Vodafone Group Public Limited (VOD) 6-K 29 Nov 24 2025 Q2 Current report (foreign) Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Sep. 30, 2024
Document and Entity Information
Document Type	6-K
Document Period End Date	Sep. 30, 2024
Entity Registrant Name	VODAFONE GROUP PUBLIC LTD CO
Entity Central Index Key	0000839923
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated income statement

Consolidated income statement - EUR (€) € in Millions		6 Months Ended
		Sep. 30, 2024	Sep. 30, 2023
Profit or loss [abstract]
Revenue		€ 18,276	€ 17,983	[1]
Cost of sales		(12,123)	(12,016)	[1]
Gross profit		6,153	5,967	[1]
Selling and distribution expenses		(1,355)	(1,286)	[1]
Administrative expenses		(2,700)	(2,546)	[1]
Net credit losses on financial assets		(209)	(224)	[1]
Share of results of equity accounted associates and joint ventures		(40)	(51)	[1]
Impairment reversal	[1]		64
Other income/(expense)		533	(67)	[1]
Operating profit		2,382	1,857	[1]
Investment income		566	368	[1]
Financing costs		(843)	(1,395)	[1]
Profit before taxation		2,105	830	[1]
Income tax expense		(900)	(746)	[1]
Profit for the financial period - Continuing operations		1,205	84	[1]
Profit/(loss) for the financial period - Discontinued operations		16	(239)	[1]
Profit/(loss) for the financial period		1,221	(155)	[1]
Attributable to:
- Owners of the parent		1,064	(346)	[1]
- Non-controlling interests		157	191	[1]
Profit/(loss) for the financial period		€ 1,221	€ (155)	[1]
Earnings per share
Earnings per share - Continuing operations, Basic		€ 0.0392	€ (0.0040)	[1]
Earnings per share - Continuing operations, Diluted		0.0391	(0.0040)	[1]
Basic earnings/(loss) per share - Total Basic		0.0398	(0.0128)	[1]
Diluted earnings/(loss) per share - Total Diluted		€ 0.0397	€ (0.0128)	[1]
[1] The results for the six months ended 30 September 2023 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are reported as discontinued operations. See note 5 ‘Discontinued operations and assets held for sale’ for more information.

Consolidated statement of compr

Consolidated statement of comprehensive income/(expense) - EUR (€) € in Millions		6 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	[1]
Statement of comprehensive income [abstract]
Profit for the financial period		€ 1,221	€ (155)
Items that may be reclassified to the income statement in subsequent years:
Foreign exchange translation differences, net of tax		228	(95)
Foreign exchange translation differences transferred to the income statement		115	23
Other, net of tax	[2]	134	(1,150)
Total items that may be reclassified to the income statement in subsequent periods		477	(1,222)
Items that will not be reclassified to the income statement in subsequent years:
Fair value gains on equity instruments classified as Other investments, net of tax		166
Net actuarial gains/(losses) on defined benefit pension schemes, net of tax		75	(58)
Total items that will not be reclassified to the income statement in subsequent periods		241	(58)
Other comprehensive income/(expense)		718	(1,280)
Total comprehensive income/(expense) for the financial period		1,939	(1,435)
Attributable to:
- Owners of the parent		1,869	(1,626)
- Non-controlling interests		70	191
Total comprehensive income/(expense) for the financial period		€ 1,939	€ (1,435)
[1] The results for the six months ended 30 September 2023 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are reported as discontinued operations. See note 5 ‘Discontinued operations and assets held for sale’ for more information. Principally includes the impact of the Group’s cash flow hedges recognised in other comprehensive income during the period.

Consolidated statement of finan

Consolidated statement of financial position - EUR (€) € in Millions	Sep. 30, 2024	Mar. 31, 2024	[1]
Non-current assets
Goodwill	€ 25,073	€ 24,956
Other intangible assets	13,400	13,896
Property, plant and equipment	29,680	28,499
Investments in associates and joint ventures	7,090	10,032
Other investments	2,489	1,006
Deferred tax assets	19,716	20,177
Post employment benefits	367	257
Trade and other receivables	6,186	5,967
Total non-current assets	104,001	104,790
Current assets
Inventory	691	568
Taxation recoverable	197	76
Trade and other receivables	9,913	8,594
Other investments	6,062	5,092
Cash and cash equivalents	7,008	6,183
Total current assets	23,871	20,513
Assets held for sale	11,687	19,047
Total assets	139,559	144,350
Equity
Called up share capital	4,678	4,797
Additional paid-in capital	149,423	149,253
Treasury shares	(7,770)	(7,645)
Accumulated losses	(115,695)	(114,641)
Accumulated other comprehensive income	29,007	28,202
Total attributable to owners of the parent	59,643	59,966
Non-controlling interests	943	1,032
Total equity	60,586	60,998
Non-current liabilities
Borrowings	47,232	49,259
Share of net liabilities in joint ventures and associates	49
Deferred tax liabilities	650	699
Post employment benefits	174	181
Provisions	1,699	1,615
Trade and other payables	3,126	2,328
Total non-current liabilities	52,930	54,082
Current liabilities
Borrowings	8,521	7,728
Taxation liabilities	669	393
Provisions	752	833
Trade and other payables	12,205	13,398
Total current liabilities	22,147	22,352
Liabilities held for sale	3,896	6,918
Total equity and liabilities	€ 139,559	€ 144,350
[1] On 1 April 2024, the Group adopted amendments to IAS 1 ‘Presentation of Financial Statements’ which has impacted the classification of certain bonds between Current borrowings and Non-current borrowings. See note 1 ‘Basis of preparation’ for more information.

Consolidated statement of chang

Consolidated statement of changes in equity - EUR (€) € in Millions	Equity attributable to the owners	Share capital	Additional paid-in capital	[1]	Treasury shares	Accumulated comprehensive losses	[2]	Non-controlling interests	Total
Beginning balance at Mar. 31, 2023	€ 63,399	€ 4,797	€ 149,145		€ (7,719)	€ (82,824)		€ 1,084	€ 64,483
Issue or reissue of shares	1		1		72	(72)			1
Share-based payments	65		65					4	69
Transactions with non-controlling interests in subsidiaries	(8)					(8)		(3)	(11)
Share of equity-accounted entities' changes in equity	(164)					(164)			(164)
Comprehensive (expense)/income	(1,626)					(1,626)		191	(1,435)	[3]
Dividends	(1,215)					(1,215)		(166)	(1,381)
Ending balance at Sep. 30, 2023	60,452	4,797	149,211		(7,647)	(85,909)		1,110	61,562
Beginning balance at Mar. 31, 2024	59,966	4,797	149,253		(7,645)	(86,439)		1,032	60,998	[4]
Issue or reissue of shares	2	1			76	(75)			2
Share-based payments	50		50					3	53
Transactions with non-controlling interests in subsidiaries	(32)					(32)		(7)	(39)
Comprehensive (expense)/income	1,869					1,869		70	1,939
Dividends	(1,212)					(1,212)		(155)	(1,367)
Purchase of treasury shares	(1,000)				(1,000)				(1,000)
Cancellation of shares		(120)	120		799	(799)
Ending balance at Sep. 30, 2024	€ 59,643	€ 4,678	€ 149,423		€ (7,770)	€ (86,688)		€ 943	€ 60,586
[1] Includes share premium, capital reserve, capital redemption reserve, merger reserve and share-based payment reserve. The merger reserve was derived from acquisitions made prior to 31 March 2004 and subsequently allocated to additional paid-in capital on adoption of IFRS. Includes accumulated losses and accumulated other comprehensive income. The results for the six months ended 30 September 2023 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are reported as discontinued operations. See note 5 ‘Discontinued operations and assets held for sale’ for more information. On 1 April 2024, the Group adopted amendments to IAS 1 ‘Presentation of Financial Statements’ which has impacted the classification of certain bonds between Current borrowings and Non-current borrowings. See note 1 ‘Basis of preparation’ for more information.

Consolidated statement of cash

Consolidated statement of cash flows - EUR (€) € in Millions		6 Months Ended
		Sep. 30, 2024	Sep. 30, 2023
Statement of cash flows [abstract]
Inflow from operating activities		€ 5,644	€ 5,544	[1]
Cash flows from investing activities
Purchase of interests in associates and joint ventures		(45)	(52)	[1]
Purchase of intangible assets		(1,023)	(1,278)	[1]
Purchase of property, plant and equipment		(2,182)	(2,352)	[1]
Purchase of investments		(1,167)	(1,703)	[1]
Disposal of interests in subsidiaries, net of cash disposed		3,578	(67)	[1]
Disposal of interests in associates and joint ventures		3,020	500	[1]
Disposal of property, plant and equipment and intangible assets		7	7	[1]
Disposal of investments		363	1,556	[1]
Dividends received from associates and joint ventures		243	75	[1]
Interest received		285	295	[1]
Cash outflows from discontinued operations		(612)	(789)	[1]
Inflow/(outflow) from investing activities		2,467	(3,808)	[1]
Cash flows from financing activities
Proceeds from issue of long-term borrowings		3,919	1,430	[1]
Repayment of borrowings		(6,923)	(4,843)	[1]
Net movement in short-term borrowings		(249)	41	[1]
Net movement in derivatives		316	138	[1]
Interest paid		(1,523)	(1,034)	[1]
Purchase of treasury shares		(879)
Issue of ordinary share capital and reissue of treasury shares	[1]		1
Equity dividends paid		(1,201)	(1,210)	[1]
Dividends paid to non-controlling shareholders in subsidiaries		(157)	(167)	[1]
Other transactions with non-controlling shareholders in subsidiaries		(23)	(17)	[1]
Cash outflows from discontinued operations		(613)	(717)	[1]
Outflow from financing activities		(7,333)	(6,378)	[1]
Net cash inflow/(outflow)		778	(4,642)	[1]
Cash and cash equivalents at the beginning of the financial period	[2]	6,114	11,628	[1]
Exchange (loss)/gain on cash and cash equivalents		(21)	45	[1]
Cash and cash equivalents at the end of the financial period	[2]	€ 6,871	€ 7,031	[1]
[1] The results for the six months ended 30 September 2023 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are reported as discontinued operations. See note 5 ‘Discontinued operations and assets held for sale’ for more information. Comprises cash and cash equivalents as presented in the consolidated statement of financial position of €7,008 million ( €7,148 million as at 30 September 2023), together with overdrafts of €165 million ( €117 million as at 30 September 2023) and €28 million (€ nil as at 30 September 2023) of cash and cash equivalents included within Assets held for sale.

Consolidated statement of cas_2

Consolidated statement of cash flows (Parenthetical) - EUR (€) € in Millions	Sep. 30, 2024	Sep. 30, 2023
Statement of cash flows [abstract]
Cash and cash equivalents	€ 7,008	€ 7,148
Bank overdrafts	165	117
Cash and cash equivalents included within assets held for sale	€ 28	€ 0

Basis of preparation

Basis of preparation	6 Months Ended
	Sep. 30, 2024
Basis of preparation
Basis of preparation	1 Basis of preparation The unaudited condensed consolidated financial statements for the six months ended 30 September 2024: ● are prepared in accordance with International Accounting Standard 34 ‘Interim Financial Reporting’ (‘IAS 34’) as issued by the International Accounting Standards Board (‘IASB’) and as adopted by the United Kingdom; ● are presented on a condensed basis as permitted by IAS 34 and therefore do not include all disclosures that would otherwise be required in a full set of financial statements and should be read in conjunction with the Group’s Annual Report on Form 20-F for the year ended 31 March 2024; ● with the exception of IAS 1 ‘Presentation of Financial Statements’ (see below) apply the same accounting policies, presentation and methods of calculation as those followed in the preparation of the Group’s consolidated financial statements for the year ended 31 March 2024, which were prepared in accordance with UK-adopted International Accounting Standards (‘IAS’), with International Financial Reporting Standards (‘IFRS’) as issued by the IASB and with the requirements of the UK Companies Act 2006. Income taxes are accrued using the tax rate that is expected to be applicable for the full financial year, adjusted for certain discrete items which occurred in the interim period in accordance with IAS 34. ● include all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the periods presented; and ● were approved by the Board of Directors on 12 November 2024. The information relating to the year ended 31 March 2024 is extracted from the Group’s published Annual Report on Form 20-F for that year. The preparation of the unaudited condensed consolidated financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the end of the reporting period, and the reported amounts of revenue and expenses during the period. Actual results could vary from these estimates. These estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revisions affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. Going concern The Group has a robust liquidity position as at 30 September 2024 with €6.9 billion of cash and cash equivalents and €4.1 billion of liquid short-term investments available, together with undrawn revolving credit facilities of €7.6 billion, which cover all the Group’s reasonably expected cash requirements over the going concern period. The Directors have reviewed trading and liquidity forecasts for the Group, which were based on current trading conditions, and considered a variety of scenarios. As a result of the assessment performed, the Directors have concluded that the Group is able to continue in operation for the period up to and including December 2025 and that it is appropriate to continue to adopt the going concern basis in preparing the unaudited condensed consolidated financial statements. ​ 1 Basis of preparation (continued) Critical accounting judgements and estimates The Group’s critical accounting judgements and estimates are disclosed in the Group’s Annual Report on Form 20-F for the year ended 31 March 2024. Judgements relating to potential indicators of impairment The Group performs its annual impairment test for goodwill and indefinite lived intangible assets as at 31 March. At interim reporting periods the Group performs a review to identify any indicator of impairment that may indicate that the carrying amount of any of the Group’s cash generating units (‘CGUs’) may not be recoverable. As part of this assessment as at 30 September 2024, the Group reviewed the key assumptions underlying the value in use valuations used in the annual impairment test at 31 March 2024. This included the year-to-date and expected future performance of the Group’s CGUs, as well as considering the valuation implications of changes in other factors such as discount rates and the assessment of long term growth rates. As a result of operating trends in the half year, a value in use assessment was performed for Vodafone Germany as at 30 September 2024. See note 3 ‘Impairment review’. The Group’s review of the potential impact of indicators of impairment did not indicate that the carrying amount of any of the Group’s CGUs, including Vodafone Germany, was not recoverable as at 30 September 2024. Hyperinflationary economies The Turkish and Ethiopian economies were designated as hyperinflationary from 30 June 2022 and 31 December 2022, respectively. The Group has applied IAS 29 ‘Financial Reporting in Hyperinflationary Economies’ to its Turkish and Ethiopian operations whose functional currencies are Turkish lira and Ethiopian birr from 1 April 2022. In applying IAS 29, the Turkish lira and Ethiopian birr results and non-monetary asset and liability balances for relevant financial periods have been revalued to their present value equivalent local currency amounts at the reporting date, based on the consumer price indexes issued by the Turkish Statistical Institute and the Central Statistics Agency of Ethiopia, respectively. Comparative periods are not restated per IAS 21 ‘The Effects of Changes in Foreign Exchange rates’. The respective indices have risen by 18.07% and 6.10% (2023: 30.08% and 12.09%) during the six months ended 30 September 2024. The revalued balances are translated to euros at the reporting date exchange rate of €1 : 38.15 TRL and €1 : 132.80 ETB (2023: €1 : 29.03 TRL and €1 : 58.73 ETB), respectively, applying IAS 21. For the Group’s operations in Turkey: ● The gain or loss on the revaluation of net monetary assets resulting from IAS 29 application is recognised in the Consolidated income statement within Other income. ● The Group also presents the gain or loss on cash and cash equivalents as monetary items together with the effect of inflation on operating, investing and financing cash flows as one number in the Consolidated statement of cash flows. ● The Group has presented the equity revaluation effects and the impact of currency movements within other comprehensive income as such amounts are judged to meet the definition of ‘exchange differences’. For Safaricom’s operations in Ethiopia, the impacts are reflected as an increase to Investments in associates and joint ventures in the Consolidated statement of financial position and an increase to Share of results of equity accounted associates and joint ventures recognised in the Consolidated income statement. 1 Basis of preparation (continued) The main impacts of the aforementioned adjustments for the Group’s Turkish and Ethiopian operations on the Consolidated financial statements are shown below. ​ ​ ​ ​ ​ ​ ​ Increase/(decrease) ​ ​ 2024 2023 Impact on the consolidated income statement for the six months ended 30 September ​ €m ​ €m Revenue 5 ​ 35 Operating profit 1 (154) ​ (5) Profit for the financial period 1 (225) ​ (140) ​ ​ ​ ​ ​ ​ ​ Increase/(decrease) ​ 30 September 31 March ​ ​ 2024 ​ 2024 Impact on the consolidated statement of financial position ​ €m ​ €m Net assets 907 981 Equity attributable to owners of the parent 872 913 Non-controlling interests 35 68 Note: 1. In addition, it is likely that Egypt will meet the requirements to be designated as a hyperinflationary economy under IAS 29 in the coming months. If the Egyptian economy is designated as hyperinflationary, the Group’s financial reporting relating to its operations in Egypt will be reported in accordance with IAS 29 applying the Group’s policy detailed above. New accounting pronouncements adopted On 1 April 2024, the Group adopted certain new accounting policies where necessary to comply with amendments with IFRS, none of which had a material impact on the consolidated results, financial position or cash flows of the Group, except as described below. Further details are provided in the Group’s Annual Report on Form 20-F for the year ended 31 March 2024. Amendments to IAS 1 ‘Presentation of Financial Statements’ The Group previously classified balances relating to certain bonds as current liabilities if it was the Group’s intention to exercise options to redeem them within 12 months of the reporting date. Following the adoption of the IAS 1 amendments on 1 April 2024, bonds that are repayable in more than 12 months are classified as Non-current liabilities regardless of any intention to redeem the bonds early. The impact of adopting the amendments on the consolidated statement of financial position at 31 March 2024 is that €931 million

Segmental analysis

Segmental analysis	6 Months Ended
	Sep. 30, 2024
Segmental analysis
Segmental analysis	2 Segmental analysis Operating segments The Group’s operating segments are established on the basis of those components of the Group that are evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Group has determined the chief operating decision maker to be its Group Chief Executive. The Group has a single group of similar services and products, being the supply of communications services and related products. In October 2023, the Group announced the disposal of Vodafone Spain which completed on 31 May 2024. In March 2024, the Group announced the planned disposal of Vodafone Italy. Consequently, Vodafone Spain and Vodafone Italy were classified as discontinued operations and they were no longer reporting segments of the Group. Revenue is attributed to a country based on the location of the Group company reporting the revenue. Transactions between operating segments are charged at arm’s-length prices. The operating segments for Germany, UK and Africa are individually material for the Group and are each reporting segments for which certain financial information is provided. The aggregation of smaller operating segments into the Other Europe and Turkey reporting segments reflects, in the opinion of management, the similar local market economic characteristics and regulatory environments for each of those operating segments as well as the similar products and services sold and comparable classes of customers. In the case of the Other Europe segment (comprising Albania, Czech Republic, Greece, Ireland, Portugal and Romania), this largely reflects membership or a close association with the European Union, whilst the Turkey segment sits outside the European Union and has different economic and regulatory environment characteristics. Common Functions is a separate reporting segment and comprises activities which are undertaken primarily in central Group entities that do not meet the criteria for aggregation with other reporting segments. Revenue disaggregation Revenue reported for the period includes revenue from contracts with customers, comprising service and equipment revenue, as well as other revenue items including revenue from leases and interest revenue arising from transactions with a significant financing component. The tables below and overleaf disaggregate the Group’s revenue by reporting segment. The table below presents the results for the six months ended 30 September 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ from ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ contracts ​ ​ ​ ​ ​ Total ​ ​ ​ ​ Service Equipment with Other Interest segment Adjusted ​ ​ revenue ​ revenue ​ customers ​ revenue 1 ​ revenue ​ revenue ​ EBITDAaL ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Six months ended 30 September 2024 Germany 5,500 ​ 443 ​ 5,943 ​ 171 ​ 8 ​ 6,122 2,290 UK 2,891 ​ 517 ​ 3,408 ​ 14 ​ 26 ​ 3,448 707 Other Europe 2,410 ​ 322 ​ 2,732 ​ 61 ​ 11 ​ 2,804 784 Turkey 1,103 ​ 285 ​ 1,388 ​ 3 ​ — ​ 1,391 ​ 394 Africa 2,951 ​ 509 ​ 3,460 ​ 228 ​ 17 ​ 3,705 ​ 1,214 Common Functions 2 ​ 322 ​ 21 ​ 343 ​ 562 ​ 1 ​ 906 ​ 22 Eliminations (68) ​ — ​ (68) ​ (32) ​ — ​ (100) ​ — Group ​ 15,109 ​ 2,097 ​ 17,206 ​ 1,007 ​ 63 ​ 18,276 ​ 5,411 Notes: 1. Other revenue includes lease revenue recognised under IFRS 16 ‘Leases’. 2. Comprises central teams and business functions. ​ 2 Segmental analysis (continued) The table below presents the comparative information for the six months ended 30 September 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ from ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ contracts ​ ​ ​ ​ ​ Total ​ ​ ​ ​ Service Equipment with Other Interest segment Adjusted ​ ​ revenue ​ revenue ​ customers ​ revenue 1 ​ revenue ​ revenue ​ EBITDAaL ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Six months ended 30 September 2023 Re-presented 2 Germany 5,722 503 6,225 173 7 6,405 2,527 UK 2,822 526 3,348 17 12 3,377 640 Other Europe 2,366 285 2,651 21 7 2,679 766 Turkey ​ 828 ​ 297 ​ 1,125 ​ 3 ​ — ​ 1,128 ​ 254 Africa 2,924 473 3,397 178 15 3,590 1,241 Common Functions 3 282 24 306 624 (1) 929 (1) Eliminations ​ (83) ​ — ​ (83) ​ (42) ​ — ​ (125) ​ — Group ​ 14,861 ​ 2,108 ​ 16,969 ​ 974 ​ 40 ​ 17,983 ​ 5,427 Notes: 1. Other revenue includes lease revenue recognised under IFRS 16 ‘Leases’. 2. The results for the six months ended 30 September 2023 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are reported as discontinued operations and are therefore excluded. See note 5 ‘Discontinued operations and assets held for sale’ for more information. 3. Comprises central teams and business functions. A reconciliation of Adjusted EBITDAaL, the Group’s measure of segment profit, to the Group’s profit before taxation for the financial period is shown below. ​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ ​ ​ Re-presented 1 ​ ​ 2024 ​ 2023 ​ €m €m Adjusted EBITDAaL 5,411 5,427 Restructuring costs (58) (102) Interest on lease liabilities 220 217 Loss on disposal of property, plant and equipment and intangible assets ​ (12) ​ (18) Depreciation and amortisation on owned assets ​ (3,672) ​ (3,613) Share of results of equity accounted associates and joint ventures ​ (40) ​ (51) Impairment reversal ​ — ​ 64 Other income/(expense) 2 ​ 533 ​ (67) Operating profit 2,382 1,857 Investment income 3 566 368 Financing costs 4 (843) (1,395) Profit before taxation ​ 2,105 ​ 830 Notes 1. The results for the six months ended 30 September 2023 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 5 ‘Discontinued operations and assets held for sale’ for more information. 2. Principally comprises a gain of € 714 million in respect of the disposal of part of the Group’s interest in Indus Towers Limited (‘Indus’) (see note 10 ‘Disposals’ for further details), partially offset by € 238 million in respect of security arrangements provided to Indus over the Group's 3.0% interest in Indus. 3. Includes gains of € 242 million from debt and equity securities held at Fair value through profit and loss. 4. Includes a gain of € 238 million from the early redemption of bonds prior to their maturity dates. ​ 2 Segmental analysis (continued) The Group’s non-current assets are disaggregated as follows: ​ ​ ​ ​ ​ ​ ​ 30 September 31 March ​ ​ 2024 ​ 2024 ​ ​ €m ​ €m Non-current assets 1 Germany 42,253 42,931 UK 7,871 6,863 Other Europe 7,424 7,564 Turkey 1,784 1,644 Africa 6,579 6,377 Common Functions 2,242 1,972 Group 68,153 67,351 Note: 1. Comprises goodwill, other intangible assets and property, plant and equipment .

Impairment review

Impairment review	6 Months Ended
	Sep. 30, 2024
Impairment review
Impairment review	3 Impairment review A value in use assessment was performed for Vodafone Germany as at 30 September 2024. Vodafone Germany’s estimated recoverable amount exceeds the carrying value by €0.5 billion as at 30 September 2024 (31 March 2024: €2.3 billion). If the assumptions used in the impairment review were changed to a greater extent than as presented in the following table, the changes would, in isolation, lead to an impairment loss being recognised for the six months ended 30 September 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Key assumptions used in the Change required for value in ​ ​ value in use calculation ​ use to equal the carrying value ​ ​ 30 September ​ 31 March ​ 30 September ​ 31 March ​ ​ 2024 ​ 2024 ​ 2024 ​ 2024 ​ % % pps pps Pre-tax discount rate 7.5 8.3 0.1 0.5 Long-term growth rate 1.2 1.0 (0.1) (0.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ Projected adjusted 5 year adjusted EBITDAaL CAGR 1 2.3 2.4 (0.2) (1.2) Projected capital expenditure 1 16.9 - 20.0 17.4 - 19.9 0.8 3.9 Note: 1. Projected adjusted EBITDAaL CAGR is the compound annual growth rate from the end of FY25 of Vodafone Germany’s business plan after the incremental commercial investment. Projected capital expenditure (which excludes licences and spectrum) is expressed as capital expenditure as a percentage of revenue for the 5 years following FY25 in the business plan.

Taxation

Taxation	6 Months Ended
	Sep. 30, 2024
Taxation
Taxation	4 Taxation ​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ ​ ​ Re-presented 1 ​ ​ 2024 ​ 2023 ​ €m €m United Kingdom corporation tax (expense)/income ​ ​ ​ ​ Current period ​ (44) (38) Adjustments in respect of prior periods ​ 2 (19) Overseas current tax (expense)/income ​ ​ ​ ​ Current period ​ (551) ​ (394) Adjustments in respect of prior periods ​ 39 — Total current tax expense (554) (451) ​ ​ ​ ​ ​ Deferred tax on origination and reversal of temporary differences ​ ​ ​ ​ United Kingdom deferred tax (27) (24) Overseas deferred tax (319) (271) Total deferred tax expense (346) (295) Total income tax expense (900) (746) Note: 1. The results for the six months ended 30 September 2023 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are reported as discontinued operations. See note 5 ‘Discontinued operations and assets held for sale’ for more information. Deferred tax on losses in Luxembourg The tax charge for the six months ended 30 September 2024 includes a deferred tax charge of €319 million on the use of losses in Luxembourg. The Group does not currently recognise deferred tax assets forecasted to be used 60 years beyond the balance sheet date. Reductions in intercompany borrowing and a minor decrease in base rate yields means that the period over which we expect to recover the losses is 53 to 58 years, slightly higher than the 52 to 57 years disclosed as at 31 March 2024. The actual use of these losses and the period over which they may be used is dependent on many factors including the level of profitability in Luxembourg, changes in tax law and any changes to the structure of the Group. Further details about the Group’s tax losses can be found in Note 6 ‘Taxation’ to the consolidated financial statements of Vodafone Group Plc for the year ended 31 March 2024.

Discontinued operations and ass

Discontinued operations and assets held for sale	6 Months Ended
	Sep. 30, 2024
Discontinued operations and assets held for sale
Discontinued operations and assets held for sale	5 Discontinued operations and assets held for sale Discontinued operations Where operations constitute a separately reportable segment and have been disposed of, or are classified as held for sale, the Group classifies such operations as discontinued. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the Consolidated income statement. Discontinued operations are also excluded from segment reporting. All other notes to the Condensed consolidated financial statements include amounts for continuing operations, unless indicated otherwise. Transactions between the Group's continuing and discontinued operations are eliminated in full in the Consolidated income statement. To the extent that the Group considers that the commercial relationships with discontinued operations will continue post-disposal, transactions are reflected within continuing operations with an opposite charge or credit reflected within the results of discontinued operations resulting in a net nil impact on the Group’s Profit for the financial year for the years presented. On 31 October 2023, the Group announced that it had entered into binding agreements with Zegona Communications plc (’Zegona’) in relation to the disposal of 100% of Vodafone Holdings Europe, S.L.U. (‘Vodafone Spain’). On 31 May 2024, the Group announced it had completed the disposal of Vodafone Spain. See note 10 ‘Disposals’. 5 Discontinued operations and assets held for sale (continued) On 15 March 2024, the Group announced that it had entered into a binding agreement with Swisscom AG (‘Swisscom’) in relation to the disposal of 100% of Vodafone Italia S.p.A. (’Vodafone Italy’). The expected completion of the disposal is in early 2025. Consequently, the results of Vodafone Spain and Vodafone Italy are reported as discontinued operations. The assets and liabilities of Vodafone Italy are presented as held for sale in the consolidated statement of financial position. A summary of the results of these discontinued operations is below. ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ 2024 2023 ​ ​ €m ​ €m Profit/(loss) for the financial period - Discontinued operations ​ Vodafone Spain 1 76 (187) ​ Vodafone Italy (60) (52) ​ Total 16 (239) ​ Earnings/(loss) per share - Discontinued operations ​ - Basic 0.06 c (0.88) c - Diluted 0.06 c (0.88) c Note: 1. The results for Vodafone Spain are for the two months to 31 May 2024 when the sale concluded. Segment analysis of discontinued operations Vodafone Spain The results of discontinued operations in Spain are detailed below. ​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ 2024 ​ 2023 ​ €m €m Revenue 603 1,887 Cost of sales (321) (1,511) Gross profit 282 376 Selling and distribution expenses (27) (150) Administrative expenses (34) (328) Net credit losses on financial assets (15) (51) Operating profit/(loss) 206 (153) Investment income 3 — Financing costs (8) (35) Profit/(loss) before taxation 201 (188) Income tax credit — 1 Profit/(loss) after tax of discontinued operations 201 (187) Loss on sale of disposal group (125) — Profit/(loss) for the financial period from discontinued operations 76 (187) Total comprehensive income/(expense) for the financial period from discontinued operations Attributable to owners of the parent 77 (184) ​ On 31 May 2024, the Group announced that it had completed the disposal of Vodafone Spain. See note 10 ‘Disposals’ for more information. ​ 5 Discontinued operations and assets held for sale (continued) Segment analysis of discontinued operations Vodafone Italy The results of discontinued operations in Italy are detailed below. ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ 2024 ​ 2023 ​ €m €m Revenue 2,210 2,269 Cost of sales (840) (1,750) Gross profit 1,370 519 Selling and distribution expenses (114) (121) Administrative expenses (246) (426) Net credit losses on financial assets (26) (20) Other expense — (1) Operating profit / (loss) 984 (49) Financing costs (45) (43) Profit/(loss) before taxation 939 (92) Income tax (expense) / credit (260) 40 Profit/(loss) after tax of discontinued operations 679 (52) After tax loss on the re-measurement of disposal group (739) — Loss for the financial period from discontinued operations (60) (52) Total comprehensive expense for the financial period from discontinued operations Attributable to owners of the parent (56) (50) ​ The consideration for Vodafone Italy is comprised of €8 billion cash to be paid on completion. A proportion of the consideration is related to future services to be provided by the Group to Swisscom. For the period ended 30 September 2024, the Group recorded a non-cash charge of €739 million (pre and post-tax), included in discontinued operations, as a result of the re-measurement of Vodafone Italy to its fair value less costs to sell. The charge mostly results from the non-recognition of €976 million (€701 million net of tax) depreciation and amortisation of Non-current assets from the date Vodafone Italy was classified as held for sale. The fair value of the Group’s equity interest at 30 September 2024 was determined with reference to the consideration expected to be received from the agreed disposal to Swisscom, less adjustments for estimated completion adjustments, consideration for future services to be received by Swisscom from the Group and the elimination of intercompany debt. This approach was considered to result in a level 2 valuation in accordance with IFRS 13 as, certain completion related adjustments and estimates of the value of the future services to be provided, are not observable. ​ 5 Discontinued operations and assets held for sale (continued) Assets held for sale Assets and liabilities held for sale at 31 March 2024 comprised Vodafone Spain and Vodafone Italy. Assets and liabilities held for sale at 30 September 2024 comprised Vodafone Italy. The relevant assets and liabilities are detailed in the table below. ​ ​ ​ ​ ​ ​ ​ 30 September 31 March ​ ​ 2024 ​ 2024 ​ ​ €m ​ €m Non-current assets Goodwill 1,674 2,398 Other intangible assets 3,416 4,318 Property, plant and equipment 4,895 9,264 Other investments — 2 Deferred tax assets 208 461 Trade and other receivables 143 390 ​ 10,336 16,833 Current assets Inventory 117 173 Taxation recoverable 76 77 Trade and other receivables 1,130 1,922 Cash and cash equivalents 28 42 ​ 1,351 2,214 Assets held for sale 11,687 19,047 Non-current liabilities Borrowings 1,387 2,387 Deferred tax liabilities — 3 Post employment benefits 36 45 Provisions 120 273 Trade and other payables 92 163 ​ 1,635 2,871 Current liabilities Borrowings 727 1,019 Taxation liabilities 12 12 Provisions 82 90 Trade and other payables 1,440 2,926 ​ 2,261 4,047 Liabilities held for sale 3,896 6,918 ​

Earnings per share

Earnings per share	6 Months Ended
	Sep. 30, 2024
Earnings per share [abstract]
Earnings per share	6 Earnings per share ​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ 2024 ​ 2023 ​ Millions Millions Weighted average number of shares for basic earnings per share ​ 26,718 ​ 27,033 Effect of dilutive potential shares: restricted shares and share options 110 — Weighted average number of shares for diluted earnings per share 26,828 27,033 ​ ​ ​ ​ ​ ​ Earnings per share attributable to owners of the parent during the period ​ ​ ​ ​ Six months ended 30 September ​ ​ ​ Re-presented 1 ​ ​ 2024 ​ 2023 ​ €m €m Profit/(loss) for earnings per share from continuing operations attributable to owners 1,048 (107) Profit/(loss) for earnings per share from discontinued operations attributable to owners 16 (239) Profit/(loss) for basic and diluted earnings per share 1,064 (346) ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ eurocents eurocents Basic earnings/(loss) per share from continuing operations 3.92 ​ (0.40) Basic earnings/(loss) per share from discontinued operations 0.06 ​ (0.88) Basic earnings/(loss) per share 3.98 ​ (1.28) ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ ​ eurocents ​ eurocents Diluted earnings/(loss) per share from continuing operations 3.91 ​ (0.40) Diluted earnings/(loss) per share from discontinued operations 0.06 ​ (0.88) Diluted earnings/(loss) per share 3.97 ​ (1.28) Note: 1. The results for the six months ended 30 September 2023 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are reported as discontinued operations. See note 5 ‘Discontinued operations and assets held for sale’ for more information.

Dividends

Dividends	6 Months Ended
	Sep. 30, 2024
Dividends.
Dividends	7 Dividends ​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ 2024 ​ 2023 ​ €m €m Declared during the financial period: ​ ​ ​ ​ Final dividend for the year ended 31 March 2024: 4.50 eurocents per share (2023: 4.50 eurocents per share) 1,212 1,215 Proposed after the end of the reporting period and not recognised as a liability: ​ ​ ​ ​ Interim dividend for the year ending 31 March 2025: 2.25 eurocents per share (2024: 4.50 eurocents per share) 585 1,218 ​

Joint ventures and associates

Joint ventures and associates	6 Months Ended
	Sep. 30, 2024
Joint ventures and associates
Joint ventures and associates	8 Joint ventures and associates ​ ​ ​ ​ ​ ​ ​ 30 September 31 March ​ ​ 2024 ​ 2024 ​ ​ €m ​ €m Oak Holdings 1 GmbH ​ 6,104 ​ 7,620 VodafoneZiggo Group Holdings B.V. ​ 458 ​ 516 TPG Telecom Limited ​ — ​ (2) Other ​ 64 ​ 69 Investments in joint ventures ​ 6,626 ​ 8,203 Safaricom PLC ​ 423 ​ 627 Indus Towers Limited 1 ​ — ​ 1,104 Other 41 98 Investments in associates 464 1,829 Investments in joint ventures and associates ​ 7,090 ​ 10,032 TPG Telecom Limited ​ (49) ​ — Share of net liabilities in joint ventures and associates (49) — Note: 1. In June 2024, the Group announced the sale of an 18% stake in Indus Towers Limited (‘Indus’) through an accelerated book-building offering (‘placing’). Following the placing, Indus is no longer classified as an associate and the remaining investment is included in Other investments.

Reconciliation of net cash flow

Reconciliation of net cash flow from operating activities	6 Months Ended
	Sep. 30, 2024
Reconciliation of net cash flow from operating activities
Reconciliation of net cash flow from operating activities	9 Reconciliation of net cash flow from operating activities ​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ ​ ​ Re-presented 1 ​ ​ 2024 ​ 2023 ​ €m €m Profit for the financial period ​ 1,205 ​ 84 Investment income ​ (566) (368) Financing costs ​ 843 1,395 Income tax expense ​ 900 746 Operating profit ​ 2,382 1,857 Adjustments for: ​ ​ ​ Share-based payments and other non-cash charges ​ 68 54 Depreciation and amortisation ​ 5,238 5,117 (Gain)/loss on disposal of property, plant and equipment and intangible assets ​ (1) 17 Share of results of equity accounted associates and joint ventures ​ 40 51 Impairment reversal ​ — ​ (64) Other (income)/expense ​ (533) 67 Increase in inventory ​ (107) (64) Increase in trade and other receivables ​ (1,356) (1,154) Decrease in trade and other payables ​ (784) ​ (1,151) Cash generated by operations ​ 4,947 4,730 Taxation ​ (393) ​ (472) Cashflows from discontinued operations ​ 1,090 1,286 Net cash flow from operating activities ​ 5,644 5,544 Note: 1. The results for the six months ended 30 September 2023 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are reported as discontinued operations. See note 5 ‘Discontinued operations and assets held for sale’ for more information.

Disposals

Disposals	6 Months Ended
	Sep. 30, 2024
Disposals
Disposals	10 Disposals Summary of the disposal of subsidiaries The difference between the carrying value of the net assets disposed of and the fair value of consideration received is recorded as a gain or loss on disposal. Foreign exchange translation gains or losses relating to subsidiaries, joint arrangements and associates that the Group has disposed of, and that have previously been recorded in other comprehensive income or expense, are also recognised as part of the gain or loss on disposal. Aggregate cash consideration in respect of the disposal of subsidiaries, net of cash disposed, for the six months ended 30 September 2024 was €3,578 million (six months ended 30 September 2023: €67m), comprising cash received for the disposal of subsidiaries of €3,669 million, primarily in relation to the disposal of Vodafone Spain, less cash disposed of €91 million. Vodafone Spain On 31 May 2024, the Group announced it had completed the sale of Vodafone Holdings Europe, S.L.U. (‘Vodafone Spain’) to Zegona Communications plc (‘Zegona’) for €4,069 million in cash (subject to closing accounts adjustments) and up to €900 million of non-cash consideration in the form of redeemable preference shares. €400 million of the cash received relates to future services to be provided by the Group to Zegona and has been deferred on the Group’s Statement of financial position. The table below summarises the net assets disposed and the resulting loss on disposal of €125 million. ​ ​ ​ ​ ​ €m Other intangible assets (996) Property, plant and equipment (5,058) Other investments (3) Inventory (40) Trade and other receivables (1,033) Cash and cash equivalents (91) Current and deferred taxation 2 Borrowings 1,205 Trade and other payables 1,143 Provisions 181 Net assets disposed (4,690) Cash proceeds 1 3,669 Non-cash consideration (Zegona shares) 2 807 Other effects 89 Net loss on disposal 3 (125) Note: 1. Excludes €400 million of consideration related to future services to be provided by the Group to Zegona. 2. The non-cash consideration comprises an investment in Zegona shares with a fair value of €807 million at the transaction date. See note 11 ‘Fair value of financial instruments’ for further information. 3. Included in Profit/(loss) for the financial period – Discontinued operations in the Consolidated income statement. Summary of the disposal of joint ventures and associates The aggregate cash consideration in respect of disposals of joint ventures and associates is as follows: ​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ 2024 ​ 2023 ​ ​ €m ​ €m Cash consideration received Vantage Towers 1,336 500 Indus Towers Limited 1,684 — ​ 3,020 500 ​ 10 Disposals (continued) Vantage Towers On 22 July 2024, the Group announced the sale of a further 10% stake in Oak Holdings GmbH, the partnership that co-controls Vantage Towers, for €1,336 million. Oak Holdings GmbH owns 89.3% of Vantage Towers. A net gain on disposal of €26 million has been recorded within Other income/expense in the Consolidated income statement. Indus Towers On 19 June 2024, the Group announced the sale of an 18% stake in Indus Towers Limited (‘Indus’) through an accelerated book-building offering (‘placing’). The placing raised INR 153.0 billion (€1,684 million) in gross proceeds. Following the placing, the Group de-recognised its remaining associate investment in Indus, which is now classified as an Other Investment recorded at fair value through profit and loss. A net gain on disposal of €714 million has been recorded within Other income/expense in the Consolidated income statement.

Fair value of financial instrum

Fair value of financial instruments	6 Months Ended
	Sep. 30, 2024
Fair value of financial instruments
Fair value of financial instruments	11 Fair value of financial instruments ​ ​ ​ ​ ​ ​ ​ 30 September 31 March ​ ​ 2024 ​ 2024 ​ ​ €m ​ €m Financial assets at fair value 1 ​ ​ ​ ​ Money market funds (included within Cash and cash equivalents) 2 ​ 2,013 ​ 2,015 Debt and equity securities (included within Other investments) 3 ​ 6,149 ​ 3,749 Derivative financial instruments (included within Trade and other receivables) 4,5 ​ 3,962 ​ 4,226 Trade receivables at fair value through Other comprehensive income (included with Trade and other receivables) 6 ​ 1,123 ​ 735 ​ ​ 13,247 ​ 10,725 ​ ​ ​ ​ ​ Financial liabilities at fair value 1 ​ ​ ​ ​ Derivative financial instruments (included within Trade and other payables) 4,5 ​ 2,031 ​ 1,524 Financial guarantee (included within Trade and other payables) 7 ​ 238 ​ — ​ ​ 2,269 ​ 1,524 Notes: 1. The fair value of assets and liabilities are classified in the Fair Value hierarchy as follows: Level 1 comprises items where the fair value is determined by unadjusted quoted prices in active markets. Level 2 comprises items where the fair value is determined from inputs other than quoted prices, that are observable for the asset or liability, either directly or indirectly by unadjusted market quoted prices in active markets and market accepted valuation techniques. Level 3 comprises items where the fair value is determined by including one or more unobservable inputs to the valuation methodology. 2. Items are measured at fair value and the valuation basis is Level 1. 3. Quoted debt and equity securities of €2,991 million (31 March 2024: €1,687 million) are measured at fair value and classified as Level 1. Further equity and debt securities of €2,140 million (31 March 2024: €2,062 million) are measured at fair value and classified as Level 2. The remaining balance represents the Group’s investments in Zegona ordinary shares of €915 million (31 March 2024: € nil ) and convertible loan notes of €103 million, measured at fair value and classified as Level 3 due to some of the inputs to the valuation model being unobservable inputs. 4. Derivative financial assets and liabilities are measured at fair value and classified as Level 2. 5. €3,772 million (31 March 2024: €4,011 million) of derivative financial assets and €1,912 million (31 March 2024: €1,468 million) of derivative financial liabilities are classified as Non-current. 6. Trade receivables at fair value through Other comprehensive income are measured at fair value and classified as Level 2. Of this, €461 million (31 March 2024: €294 million) are classified as Non-current. 7. Financial guarantee is a secondary pledge over the shares owned by Vodafone Group in Indus Towers, ranking behind the Group’s existing lenders for the outstanding bank borrowings secured against Indian assets. This is measured at fair value and classified as Level 2. The fair value of the Group's financial assets held at amortised cost approximates to their fair value. The fair value of the Group's financial liabilities held at amortised cost approximate to fair value with the exception of outstanding bonds with a carrying value of €39,522 million (31 March 2024: €40,743 million). These bonds have a fair value at 30 September of €36,550 million (31 March 2024: €37,144 million), based on Level 1 of the fair value hierarchy. ​ 11 Fair value of financial instruments (continued) Level 3 financial instruments Investment in Zegona ordinary shares Following the completion of the sale of Vodafone Spain on 31 May 2024 (See note 10 ‘Disposals’), the Group received the non-cash consideration component in the form of €900 million Redeemable Preference Shares (‘RPS’) issued by EJLSHM Funding Ltd (‘EJLSHM’). The RPS will be redeemed 6 years after completion, or earlier if there is a material liquidity event or exit from Zegona that releases funds to its shareholders. The RPS have a nominal value, including accrued interest, of €915 million at 30 September 2024. EJLSHM subscribed for new ordinary shares in Zegona, equivalent to the value of the RPS, the future proceeds from which will be used to repay the RPS. Per the contractual arrangement, these ordinary shares do not carry voting rights, and their value is capped at the nominal value, including accrued interest, of the RPS. EJSHM is a consolidated special purpose entity for the Group, resulting in the elimination of the RPS and the recognition of an investment in the Zegona shares for the Group. The Zegona shares are recorded at fair value through profit and loss and have a fair value of €915 million on 30 September 2024. The valuation approach for the Zegona shares reflects the contractual terms of the RPS arrangement and utilises a bespoke option model which draws on observable Level 2 market data inputs, including bond yields, share prices, and foreign exchange rates. The model also includes certain key inputs that requires judgement. These include the timing on when EJLSHM will sell its shares in Zegona to settle its RPS liability to the Group, Zegona’s share price volatility and the share’s expected dividend yield. The only judgement that has a material impact on the valuation is the Zegona share price volatility. An increase/(decrease) of the share price volatility by 10% would (decrease)/increase the valuation by €35 million /€nil (due to fair value being capped at the nominal value of the RPS, including accrued interest) at 30 September 2024. Convertible loan notes (‘CLN’) Vodafone invested US$25 million in CLN on 22 January 2024 with a maturity date of 22 January 2034. The CLN has a conversion feature which allows, in whole or in part, for the outstanding principal and interest to be converted into fully paid shares of AST SpaceMobile, Inc. (‘ASTS’). The investment is accounted for at fair value through profit or loss, with its fair value at 30 September 2024 of €103 million, included within equities and debt securities. Both Vodafone and ASTS have the option to convert the CLN to shares at any time after twelve months following the initial closing. ASTS’s option is subject to certain conditions. The valuation uses a Monte Carlo simulation with Level 2 inputs being the ASTS’s market share price, risk-free-rate, share price volatility and the effective interest rate. Level 3 inputs do not have a material impact on the valuation.

Contingent liabilities and lega

Contingent liabilities and legal proceedings	6 Months Ended
	Sep. 30, 2024
Contingent liabilities and legal proceedings
Contingent liabilities and legal proceedings	12 Contingent liabilities and legal proceedings Note 29 ‘Contingent liabilities and legal proceedings’ to the consolidated financial statements of Vodafone Group Plc for the year ended 31 March 2024 sets forth the Group’s contingent liabilities and legal proceedings as of 31 March 2024. There have been no material changes to the Group’s contingent liabilities or legal proceedings during the period covered by this report, except as disclosed below. Legal proceedings South Africa: Kenneth Makate v Vodacom (Pty) Limited Mr Kenneth Makate, a former employee of Vodacom (Pty) Limited (‘Vodacom South Africa’), started legal proceedings in 2008 claiming compensation for a business idea that led to the development of a service known as ‘Please Call Me’ (‘PCM’). In July 2014, the Gauteng High Court (‘the High Court’) ruled that Mr Makate had proven the existence of a contract, but that Vodacom South Africa was not bound by that contract because the responsible director did not have authority to enter into such an agreement on Vodacom South Africa’s behalf. The High Court and Supreme Court of Appeal (‘the SCA’) turned down Mr Makate’s application for leave to appeal in December 2014 and March 2015, respectively. In April 2016, the Constitutional Court of South Africa (‘the Constitutional Court’) granted leave to appeal and upheld Mr Makate’s appeal. It found that Vodacom South Africa is bound by the agreement and ordered the parties to negotiate, in good faith, and agree a reasonable compensation amount payable to Mr Makate or, in the event of a deadlock, for the matter to be referred to Vodacom Group’s Chief Executive Officer (‘the CEO’) to determine such compensation amount. Mr Makate’s application for the aforementioned order to be varied from the determination of an amount to a compensation model based on a share of revenue was dismissed by the Constitutional Court. In accordance with the Constitutional Court order, and after negotiations failed, the CEO issued his determination on 9 January 2019. However, the CEO’s award of R47million (€2.4 million) was rejected by Mr Makate, who subsequently brought an application in the High Court for the review of the CEO’s determination and award. The High Court, in a judgement delivered on 8 February 2022, set aside the CEO’s determination and ordered him to reassess the amount employing a set of criteria which would have resulted in the payment of a higher compensation amount, for the benefit of Mr Makate, than that determined by the CEO. Vodacom South Africa appealed against the judgement and the order of the High Court to the SCA. The SCA heard the appeal on 9 May 2023 and its judgement was handed down on 6 February 2024. A majority of three judges, with a minority of two judges dissenting, dismissed the appeal and ruled that Mr Makate is entitled to be paid 5% - 7.5% of the total revenue of the PCM product from March 2001 to the date of the judgement, plus interest. On 27 February 2024, Vodacom South Africa applied for leave to appeal the judgement and order of the SCA to the Constitutional Court, resulting in the suspension of the operation of the judgement and order of the SCA. On 26 August 2024, the Constitutional Court issued a directive that it will hear Vodacom South Africa’s application for leave to appeal in tandem with its appeal against the SCA judgement and order. The record of the proceedings in the SCA, with relevant annotations, was filed in the Constitutional Court on 26 September 2024. Vodacom South Africa, as the applicant, filed its written arguments on 10 October 2024 and Mr Makate filed his response on 18 October 2024. The matter will be heard by the Constitutional Court on 21 November 2024. Vodacom South Africa is challenging the SCA’s judgement and order on various grounds including, but not limited to the SCA ignoring the evidence placed before it on the computation of the quantum of compensation payable to Mr Makate, and the SCA issuing orders that are incapable of being implemented and enforced. The CEO’s determination in 2019 amounted to R47 million (€2.4 million). The minority judgement of the SCA raised Mr Makate’s compensation to an amount payable of R186 million (€9.6 million) The value of the compensation amount for Mr Makate, as per the SCA’s majority judgement and order, would at a minimum be R29 billion (€1.5 billion). Mr Makate, in his recent submissions to the Constitutional Court, has stated that his request is for compensation in the capital amount of R9.4 billion (€493 million), plus interest from 18 January 2019. Consequently, the range of the possible compensation outcomes in this matter is very wide. The amount ultimately payable to Mr Makate is uncertain and will depend on the success of Vodacom South Africa’s appeal against the judgement and order of the SCA, on the merits of the case. The Group is continuing to challenge the level of compensation payable to Mr Makate and a provision immaterial to the financial statements has been recorded. ​

Related party transactions

Related party transactions	6 Months Ended
	Sep. 30, 2024
Related party transactions
Related party transactions	13 Related party transactions Related party transactions with the Group’s joint arrangements and associates primarily comprise fees for the use of products and services including network airtime and access charges, fees for the provision of network infrastructure and cash pooling arrangements. No related party transactions have been entered into during the period which might reasonably affect any decisions made by the users of these unaudited condensed consolidated financial statements except as disclosed below. ​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ 2024 ​ 2023 ​ €m €m Sales of goods and services to associates 11 15 Purchase of goods and services from associates 2 3 Sales of goods and services to joint arrangements 158 133 Purchase of goods and services from joint arrangements 362 392 Interest income receivable from joint arrangements 1 25 26 Interest expense payable to joint arrangements 1 ​ 144 ​ 109 ​ ​ ​ ​ ​ ​ ​ ​ 30 September ​ 31 March ​ ​ 2024 ​ 2024 Trade balances owed: ​ ​ ​ by associates 9 19 to associates 1 1 by joint arrangements 208 190 to joint arrangements 359 379 Other balances owed by joint arrangements 1 1,386 1,105 Other balances owed to joint arrangements 2 5,349 4,940 Notes: 1. Amounts arise primarily through VodafoneZiggo and Oak Holdings 1 GmbH. Interest is paid/received in line with market rates. 2. Amounts are primarily in relation to leases of tower space from Oak Holdings 1 GmbH. In the six months ended 30 September 2024, the Group made contributions to defined benefit pension schemes of €23 million (Six months ended 30 September 2023: €26 million). In the six months ended 30 September 2024, dividends of €0.8 million were paid to Board and Executive Committee members (Six months ended 30 September 2023: €1.0 million). Dividends received from joint ventures and associates are disclosed in the consolidated statement of cash flows.

Subsequent events

Subsequent events	6 Months Ended
	Sep. 30, 2024
Subsequent events
Subsequent events	14 Subsequent events On 14 November 2024, Vodafone Group Plc announced that it will commence the third tranche of a share repurchase programme of ordinary shares up to a maximum consideration of €500 million ending no later than 3 February 2025.

Basis of preparation (Policies)

Basis of preparation (Policies)	6 Months Ended
	Sep. 30, 2024
Basis of preparation
Going concern	Going concern The Group has a robust liquidity position as at 30 September 2024 with €6.9 billion of cash and cash equivalents and €4.1 billion of liquid short-term investments available, together with undrawn revolving credit facilities of €7.6 billion, which cover all the Group’s reasonably expected cash requirements over the going concern period. The Directors have reviewed trading and liquidity forecasts for the Group, which were based on current trading conditions, and considered a variety of scenarios. As a result of the assessment performed, the Directors have concluded that the Group is able to continue in operation for the period up to and including December 2025 and that it is appropriate to continue to adopt the going concern basis in preparing the unaudited condensed consolidated financial statements.
Critical accounting judgements and estimates	Critical accounting judgements and estimates The Group’s critical accounting judgements and estimates are disclosed in the Group’s Annual Report on Form 20-F for the year ended 31 March 2024. Judgements relating to potential indicators of impairment The Group performs its annual impairment test for goodwill and indefinite lived intangible assets as at 31 March. At interim reporting periods the Group performs a review to identify any indicator of impairment that may indicate that the carrying amount of any of the Group’s cash generating units (‘CGUs’) may not be recoverable. As part of this assessment as at 30 September 2024, the Group reviewed the key assumptions underlying the value in use valuations used in the annual impairment test at 31 March 2024. This included the year-to-date and expected future performance of the Group’s CGUs, as well as considering the valuation implications of changes in other factors such as discount rates and the assessment of long term growth rates. As a result of operating trends in the half year, a value in use assessment was performed for Vodafone Germany as at 30 September 2024. See note 3 ‘Impairment review’. The Group’s review of the potential impact of indicators of impairment did not indicate that the carrying amount of any of the Group’s CGUs, including Vodafone Germany, was not recoverable as at 30 September 2024.
Hyperinflationary economies	Hyperinflationary economies The Turkish and Ethiopian economies were designated as hyperinflationary from 30 June 2022 and 31 December 2022, respectively. The Group has applied IAS 29 ‘Financial Reporting in Hyperinflationary Economies’ to its Turkish and Ethiopian operations whose functional currencies are Turkish lira and Ethiopian birr from 1 April 2022. In applying IAS 29, the Turkish lira and Ethiopian birr results and non-monetary asset and liability balances for relevant financial periods have been revalued to their present value equivalent local currency amounts at the reporting date, based on the consumer price indexes issued by the Turkish Statistical Institute and the Central Statistics Agency of Ethiopia, respectively. Comparative periods are not restated per IAS 21 ‘The Effects of Changes in Foreign Exchange rates’. The respective indices have risen by 18.07% and 6.10% (2023: 30.08% and 12.09%) during the six months ended 30 September 2024. The revalued balances are translated to euros at the reporting date exchange rate of €1 : 38.15 TRL and €1 : 132.80 ETB (2023: €1 : 29.03 TRL and €1 : 58.73 ETB), respectively, applying IAS 21. For the Group’s operations in Turkey: ● The gain or loss on the revaluation of net monetary assets resulting from IAS 29 application is recognised in the Consolidated income statement within Other income. ● The Group also presents the gain or loss on cash and cash equivalents as monetary items together with the effect of inflation on operating, investing and financing cash flows as one number in the Consolidated statement of cash flows. ● The Group has presented the equity revaluation effects and the impact of currency movements within other comprehensive income as such amounts are judged to meet the definition of ‘exchange differences’. For Safaricom’s operations in Ethiopia, the impacts are reflected as an increase to Investments in associates and joint ventures in the Consolidated statement of financial position and an increase to Share of results of equity accounted associates and joint ventures recognised in the Consolidated income statement. The main impacts of the aforementioned adjustments for the Group’s Turkish and Ethiopian operations on the Consolidated financial statements are shown below. ​ ​ ​ ​ ​ ​ ​ Increase/(decrease) ​ ​ 2024 2023 Impact on the consolidated income statement for the six months ended 30 September ​ €m ​ €m Revenue 5 ​ 35 Operating profit 1 (154) ​ (5) Profit for the financial period 1 (225) ​ (140) ​ ​ ​ ​ ​ ​ ​ Increase/(decrease) ​ 30 September 31 March ​ ​ 2024 ​ 2024 Impact on the consolidated statement of financial position ​ €m ​ €m Net assets 907 981 Equity attributable to owners of the parent 872 913 Non-controlling interests 35 68 Note: 1. In addition, it is likely that Egypt will meet the requirements to be designated as a hyperinflationary economy under IAS 29 in the coming months. If the Egyptian economy is designated as hyperinflationary, the Group’s financial reporting relating to its operations in Egypt will be reported in accordance with IAS 29 applying the Group’s policy detailed above.
New accounting pronouncements adopted	New accounting pronouncements adopted On 1 April 2024, the Group adopted certain new accounting policies where necessary to comply with amendments with IFRS, none of which had a material impact on the consolidated results, financial position or cash flows of the Group, except as described below. Further details are provided in the Group’s Annual Report on Form 20-F for the year ended 31 March 2024. Amendments to IAS 1 ‘Presentation of Financial Statements’ The Group previously classified balances relating to certain bonds as current liabilities if it was the Group’s intention to exercise options to redeem them within 12 months of the reporting date. Following the adoption of the IAS 1 amendments on 1 April 2024, bonds that are repayable in more than 12 months are classified as Non-current liabilities regardless of any intention to redeem the bonds early. The impact of adopting the amendments on the consolidated statement of financial position at 31 March 2024 is that €931 million
Operating segments	Operating segments The Group’s operating segments are established on the basis of those components of the Group that are evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Group has determined the chief operating decision maker to be its Group Chief Executive. The Group has a single group of similar services and products, being the supply of communications services and related products. In October 2023, the Group announced the disposal of Vodafone Spain which completed on 31 May 2024. In March 2024, the Group announced the planned disposal of Vodafone Italy. Consequently, Vodafone Spain and Vodafone Italy were classified as discontinued operations and they were no longer reporting segments of the Group. Revenue is attributed to a country based on the location of the Group company reporting the revenue. Transactions between operating segments are charged at arm’s-length prices. The operating segments for Germany, UK and Africa are individually material for the Group and are each reporting segments for which certain financial information is provided. The aggregation of smaller operating segments into the Other Europe and Turkey reporting segments reflects, in the opinion of management, the similar local market economic characteristics and regulatory environments for each of those operating segments as well as the similar products and services sold and comparable classes of customers. In the case of the Other Europe segment (comprising Albania, Czech Republic, Greece, Ireland, Portugal and Romania), this largely reflects membership or a close association with the European Union, whilst the Turkey segment sits outside the European Union and has different economic and regulatory environment characteristics. Common Functions is a separate reporting segment and comprises activities which are undertaken primarily in central Group entities that do not meet the criteria for aggregation with other reporting segments.
Revenue disaggregation	Revenue disaggregation Revenue reported for the period includes revenue from contracts with customers, comprising service and equipment revenue, as well as other revenue items including revenue from leases and interest revenue arising from transactions with a significant financing component. The tables below and overleaf disaggregate the Group’s revenue by reporting segment.
Discontinued operations	Discontinued operations Where operations constitute a separately reportable segment and have been disposed of, or are classified as held for sale, the Group classifies such operations as discontinued. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the Consolidated income statement. Discontinued operations are also excluded from segment reporting. All other notes to the Condensed consolidated financial statements include amounts for continuing operations, unless indicated otherwise. Transactions between the Group's continuing and discontinued operations are eliminated in full in the Consolidated income statement. To the extent that the Group considers that the commercial relationships with discontinued operations will continue post-disposal, transactions are reflected within continuing operations with an opposite charge or credit reflected within the results of discontinued operations resulting in a net nil impact on the Group’s Profit for the financial year for the years presented.

Basis of preparation (Tables)

Basis of preparation (Tables)	6 Months Ended
	Sep. 30, 2024
Basis of preparation
Schedule of impact on consolidated financial statements due to hyperinflation	​ ​ ​ ​ ​ ​ ​ Increase/(decrease) ​ ​ 2024 2023 Impact on the consolidated income statement for the six months ended 30 September ​ €m ​ €m Revenue 5 ​ 35 Operating profit 1 (154) ​ (5) Profit for the financial period 1 (225) ​ (140) ​ ​ ​ ​ ​ ​ ​ Increase/(decrease) ​ 30 September 31 March ​ ​ 2024 ​ 2024 Impact on the consolidated statement of financial position ​ €m ​ €m Net assets 907 981 Equity attributable to owners of the parent 872 913 Non-controlling interests 35 68 Note: 1.

Segmental analysis (Tables)

Segmental analysis (Tables)	6 Months Ended
	Sep. 30, 2024
Segmental analysis
Schedule of group's revenue and profit	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ from ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ contracts ​ ​ ​ ​ ​ Total ​ ​ ​ ​ Service Equipment with Other Interest segment Adjusted ​ ​ revenue ​ revenue ​ customers ​ revenue 1 ​ revenue ​ revenue ​ EBITDAaL ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Six months ended 30 September 2024 Germany 5,500 ​ 443 ​ 5,943 ​ 171 ​ 8 ​ 6,122 2,290 UK 2,891 ​ 517 ​ 3,408 ​ 14 ​ 26 ​ 3,448 707 Other Europe 2,410 ​ 322 ​ 2,732 ​ 61 ​ 11 ​ 2,804 784 Turkey 1,103 ​ 285 ​ 1,388 ​ 3 ​ — ​ 1,391 ​ 394 Africa 2,951 ​ 509 ​ 3,460 ​ 228 ​ 17 ​ 3,705 ​ 1,214 Common Functions 2 ​ 322 ​ 21 ​ 343 ​ 562 ​ 1 ​ 906 ​ 22 Eliminations (68) ​ — ​ (68) ​ (32) ​ — ​ (100) ​ — Group ​ 15,109 ​ 2,097 ​ 17,206 ​ 1,007 ​ 63 ​ 18,276 ​ 5,411 Notes: 1. Other revenue includes lease revenue recognised under IFRS 16 ‘Leases’. 2. Comprises central teams and business functions. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ from ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ contracts ​ ​ ​ ​ ​ Total ​ ​ ​ ​ Service Equipment with Other Interest segment Adjusted ​ ​ revenue ​ revenue ​ customers ​ revenue 1 ​ revenue ​ revenue ​ EBITDAaL ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Six months ended 30 September 2023 Re-presented 2 Germany 5,722 503 6,225 173 7 6,405 2,527 UK 2,822 526 3,348 17 12 3,377 640 Other Europe 2,366 285 2,651 21 7 2,679 766 Turkey ​ 828 ​ 297 ​ 1,125 ​ 3 ​ — ​ 1,128 ​ 254 Africa 2,924 473 3,397 178 15 3,590 1,241 Common Functions 3 282 24 306 624 (1) 929 (1) Eliminations ​ (83) ​ — ​ (83) ​ (42) ​ — ​ (125) ​ — Group ​ 14,861 ​ 2,108 ​ 16,969 ​ 974 ​ 40 ​ 17,983 ​ 5,427 Notes: 1. Other revenue includes lease revenue recognised under IFRS 16 ‘Leases’. 2. The results for the six months ended 30 September 2023 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are reported as discontinued operations and are therefore excluded. See note 5 ‘Discontinued operations and assets held for sale’ for more information. 3. Comprises central teams and business functions.
Schedule of reconciliation of adjusted EBITDA to operating profit	​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ ​ ​ Re-presented 1 ​ ​ 2024 ​ 2023 ​ €m €m Adjusted EBITDAaL 5,411 5,427 Restructuring costs (58) (102) Interest on lease liabilities 220 217 Loss on disposal of property, plant and equipment and intangible assets ​ (12) ​ (18) Depreciation and amortisation on owned assets ​ (3,672) ​ (3,613) Share of results of equity accounted associates and joint ventures ​ (40) ​ (51) Impairment reversal ​ — ​ 64 Other income/(expense) 2 ​ 533 ​ (67) Operating profit 2,382 1,857 Investment income 3 566 368 Financing costs 4 (843) (1,395) Profit before taxation ​ 2,105 ​ 830 Notes 1. The results for the six months ended 30 September 2023 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 5 ‘Discontinued operations and assets held for sale’ for more information. 2. Principally comprises a gain of € 714 million in respect of the disposal of part of the Group’s interest in Indus Towers Limited (‘Indus’) (see note 10 ‘Disposals’ for further details), partially offset by € 238 million in respect of security arrangements provided to Indus over the Group's 3.0% interest in Indus. 3. Includes gains of € 242 million from debt and equity securities held at Fair value through profit and loss. 4. Includes a gain of € 238 million from the early redemption of bonds prior to their maturity dates.
Schedule of groups non-current assets	​ ​ ​ ​ ​ ​ ​ 30 September 31 March ​ ​ 2024 ​ 2024 ​ ​ €m ​ €m Non-current assets 1 Germany 42,253 42,931 UK 7,871 6,863 Other Europe 7,424 7,564 Turkey 1,784 1,644 Africa 6,579 6,377 Common Functions 2,242 1,972 Group 68,153 67,351 Note: 1. Comprises goodwill, other intangible assets and property, plant and equipment .

Impairment review (Tables)

Impairment review (Tables)	6 Months Ended
	Sep. 30, 2024
Impairment review
Schedule of assumptions used in valuation of impairment loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Key assumptions used in the Change required for value in ​ ​ value in use calculation ​ use to equal the carrying value ​ ​ 30 September ​ 31 March ​ 30 September ​ 31 March ​ ​ 2024 ​ 2024 ​ 2024 ​ 2024 ​ % % pps pps Pre-tax discount rate 7.5 8.3 0.1 0.5 Long-term growth rate 1.2 1.0 (0.1) (0.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ Projected adjusted 5 year adjusted EBITDAaL CAGR 1 2.3 2.4 (0.2) (1.2) Projected capital expenditure 1 16.9 - 20.0 17.4 - 19.9 0.8 3.9 Note: 1. Projected adjusted EBITDAaL CAGR is the compound annual growth rate from the end of FY25 of Vodafone Germany’s business plan after the incremental commercial investment. Projected capital expenditure (which excludes licences and spectrum) is expressed as capital expenditure as a percentage of revenue for the 5 years following FY25 in the business plan.

Taxation (Tables)

Taxation (Tables)	6 Months Ended
	Sep. 30, 2024
Taxation
Schedule of income tax expense	​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ ​ ​ Re-presented 1 ​ ​ 2024 ​ 2023 ​ €m €m United Kingdom corporation tax (expense)/income ​ ​ ​ ​ Current period ​ (44) (38) Adjustments in respect of prior periods ​ 2 (19) Overseas current tax (expense)/income ​ ​ ​ ​ Current period ​ (551) ​ (394) Adjustments in respect of prior periods ​ 39 — Total current tax expense (554) (451) ​ ​ ​ ​ ​ Deferred tax on origination and reversal of temporary differences ​ ​ ​ ​ United Kingdom deferred tax (27) (24) Overseas deferred tax (319) (271) Total deferred tax expense (346) (295) Total income tax expense (900) (746) Note: 1. The results for the six months ended 30 September 2023 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are reported as discontinued operations. See note 5 ‘Discontinued operations and assets held for sale’ for more information.

Discontinued operations and a_2

Discontinued operations and assets held for sale (Tables)	6 Months Ended
	Sep. 30, 2024
Discontinued operations and assets held for sale
Schedule of income statement of discontinued operations	​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ 2024 2023 ​ ​ €m ​ €m Profit/(loss) for the financial period - Discontinued operations ​ Vodafone Spain 1 76 (187) ​ Vodafone Italy (60) (52) ​ Total 16 (239) ​ Earnings/(loss) per share - Discontinued operations ​ - Basic 0.06 c (0.88) c - Diluted 0.06 c (0.88) c Note: 1. The results for Vodafone Spain are for the two months to 31 May 2024 when the sale concluded.
Summary of segment analysis of discontinued operations	​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ 2024 ​ 2023 ​ €m €m Revenue 603 1,887 Cost of sales (321) (1,511) Gross profit 282 376 Selling and distribution expenses (27) (150) Administrative expenses (34) (328) Net credit losses on financial assets (15) (51) Operating profit/(loss) 206 (153) Investment income 3 — Financing costs (8) (35) Profit/(loss) before taxation 201 (188) Income tax credit — 1 Profit/(loss) after tax of discontinued operations 201 (187) Loss on sale of disposal group (125) — Profit/(loss) for the financial period from discontinued operations 76 (187) Total comprehensive income/(expense) for the financial period from discontinued operations Attributable to owners of the parent 77 (184) ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ 2024 ​ 2023 ​ €m €m Revenue 2,210 2,269 Cost of sales (840) (1,750) Gross profit 1,370 519 Selling and distribution expenses (114) (121) Administrative expenses (246) (426) Net credit losses on financial assets (26) (20) Other expense — (1) Operating profit / (loss) 984 (49) Financing costs (45) (43) Profit/(loss) before taxation 939 (92) Income tax (expense) / credit (260) 40 Profit/(loss) after tax of discontinued operations 679 (52) After tax loss on the re-measurement of disposal group (739) — Loss for the financial period from discontinued operations (60) (52) Total comprehensive expense for the financial period from discontinued operations Attributable to owners of the parent (56) (50)
Schedule of net assets and liabilities held for sale	​ ​ ​ ​ ​ ​ ​ 30 September 31 March ​ ​ 2024 ​ 2024 ​ ​ €m ​ €m Non-current assets Goodwill 1,674 2,398 Other intangible assets 3,416 4,318 Property, plant and equipment 4,895 9,264 Other investments — 2 Deferred tax assets 208 461 Trade and other receivables 143 390 ​ 10,336 16,833 Current assets Inventory 117 173 Taxation recoverable 76 77 Trade and other receivables 1,130 1,922 Cash and cash equivalents 28 42 ​ 1,351 2,214 Assets held for sale 11,687 19,047 Non-current liabilities Borrowings 1,387 2,387 Deferred tax liabilities — 3 Post employment benefits 36 45 Provisions 120 273 Trade and other payables 92 163 ​ 1,635 2,871 Current liabilities Borrowings 727 1,019 Taxation liabilities 12 12 Provisions 82 90 Trade and other payables 1,440 2,926 ​ 2,261 4,047 Liabilities held for sale 3,896 6,918 ​

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Sep. 30, 2024
Earnings per share [abstract]
Schedule of basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ 2024 ​ 2023 ​ Millions Millions Weighted average number of shares for basic earnings per share ​ 26,718 ​ 27,033 Effect of dilutive potential shares: restricted shares and share options 110 — Weighted average number of shares for diluted earnings per share 26,828 27,033 ​ ​ ​ ​ ​ ​ Earnings per share attributable to owners of the parent during the period ​ ​ ​ ​ Six months ended 30 September ​ ​ ​ Re-presented 1 ​ ​ 2024 ​ 2023 ​ €m €m Profit/(loss) for earnings per share from continuing operations attributable to owners 1,048 (107) Profit/(loss) for earnings per share from discontinued operations attributable to owners 16 (239) Profit/(loss) for basic and diluted earnings per share 1,064 (346) ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ eurocents eurocents Basic earnings/(loss) per share from continuing operations 3.92 ​ (0.40) Basic earnings/(loss) per share from discontinued operations 0.06 ​ (0.88) Basic earnings/(loss) per share 3.98 ​ (1.28) ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ ​ eurocents ​ eurocents Diluted earnings/(loss) per share from continuing operations 3.91 ​ (0.40) Diluted earnings/(loss) per share from discontinued operations 0.06 ​ (0.88) Diluted earnings/(loss) per share 3.97 ​ (1.28) Note: 1. The results for the six months ended 30 September 2023 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are reported as discontinued operations. See note 5 ‘Discontinued operations and assets held for sale’ for more information.

Dividends (Tables)

Dividends (Tables)	6 Months Ended
	Sep. 30, 2024
Dividends.
Schedule of dividends declared and proposed	​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ 2024 ​ 2023 ​ €m €m Declared during the financial period: ​ ​ ​ ​ Final dividend for the year ended 31 March 2024: 4.50 eurocents per share (2023: 4.50 eurocents per share) 1,212 1,215 Proposed after the end of the reporting period and not recognised as a liability: ​ ​ ​ ​ Interim dividend for the year ending 31 March 2025: 2.25 eurocents per share (2024: 4.50 eurocents per share) 585 1,218 ​

Joint ventures and associates (

Joint ventures and associates (Tables)	6 Months Ended
	Sep. 30, 2024
Joint ventures and associates
Schedule of aggregated financial information for group's associates	​ ​ ​ ​ ​ ​ ​ 30 September 31 March ​ ​ 2024 ​ 2024 ​ ​ €m ​ €m Oak Holdings 1 GmbH ​ 6,104 ​ 7,620 VodafoneZiggo Group Holdings B.V. ​ 458 ​ 516 TPG Telecom Limited ​ — ​ (2) Other ​ 64 ​ 69 Investments in joint ventures ​ 6,626 ​ 8,203 Safaricom PLC ​ 423 ​ 627 Indus Towers Limited 1 ​ — ​ 1,104 Other 41 98 Investments in associates 464 1,829 Investments in joint ventures and associates ​ 7,090 ​ 10,032 TPG Telecom Limited ​ (49) ​ — Share of net liabilities in joint ventures and associates (49) — Note: 1. In June 2024, the Group announced the sale of an 18% stake in Indus Towers Limited (‘Indus’) through an accelerated book-building offering (‘placing’). Following the placing, Indus is no longer classified as an associate and the remaining investment is included in Other investments.

Reconciliation of net cash fl_2

Reconciliation of net cash flow from operating activities (Tables)	6 Months Ended
	Sep. 30, 2024
Reconciliation of net cash flow from operating activities
Schedule of reconciliation of net cash flow from operating activities	​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ ​ ​ Re-presented 1 ​ ​ 2024 ​ 2023 ​ €m €m Profit for the financial period ​ 1,205 ​ 84 Investment income ​ (566) (368) Financing costs ​ 843 1,395 Income tax expense ​ 900 746 Operating profit ​ 2,382 1,857 Adjustments for: ​ ​ ​ Share-based payments and other non-cash charges ​ 68 54 Depreciation and amortisation ​ 5,238 5,117 (Gain)/loss on disposal of property, plant and equipment and intangible assets ​ (1) 17 Share of results of equity accounted associates and joint ventures ​ 40 51 Impairment reversal ​ — ​ (64) Other (income)/expense ​ (533) 67 Increase in inventory ​ (107) (64) Increase in trade and other receivables ​ (1,356) (1,154) Decrease in trade and other payables ​ (784) ​ (1,151) Cash generated by operations ​ 4,947 4,730 Taxation ​ (393) ​ (472) Cashflows from discontinued operations ​ 1,090 1,286 Net cash flow from operating activities ​ 5,644 5,544 Note: 1. The results for the six months ended 30 September 2023 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are reported as discontinued operations. See note 5 ‘Discontinued operations and assets held for sale’ for more information.

Disposals (Tables)

Disposals (Tables)	6 Months Ended
	Sep. 30, 2024
Disposals
Summary of net assets disposed and the resulting loss on disposal	​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ 2024 2023 ​ ​ €m ​ €m Profit/(loss) for the financial period - Discontinued operations ​ Vodafone Spain 1 76 (187) ​ Vodafone Italy (60) (52) ​ Total 16 (239) ​ Earnings/(loss) per share - Discontinued operations ​ - Basic 0.06 c (0.88) c - Diluted 0.06 c (0.88) c Note: 1. The results for Vodafone Spain are for the two months to 31 May 2024 when the sale concluded.
Schedule of aggregate cash consideration disposals of joint ventures and associates	​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ 2024 ​ 2023 ​ ​ €m ​ €m Cash consideration received Vantage Towers 1,336 500 Indus Towers Limited 1,684 — ​ 3,020 500
Vodafone Spain
Disposals
Summary of net assets disposed and the resulting loss on disposal	​ ​ ​ ​ ​ €m Other intangible assets (996) Property, plant and equipment (5,058) Other investments (3) Inventory (40) Trade and other receivables (1,033) Cash and cash equivalents (91) Current and deferred taxation 2 Borrowings 1,205 Trade and other payables 1,143 Provisions 181 Net assets disposed (4,690) Cash proceeds 1 3,669 Non-cash consideration (Zegona shares) 2 807 Other effects 89 Net loss on disposal 3 (125) Note: 1. Excludes €400 million of consideration related to future services to be provided by the Group to Zegona. 2. The non-cash consideration comprises an investment in Zegona shares with a fair value of €807 million at the transaction date. See note 11 ‘Fair value of financial instruments’ for further information. 3. Included in Profit/(loss) for the financial period – Discontinued operations in the Consolidated income statement.

Fair value of financial instr_2

Fair value of financial instruments (Tables)	6 Months Ended
	Sep. 30, 2024
Fair value of financial instruments
Schedule of financial instruments held at fair value	​ ​ ​ ​ ​ ​ ​ 30 September 31 March ​ ​ 2024 ​ 2024 ​ ​ €m ​ €m Financial assets at fair value 1 ​ ​ ​ ​ Money market funds (included within Cash and cash equivalents) 2 ​ 2,013 ​ 2,015 Debt and equity securities (included within Other investments) 3 ​ 6,149 ​ 3,749 Derivative financial instruments (included within Trade and other receivables) 4,5 ​ 3,962 ​ 4,226 Trade receivables at fair value through Other comprehensive income (included with Trade and other receivables) 6 ​ 1,123 ​ 735 ​ ​ 13,247 ​ 10,725 ​ ​ ​ ​ ​ Financial liabilities at fair value 1 ​ ​ ​ ​ Derivative financial instruments (included within Trade and other payables) 4,5 ​ 2,031 ​ 1,524 Financial guarantee (included within Trade and other payables) 7 ​ 238 ​ — ​ ​ 2,269 ​ 1,524 Notes: 1. The fair value of assets and liabilities are classified in the Fair Value hierarchy as follows: Level 1 comprises items where the fair value is determined by unadjusted quoted prices in active markets. Level 2 comprises items where the fair value is determined from inputs other than quoted prices, that are observable for the asset or liability, either directly or indirectly by unadjusted market quoted prices in active markets and market accepted valuation techniques. Level 3 comprises items where the fair value is determined by including one or more unobservable inputs to the valuation methodology. 2. Items are measured at fair value and the valuation basis is Level 1. 3. Quoted debt and equity securities of €2,991 million (31 March 2024: €1,687 million) are measured at fair value and classified as Level 1. Further equity and debt securities of €2,140 million (31 March 2024: €2,062 million) are measured at fair value and classified as Level 2. The remaining balance represents the Group’s investments in Zegona ordinary shares of €915 million (31 March 2024: € nil ) and convertible loan notes of €103 million, measured at fair value and classified as Level 3 due to some of the inputs to the valuation model being unobservable inputs. 4. Derivative financial assets and liabilities are measured at fair value and classified as Level 2. 5. €3,772 million (31 March 2024: €4,011 million) of derivative financial assets and €1,912 million (31 March 2024: €1,468 million) of derivative financial liabilities are classified as Non-current. 6. Trade receivables at fair value through Other comprehensive income are measured at fair value and classified as Level 2. Of this, €461 million (31 March 2024: €294 million) are classified as Non-current. 7. Financial guarantee is a secondary pledge over the shares owned by Vodafone Group in Indus Towers, ranking behind the Group’s existing lenders for the outstanding bank borrowings secured against Indian assets. This is measured at fair value and classified as Level 2.

Related party transactions (Tab

Related party transactions (Tables)	6 Months Ended
	Sep. 30, 2024
Related party transactions
Schedule of transactions with joint arrangements and associates	​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ 2024 ​ 2023 ​ €m €m Sales of goods and services to associates 11 15 Purchase of goods and services from associates 2 3 Sales of goods and services to joint arrangements 158 133 Purchase of goods and services from joint arrangements 362 392 Interest income receivable from joint arrangements 1 25 26 Interest expense payable to joint arrangements 1 ​ 144 ​ 109 ​ ​ ​ ​ ​ ​ ​ ​ 30 September ​ 31 March ​ ​ 2024 ​ 2024 Trade balances owed: ​ ​ ​ by associates 9 19 to associates 1 1 by joint arrangements 208 190 to joint arrangements 359 379 Other balances owed by joint arrangements 1 1,386 1,105 Other balances owed to joint arrangements 2 5,349 4,940 Notes: 1. Amounts arise primarily through VodafoneZiggo and Oak Holdings 1 GmbH. Interest is paid/received in line with market rates. 2. Amounts are primarily in relation to leases of tower space from Oak Holdings 1 GmbH.

Basis of preparation - Going co

Basis of preparation - Going concern (Details) € in Millions

6 Months Ended

Sep. 30, 2024 EUR (€)

Sep. 30, 2023 EUR (€)

Sep. 30, 2024 ₺ / €

Sep. 30, 2024 Br / €

Mar. 31, 2024 EUR (€)

Sep. 30, 2023 ₺ / €

Sep. 30, 2023 Br / €

Mar. 31, 2023 EUR (€)

[2]

Basis of Preparation

Cash and cash equivalents

[1]

€ 6,871

€ 7,031

[2]

€ 6,114

€ 11,628

Liquid short-term investments

4,100

Exchange rate

38.15

132.80

29.03

58.73

Current borrowings and current portion of non-current borrowings

8,521

7,728

[3]

Non-current portion of non-current borrowings

€ 47,232

49,259

[3]

Turkey, New Lira

Basis of Preparation

Price index movements

18.07

30.08

Ethiopia, Birr

Basis of Preparation

Price index movements

6.10

12.09

Revolving credit facilities

Basis of Preparation

Undrawn borrowing facilities

€ 7,600

Bonds | Increase (decrease) due to changes in accounting policy required by IFRSs

Basis of Preparation

Current borrowings and current portion of non-current borrowings

(931)

Non-current portion of non-current borrowings

€ 931

[1] Comprises cash and cash equivalents as presented in the consolidated statement of financial position of €7,008 million ( €7,148 million as at 30 September 2023), together with overdrafts of €165 million ( €117 million as at 30 September 2023) and €28 million (€ nil as at 30 September 2023) of cash and cash equivalents included within Assets held for sale. The results for the six months ended 30 September 2023 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are reported as discontinued operations. See note 5 ‘Discontinued operations and assets held for sale’ for more information. On 1 April 2024, the Group adopted amendments to IAS 1 ‘Presentation of Financial Statements’ which has impacted the classification of certain bonds between Current borrowings and Non-current borrowings. See note 1 ‘Basis of preparation’ for more information.

Basis of preparation - Addition

Basis of preparation - Additional disclosures (Details) - EUR (€) € in Millions	6 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2024
Basis of preparation
Revenue	€ 5	€ 35
Operating profit	(154)	(5)
Profit for the financial period	(225)	(140)
Net assets	907		€ 981
Equity attributable to owners of the parent	872		913
Non-controlling interests	35		€ 68
Gain on the net monetary assets/liabilities	€ 31	€ 360

Segmental analysis (Details)

Segmental analysis (Details) - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Segmental analysis
Service revenue	€ 15,109	€ 14,861
Equipment revenue	2,097	2,108
Revenue from contracts with customers	17,206	16,969
Other revenue	1,007	974
Interest revenue	63	40
Total segment revenue	18,276	17,983	[1]
Adjusted EBITDAaL	5,411	5,427
Common Functions
Segmental analysis
Service revenue	322	282
Equipment revenue	21	24
Revenue from contracts with customers	343	306
Other revenue	562	624
Interest revenue	1	(1)
Total segment revenue	906	929
Adjusted EBITDAaL	22	(1)
Eliminations
Segmental analysis
Service revenue	(68)	(83)
Revenue from contracts with customers	(68)	(83)
Other revenue	(32)	(42)
Total segment revenue	(100)	(125)
Germany | Operating segments
Segmental analysis
Service revenue	5,500	5,722
Equipment revenue	443	503
Revenue from contracts with customers	5,943	6,225
Other revenue	171	173
Interest revenue	8	7
Total segment revenue	6,122	6,405
Adjusted EBITDAaL	2,290	2,527
UK | Operating segments
Segmental analysis
Service revenue	2,891	2,822
Equipment revenue	517	526
Revenue from contracts with customers	3,408	3,348
Other revenue	14	17
Interest revenue	26	12
Total segment revenue	3,448	3,377
Adjusted EBITDAaL	707	640
Other Europe | Operating segments
Segmental analysis
Service revenue	2,410	2,366
Equipment revenue	322	285
Revenue from contracts with customers	2,732	2,651
Other revenue	61	21
Interest revenue	11	7
Total segment revenue	2,804	2,679
Adjusted EBITDAaL	784	766
Turkey | Operating segments
Segmental analysis
Service revenue	1,103	828
Equipment revenue	285	297
Revenue from contracts with customers	1,388	1,125
Other revenue	3	3
Total segment revenue	1,391	1,128
Adjusted EBITDAaL	394	254
Africa | Operating segments
Segmental analysis
Service revenue	2,951	2,924
Equipment revenue	509	473
Revenue from contracts with customers	3,460	3,397
Other revenue	228	178
Interest revenue	17	15
Total segment revenue	3,705	3,590
Adjusted EBITDAaL	€ 1,214	€ 1,241
[1] The results for the six months ended 30 September 2023 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are reported as discontinued operations. See note 5 ‘Discontinued operations and assets held for sale’ for more information.

Segmental analysis - Reconcilia

Segmental analysis - Reconciliation of adjusted EBITDA to operating profit (Details) € in Millions		6 Months Ended
		Sep. 30, 2024 EUR (€)	Sep. 30, 2023 EUR (€)
Reconciliation of adjusted EBITDA to operating profit
Adjusted EBITDAaL		€ 5,411	€ 5,427
Restructuring costs		(58)	(102)
Interest on lease liabilities		220	217
Loss on disposal of property, plant & equipment and intangible assets		(12)	(18)
Depreciation and amortisation on owned assets		(3,672)	(3,613)
Share of results of equity accounted associates and joint ventures		(40)	(51)	[1]
Impairment reversal	[1]		64
Other income/(expense)		533	(67)	[1]
Operating profit		2,382	1,857	[1]
Investment income		566	368	[1]
Financing costs		(843)	(1,395)	[1]
Profit before taxation		2,105	€ 830	[1]
Gains (losses) on early redemption of bonds		238
Indus Towers
Reconciliation of adjusted EBITDA to operating profit
Gains (losses) on disposals of investments		714
Expense of security arrangement relating to sale of associate		€ 238
Remaining interest in previous associate after sale of interests		3
Debt and equity securities
Reconciliation of adjusted EBITDA to operating profit
Gains (losses) on financial assets at fair value through profit or loss		€ 242
[1] The results for the six months ended 30 September 2023 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are reported as discontinued operations. See note 5 ‘Discontinued operations and assets held for sale’ for more information.

Segmental analysis - Segmental

Segmental analysis - Segmental assets (Details) - EUR (€) € in Millions	Sep. 30, 2024	Mar. 31, 2024
Non-current assets
Non-current assets	€ 68,153	€ 67,351
Common Functions
Non-current assets
Non-current assets	2,242	1,972
Germany
Non-current assets
Non-current assets	42,253	42,931
UK
Non-current assets
Non-current assets	7,871	6,863
Other Europe
Non-current assets
Non-current assets	7,424	7,564
Turkey
Non-current assets
Non-current assets	1,784	1,644
Africa
Non-current assets
Non-current assets	€ 6,579	€ 6,377

Impairment review (Details)

Impairment review (Details) - Germany - EUR (€) € in Billions	6 Months Ended
	Sep. 30, 2024	Mar. 31, 2024
Impairment losses
Capital expenditure cash flow projection period	5 years
Assumptions used in value in use calculation
Pre-tax risk adjusted discount rate	7.50%	8.30%
Long-term growth rate	1.20%	1%
Projected adjusted EBITDAaL (as a percent)	2.30%	2.40%
Amount by which unit's recoverable amount exceeds its carrying amount	€ 0.5	€ 2.3
Growth rate used to extrapolate cash flow projections	1.20%	1%
Pre-tax discount rate
Impairment losses
Change in assumption that would lead to impairment	0.1	0.005
Long-term growth rate
Impairment losses
Change in assumption that would lead to impairment	(0.1)	(0.004)
Projected adjusted EBITDAaL CAGR
Impairment losses
Change in assumption that would lead to impairment	(0.002)	(0.012)
Projected capital expenditure
Impairment losses
Change in assumption that would lead to impairment	0.008	0.039
Minimum
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	16.90%	17.40%
Maximum
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	20%	19.90%

Taxation - Income tax expense (

Taxation - Income tax expense (Details) - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Taxation
Total current tax expense	€ (554)	€ (451)
Deferred tax expense	(346)	(295)
Total income tax expense	(900)	(746)	[1]
United Kingdom
Taxation
Current period	(44)	(38)
Adjustments in respect of prior periods	2	(19)
Deferred tax expense	(27)	(24)
Overseas
Taxation
Current period	(551)	(394)
Adjustments in respect of prior periods	39
Deferred tax expense	€ (319)	€ (271)
[1] The results for the six months ended 30 September 2023 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are reported as discontinued operations. See note 5 ‘Discontinued operations and assets held for sale’ for more information.

Taxation - Additional informati

Taxation - Additional information (Details) - EUR (€) € in Millions	6 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2024
Taxation
Total deferred tax expense	€ 346	€ 295
Deferred tax assets	€ 19,716		€ 20,177	[1]
Luxembourg
Taxation
Utilization period beyond which tax losses are not recognised	60 years
Luxembourg | Tax losses
Taxation
Total deferred tax expense	€ 319
Luxembourg | Minimum
Taxation
Utilisation period of tax losses (in years)	53 years		52 years
Luxembourg | Maximum
Taxation
Utilisation period of tax losses (in years)	58 years		57 years
[1] On 1 April 2024, the Group adopted amendments to IAS 1 ‘Presentation of Financial Statements’ which has impacted the classification of certain bonds between Current borrowings and Non-current borrowings. See note 1 ‘Basis of preparation’ for more information.

Discontinued operations and a_3

Discontinued operations and assets held for sale - Summary of the results of discontinued operations (Details) - EUR (€) € / shares in Units, € in Millions			6 Months Ended
	Mar. 15, 2024	Oct. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Acquisitions and disposals
Profit/(loss) for the financial period - Discontinued operations			€ 16	€ (239)	[1]
Basic earnings/(loss) per share from discontinued operations			€ 0.0006	€ (0.0088)
Diluted (loss)/earnings per share from discontinued operations			€ 0.0006	€ (0.0088)
Vodafone Spain
Acquisitions and disposals
Percentage of ownership interests agreed to sell		100%
Profit/(loss) for the financial period - Discontinued operations			€ 76	€ (187)
Vodafone Italy, Discontinued operations
Acquisitions and disposals
Percentage of ownership interests agreed to sell	100%
Profit/(loss) for the financial period - Discontinued operations			€ (60)	€ (52)
[1] The results for the six months ended 30 September 2023 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are reported as discontinued operations. See note 5 ‘Discontinued operations and assets held for sale’ for more information.

Discontinued operations and a_4

Discontinued operations and assets held for sale - Segment analysis of discontinued operations - Vodafone Spain (Details) - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Acquisitions and disposals
Revenue	€ 18,276	€ 17,983	[1]
Cost of sales	(12,123)	(12,016)	[1]
Gross profit	6,153	5,967	[1]
Selling and distribution expenses	(1,355)	(1,286)	[1]
Administrative expenses	(2,700)	(2,546)	[1]
Net credit losses on financial assets	(209)	(224)	[1]
Operating profit/(loss)	2,382	1,857	[1]
Investment income	566	368	[1]
Financing costs	(843)	(1,395)	[1]
Profit/(loss) before taxation	2,105	830	[1]
Profit/(loss) for the financial period from discontinued operations	16	(239)	[1]
Vodafone Spain
Acquisitions and disposals
Revenue	603	1,887
Cost of sales	(321)	(1,511)
Gross profit	282	376
Selling and distribution expenses	(27)	(150)
Administrative expenses	(34)	(328)
Net credit losses on financial assets	(15)	(51)
Operating profit/(loss)	206	(153)
Investment income	3
Financing costs	(8)	(35)
Profit/(loss) before taxation	201	(188)
Income tax (expense) / credit		1
Profit/(loss) after tax of discontinued operations	201	(187)
Loss on sale of disposal group	(125)
Profit/(loss) for the financial period from discontinued operations	76	(187)
Attributable to owners of the parent	€ 77	€ (184)
[1] The results for the six months ended 30 September 2023 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are reported as discontinued operations. See note 5 ‘Discontinued operations and assets held for sale’ for more information.

Discontinued operations and a_5

Discontinued operations and assets held for sale - Segment analysis of discontinued operations - Vodafone Italy (Details) - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Acquisitions and disposals
Revenue	€ 18,276	€ 17,983	[1]
Cost of sales	(12,123)	(12,016)	[1]
Gross profit	6,153	5,967	[1]
Selling and distribution expenses	(1,355)	(1,286)	[1]
Administrative expenses	(2,700)	(2,546)	[1]
Net credit losses on financial assets	(209)	(224)	[1]
Operating profit/(loss)	2,382	1,857	[1]
Financing costs	(843)	(1,395)	[1]
Profit before taxation	2,105	830	[1]
Profit/(loss) for the financial period from discontinued operations	16	(239)	[1]
Vodafone Italy, Discontinued operations
Acquisitions and disposals
Revenue	2,210	2,269
Cost of sales	(840)	(1,750)
Gross profit	1,370	519
Selling and distribution expenses	(114)	(121)
Administrative expenses	(246)	(426)
Net credit losses on financial assets	(26)	(20)
Other expense		(1)
Operating profit/(loss)	984	(49)
Financing costs	(45)	(43)
Profit before taxation	939	(92)
Income tax (expense) / credit	(260)	40
Profit/(loss) after tax of discontinued operations	679	(52)
After tax loss on the re-measurement of disposal group	(739)
Profit/(loss) for the financial period from discontinued operations	(60)	(52)
Attributable to owners of the parent	(56)	€ (50)
Cash consideration	8,000
Depreciation and amortisation expense not recognised during period after classification as held for sale	976
Depreciation and amortisation expense not recognised during period after classification as held for sale, net of tax	€ 701
[1] The results for the six months ended 30 September 2023 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are reported as discontinued operations. See note 5 ‘Discontinued operations and assets held for sale’ for more information.

Discontinued operations and a_6

Discontinued operations and assets held for sale - Assets held for sale (Details) - EUR (€) € in Millions	Sep. 30, 2024	Mar. 31, 2024		Sep. 30, 2023
Non-current assets
Goodwill	€ 25,073	€ 24,956	[1]
Other intangible assets	13,400	13,896	[1]
Property, plant and equipment	29,680	28,499	[1]
Other investments	2,489	1,006	[1]
Deferred tax assets	19,716	20,177	[1]
Trade and other receivables	6,186	5,967	[1]
Total non-current assets	104,001	104,790	[1]
Current assets
Inventory	691	568	[1]
Taxation recoverable	197	76	[1]
Trade and other receivables	9,913	8,594	[1]
Cash and cash equivalents	7,008	6,183	[1]	€ 7,148
Assets held for sale	139,559	144,350	[1]
Non-current liabilities [abstract]
Borrowings	47,232	49,259	[1]
Deferred tax liabilities	650	699	[1]
Post employment benefits	174	181	[1]
Provisions	1,699	1,615	[1]
Trade and other payables	3,126	2,328	[1]
Total non-current liabilities	52,930	54,082	[1]
Current liabilities
Borrowings	8,521	7,728	[1]
Taxation liabilities	669	393	[1]
Provisions	752	833	[1]
Trade and other payables	12,205	13,398	[1]
Vodafone Italy, Assets and liabilities classified as held for sale
Non-current assets
Goodwill	1,674	2,398
Other intangible assets	3,416	4,318
Property, plant and equipment	4,895	9,264
Other investments		2
Deferred tax assets	208	461
Trade and other receivables	143	390
Total non-current assets	10,336	16,833
Current assets
Inventory	117	173
Taxation recoverable	76	77
Trade and other receivables	1,130	1,922
Cash and cash equivalents	28	42
Total current assets	1,351	2,214
Assets held for sale	11,687	19,047
Non-current liabilities [abstract]
Borrowings	1,387	2,387
Deferred tax liabilities		3
Post employment benefits	36	45
Provisions	120	273
Trade and other payables	92	163
Total non-current liabilities	1,635	2,871
Current liabilities
Borrowings	727	1,019
Taxation liabilities	12	12
Provisions	82	90
Trade and other payables	1,440	2,926
Total current liabilities	2,261	4,047
Liabilities held for sale	€ 3,896	€ 6,918
[1] On 1 April 2024, the Group adopted amendments to IAS 1 ‘Presentation of Financial Statements’ which has impacted the classification of certain bonds between Current borrowings and Non-current borrowings. See note 1 ‘Basis of preparation’ for more information.

Earnings per share (Details)

Earnings per share (Details) - EUR (€) € / shares in Units, € in Millions, shares in Millions	6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Weighted average number of shares for diluted earnings per share
Weighted average number of shares for basic earnings per share	26,718	27,033
Effect of dilutive potential shares: restricted shares and share options	110
Weighted average number of shares for diluted earnings per share	26,828	27,033
Profit earnings for basic and diluted earnings per share
Profit/(loss) for earnings per share from continuing operations attributable to owners	€ 1,048	€ (107)
Profit/(loss) for earnings per share from discontinued operations attributable to owners	16	(239)
Profit/(loss) for basic and diluted earnings per share	€ 1,064	€ (346)
Basic earnings per share
Basic earnings/(loss) per share from continuing operations	€ 0.0392	€ (0.0040)	[1]
Basic earnings/(loss) per share from discontinued operations	0.0006	(0.0088)
Basic earnings/(loss) per share	0.0398	(0.0128)	[1]
Diluted earnings per share
Diluted earnings/(loss) per share from continuing operations	0.0391	(0.0040)	[1]
Diluted (loss)/earnings per share from discontinued operations	0.0006	(0.0088)
Diluted earnings/(loss) per share	€ 0.0397	€ (0.0128)	[1]
[1] The results for the six months ended 30 September 2023 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are reported as discontinued operations. See note 5 ‘Discontinued operations and assets held for sale’ for more information.

Dividends (Details)

Dividends (Details) - EUR (€) € / shares in Units, € in Millions	6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Declared during the financial period:
Dividends per share, declared and paid during the financial year	€ 0.0450	€ 0.0450
Final dividend for the year ended 31 March 2024: 4.50 eurocents per share(2023: 4.50 eurocents per share)	€ 1,212	€ 1,215
Proposed after the end of the reporting period and not recognised as a liability:
Dividends per share, proposed after the end of the year and not recognised as a liability	€ 0.0225	€ 0.0450
Interim dividend for the year ending 31 March 2025: 2.25 eurocents per share(2024: 4.50 eurocents per share)	€ 585	€ 1,218

Joint ventures and associates_2

Joint ventures and associates (Details) - EUR (€) € in Millions	1 Months Ended
	Jun. 30, 2024	Sep. 30, 2024	Mar. 31, 2024
Joint ventures and associates
Investment in joint ventures		€ 6,626	€ 8,203
Investment in associates		464	1,829
Total investment in joint ventures and associates		7,090	10,032	[1]
Non-current liabilities		(52,930)	(54,082)	[1]
Share of net liabilities in joint ventures and associates		(49)
Safaricom PLC
Joint ventures and associates
Investment in associates		423	627
Indus Towers Limited
Joint ventures and associates
Investment in associates			1,104
Proportion of Ownership Interest Sold	18%
Other
Joint ventures and associates
Investment in associates		41	98
Oak Holdings 1 GmbH
Joint ventures and associates
Investment in joint ventures		6,104	7,620
VodafoneZiggo Group Holdings B.V.
Joint ventures and associates
Investment in joint ventures		458	516
TPG Telecom Limited
Joint ventures and associates
Investment in joint ventures			0
Non-current liabilities		(49)
Other joint ventures
Joint ventures and associates
Investment in joint ventures		€ 64	€ 69
[1] On 1 April 2024, the Group adopted amendments to IAS 1 ‘Presentation of Financial Statements’ which has impacted the classification of certain bonds between Current borrowings and Non-current borrowings. See note 1 ‘Basis of preparation’ for more information.

Reconciliation of net cash fl_3

Reconciliation of net cash flow from operating activities (Details) - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Reconciliation of net cash flow from operating activities
Profit (loss) from continuing operations	€ 1,205	€ 84	[1]
Investment income	(566)	(368)	[1]
Financing costs	843	1,395	[1]
Income tax expense	900	746	[1]
Operating profit/(loss)	2,382	1,857	[1]
Adjustments to reconcile profit (loss) [abstract]
Share-based payments and other non-cash charges	68	54
Depreciation and amortisation	5,238	5,117
(Gain)/loss on disposal of property, plant and equipment and intangible assets	(1)	17
Share of result of equity accounted associates and joint ventures	40	51
Impairment reversal		(64)
Other (income)/expense	(533)	67
Increase in inventory	(107)	(64)
Increase in trade and other receivables	(1,356)	(1,154)
Decrease in trade and other payables	(784)	(1,151)
Cash generated by operations	4,947	4,730
Taxation	(393)	(472)
Cashflows from discontinued operations	1,090	1,286
Net cash flow from operating activities	€ 5,644	€ 5,544	[2]
[1] The results for the six months ended 30 September 2023 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are reported as discontinued operations. See note 5 ‘Discontinued operations and assets held for sale’ for more information. The results for the six months ended 30 September 2023 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are reported as discontinued operations. See note 5 ‘Discontinued operations and assets held for sale’ for more information.

Disposals - Disposal of subsidi

Disposals - Disposal of subsidiaries (Details) - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	[1]
Disposals
Aggregate cash consideration received	€ 3,578	€ (67)
Vodafone Spain
Disposals
Cash received for disposal of subsidiary	(3,669)
Cash consideration in respect of the disposal of subsidiaries, net of cash disposed	€ (91)
[1] The results for the six months ended 30 September 2023 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are reported as discontinued operations. See note 5 ‘Discontinued operations and assets held for sale’ for more information.

Disposals - Vodafone Spain (Det

Disposals - Vodafone Spain (Details) - EUR (€) € in Millions	May 31, 2024	Sep. 30, 2024	Mar. 31, 2024	[1]	Sep. 30, 2023
Disposals
Other investments		€ (6,062)	€ (5,092)
Inventory		(691)	(568)
Cash and cash equivalents		(7,008)	(6,183)		€ (7,148)
Borrowings		€ 47,232	€ 49,259
Vodafone Spain
Disposals
Cash flows from losing control of subsidiaries or other businesses including remuneration for future services to be provided	€ 4,069
Non-cash consideration	900
Cash received in connection to sale of subsidiary that relates to remuneration for future provision of services	400
Other intangible assets	(996)
Property, plant and equipment	(5,058)
Other investments	(3)
Inventory	(40)
Trade and other receivables	(1,033)
Cash and cash equivalents	(91)
Current and deferred taxation	2
Borrowings	1,205
Trade and other payables	1,143
Provisions	181
Net assets disposed	(4,690)
Cash proceeds	3,669
Non-cash consideration (Zegona shares)	807
Other effects	89
Net loss on disposal	€ (125)
[1] On 1 April 2024, the Group adopted amendments to IAS 1 ‘Presentation of Financial Statements’ which has impacted the classification of certain bonds between Current borrowings and Non-current borrowings. See note 1 ‘Basis of preparation’ for more information.

Disposals - Summary of the disp

Disposals - Summary of the disposal of joint ventures and associates (Details) € in Millions, ₨ in Billions				6 Months Ended
	Jul. 22, 2024 EUR (€)	Jun. 19, 2024 EUR (€)	Jun. 19, 2024 INR (₨)	Sep. 30, 2024 EUR (€)	Sep. 30, 2023 EUR (€)
Disposals
Cash consideration received				€ 3,020	€ 500	[1]
Indus Towers Limited
Disposals
Cash consideration received		€ 1,684	₨ 153	1,684
Oak Holdings 1 GmbH
Disposals
Cash consideration received	€ 1,336			€ 1,336	€ 500
[1] The results for the six months ended 30 September 2023 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are reported as discontinued operations. See note 5 ‘Discontinued operations and assets held for sale’ for more information.

Disposals - Vantage Towers and

Disposals - Vantage Towers and Indus Towers (Details) € in Millions, ₨ in Billions				6 Months Ended
	Jul. 22, 2024 EUR (€)	Jun. 19, 2024 EUR (€)	Jun. 19, 2024 INR (₨)	Sep. 30, 2024 EUR (€)	Sep. 30, 2023 EUR (€)
Disposals
Disposal of interests in associates and joint ventures				€ 3,020	€ 500	[1]
Oak Holdings 1 GmbH | Vantage Towers
Disposals
Proportion of ownership interest in subsidiary	89.30%
Indus Towers
Disposals
Percentage of interest disposed		18%	18%
Disposal of interests in associates and joint ventures		€ 1,684	₨ 153	1,684
Net gain on disposal		€ 714
Oak Holdings 1 GmbH
Disposals
Percentage of interest disposed	10%
Disposal of interests in associates and joint ventures	€ 1,336			€ 1,336	€ 500
Net gain on disposal	€ 26
[1] The results for the six months ended 30 September 2023 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are reported as discontinued operations. See note 5 ‘Discontinued operations and assets held for sale’ for more information.

Fair value of financial instr_3

Fair value of financial instruments - Financial assets & liabilities at fair value (Details) - EUR (€) € in Millions	Sep. 30, 2024	Mar. 31, 2024
Fair value of financial instruments
Non-current derivative financial assets	€ 3,772	€ 4,011
Non-current derivative financial liabilities	1,912	1,468
Financial liabilities at fair value
Fair value of financial instruments
Financial liabilities	2,269	1,524
Financial assets at fair value
Fair value of financial instruments
Financial assets	13,247	10,725
Derivatives financial instruments | Financial liabilities at fair value
Fair value of financial instruments
Financial liabilities	2,031	1,524
Financial guarantee. | Financial liabilities at fair value
Fair value of financial instruments
Financial liabilities	238
Money Market funds | Financial assets at fair value
Fair value of financial instruments
Financial assets	2,013	2,015
Debt and equity securities | Financial assets at fair value
Fair value of financial instruments
Financial assets	6,149	3,749
Debt and equity securities | Level 1 | Financial assets at fair value
Fair value of financial instruments
Financial assets	2,991	1,687
Debt and equity securities | Level 2 | Financial assets at fair value
Fair value of financial instruments
Financial assets	2,140	2,062
Derivative financial instruments | Financial assets at fair value
Fair value of financial instruments
Financial assets	3,962	4,226
Trade receivables at fair value through Other comprehensive income | Financial assets at fair value
Fair value of financial instruments
Financial assets	1,123	735
Trade receivables at fair value through Other comprehensive income | Level 2 | Financial assets at fair value
Fair value of financial instruments
Non-current financial assets	461	294
Equity securities | Level 3 | Financial assets at fair value
Fair value of financial instruments
Financial assets	915	€ 0
Non-current debt securities | Level 3 | Financial assets at fair value
Fair value of financial instruments
Financial assets	€ 103

Fair value of financial instr_4

Fair value of financial instruments - Financial assets at amortized cost (Details) - Not measured at fair value in statement of financial position but for which fair value is disclosed - Financial liabilities at amortised cost - Non-current bonds - EUR (€) € in Millions	Sep. 30, 2024	Mar. 31, 2024
Fair value of financial instruments
Financial liabilities	€ 39,522	€ 40,743
Level 1
Fair value of financial instruments
Financial liabilities at fair value	€ 36,550	€ 37,144

Fair value of financial instr_5

Fair value of financial instruments - Level 3 financial instruments (Details) € in Millions, $ in Millions			6 Months Ended
	May 31, 2024 EUR (€)	Jan. 22, 2024 USD ($)	Sep. 30, 2024 EUR (€)	Sep. 30, 2023 EUR (€)	[1]	Mar. 31, 2024 EUR (€)
Fair value of financial instruments
Purchase of investments			€ 1,167	€ 1,703
Vodafone Spain
Fair value of financial instruments
Non-cash consideration	€ 900
Zegona, equity investment | Vodafone Spain
Fair value of financial instruments
Non-cash consideration	€ 900
Financial assets at fair value
Fair value of financial instruments
Financial assets			13,247			€ 10,725
Financial assets at fair value through profit or loss | Convertible loan notes, AST SpaceMobile, Inc
Fair value of financial instruments
Financial assets			103
Purchase of investments | $		$ 25
Period after initial closing after which conversion option becomes exercisable		12 months
Level 3 | Zegona, equity investment
Fair value of financial instruments
Redeemable preference shares received on disposal of subsidiary, redemption period	6 years
Financial assets			915
Level 3 | Financial assets at fair value | Equity securities
Fair value of financial instruments
Financial assets			915			€ 0
Level 3 | Financial assets at fair value | Debt securities
Fair value of financial instruments
Financial assets			€ 103
Level 3 | Financial assets at fair value through profit or loss | Equity securities
Fair value of financial instruments
Percentage of reasonably possible increase or decrease in volatility assumption			10%
Level 3 | Financial assets at fair value through profit or loss | Zegona, equity investment
Fair value of financial instruments
Financial assets			€ 915
Increase (decrease) in financial assets from reasonably possible increase in volatility assumption			(35)
Increase (decrease) in financial assets from reasonably possible decrease in volatility assumption			€ 0
[1] The results for the six months ended 30 September 2023 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are reported as discontinued operations. See note 5 ‘Discontinued operations and assets held for sale’ for more information.

Contingent liabilities and le_2

Contingent liabilities and legal proceedings - Other cases in the Group (Details) - Kenneth Makate vs Vodacom (Pty) Limited € in Millions, R in Millions					6 Months Ended
	Feb. 06, 2024 ZAR (R)	Feb. 06, 2024 EUR (€)	Jan. 09, 2019 ZAR (R)	Jan. 09, 2019 EUR (€)	Sep. 30, 2024 ZAR (R)	Sep. 30, 2024 EUR (€)
Contingent liabilities and legal proceedings - Conti
Number of judges dismissing the appeal	3	3
Number of judges dissenting with the appeal	2	2
Loss contingency, compensation awarded by minority judgement of SCA	R 186	€ 9.6
Amount of compensation offered but rejected			R 47	€ 2.4
Amount of damages sought					R 9,400	€ 493
Minimum
Contingent liabilities and legal proceedings - Conti
Damages payable as a percentage of total revenue from Please Call Me service	5%	5%
Loss contingency, compensation awarded by minority judgement of SCA	R 29,000	€ 1,500
Maximum
Contingent liabilities and legal proceedings - Conti
Damages payable as a percentage of total revenue from Please Call Me service	7.50%	7.50%

Related party transactions (Det

Related party transactions (Details) - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2024
Related party transactions
Interest income	€ 63	€ 40
Contributions to defined benefit pension	23	26
Dividends	1,367	1,381
Associates
Related party transactions
Sales of goods and services	11	15
Purchase of goods and services	2	3
Trade balances owed (by )	9		€ 19
Trade balances owed (to)	1		1
Joint arrangements
Related party transactions
Sales of goods and services	158	133
Purchase of goods and services	362	392
Interest income	25	26
Interest expense	144	109
Trade balances owed (by )	208		190
Trade balances owed (to)	359		379
Other balances owed by	1,386		1,105
Other balances owed to	5,349		€ 4,940
Board members and executive committee members
Related party transactions
Dividends	€ 0.8	€ 1

Subsequent events (Details)

Subsequent events (Details) € in Millions	Nov. 14, 2024 EUR (€)
Share repurchase programme
Statements
Share repurchase program, maximum consideration	€ 500