Conduct

Key: Detailed information available High level information available

Visit our corporate website and investor site to see the full

reporting suite: investors.vodafone.com/esga-z

New shape of the Group

Following the announced sale of Vodafone Spain and Vodafone Italy as part of right-sizing our portfolio for growth, both businesses are now treated as discontinued operations, and therefore excluded from Group results for continuing operations. Prior periods have also been restated to reflect the new shape of the Group.

Environmental, Social and Governance ('ESG') reporting

This year we have simplified our ESG reporting in the Annual Report as we have focused on embedding our purpose strategy across the business. We also report against a number of voluntary reporting frameworks to help our stakeholders understand our sustainable business performance. Disclosures prepared in accordance with the Global Reporting Initiative ('GRI') and Sustainability Accounting Standards Board ('SASB') guidance can be found in our ESG Addendum and on our website.

This document is the Group's UK Annual Report and is not the

73 Our Board

77 Our Executive Committee

78 Culture and the Board

79 Board activities and effectiveness

83 Nominations and Governance Committee

86 Audit and Risk Committee

92 Technology Committee

93 ESG Committee

94 Remuneration Committee

97 Annual Report on Remuneration

107 Remuneration Policy

113 US listing requirements

114 Directors' report

Financials

A richer, digital experience awaits online

Group's Annual Report on Form 20-F that will be filed separately with the US SEC. This report contains references to Vodafone's website, and other supporting disclosures located thereon such as videos, our ESG Addendum and Methodology document, and our cyber security factsheet, amongst others. These references are for readers' convenience only and information included on Vodafone's website

is not incorporated in, and does not form part of, this Annual Report.

References

116	Reporting on our financial performance
117	Directors' statement of responsibility
119	Auditor's report
127	Consolidated financial statements and notes
206	Company financial statements and notes

Other information

213 Non-GAAP measures

The investor story, digitally told Head to our investor site for more content aligned to our performance this year.

Corporate website vodafone.com

Video content for every topic Choose from a wide array of investor-related video content on our library, including: FY25

performance, technology, ESG and governance.

We have cross-referenced relevant material

and included the navigation icons.

Read more on pages 55 to 60

Watch our privacy and cyber experts explain

how we protect customer data and our networks:

investors.vodafone.com/videos

This has been another good year for innovation at Vodafone with 161 new patent applications, bringing the size of our patent portfolio to over 3,200. Our research teams in Düsseldorf and Newbury have developed telecommunications standards and new solutions to improve our network. Our R&D hubs in Malaga and Dresden have further developed our technology in Open RAN, IoT, and AI solutions.

Strategic report

Vodafone Group Plc Annual Report 2025

Governance

Financials

Other information

Financial and non-financial performance

Key Performance Indicators

Growth2

Organic service revenue growth

+5.1%

(FY24: +6.3%)

Organic adjusted EBITDAal growth

+2.5%

(FY24: +2.2%)

Adjusted free cash flow

€2.5bn

(FY24: €2.6bn)

Pre-tax ROCE

+7.0%

(FY24: +7.2%)6

Simplicity1

Europe opex savings3

€0.4bn

(FY23-FY25)

Productivity (role reductions)

7.7k

(up to FY25 vs. 10k in 3-year plan)

Shared operations NPS

+81%

(May'24: 85%)

Employee engagement4,5

75%

(May'24: 75%)

Customers

Consumer Revenue

NPS Detractors market share

Germany UK

Other Europe South Africa

Key: Improved Deteriorated Stable

Network quality

'Very good reliability' in all European markets. German cable network quality recognised in 4 independent tests.

2025 Performance against our strategic priorities1

We measure our success by tracking key performance indicators that reflect our strategic, operational and financial progress and performance.

Notes:

The results for the year ended 31 March 2025 exclude Vodafone Spain and Vodafone Italy and therefore, except as otherwise described, the results for the year ended 31 March 2024
and 31 March 2023 have been re-presented to reflect that.
Non-GAAP measure. See page 213 for more information.
Opex and productivity targets have been restated to reflect the disposals of Vodafone Italy and Vodafone Spain.
As at October 2024.
The employee engagement index is based on an average index of responses to three questions: satisfaction working at Vodafone; experiencing positive emotions at work; and recommending us as an employer.
Updated methodology reflecting average monthly capital employed throughout the year

Financial results summary1

Group revenue	€m	37,448	36,717	37,672
Group service revenue	€m	30,758	29,912	30,318
Operating (loss)/profit	€m	(411)	3,665	14,451
Adjusted EBITDAaL2	€m	10,932	11,019	12,424
(Loss)/Profit for the financial year - continuing operations	€m	(3,724)	1,570	12,582
Basic (loss)/earnings per share - continuing operations	€c	(15.86)	4.45	43.66
Adjusted basic earnings per share2	€c	7.87	7.47	11.28
Cash inflow from operating activities	€m	15,373	16,557	18,054
Adjusted free cash flow2	€m	2,548	2,600	4,139
Net debt2	€m	(22,397)	(33,242) (33,250)
Total dividends per share	€c	4.5	9.00	9.00

2025 2024 2023

Strategic report

Governance

Financials

Other information

Vodafone Group Plc Annual Report 2025 7

Financial and non-financial performance continued

A purpose-led, sustainable and responsible business

We want to enable a digital, inclusive and sustainable society. To underpin the delivery of our purpose, we ensure that we operate in a responsible way. Acting lawfully and with integrity is critical to our long-term success.

Empowering People1 2025 2024 2023

5G population coverage (outdoor 1Mbps) - Europe %		75	71	62
4G population coverage (outdoor 1Mbps) - Africa %		76	74	70
4G population coverage (outdoor 1Mbps) - Türkiye %		97	97	97
Customers connected to our financial inclusion services2	million	77.1	66.2	60.7
Smartphone penetration - Africa %		62	-	-

Protecting our Planet1 2025 2024 2023

Energy use
Total energy use	GWh	5,453	5,271	5,107
Mobile and fixed access network and technology centres energy use %		94	93	93
Percentage of purchased electricity from renewable sources3 %		100	84	75
Greenhouse gas emissions ('GHGWs')
Total Scope 1 and Scope 2 GHG emissions (market-based method) m tonnes CO2e		0.27	0.69	0.92
Total Scope 3 GHG emissions4	m tonnes CO2e	6.61	7.17	8.21
Waste
Total network waste (including hazardous waste)	metric tonnes	6,679	6,205	7,716
Network waste reused or recycled %		100	96	95

Notes:

Information on our discontinued operations in Italy is reported in our ESG Addendum and has been re-baselined for all comparative periods to exclude Spain in accordance with our re-baselining policy.
Includes 100% of data relating to Safaricom.
Correct to zero decimal places. Less than 0.2% of electricity we use is not matched with renewable sources because credible renewable electricity purchasing mechanisms are currently unavailable in the locations where this electricity is used and these locations are not grid-connected.

All information for comparative periods have been restated to reflect changes to our methodology for calculating Scope 3 GHG emissions. See our ESG Addendum Methodology (investors.vodafone.com/esgmethodology) for more information on our approach to calculating Scope 3 GHG emissions.

Maintaining Trust1 2025 2024 2023

Our people
Average number of employees and contractors	thousand	92	93	91
Employee turnover rate (voluntary) %		8	9	12
Women on the Board %		38	42	54
Women in management and senior leadership roles %		36	35	33
Women as a percentage of employees %		39	39	39
Health & safety
Number of lost-time incidents - employees and contractors	#	23	18	13
Total Recordable Incident Rate per 200,000 hours5	#	0.02	0.02	0.01
Code of Conduct
Completed 'Doing What's Right' employee training %		93	94	92
Number of 'Speak Up' reports	#	684	649	505
Tax and economic contribution
Total tax and economic contributions6	€bn	-	8.0	9.3
Responsible supply chain
Total spend8	€bn	21	19	21
Number of direct suppliers7,8	thousand	9	8	9
Number of site assessments conducted collectively by JAC9 initiative members	#	150	150	83

Total Recordable Incident Rate ('TRIR') is an industry-standard calculation that is based on the assumption that 100 employees work a combined 200,000 hours p.a (equivalent to 40 hours per week, for 50 weeks of the year per employee).
Includes direct taxes, non-taxation based revenue mechanisms, such as payments for the right to use spectrum, and indirect taxes collected on behalf of governments around the world, excludes joint ventures and associates. The FY25 figure will be finalised during FY26. For more information, refer to our Tax and Economic Contribution reports, available at: vodafone.com/tax.
Unique suppliers based on suppliers' ultimate parent company.
Excludes Vodafone Automotive.
Joint Alliance for CSR.

Strategic report

Vodafone Group Plc Annual Report 2025

Governance

Financials

Other information

Chair's message

Reshaping Vodafone for growth

Two years ago, Margherita outlined her transformation roadmap for the Group, highlighting that Vodafone must change. We have since made considerable progress. We have successfully reshaped our footprint, reset our capital allocation framework and fundamentally redesigned our operating model. Vodafone is now well placed for sustainable growth.

Jean-François van Boxmeer

Chair

preference shares, and in December we finalised the sale of Vodafone Italy for €7.9 billion in cash. Proceeds from these disposals as well as

€1.3 billion from the stake reduction in Vantage have been used to lower our net debt and to support a €4.0 billion share buyback programme, which we are now halfway though.

The completion of our merger with Three UK will enable us to become a scaled operator in the UK, with a clear pathway to driving good returns and a firm commitment to build a leading 5G standalone network. This will benefit the country, our customers and our shareholders.

We announced on 7 May 2025 that Luka Mucic would step down as Chief Financial Officer and as a Director of the Company, no later than early 2026 to pursue an external opportunity in Germany.

I would like to thank Luka for his commitment to Vodafone as we progressed our transformation programme. A rigorous search is being conducted to find a suitable successor.

FY25 financial performance

Our financial results for FY25 were in line with our expectations and we achieved our financial guidance for the year. Total revenue grew 2.0%

to €37.4 billion, with Group organic service

revenue growing by 5.1% this year. Our reported

Digital connectivity is core to the development of societies

Our digital services help to improve lives, transform industrial productivity, drive growth and secure infrastructure. At Vodafone, we remain firmly committed to supporting Europe and Africa's digital ambitions for the benefit of their citizens and businesses.

In this context, policymakers are also shifting their priorities. With structurally low returns on capital in European markets and its wider importance to competitiveness, connectivity investment must be a priority to reverse

the continent's declining productivity and share

In Africa, Vodacom has continued to build on its

financials were also impacted by adverse

of global output. If Europe is to achieve a

This year we have made further progress against our strategic priorities. Our portfolio transformation is now complete, customer satisfaction is improving, and our balance sheet position is stronger. The Board and I have been pleased with both the pace of delivery and the progress made by Margherita and her team

in transforming the business.

As we move to the next phase in our strategy, we must now focus our efforts on driving growth

across the Group. This will be underpinned by our continued focus on operational excellence across our three key strategic priorities of Customers, Simplicity and Growth.

Portfolio transformation complete

Over the last two years we have taken significant steps to reshape our European footprint to focus on growth markets, where we have strong positions and good local scale. In May 2024,

we completed the sale of Vodafone Spain for

€4.1 billion in cash and €0.9 billion in redeemable

market leading position. In February, the local management team upgraded their medium-term growth expectations for the business to 2030, highlighting the clear growth opportunities that exist across these markets.

Board composition

In January 2025, I was pleased to announce that Simon Dingemans had been appointed as a

Non-Executive Director to the Board. Simon brings with him a wealth of financial, operational and strategic experience and has also delivered extensive transformation and restructuring programmes. Simon has been appointed as Chair of the Audit and Risk Committee, taking over from David Nish, who after nine years on the Board

will not be seeking re-election at our next AGM. I would like to thank David for his outstanding service and commitment to the Company.

In April, we also announced that Anne-Françoise Nesmes will be appointed as a Non-Executive Director and join the Audit and Risk and ESG Committees from the conclusion of our AGM. Anne-Françoise is highly experienced and brings a strong focus on strategy, IT, regulation and shared services.

currency movements.

Adjusted EBITDAaL increased by 2.5% on an organic basis, as solid growth across the majority of our footprint was offset by a decline in Germany, which was largely driven by a change in TV regulation. Adjusted free cash flow was

€2.5 billion. We reported a Group operating loss of €0.4 billion in FY25, primarily impacted by goodwill impairments in Germany and Romania, totalling €4.5 billion. The disposals of Vodafone

Italy and Spain, as well as an incremental sell down of our Vantage Towers stake, drove an improvement in reported leverage. We ended the year with net debt of €22.4 billion and Group leverage of 2.0x.

The Board has declared a total dividend per share of 4.5 eurocents for the year, including a final dividend per share of 2.25 eurocents, which will be paid in August following shareholder approval at our AGM. Our returns to shareholders are complemented by our share buyback program.

We successfully completed the first €2.0 billion programme, while the second €2.0 billion programme commenced in May 2025.

globally competitive digital infrastructure, the 'connectivity' chasm with North America and Asia must be reversed. While some progress has been achieved by European policymakers, the urgency of the situation must be appreciated.

I believe Europe can draw on the lessons of the Competition and Mergers Authority ('CMA') decision in the UK. The CMA has demonstrated that

in-market consolidation can be pro-competitive as well as supportive of investment, without the need for structural remedies. If a similar approach were adopted by the EU, it would enable operators to deliver Europe's digital decade targets and support the competitiveness of the European economy.

The year ahead

On behalf of the Board, I would like to thank all our colleagues across the Group who have continued to work tirelessly to support our transformation

as we focus on our customers, become a simpler business, and accelerate growth. For FY26, I am confident that Margherita and her management team will continue to take the actions needed to drive further change, growth and operational excellence across the Group.

Jean-François van Boxmeer, Chair

Strategic report

Governance

Financials

Other information

Vodafone Group Plc Annual Report 2025 9

Chief Executive's statement and strategic roadmap

Transformation gaining momentum

Since I set out my plans to transform Vodafone two years ago, Vodafone has changed. We have reshaped Europe, we are seeing the positive impact of our drive for customer satisfaction in all our markets - most noticeably in the UK and Germany - and we have delivered strong operational improvements across the business. Clearly there is much more to do, but this period of transition has repositioned Vodafone for multi-year growth. Looking ahead, we expect to see broad-based momentum across Europe and Africa, and for Germany to return to top-line growth during this year. This is reflected in our guidance for profit and cash flow for the year ahead.

Margherita Della Valle

Group Chief Executive

In May 2023, we set out a new roadmap to transform Vodafone along three strategic priorities: Customers, Simplicity, and Growth. We measure our operational progress in these areas through a consistent scorecard summarised below. Over the past two years, Vodafone has changed.

We have reshaped our operating footprint, reset our capital structure, whilst simplifying our operations and improving customer experience.

Within all markets, we continue to make progress across our priorities of Customers, Simplicity and Growth. We have improved customer satisfaction across our markets, with both UK and Germany achieving their best ever results and the UK now leading in the market.

Customers

Customer detractors have reduced in most markets, and we now have leading or co-leading net promotor scores in 9 out of our 15 markets.
In Germany, we have stabilised our customer base, the core of our transformation will be building on the step-change of our NPS to achieve customer experience excellence, supported by our ability to offer our customers the largest gigabit footprint in the country.
In the UK we have delivered significant improvements in customer experience this year and now have our lowest ever share of detractors in our base.

Consumer NPS

Detractors Revenue market share

Germany UK

Other Europe

South Africa

Key:

Improved

Deteriorated

Stable

Network quality

'Very good reliability' in all European markets. German cable network quality recognised in 4 independent tests.

Simplicity

Simplified our operations with a leaner HQ, commercial decisions delegated to our markets, competitive commercial shared operations and 7,700 role reductions delivered by FY25.
Reset our capital structure maintaining a strong balance sheet, disciplined capital investment, rebased dividend and executing a €4.0 billion share buyback programme.

Europe opex savings1

€0.4bn

(FY23-FY25)

+81%

shared operations NPS

Productivity

7.7k

role reductions

+75%

employee engagement2,3

Growth4

Reshaped our operating footprint focused on growing telco markets with strong positions and local scale.
We have grown digital services which are now c.10% of our Group service revenue, with B2B digital up 26.1% over the last 2 years and financial services customers reaching 88 million
Organic service revenue growth of Vodafone Business of 4.0% in FY25; with a sequential improvement throughout the year, as expected.

+5.1%

organic service

revenue growth

€2.5bn

adjusted free

cash flow

+2.5%

organic adjusted

EBITDAal growth

+7.0%

pre-tax ROCE

Notes:

Opex and productivity targets have been restated to reflect the disposals of Vodafone Italy and Vodafone Spain.
As at October 2024
The employee engagement index is based on an average index of responses to three questions: satisfaction working at Vodafone; experiencing positive emotions at work; and recommending us as an employer.
Organic growth, and non-GAAP measures. See page 213-214 for more information.

Strategic report

10 Vodafone Group Plc Annual Report 2025

Governance

Financials

Other information

Mega trends

Long-term trends shaping our industry

Digital services and next generation connectivity are increasingly central to everything we do. They will be the driving forces that redefine relationships between sectors, employers, employees, customers, and friends and family. There are four 'mega trends' that we believe will continue to shape our industry in the years ahead.

Connected devices

- The world is becoming more connected, driven by new devices across all sectors. This connectivity extends beyond smartphones to various Internet of Things ('IoT') devices

IoT devices are increasingly used in consumer and business applications. As their number grows, physical assets communicate in
real-time, establishing new digital markets
This leads to the Economy of Things, where devices trade securely on a user's behalf without human intervention, offering businesses opportunities to transform goods into tradeable digital assets for

new online markets

7.3 billion

Forecast for the number of connected devices by 2032, increasing from 2.9 billion in 2022.

The opportunity for Vodafone

Vodafone is a global leader in managed IoT connectivity services, recognised for its extensive reach and innovative solutions. Vodafone has helped thousands of companies achieve their transformation goals. This ranges from enabling smart production lines to identifying leaking waterpipes, from optimising supply chains to creating more efficient farming methods. We are now ready to hyperscale IoT. We are bringing together partners, and technology to create the IoT eco-system for the next decade. Vodafone's partnership with Microsoft further gives us the potential to access new technologies such as Generative Artificial Intelligence ('Gen AI') and to deploy these at scale for IoT.

Digital payments

- Businesses in Europe are migrating sales channels online, driving demand for mobile-enabled payment services and reliable connectivity. Consumers are shifting from cash to digital payments via mobile phones and smartwatches

In Africa, digital payments are primarily conducted via mobile phones through networks owned by operators
Rising smartphone penetration drives mobile payment adoption, enabling operators and FinTech start-ups to offer services like insurance, loans, and e-commerce, improving financial inclusion in underserved areas
$1.4 trillion
The annual value of mobile money transactions reached globally in 2024, up 14% versus the previous year.
The opportunity for Vodafone
M-Pesa is Africa's leading mobile money service and largest FinTech platform, offering secure and affordable money transfers, airtime top-ups, bill payments, salaries, and short-term loans.
Businesses increasingly rely on operator-owned payment infrastructure for consumer and business transactions, driving scale benefits and attracting customers to secure networks. Vodacom's VodaPay super app enables users to manage money through a digital wallet and make payments for various products and services
via partner businesses.
Adoption of cloud technology
Significant investment in cloud technology by large tech companies has led to advanced centralised data storage and remote processing capabilities
Corporates are adopting multi-cloud solutions for more flexibility and reduced risk. Smaller businesses are transitioning too, often needing network operator assistance
Demand for fast, secure connectivity with low latency is driving cloud adoption. AI and edge computing will enhance cloud capabilities, which is crucial for digital transformation
€84 billion
The expected total addressable market
in business-to-business cloud and security by 2028, compared to €49 billion in 2024.
The opportunity for Vodafone
Our strong relationship with the existing customers presents a great opportunity to assist our smaller business customers in navigating their move to the cloud and offering multi-cloud solutions to larger corporates. By partnering with cloud providers to develop edge computing solutions, we can deliver reduced latency and robust, secure connectivity services. This will drive higher demand and corporate agility,
thus playing a key role in the evolving cloud technology landscape.
Generative artificial intelligence ('Gen AI')
Gen AI adoption has surged, with 65% of organisations using it in at least one business function, nearly double from the previous year
Common use cases include AI-generated recommendations, hyper-personalised marketing content, and software development. Enterprises are investing in Gen AI for customer service chatbots, automated IT testing, and content generation
These applications are expected to drive efficiency and profitability, enhancing customer interactions and operational processes. The technology is poised to create disruptive changes across industries, boosting productivity and opening new business opportunities

65%

The percentage of organisations regularly using Gen AI in at least one business function, nearly double the percentage in 2024 vs. 2023.

The opportunity for Vodafone

Vodafone is strategically positioned to deploy Gen AI at industry-leading speed and scale. By leveraging deep partnerships with Google and Microsoft, Vodafone can enhance customer satisfaction through hyper-personalised experiences across all customer touch points, including its digital assistant TOBi. Additionally,

Vodafone employees can utilise Gen AI capabilities to transform working practices, boost productivity, and improve digital efficiency.

Read more about our partnership with Microsoft:

investors.vodafone.com/microsoft-strategic-partnership

Watch our Vodafone Business investor briefing:

investors.vodafone.com/vbbriefing

Read more about how we build platforms for financial inclusion on pages 39 to 41

Watch our digital services and experiences investor briefing:

investors.vodafone.com/digital-services

Read more about our six-year strategic partnership with Google:

investors.vodafone.com/google-strategic-partnership

Learn more about our cloud technology in our technology investor briefing: investors.vodafone.com/vtbriefing

Read more about Vodafone's approach to responsible AI on page 49

Learn more about how Vodafone is working with AI:

investors.vodafone.com/artificial-intelligence

Strategic report

Governance

Financials

Other information

Vodafone Group Plc Annual Report 2025 11

Stakeholder engagement

Engaging regularly with our stakeholders is fundamental to the way we do business

Regular engagement ensures we operate in a balanced and responsible

Factors considered by Directors when promoting the success of the Company Disclosure Location

way, in both the short and longer term.

We are committed to maintaining good communications and building positive relationships with all of our stakeholders, as we see this as essential to strengthening our sustainable business.

Vodafone is required to provide information on

The likely consequences of any decision

in the long term

Business model page 3

Key performance indicators pages 6-7

Stakeholder engagement pages 11-13

Our Purpose pages 30-41

Maintaining Trust pages 42-52

Principle risks and uncertainties, and risk management pages 55-60

Governance pages 67-93

how the Directors have performed their duty under section 172 of the Companies Act 2006 to promote the success of Vodafone, and these matters are covered throughout this Annual Report and summarised in the table to the right.

This includes how those matters and the interests of Vodafone's key stakeholders have been taken into account by the Directors.

The interests of the Company's employees Key performance indicators pages 6-7

Stakeholder engagement pages 11-13

Our people strategy pages 14-18

Our Purpose pages 30-41

Maintaining Trust pages 42-52

Culture and the Board page 78

Remuneration Committee, Remuneration Policy and Annual Report on Remuneration pages 94-112

We have also summarised our interactions with key stakeholders during the year in this section. The engagement mechanisms directly involving the Directors are indicated below with a

symbol.

The need to foster the Company's business relationships with suppliers, customers and others

The impact of the Company's operations on the community and the environment

The desirability of the Company maintaining a reputation for high standards of business conduct

The need to act fairly as between members of the Company

Business model page 3

Stakeholder engagement pages 11-13

Chief Executive's statement and strategic roadmap pages 8-9

Our Purpose pages 30-41

Maintaining Trust pages 42-52

Principle risks and uncertainties, and risk management pages 55-60

Board activities and principal decisions pages 79-81

Supplier financing arrangements page 165

Stakeholder engagement pages 11-13

Our Purpose pages 30-41

Climate-related risk pages 61-66

Maintaining Trust pages 42-52

ESG Committee page 93

Stakeholder engagement pages 11 to 13

Maintaining Trust pages 42-52

Governance pages 67-93

Stakeholder engagement pages 11-13

Governance pages 67-93

Shareholder information pages 223-228

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12 Vodafone Group Plc Annual Report 2025

Governance

Financials

Other information

Stakeholder engagement continued

Our customers

We are committed to deepening engagement with our customers

to develop long-term, valuable and sustainable relationships. We have hundreds of millions of customers across our global footprint, from individual consumers to large multinationals.

How did we engage with them?

Digital channels, call centres and branded retail stores.
Account managers, solution specialists and, for large accounts, executive level engagement.
What were the key topics raised?
Fast and reliable fixed internet, wider mobile coverage and strong connectivity.
Easy access to empowered, high-quality support and reduced resolution times for customer problems and queries.
Better value for long-term customers and ensuring greater transparency around price changes.
Connectivity with digital services, such as security and cloud,
Understanding the potential benefits, and how SMEs can make the best use of the latest digital products and services.
How did we respond?
Held Customer Experience ('CX') as our top priority, with our 'Ask Once' programme being rolled out across markets to
deliver seamless service guarantee and access to help customers.
Set up CX boards to regularly review customer pain points, and implement action plans with dedicated investment and senior management visibility.
Conducted initiatives such as Spirit surveys and site visits to call centres in key regions.
Used Gen AI for more personalised and comprehensive interactions through digital self-service and to enhance frontline digital experiences.
Used integrated trade-in, flexible financing and second-life refurbished devices, increasing trade-in volumes and second-life refurbished devices, generating significant savings for customers.
Offered support such as free data to customers in the Czech Republic affected by major Central European flooding.
Continued progress towards closing the digital divide for people across Europe and Africa, prioritising the affordability of data for all.
Partnered with AST SpaceMobile to make the world's first space video call on a standard smartphone from a remote area in UK without coverage.
Focused on understanding and improving business CX, including the needs and engagement preferences across customer segments and sales channels.
Deployed and optimised digital channels for business customers enabling self-serve, seamless experience.

Our people

Our people are critical to the successful delivery of our strategy. It is essential that they are engaged and embrace our purpose and values. Throughout the year we focused on a number of areas to ensure that everyone is highly motivated, and we remained focused on wellbeing, diversity and inclusion, and employee engagement.

How did we engage with them?

Regular meetings with managers.
European Employee Consultative Committee.
Vodacom Group Employee Engagement Forum.
Executive Committee discussions.
Internal website, live webinars, newsletters and other communications posted on our internal digital platform called 'Viva Engage'.
Employee Speak Up channel.
Global employee surveys, including onboarding and exit surveys.
What were the key topics raised?
Changes to our commercial portfolio.
Company strategy.
Generative AI.
Results of employee listening and Spirit Beat survey.
Hybrid working.
Ownership and active engagement around safety, health and wellbeing, including mental health.
Diversity and inclusion.
Employee experience and engagement.
How did we respond?
Updated employees on business and trading performance, regularly.
Launched foundational Generative AI training for all employees.
Delivered leadership training to support our Company transformation.
Embedded our hybrid working policy.
Continued to focus on opportunities identified in employee surveys.
Developed a three-year global capability plan.
Remained committed to safety, health and wellbeing.
Continued to embed diversity and inclusion through attraction, retention, development, allyship and education.

Our suppliers

We partner with over 8,000 suppliers to deliver the products and services that we need to deliver our strategy and connect our customers around the globe. These range from start-ups and small businesses to large multinational companies.

How did we engage with them?

Regular collaborative performance review meetings with strategic suppliers.
Forums, events, conferences, and site visits.
ESG criteria incorporated into tender process, supplier selection and performance management.
Supplier audits and assessments.
What were the key topics raised?
Strategic and commercial delivery and performance.
Supplier and product innovation.
Human rights in the supply chain.
Driving health and safety standards.
Diversity and inclusion.
How did we respond?
Collaborated with industry peers and supplier through the Joint Alliance for CSR ('JAC').
Supply Chain Sustainability Finance Programme for driving environmental progress.
Quarterly supplier safety forums.
Identification of Corrective Action Plans ('CAP')s to protect human rights at supplier sites.

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Vodafone Group Plc Annual Report 2025 13

Stakeholder engagement continued

Governments and regulators

As a heavily regulated industry and part of Critical National Infrastructure, our relationships with governments and regulators

are crucial. We aim to collaborate on policies that impact our industry and service to customers, while fostering a deeper understanding among governments and regulators of our positive contributions

to customers, the economy, the environment, and communities.

How did we engage with them?

Held meetings with EU institutions, national, regional and local governments, regulators and international organisations.
Participated in industry bodies, consumer alliances, and public-private initiatives.
Hosted and attended workshops and events to enhance sector understanding of key issues.
Sponsored the NATO Public Forum in Washington DC.
Our Chair leads the European Round Table for Industrialists, engaging with European and global institutions and governments.
What were the key topics raised?
The EU regulatory and policy environment, including a review
of the Single Market. Spectrum and licensing, including prolongation of existing licence holdings.
Security of critical infrastructure and supply chain resilience, from subsea cables to satellites.
Protection of investments abroad and inward investment screening.
Vodafone UK and Three merger approval.
How did we respond?
Contributed to the Commission's White Paper on EU Connectivity.
Participated in three European Commission studies.
Contributed to EU consultations.
Responded to the 2025 Single Market Strategy Call for Evidence.
Submitted policy responses to trade questions from the UK's Department for Business and Trade.

Click to read more about our social contract in our investor briefing.

The materials set out the importance of a reset of the European regulatory framework; how through our social contract we have taken a leadership role

in improving our relationship with governments and policymakers; and what is needed in terms of policy reform: investors.vodafone.com/social-contract

Our investors

Our investors include individual and institutional shareholders as well as debt investors. We maintain an active dialogue with our investors through our extensive investor relations programme.

How did we engage with them?

Personal meetings, roadshows, conferences.
Annual and interim reports and presentations.
Our investor relations website is used as our primary digital communications tool and is available to all shareholders, including 11 hours of dedicated video content covering investor events
and interviews with Board Directors.
Regulatory News Service ('RNS') announcements.
Annual General Meeting ('AGM').
Investor perception study and regular feedback survey.
Online presentations aimed at retail investors, in our 'Investor Meet Company' in FY25.
Our Registrar operates a portfolio service which provides shareholders with the ability to manage their holdings.
What were the key topics raised?
Our strategic roadmap and strategic priorities of Customers, Simplicity and Growth.
Allocation of capital, including capital investment, leverage and shareholder returns.
Portfolio right-sizing for growth, market performance, and trading outlook.
Corporate governance practices.
Environmental, Social and Governance ('ESG') strategy, targets and reporting.
How did we respond?
We conducted over 1,000 investor interactions through meetings with major institutional shareholders, debt investors, individual shareholder groups and financial analysts, and attended conferences.
Meetings were attended by Directors and senior management, including our Chair, Group Chief Executive, Chief Financial Officer, and Executive Committee members.
Provided comprehensive reports and transparency disclosures on ESG matters.

Click to read more on our investor website:

investors.vodafone.com

Our local communities and non-governmental organisations ('NGOs')

We believe that the long-term success of our business is closely tied to the success of the communities in which we operate. To achieve this, we engage with local communities and international NGOs across our markets.

How did we engage with them?

Participation in industry working groups, such as those organised by the GSMA, on policy issues at national and international level (including digital inclusion, biodiversity, net zero).
Participation in global multi-stakeholder coalitions established by the United Nations including the UN Broadband Commission for Sustainable Development and the ITU Partner2Connect alliance.
Locally led direct NGO engagements and partnerships.
What were the key topics raised?
Increasing access to connectivity and digital services, by closing the digital divide.
Environmental topics including net zero, biodiversity and the circular economy.
Human rights topics.
Delivery of global and national development goals including the UN Sustainable Development Goals ('SDGs').
How did we respond?
Provided affordable and accessible services, technology, and connectivity, through our everyone.connected campaign.
Provided leadership in respect of closing the digital divide at the International Telecommunication Union's SDG Digital event during the UNGA79.
Partnered with industry working groups including Trussell, NSPCC and Good Things Foundation to help provide essential digital skills, connectivity and deliver social value.
Engaged with industry working groups covering human rights, network access and digital inclusion.

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14 Vodafone Group Plc Annual Report 2025

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Financials

Other information

Our people strategy

Our people strategy

Our Company is changing and this year we have invested in our leadership population to own and implement

our strategy. We have strengthened our skills development, simplified our ways of working, and embedded a performance culture.

This includes countries where we have commercial operations, excluding Vodafone Italy and Vodafone Spain
Other Europe reflects employees based in Albania, Czech Republic, Greece, Ireland, Portugal, and Romania. Africa reflects employees based in Vodacom Group, including Egypt.
Corporate Services reflects corporate support activities across Finance, HR, Legal & Business Integrity, External Affairs, in addition to Brand & Technology Strategy.

Shared Operations constitute a significant number of employees. The figures presented above include Shared Operations headcount across our footprint (Albania, Egypt, Hungary, India,

These are complemented by group-wide updates on Microsoft Viva Engage on topics such as financial results, business strategy, portfolio progress, and company achievements.

Read more about the Board's engagement with the employee voice on pages 73 to 76 and 81

Workers' councils and union engagement

We respect freedom of association and recognise the

Spirit Beat surveys

Engagement	75	75
Purpose	89	88
Team Spirit Index2	85	85
Response rates	89	88

Measurement1

Notes:

Average percentage of favourable scores

October 2024

April 2024

People Engagement

We are developing a diverse and inclusive global workforce that reflects the customers and societies we serve.

Key information

Measurement 2025 2024

Average number of employees1	87,205	85,887
Average number of contractors1	5,196	6,848
Number of markets where we operate2	15	15
Employee nationalities	141	146

Footprint: Operating segments

Germany	16%	17%
UK	11%	11%
Other Europe3	13%	13%
Türkiye	4%	4%
Africa3	16%	16%
Corporate Services4	1%	1%
Shared Operations5	40%	39%

Employee experience

Employee engagement index6	75	75
Alignment to purpose6	89%	88%
Voluntary turnover rate7	8%	9%
Involuntary turnover rate7	4%	3%

Notes:

All headcount figures exclude non-controlled operations such as those in the Netherlands, Kenya, Australia and India. Further information on how headcount is defined and calculated
can be found in the ESG Addendum Methodology document: investors.vodafone.com/esgmethodology. Calculation considers prorated headcount.
Portugal, Romania, Türkiye and Spain) and reflects other shared
operational capabilities across revenue generation, product development, technology and network operations, and back-office operations.

Further detail on this score is found under the 'Spirit Beat surveys' sub-heading of this page. The employee engagement index is based on an average index of responses to three questions: satisfaction working at Vodafone; experiencing positive emotions at work; and recommending us as an employer. Alignment to purpose is based on one question that asks whether employees feel their daily work contributes significantly to Vodafone's purpose. Employee engagement index and purpose alignment scores reflect October 2024 and April 2024 data, excluding Vodafone Italy and Vodafone Spain.
Voluntary turnover rate includes retirements and death in service. Further information on how voluntary and involuntary turnover has been calculated is in the ESG Addendum Methodology document: investors.vodafone.com/esgmethodology.

Employee engagement

We have a number of employee forums where elected employee delegates represent the views of their colleagues. During the year, the Board's Workforce Engagement Leads, Delphine Ernotte Cunci and Christine Ramon, attended the European Employee Consultative Committee and the Vodacom Employee Engagement Forum to gather employee views. Key topics included our commercial portfolio, Gen AI strategy, hybrid working policy, and employee engagement plans.

The Group Chief Executive updates employees regularly on how we are progressing our strategy through a wide variety of digital and face-to-face channels, including market townhalls, employee conferences, and monthly leadership meetings.

rights of employees to join trade unions and engage

in collective bargaining in accordance with local law. We continue to maintain strong relationships with workers' councils and unions through their representatives, and we have 13,039 people covered by collective bargaining agreements across our global footprint. Vodafone Germany employees, all covered by collective agreements signed with Works Council organisations and/or unions, can register and participate in trade union and/or Works Council activities which are funded by the Company and colleagues can elect or be elected into various Works Council and/or union roles at a local or national level. Across FY25, Vodafone Germany completed more than 123 agreements across all levels, with a focus on reorganisation, employee working conditions, and various technology tools.

The 'Spirit of Vodafone'

Our culture - the 'Spirit of Vodafone' - outlines the beliefs we stand for and the behaviours that enable our strategy and purpose.

We foster our culture by developing behaviours that reinforce our Spirit, investing in leadership development to role-model our beliefs, and ensuring systems, processes and milestone activities are aligned with the 'Spirit of Vodafone'. We measure our progress and identify where to take action via a bi-annual employee survey called 'Spirit Beat'. In our latest Spirit Beat survey in October 2024, we had an 89% response rate (April 2024: 88%) and strong scores in engagement, connection to purpose, and Spirit.

The Team Spirit Index represents an overall view of how people are

doing on the 'Spirit of Vodafone' and takes into account each of our Spirit Behaviours. It allows us to understand how successful we have been in embedding these behaviours when working with each other, our customers, and the communities in which we operate.

The 'Spirit Beat' survey measures our progress on culture change with a focus on supporting employees to deliver our priorities of Customers, Simplicity and Growth through Spirit. The 'Spirit Beat' results show that engagement is 75 and teams are connected to our strategy and have clarity on their goals. We support our managers to lead with Spirit and continue to take action on

survey results through development programmes, coaching, training and resources. To develop the leadership behaviours required to deliver our strategy, 10,000 people leaders have attended training, known as the 'Vodafone Leader Labs', to support them with the tools and standards to lead our culture change and transformation. Managers who demonstrate Spirit Behaviours continue to outperform those who do not by 20 points on Team Spirit Index and 25 points on Engagement.

We continue to evolve our employee listening strategy to inform work that enhances the employee experience. Candidates have rated the candidate experience as 79, new joiners are positive about their onboarding experience, and when employees leave Vodafone, 68% would recommend Vodafone as a great place to work.

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Vodafone Group Plc Annual Report 2025 15

Our people strategy continued

To transform our customer experience and embed a customer-first culture, we continue to take actions to improve the experience of our front line. Spirit Beat results of frontline colleagues from the October 2024 survey show the Engagement score as 74% and Team Spirit Index as 84%. Outsourced contractors who serve our customers also participate in 'Spirit Beat': 75% responded, an increase of 3% from April 2024. Insights have been used to inform our overall customer action plan, with improvements to systems, processes and streamlining operations to impact the frontline and customer experience.

'Spirit of Vodafone Day' takes place once a quarter with employees dedicating time to focus on

Embedding inclusion

Multiple employee networks operate across Vodafone which all employees can join. These include networks for women, disability, LGBT+, parents and carers and multicultural inclusion. We actively support them, and this year we provided 14 network chairs with leadership training focused on how to effectively create and assess a network's strategy, as well as help five network communication leads with how to effectively build a brand. Global withstander training, which upskills employees on how to become active allies by challenging negative and inappropriate behaviours when they witness them, continues to be delivered in 11 languages. Over 65% of employees and 88%

Notes:

Women on the Board	38%	42%
Women on the Executive Committee	45%	33%
Women in senior leadership positions1	37%	37%
Women in management and senior leadership roles3	36%	35%
Women as a percentage of external hires	44%	44%
Women as a percentage of graduates	55%	53%
Women as a percentage of employees4	39%	39%

20252 2024

LGBT+

We accelerated our focus on supporting our LGBT+ community with 3,257 allies and active support from senior executive sponsors. We include the question 'Are you out at work?' as part of our Spirit Beat survey to better understand experiences of our LGBT+ employees in the workplace1. 48% of our LGBT+ community are out at work. To further support them, we upskilled 48 mental health first aiders across four markets in how to support LGBT+ colleagues that may face challenges specific to their identity. In addition, we launched the ability for colleagues

to display their pronouns across our HR system.

Note:

Markets not asking LGBT+ questions include: DRC, Tanzania,

connecting to the customer experience through local activities, including learning, team connection and wellbeing. During these days, learning hours increased on average by three times compared to other days in the year.

Workplace equality

As part of our purpose, we empower people by seeking to connect everyone, regardless of who they are or where they live. We are passionate about making the world more connected, inclusive, sustainable and a place where everyone can truly be themselves and belong.

Diversity and inclusion

Our aim is to create an inclusive and equitable workplace for all. This year we have continued progression on gender equality, accelerated focus on LGBT+, race and ethnicity, and implemented actions to create an accessible and inclusive workplace for our disabled colleagues. Our focus on inclusion supports our ambition to create

a global workforce that reflects the customers, communities and colleagues we serve, and the wider societies in which we operate. We believe that embedding equity and inclusion to enable diversity is important to achieving these goals in a sustainable way.

of managers completed the training in FY25.

This year we have launched four new allyship programmes for LGBT+, Race, Ethnicity and Cultural Heritage ('REACH'), gender, and disability. These programmes encourage colleagues to continue their journey of active allyship through participating in community and network events and learning. We continued to engage with colleagues and raise awareness of why inclusion matters through celebrating cultural moments such as Pride, International Day for Persons

with Disabilities, International Women's Day and the International Day for the Elimination of Racial Discrimination.

During the year, we held webinars and virtual training sessions globally on diversity and inclusion topics and these received over 59,000 viewers across all markets.

Gender diversity

Goal: We aim to have 40% women in management roles by 2030.

We have reached 36%, which is on track towards our ambition. We continue to drive progress through programmes, policies and leadership incentives.

Percentage of senior women in our top 147 positions includes the
Executive Committee and Senior Leadership Team (FY24: 135).
Excluding discontinued operations such as Vodafone Italy and Vodafone Spain
Percentage of women in our 5,676 management and leadership roles (FY24: 6,350).
Percentage of women based on 86,702 total employees (FY24: 85,225). The total number of employees represents the position on 31 March for the applicable year and excludes employees that left the Company after this

date. The numbers do not represent prorated headcount. Further information on how employees are defined and calculated can be found in the ESG Addendum Methodology document: investors.vodafone.com/esgmethodology.

We work to achieve gender diversity when resourcing for senior leadership roles, and our leadership team is accountable for maintaining diversity and inclusion in their teams. Women in management targets are also included in our long-term incentive plans.

Across early careers programmes, 50% of hires were women. We have also now connected with over 20,000 girls via the digital skills programme 'Code Like a Girl' since 2017. We support managers on inclusive hiring practices through training and by embedding inclusion in our talent acquisition systems. This includes the introduction of blind CVs, which exclude personal details such as the candidate's gender and age.

Türkiye, and Egypt.

Disability and accessibility

Our work on disability inclusion focuses on creating an accessible digital and physical workplace to support colleagues to be at their best. We published application adjustments on our careers site to remove barriers for candidates during the selection process and our recruiters have been trained on how to implement these adjustments. We introduced more in-depth disability and accessibility training for hiring managers and recruiters and to support the progression of disabled talent, we provide managers guidance on reasonable adjustments for our performance development processes.

Click to read more about our application adjustments at Vodafone:

careers.vodafone.com/application-adjustments

During the year, we educated our people about accessibility features available in our core tools

by the introduction of Microsoft Copilot. We adhere to global standards, such as Web Content Accessibility Guidelines ('WCAG') 2.1, through establishing and training developers on our accessibility design guidelines.

Informed by the insights from the #ChangeTheFace neurodiversity research, we built a neurodiversity website to support recruiters and managers to take proactive action on disability inclusion. We hosted training for our mental health first aiders and we piloted quiet spaces in our UK offices.

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16 Vodafone Group Plc Annual Report 2025

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Financials

Other information

Our people strategy continued

We hosted a series of global events from October to December to increase disability awareness and allyship as well as promote technologies that improve disability inclusion. In December we launched the disability allyship programme which includes learnings and actions colleagues can take to become allies.

To further inform our work on disability inclusion we asked, 'Are your colleagues aware of your disability at work?' in our Spirit Beat survey. 60% of our disabled community have made colleagues aware of their disability.

Race, ethnicity and cultural heritage ('REACH') We continue to promote greater workplace inclusion through allyship and anti-racism. This year we also voluntarily integrated an ethnicity pay gap calculation into our UK pay gap report. This report calculates the pay gap in our UK companies with 250 or more employees. Details of the ethnicity pay gap can be found in our UK Pay Gap Report.

Click to read more about our UK pay gap report:

vodafone.com/uk-pay-gap

This year 331 colleagues attended the McKinsey Black, Asian and Hispanic/Latino Connected Leaders Academy to grow their leadership skills and potential. In 2020, we set ethnic diversity targets at leadership level, presented below.

Leadership Diversity

To better understand representation across the organisation and inform our diversity and inclusion programmes, we use '#CountMeIn', an initiative that supports employees to voluntarily share their diversity demographics. This includes race, ethnicity, disability, sexual orientation, gender identity, and caring responsibilities, in line with local privacy and legal requirements1 . 70% of our senior leadership have shared diversity data and this enables transparency on diversity at senior leadership.

Read more about the Board's engagement with the employee voice on pages 73 to 76 and 81

Sexual Ethnic

orientation2 diversity3 Disability4

Representation in senior

leadership positions 2% 24% 4%

Notes:

Excludes Mozambique and Egypt as markets do not ask ethnicity questions
Lesbian, gay, bisexual, and other sexual orientations, excluding heterosexual
Asian, Arab, Black/African/Caribbean, Latin, mixed ethnic groups, and 'other' identities.
Self-identification of disability, including long-term conditions and visible and non-visible disabilities.

Policies, initiatives and targets

Our commitment to diversity and inclusion is reflected across our global policies and principles, such as our code of conduct and fair pay principles.

The achievement of our diversity targets is dependent on the attraction, engagement and retention of diverse talent and skills. To support this, we have inclusive initiatives such as: hybrid and flexible working, parental leave, a mental health toolkit, learning and development programmes, allyship training, and menopause and domestic abuse support. Programmes are designed to help employees through all life stages and challenge societal norms to create an environment where everyone can contribute at their best and thrive.

People development

The Vodafone Learning Organisation operates across all entities to deliver high-quality learning that supports diverse talent and develops the skills and capabilities required to deliver our strategy.

This year our three-year capability plan was refreshed, considering external trends and changes to Vodafone's strategy. Five key capabilities were identified to accelerate the delivery of our strategy: 'Customer Experience', 'Operational Intensity', 'Business to Business' ('B2B'), 'Commercial P&L Ownership', and 'AI/GenAI'.

In September we refreshed our global Employee Value Proposition ('EVP') formed of four principles, underpinned by the Spirit of Vodafone and

through leadership assessment, development planning, and coaching. To support the development of key groups we launched specific leadership interventions to accelerate their development to our most senior positions.

We also scaled our leadership programme, the 'Vodafone Leader Labs', to 10,000 leaders globally to deliver our strategy, embed leadership shifts and standards, and equip them with tools to

be successful.

Performance

Underpinning all our activities, has been an ongoing focus on raising the bar on performance through our performance management framework 'Grow my Impact'. Employee goals are aligned to strategic priorities and performance is assessed based on individual impact. This framework recognises individuals with differentiated performance and reward. Our financial recognition programme 'Vodafone Stars' and our peer-to-peer recognition programme 'Vodafone Thank You' continued to celebrate colleagues during the year for their impact and display of the 'Spirit of Vodafone' behaviours. For instance, 23,120

peer-to-peer 'Thank You's' and 61,364 'Vodafone Star' awards were delivered during the year.

Skills

Global Ethnically diverse background	24%	31 Mar 2030: 25%	Global Senior Leadership Team (127 positions)1
UK	17%	31 Dec	UK-based senior
Black, Asian,		2025:	leadership and
other diverse ethnicities		20%	management (1,787 positions)
UK	2%	31 Dec
Black		2025:
		4%

Ethnic category

Note:

31 March

2025

Long-term

ambition Population

We continue to apply fair pay principles across all markets, working with the WageIndicator Foundation to ensure a good standard of living in

each market. In the UK, our commitment to these principles is reflected in being an Accredited Living Wage employer.

Click to read more about Fair Pay at Vodafone:

vodafone.com/fair-pay

realigned to the Vodafone strategy. This outlines

what we stand for as an employer and captures the most compelling reasons to work at Vodafone.

Talent and leadership

To accelerate the development of high potential talent, this year we launched the 'Talent Deal', an agreed set of expectations for both colleagues and their managers. It offers support, resources, and development opportunities to those with the highest potential. We made coaching available to all colleagues either through our global coaching partner or an internal network of trained coaches. We continued to review our succession and talent

We support professional growth of our colleagues by providing online learning through our platform 'Grow with Vodafone' and continued to deliver our 'Skill Accelerators and Labs', with over 17,000 colleagues completing them this year. Across all activities, our colleagues spent 2.9 million hours on learning, with an average of 240,500 hours per month, an increase of 3% since FY24. We invested an average of €180 in both mandatory and

non-mandatory training for each employee to build future capabilities.

To support our focus on B2B, we trained our sales population on new capabilities, developed a new

Excludes Mozambique and Egypt as markets do not ask ethnicity questions

development plans for senior leaders identified as

key talent. Talents in our two key succession pools, which comprises of 30% women, received support

skills framework, launched a skills self-check tool, developed new learning, facilitated skills labs and issued 23 external sales certifications. Over 800

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Vodafone Group Plc Annual Report 2025 17

Our people strategy continued

colleagues participated in the training programme. A total of 925 colleagues identified development opportunities through the skills check tool. Our Go-To-Market learning programme is supporting colleagues in sales to develop across our 'Beyond Connectivity' portfolios and have access to learning content at the point of need.

This year we trained colleagues on using GenAI tools. In June we launched the 'GenAI Empowering You' learning campaign. This comprises a foundational course which 40,000 colleagues completed this year, and a longer advanced module which 1,000 colleagues completed.

People experience

In November 2024 we started a global market-by-market rollout of Copilot for Microsoft 365. This tool uses GenAI to make daily tasks such as drafting emails, creating presentations and summarising meetings easier, boosting productivity. By January 2025, over 50,000 colleagues had access to Copilot. To support its launch, we delivered 20 skill labs to 13,000 colleagues, focused on prompt engineering and real-life application in the workplace.

To further simplify how we work to accelerate performance, we streamlined our HR processes by conducting ongoing pilots to explore the use of GenAI and removing high-touch channels to create a single entry point for HR queries. We transformed our AskHR TOBi chatbot, simplifying how colleagues manage their HR questions and requests. This first launched in October 2024 and is now live in all markets (excluding Germany). The bot handles 65% of all HR questions with an average first-time resolution rate of 74%. We continued to leverage people analytics to ensure effective people decisions and launched our first global HR dashboard, hosted through the Google Cloud Platform, to provide simple access to people insights for our HR community.

Safety, health and wellbeing

Nothing is more important to us than the safety, health, and wellbeing ('SHW') of our customers, communities, employees, and partners. We have a simple global commitment: no one gets hurt.

If an incident does occur, we take steps aimed

to prevent reoccurrence. This has been captured in our Global Commitment Statement which is supported by a video message from our Group Chief Executive.

Our SHW framework provides a consistent approach to leadership, planning, performance monitoring, governance, and assurance.

Risks

We continue to focus on our key risks, which account for the majority of reported incidents and remain amongst our top priorities: occupational road risk, falls from height, working with electricity, and civil works.

In recognition of our key risks, we continue to use the 'Vodafone Absolute Rules'. These rules focus on risks that present the greatest potential for harm for anyone working for or on behalf of Vodafone. The Absolute Rules apply everywhere we work and provide clear expectations for safe behaviour for everyone to follow. The Absolute Rules must be followed by all Vodafone employees and contractors, as well as our suppliers' employees and contractors. Where this requirement is not met, we take appropriate management action. In the October 2024 Spirit Beat survey 94% of employees agreed that the Absolute Rules are taken seriously at Vodafone.

Leadership engagement

Our Group Executive Committee ('ExCo') and operating company ExCo's provide visible and clear leadership in SHW. Our senior leaders are actively engaged and carry out regular face-to-face safety engagement throughout the year. Our leaders recognise the importance of connecting with teams and frontline workers as they continue to maintain our networks and work in our retail stores and on customer sites. We encourage our people to raise any concerns or ideas for improvements in SHW and ensure the support of our leaders when they do so.

We continue to mandate our 'Leading for Health & Safety at Work' e-learning module. This module sets out the specific impact we expect our leaders to have. On 31 March 2025, 98% of assigned leaders had completed the module.

Supplier engagement

Most of our high-risk work and most of the significant incidents we report are as a result of work carried out by suppliers on our behalf. Engagement and collaboration is essential to achieve our common goal of no one gets hurt. We have held quarterly forums with our global suppliers and this year we celebrated a decade of collaboration to develop common ways of working and share best practice to improve workplace safety. This year we held four

in-person safety forums in London, Dublin, Düsseldorf and Lisbon together with our larger global suppliers. We also held an awards ceremony in Germany recognising our global suppliers that have supported us on our 10-year safety journey. In Tanzania, our Vodacom operation held an in-person forum bringing together partners from the African continent.

Community engagement

We strive to play an active role in the communities where we conduct our business and as a result

we have various community-focused safety programmes.

In Vodafone Intelligent Solutions ('VOIS'), we introduced the 'Visit VOIS' programme, an initiative that reached more than 700 community participants. The programme focused on mental health, particularly its impact on younger generations, and road safety.

In Greece, road safety events were held in April in collaboration with the Road Safety Institute and the Road Safety for Motorcycles Institute, with over 100 participants receiving safety training. Throughout the year, employees were trained on Basic Life Support (BLS) and Automated External Defibrillator (AED) usage. Additionally, awareness events on bone marrow transplantation and donor registration were conducted, with over 150 participants and 45 individuals giving samples for

the international donor bank, alongside four blood donation drives supported by over 300 employees.

In Albania, the 'Before I Start Work-Conference' brought together various industry sectors, contractors, suppliers, and safety experts to enhance safety management practices. The conference focused on sharing experiences with local companies to create safer work places.

In South Africa, community safety sessions were conducted at schools, emphasising responsible behaviour to reduce road accidents during the holiday season. In Tanzania, road safety education was provided to thousands of students with the help of the traffic police. In Lesotho, a campaign was organised in collaboration with local authorities on tyre safety and driving under the influence of alcohol and/or drugs. In Mozambique, there was a focus on emergency response and preparedness during natural disasters and civil unrest, collaborating with the police and army. In Egypt, SMS alerts and social media ads were used to promote road safety, along with training for students. In the DRC, road risk campaigns were held in partnership with the local Road Risk Agency, utilising billboards, radio, TV, and digital platforms to reach a national audience.

Governance

We use a global framework to manage SHW. This includes the monitoring and assessing of risks, setting targets, reviewing progress, and reporting performance. Our framework is based on the international standard ISO 45001 for occupational health and safety and always meets or exceeds local requirements. In addition, five European markets, Egypt, six VOIS locations and Vodafone Business Technology Solutions have independent external certification to ISO 45001.

All incidents relating to key risks or breaches of the Vodafone Absolute Rules that are reported are investigated. We ensure that incidents are investigated in accordance with their severity, and appropriate remedial actions and improvements are identified and implemented. We strongly believe in

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Our people strategy continued

the importance of prevention and we also believe that every incident should be treated as an opportunity for learning and improvement.

SHW is a global policy and is included within our global risk and compliance governance programme. This year we completed 14 audits focused on the control of contractors, laying cables, lifting operations, occupational road risk and incident reporting and investigation in Europe and Africa. Nine additional visits were made to our European, African and Asian markets to focus on engagement and communication. They included a combination of team meetings, site visits with contractors and suppliers and, where applicable, verification checks following any serious incidents.

Training

We continue to include a health and safety module as part of our mandatory 'Doing What's Right' training. All employees are required to complete the training within six weeks of joining and then follow our learning cycle. During FY25, 93% of assigned Vodafone employees completed the health and safety module.

Each local market is also responsible for delivering training that supports the development of appropriate leadership skills, behaviours, and identification of risks. Additional training is specific to an individual's role and aligned to each market's local legislation.

Key performance indicators

We have a global set of key performance indicators which are reported monthly to the Group ExCo and bi-annually to the Board:

Number of fatalities;
Number of employee lost-time incidents ('LTIs'); and
Near misses.

All fatalities that may be connected with our activities in any way, including those affecting employees, suppliers and members of the public, are formally reported to the Group's ExCo and to the Board by the Head of SHW.

Each incident is investigated to determine the facts and any actions required to prevent recurrence. The investigation's findings are reviewed by the Chief Human Resources Officer at a formal review meeting to consider the thoroughness of the investigation, the suitability of corrective and preventive actions, and to determine whether the fatal accident was within

Vodafone's control or not. All fatalities determined to be within Vodafone's control are considered 'recordable' and are publicly reported.

Our aim is to ensure no one gets hurt. Any loss of life related to our operations is unacceptable. It is therefore with great regret that we record one fatal accident this year that resulted in the deaths of three people.

In Türkiye on 16 July 2024 there was a fatal road traffic accident reported. Two call centre contractor employees and two Vodafone employees were in a car returning from a business dinner at around 22:40 when their car collided with a truck. One of the call centre employees and two Vodafone employees were killed. The remaining call centre employee was discharged from hospital and has made a full physical recovery.

We have shared the learnings from this incident across the business to aim to prevent recurrence. Employee fatalities remain rare at Vodafone with the last reported Vodafone employee fatality in August 2015.

LTI is the term we use when a work-related injury or illness results in one or more days away from work. During the year, 23 employee and contractor LTIs were reported. In total these incidents account for 172 lost workdays.

Key performance indicators

2025 2024

Work-related injuries or ill health (excluding fatalities)
Employees and contractors	23	18
Suppliers' employees and contractors	22	8
Lost-time incidents ('LTI')
Number of lost-time employee and contractor incidents	23	18
Lost-time incident rate per 1,000 employees and contractors	0.25	0.19
Total recordable fatalities
Employees and contractors	2	0
Suppliers' employees and contractors	1	1
Members of the public	0	1

Wellbeing

We remain focused on mental health and wellbeing. Mental and wellbeing training and services are available in each market, including the provision of employee assistance and psychological support services.

Our global wellbeing framework includes mental health, physical health, and financial management. The framework is a guide to help our people achieve optimal wellbeing and to ensure we all have access to the best possible wellbeing resources across Vodafone.

In Vodacom, our wellbeing programmes are across all markets in Africa. Highlights include Basic Life Support Training by Vodacom Group, which will now be part of our annual Community Safety initiatives, and Vodafone Egypt's silver award from the Society for Human Resource Management for outstanding wellbeing management. To support our employees through challenges like political unrest and cyclone Chido, Vodacom Mozambique implemented a work-from home strategy, virtual check-ins and mental wellbeing webinars. In South Africa, we promoted early detection of breast cancer and men's health awareness. In DRC, drivers received cardiovascular health education, while Vodacom Tanzania and Vodacom Lesotho organised events to promote physical wellbeing and productivity.

In Türkiye, initiatives included local wellbeing challenges. We also held a 'Health Week', offering various health services such as hearing tests, eye examinations, HPV vaccinations, and a seminar on office ergonomics.

In Greece, we hosted various sessions on mental health empowerment, parent support, nutrition, and first aid, aiming to foster a healthier and inclusive work environment.

VOIS awareness programmes in India, Spain and Egypt included promoting wellbeing services, personal support for employees affected by natural disasters and personal resilience.

Click to read more about mental health and wellbeing:

vodafone.com/wellbeing

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Vodafone Group plc published this content on June 06, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on June 06, 2025 at 12:24 UTC.

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Company Profile

Vodafone Group Plc is one the world's largest mobile telephone operator. The activity is organized into two sectors: - mobile telecommunication services; - fixed telecommunication services: fixed-line telephony and Internet access services. Net sales (including intragroup) are distributed geographically as follows: the United Kingdom (18.8%), Germany (32.4%), Europe (15.1%), Africa (20.7%), Turkey (8.2%) and other (4.8%).

Employees

88,780

Sector

Wireless Telecommunications Services

Calendar

05-12 - Earnings release - Annual 2026

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