Vodafone Group Public Limited Company: a £37.7bn business, contracting — and getting more profitable as it grows.

Where's the money from?

Revenue £37.7bn (FY2025), up 3% YoY

No segmental split disclosed in the filed accounts — this is the total trading revenue line.

Is it growing?

£46.6bn → £37.7bn

Revenue down about 19% across 8 filed years.

Is it solid?

9.2% → 38.4%

Operating margin widened as it grew.

Who's behind it?

13 active directors

Full board and backgrounds in the People tab.

integrated mobile and fixed telecoms operator · global · high complexity

Deep-Dive · Company Intelligence

Inside Vodafone Group Public Limited Company

Report overview

A £1.6bn profit in FY2024 became £13.1bn in FY2025 — while revenue barely moved.

£11.00bn Cash at bank vs £6.18bn FY2024

£37.67bn Turnover vs £36.72bn FY2024

£13.07bn Pre-tax profit vs £1.62bn FY2024

£53.92bn Net assets vs £61.00bn FY2024

Vodafone Group's revenue grew a modest 3% to £37.7bn in FY2025. That's the quiet part. The loud part: profit before tax leapt from £1.6bn to £13.1bn — a 707% surge — driven by a near-tripling of operating profit to £14.5bn. Cash on the balance sheet rose 78% to £11bn, long-term debt fell by £8.2bn, and investing activities swung from a £6.1bn outflow to a £4.8bn inflow. Something structural happened inside this business in FY2025 — the revenue line barely hints at it.

Selective validation flags on FY2025 accounts — tap to open Verification and see which lines we cross-checked against the filed PDF.

Explore 02Financials 03Risk 05People 06AI Insights 08Filings 10Verification

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Company No.01833679

Statusactive

Latest accountsFY2025 accounts

Filed 8 August 2025 11 months ago

AuditorErnst & Young LLP

The story

What happened, in chapters

The year, beat by beat — each one a signal from the filing, source cited. Open “the full working” on any beat for the analyst detail.

Revenue Flat, Profit Explodes.

A 3% rise in turnover masks a profit move that is anything but incremental.

+707%

Profit before tax FY2024 £1.6bn FY2025 £13.1bn

The full working

Revenue grew from £36.7bn to £37.7bn — steady, almost boring. But operating profit moved from £3.7bn to £14.5bn in the same twelve months. That gap between revenue growth and profit growth points to a significant non-trading or disposal event sitting inside the operating line.

Source · P&L FY2024–FY2025

Operating Profit: Up 294%.

The profit surge starts at the operating level, not below it.

Operating profit

FY2024 £3.7bn

FY2025 £14.5bn

The full working

Operating profit rose from £3.7bn to £14.5bn — a 294% jump on a turnover increase of just 3%. Gross profit also improved, from £12.3bn to £13.3bn, but that 8% gain alone cannot explain the operating move. The arithmetic points firmly to a large gain — likely a disposal — booked above the operating profit line.

Source · P&L FY2024–FY2025

Cash Up, Long-Term Debt Down.

The balance sheet tells a story of asset sales and debt reduction running in parallel.

£11.0bn Cash FY2025

£45.9bn Long-term liabilities FY2025

The full working

Cash rose 78% to £11bn. Long-term liabilities fell 15% to £45.9bn — a reduction of £8.2bn in a single year. Investing cash flipped from a £6.1bn outflow in FY2024 to a £4.8bn inflow in FY2025. Together these moves are consistent with a major disposal that brought in cash and was partly used to pay down debt.

Source · Balance Sheet FY2025; Cash Flow FY2024–FY2025

Net Assets Fell Despite Record Profit.

Twelve billion in profit, yet shareholders' equity shrank — something left the group.

-12%

Net assets (total equity) FY2024 £61.0bn FY2025 £53.9bn

The full working

Total equity fell from £61.0bn to £53.9bn — a drop of £7.1bn — in the same year the company posted £12.6bn profit after tax. The most likely explanation is that assets which generated that profit (via disposal gains) were also removed from the balance sheet, and distributions or other outflows absorbed the remainder. Fixed assets also fell by £4.9bn to £99.9bn.

Source · Balance Sheet FY2024–FY2025

Who Controls Vodafone?

No person of significant control is recorded at Companies House.

Person of Significant Control None on record
Listed entity (this filing) Vodafone Group Public Limited Company
Operating group (subsidiaries below this entity)

Source · PSC register; Directors register

Filing History: Names and Signals.

Six name changes since 1984 trace the group's evolution from Racal to Vodafone.

Sep 1991 Renamed Vodafone Group Public Limited Company
Jun 1999 Renamed Vodafone AirTouch Public Limited Company
Jul 1984 Incorporated as Racal Strategic Radio Limited
Dec 2025 Capital allotment (SH01) filed
Aug 2025 Resolutions filed

Source · Name history register; Filing signals FY2025

The brief

Five questions, answered

The questions you'd ask a credit analyst over coffee — answered from this company's filings, with the source for every figure.

Q1 Can they pay their bills next year?

Liquidity looks robust.

Cash stood at £11.0bn at year-end FY2025, up from £6.2bn the prior year — a 78% increase. Current liabilities were £22.8bn, giving a cash-to-current-liabilities ratio of roughly 48%. Operating cash flow was £15.4bn, more than sufficient to cover current obligations. Current assets of £28.6bn exceeded current liabilities of £22.8bn by £5.9bn.

Source · Balance Sheet FY2025; Cash Flow FY2025

Q2 Are they actually making money, or just turning it over?

Both — but the profit quality warrants scrutiny.

Turnover reached £37.7bn in FY2025, with gross profit of £13.3bn (a gross margin of approximately 35%). Operating profit hit £14.5bn, which exceeds gross profit, strongly suggesting a large non-trading gain is included above the operating line. Profit after tax was £12.6bn. Without that gain, underlying margins would look materially different.

Source · P&L FY2024–FY2025

Q3 Who owns and controls the business, really?

The Companies House PSC register records no person of significant control.

The filing does not identify an ultimate controlling shareholder, either because ownership is fragmented below the 25% disclosure threshold or held via a nominee structure.

Q4 Is the filing history clean, or are accounts late / amended?

The filing history shows no late or amended accounts within the data provided.

The company has a long and continuous filing record since incorporation in 1984. Recent activity — a resolutions filing in August 2025 and a capital allotment (SH01) in December 2025 — is consistent with an active, well-maintained corporate entity rather than any compliance irregularity.

Source · Filing signals; Name history register

Q5 Where are the red flags hiding in the notes?

Three items stand out.

First, operating profit of £14.5bn exceeds gross profit of £13.3bn — implying a large gain booked within operating profit, the nature of which is not disclosed in the brief. Second, net assets fell by £7.1bn despite £12.6bn profit after tax, suggesting significant value left the group. Third, long-term liabilities remain substantial at £45.9bn even after a £8.2bn reduction. No going-concern language or negative equity is present.

Source · P&L FY2025; Balance Sheet FY2025

Honest limits

What the filings can't tell you

We surface gaps plainly rather than guess. Use the chapters and tabs below to dig into what is on record.

Data quality note

No agent data gaps were flagged, but Türkiye figures are materially affected by IAS 29 hyperinflation accounting, which limits direct comparability with other segments.

Who owns and controls the business, really?

The Companies House PSC register records no person of significant control. The filing does not identify an ultimate controlling shareholder, either because ownership is fragmented below the 25% disclosure threshold or held via a nominee structure.

Origin

Vodafone Group Public Limited Company

Vodafone Group Public Limited Company is the ultimate holding company for one of the world's largest telecommunications groups, operating mobile and fixed-line networks across Europe and Africa, and managing group-level strategy and capital allocation from its UK registered base.

Where the money comes from

Revenue £37.7bn (FY2025), up 3% YoY No segmental split disclosed in the filed accounts — this is the total trading revenue line.

At a glance

Key data

Founded 1984 8 years on file

Turnover £37.67bn ▲ +2.6% YoY

Pre-tax profit £13.07bn ▲ +707.0% YoY

Auditor Audit exempt Section 479A (audit exempt)

Timeline

How we got here

2025 01 of 20

Big year-on-year change

Profit after tax surge

Profit after tax more than doubled — from £1.57bn to £12.58bn in a single year (+701%).

2024 02 of 20

Regulatory event

CMA Approves Vodafone-Three UK Merger

The Competition and Markets Authority approved the merger of Vodafone UK and Three UK in December 2024, creating the UK's largest mobile network with 27 million customers. Approval was conditional on 5G investment commitments and tariff caps to protect consumers.

2022 03 of 20

Big year-on-year change

Profit after tax surge

Profit after tax more than doubled — from £536.0m to £2.77bn in a single year (+417%).

2022 04 of 20

Leadership change

CEO Nick Read Steps Down

Nick Read resigned as Vodafone CEO in December 2022 after overseeing a 40% decline in the company's share price during his four-year tenure. His departure prompted a strategic review under incoming CEO Margherita Della Valle.

2022 05 of 20

Joined the board

Deborah Kerr joins the board

Deborah Kerr was first appointed as a director on 1 March 2022.

2020 06 of 20

Big year-on-year change

Operating profit surge

Operating profit more than doubled — from -£951.0m to £4.10bn in a single year (+531%).

2020 07 of 20

Joined the board

Jean-Francois Maurice Louis Van Boxmeer joins the board

Jean-Francois Maurice Louis Van Boxmeer was first appointed as a director on 28 July 2020.

2018 08 of 20

Joined the board

Michel Roger Demare joins the board

Michel Roger Demare was first appointed as a director on 1 February 2018.

2018 09 of 20

Where our data starts

Financial deep-dive begins

Earliest analysed accounts: FY2018. 18 years of earlier trading history are not in scope — this report pulls the most recent filed accounts from Companies House.

2017 10 of 20

Joined the board

Maria Amparo Moraleda Martinez joins the board

Maria Amparo Moraleda Martinez was first appointed as a director on 1 June 2017.

2013 11 of 20

Acquisition

Verizon Wireless Stake Sold for $130bn

Vodafone announced the sale of its 45% stake in Verizon Wireless to Verizon Communications for approximately $130 billion on 2 September 2013. Proceeds funded the £19 billion Project Spring network investment programme across Europe and emerging markets.

2011 12 of 20

Secured borrowing

Secured security agreement

Security agreement registered against the company on 5 January 2011 in favour of State Bank of India,London Branch.

2009 13 of 20

Secured borrowing

Collateral agreement governing secured borrowings by participants in the euroclear system paid off

Collateral agreement governing secured borrowings by participants in the euroclear system fully satisfied on 18 November 2009 (Euroclear Bank S.A./N.V.).

2006 14 of 20

Crisis

Record £14.9bn Loss Reported

On 30 May 2006, Vodafone announced what was then the largest loss in British corporate history at £14.9 billion, driven by a £23.5 billion write-down on its Mannesmann subsidiary. The company also announced 400 job cuts.

2001 15 of 20

Secured borrowing

Secured collateral agreement governing secured borrowings by participants in the euroclear system

Collateral agreement governing secured borrowings by participants in the euroclear system registered against the company on 9 March 2001 in favour of Euroclear Bank S.A./N.V..

2000 16 of 20

Name changed

Rebrand

Previously incorporated as Vodafone Airtouch Public Limited Company.

2000 17 of 20

Merger

Verizon Wireless Joint Venture Formed

Vodafone merged its US wireless assets with Bell Atlantic to form Verizon Wireless, completed on 4 April 2000, holding a 45% stake in the resulting entity. This gave Vodafone a major foothold in the lucrative US market without full operational control.

2000 18 of 20

Acquisition

Record £112bn Mannesmann Takeover

After a hostile bid and fierce German resistance, the Mannesmann board agreed on 3 February 2000 to Vodafone's offer of £112 billion—then the largest corporate merger in history. The deal gave Vodafone dominant positions in Germany and Italy but required divestiture of the Orange brand.

1999 19 of 20

Acquisition

AirTouch Acquisition, Nasdaq Listing

Vodafone completed its purchase of US provider AirTouch on 29 June 1999, renaming itself Vodafone AirTouch Plc and gaining a 35% stake in Mannesmann, Germany's largest mobile operator. The deal also brought a secondary listing on NASDAQ.

1999 20 of 20

Name changed

Rebrand

Previously incorporated as Vodafone Group Public Limited Company.

Go deeper

Explore the evidence

Explore 02Financials 03Risk 05People 06AI Insights 08Filings 09Summary 10Verification

02 · Financials

The numbers, year by year

FY2025 accounts · Companies House (PDF accounts)

Scene 01 · Revenue

Turnover down 19% across the period

From £46.57bn in FY2018 to £37.67bn in FY2025 — a 19% decline.

Annual Turnover vs Cost of Sales

FY2018 – FY2025 · Companies House (PDF accounts) · hover any point for the full year

Turnover Cost of Sales Gross Profit (shaded gap)

Latest turnover · FY2025 £37.67bn +2.6% vs prior year

Cost of sales · FY2025 £24.36bn Gross margin 35.3% of turnover

Gross profit (implied) £13.31bn Turnover minus cost of sales

Across 7 years -19% £46.57bn → £37.67bn

’18 ’19 ’20 ’21 ’22 ’23 ’24 ’25

Scene 02 · Metrics

The headline numbers

All figures in GBP (£) · as filed, not converted

Cash at bank £11.00bn ▲ +78.0% vs £6.18bn FY2024 Half as much again as last year — a meaningful step up.

Turnover £37.67bn ▲ +2.6% vs £36.72bn FY2024 Broadly flat — a small uptick on last year.

Pre-tax profit £13.07bn ▲ +707.0% vs £1.62bn FY2024 More than doubled — a step-change year.

Net assets £53.92bn ▼ 11.6% vs £61.00bn FY2024 A modest dip — single-digit decline.

Financial health

Fair · 4 signals

Net assets declining Low current ratio Cash growing Profitable

          + Why this rating
        

Net assets declining — Net assets fell 11.6% — the company is losing value
Low current ratio — Current ratio of 0.55 — current liabilities exceed current assets (note: service sector — sub-1.0 current ratio is the norm)
Cash growing — Cash increased 78.0% year-on-year
Profitable — PBT of £13,074,000,000 on turnover of £37,672,000,000

Computed from · cash · net assets · current ratio · debt to equity · total liabilities

Scene 03 · Trends

How the numbers moved

Eight years of revenue, profit and operating performance side-by-side. Hover any dot for the full year cross-section.

Financial performance trends

Revenue, profitability and operating growth over time

Turnover Gross profit Operating profit

’18 ’19 ’20 ’21 ’22 ’23 ’24 ’25

Financial year

Scene 05 · Full detail

Complete P&L statement

All metrics across FY2018–FY2025, now fully contextualised by the story above.

Profit and loss

GBP

Metric	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	Δ YoY
Turnover	£46.57bn	£43.67bn	£44.97bn	£43.81bn	£45.58bn	£45.71bn	£36.72bn	£37.67bn	▲ 3%
Cost of sales	-£32.77bn	-£30.16bn	-£30.68bn	-£30.09bn	-£30.57bn	-£30.85bn	-£24.44bn	-£24.36bn	— 0%
Gross profit	£13.80bn	£13.51bn	£14.29bn	£13.72bn	£15.01bn	£14.86bn	£12.28bn	£13.31bn	▲ 8%
Other operating income	£213.0m	-£148.0m	£4.28bn	£568.0m	£50.0m	£9.10bn	£372.0m	£9.40bn	▲ 2427%
Administrative expenses	-£5.12bn	-£5.41bn	-£5.81bn	-£5.35bn	-£5.71bn	-£6.09bn	-£5.77bn	-£5.55bn	▲ 4%
Other operating costs derived	-£4.60bn	-£8.90bn	-£8.66bn	-£3.84bn	-£3.53bn	-£3.57bn	-£3.22bn	-£2.71bn	—
Operating profit	£4.30bn	-£951.0m	£4.10bn	£5.10bn	£5.81bn	£14.30bn	£3.67bn	£14.45bn	▲ 294%
Finance income	£685.0m	£453.0m	£248.0m	£330.0m	£254.0m	£248.0m	£581.0m	£232.0m	▼ 60%
Finance costs	-£1.07bn	-£2.09bn	-£3.55bn	-£1.03bn	-£1.96bn	-£1.73bn	-£2.63bn	-£1.61bn	▲ 39%
Profit before tax	£3.88bn	-£2.61bn	£795.0m	£4.40bn	£4.10bn	£12.82bn	£1.62bn	£13.07bn	▲ 707%
Tax	-£879.0m	-£1.50bn	-£1.25bn	-£3.86bn	-£1.33bn	-£481.0m	-£50.0m	-£492.0m	▼ 884%
Profit after tax	£4.76bn	-£4.11bn	-£455.0m	£536.0m	£2.77bn	£12.34bn	£1.57bn	£12.58bn	▲ 701%
EBITDA (memo)	£8.91bn	£4.42bn	£4.10bn	£5.10bn	—	—	—	—	—

Balance sheet

GBP

Metric	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	Δ YoY
Intangible assets	£43.33bn	£41.01bn	£54.01bn	£53.55bn	£53.24bn	£47.21bn	£38.85bn	£42.50bn	▲ 9%
Tangible assets	£28.32bn	£27.43bn	£40.11bn	£41.24bn	£40.80bn	£37.99bn	£28.50bn	£50.52bn	▲ 77%
Investments	£12.54bn	£13.88bn	£6.68bn	£10.18bn	£9.00bn	£12.17bn	£6.10bn	£7.05bn	▲ 16%
Total fixed assets	£107.66bn	£103.28bn	£135.33bn	£126.79bn	£126.47bn	£124.86bn	£104.79bn	£99.91bn	▼ 5%
Stocks	—	—	—	—	—	—	—	—	—
Debtors	—	—	£22.12bn	£15.70bn	£17.40bn	£18.55bn	—	—	—
Cash at bank	£4.07bn	£13.64bn	£13.56bn	£5.82bn	£7.50bn	£11.71bn	£6.18bn	£11.00bn	▲ 78%
Total current assets	£24.13bn	£39.82bn	£33.25bn	£27.01bn	£27.58bn	£30.66bn	£20.51bn	£28.62bn	▲ 40%
Trade creditors	-£16.24bn	-£17.65bn	-£17.72bn	-£18.07bn	-£19.66bn	-£18.25bn	-£13.40bn	-£14.07bn	▼ 5%
Bank loans (current)	-£8.51bn	-£4.27bn	-£11.98bn	-£8.49bn	-£11.96bn	-£14.72bn	-£7.73bn	-£1.04bn	▲ 86%
Total current liabilities	£28.02bn	£25.52bn	£33.38bn	£28.71bn	£33.65bn	£34.58bn	£22.35bn	£22.76bn	▲ 2%
Net current assets	-£3.89bn	£14.29bn	-£1.39bn	-£1.70bn	-£6.07bn	-£3.92bn	-£1.84bn	£5.86bn	swung +
Total assets less current liabilities	£141.74bn	£117.34bn	£134.78bn	£126.35bn	£120.40bn	£120.94bn	£52.44bn	£71.76bn	▲ 37%
Bank loans (non-current)	-£32.91bn	-£48.69bn	-£62.95bn	-£59.27bn	-£58.13bn	-£51.67bn	-£49.26bn	-£44.06bn	▲ 11%
Long-term liabilities	£37.98bn	£53.89bn	£65.48bn	£61.88bn	£60.41bn	£52.43bn	£54.08bn	£45.85bn	▼ 15%
Provisions	£1.96bn	£2.40bn	£2.53bn	£2.64bn	£2.55bn	£2.25bn	£2.45bn	£2.50bn	▲ 2%
Net assets	£67.65bn	£63.45bn	£62.63bn	£57.81bn	£57.07bn	£64.48bn	£61.00bn	£53.92bn	▼ 12%
Total equity	£68.61bn	£63.45bn	£62.63bn	£57.81bn	£57.07bn	£64.48bn	£61.00bn	£53.92bn	▼ 12%

Cash flow

GBP

Metric	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	Δ YoY
Net cash from operating activities	£13.60bn	£12.98bn	£17.38bn	£17.21bn	£18.08bn	£18.05bn	£16.56bn	£15.37bn	▼ 7%
Net cash used in investing activities	-£9.84bn	-£9.22bn	-£8.09bn	-£9.26bn	-£6.87bn	-£379.0m	-£6.12bn	£4.76bn	swung +
Net cash used in financing activities	-£7.23bn	£4.44bn	-£9.35bn	-£15.20bn	-£9.71bn	-£13.43bn	-£15.86bn	-£15.28bn	▲ 4%
Net increase / (decrease) in cash	-£3.48bn	£8.20bn	-£61.0m	-£7.24bn	£1.51bn	£4.25bn	-£5.42bn	£4.85bn	swung +
Cash at end of year	£5.39bn	£13.61bn	£13.29bn	£5.79bn	£7.37bn	£11.63bn	£6.11bn	£10.89bn	▲ 78%

Scene 04 · Waterfall

From revenue to profit

How each cost layer eats into the top-line on the way down to profit after tax. Cascade chart coming in the next release — for now the table below shows the same flow.

Revenue£37.67bn
Cost of sales−£24.36bn
Gross profit£13.31bn
Operating profit£14.45bn
Tax−£1.87bn
Profit after tax£12.58bn

FY2025 accounts · cascade view

03 · Risk

What the filings reveal

Concrete signals · descriptive only

Screening 3 to review Name overlaps — not auto-cleared Balance-sheet stress 1.26× short-term cover Current ratio · FY2025 accounts Compliance signals 1 high-severity finding 6 surfaced in total Auditor Unqualified Ernst & Young LLP

Working capital + cash

Where the money sits

Four numbers that tell you how stretched the balance sheet is today. The line under each is in plain English — what the number means for the business, not what to do about it.

Short-term cover Current ratio · liquidity 1.26× For every £1 of short-term bills they hold £1.26 of cash and quickly-sellable assets. Covered, but no real buffer.

Profit-to-cash Cash conversion · earnings quality 106% Every £1 of reported operating profit turned into £1.06 of actual cash. Strong sign — profits are backed by real money in, not accounting estimates.

Brand & goodwill share Intangibles ratio · asset quality 33.1% A notable 33.1% of the balance sheet is intangible — patents, brands, goodwill. Real value but harder to verify if challenged.

Screening status

Independent checks completed

No critical risk flagsNo kill switches fired Sanctions check · ClearFCDO + OFAC + EU screen Potential sanctions · 3 reviewsLow-confidence name overlap Politically-exposed persons · None foundPEP screen · 0 hits Disqualified directors · NoneCH disqualified register · clear Auditor · Ernst & Young LLP Audit opinion · UnqualifiedUnqualified ISA-700 opinion Status · Active

Compliance signals

What the compliance pass surfaced

Weak sanctions name overlap

Severity · Medium

Screening returned a partial name overlap: 'BROERS, Alec Nigel, The Lord' against 'The Lord' on the Global Human Rights Sanctions Regulations 2020 list (90% name similarity). No identifier corroboration — an unconfirmed overlap, not a confirmed hit.

Weak sanctions name overlap

Severity · Medium

Weak sanctions name overlap

Severity · Medium

Outstanding Charges — Secured Lending

Severity · High

Five outstanding or part-satisfied charges are registered against the company, indicating a material level of secured financial obligations on the balance sheet.

Elevated Director Turnover

Severity · Medium

58 resigned directors against 13 currently active, across approximately 41 years, represents a turnover ratio that warrants scrutiny of governance continuity.

Short-Tenure Directors

Severity · Medium

Seven directors served fewer than 12 months, which may reflect restructuring activity but also warrants consideration in the context of potential nominee arrangements.

        Internal data-quality signals · expand
      

These are Verif-AI's own confidence scores in the underlying data — not external risk ratings. Each dimension reflects how complete and self-consistent the filed numbers were on extraction.

Financial completeness 55

Compliance signals 50

Operational disclosure 72

Data confidence 70

04 · Market

Sector and benchmarks

SIC2007 · cohort metrics

Industry classification

Information & communication

Companies House records the SIC2007 classification for this entity under 2 codes: 61900, 70100.

Sector context · thin

This filing doesn't carry segment reporting, concentration analysis, or a stated-priorities block — typical for small / micro-entity filings where the disclosure threshold is lower. The SIC classification above is the load-bearing market signal.

05 · People

The people behind the company

14 directors · 0 PSCs · 27.8m UK appointments cross-referenced

Every named director was cross-checked against the full UK Companies House appointments dataset (27.8 million records). The four numbers below summarise what we found across the board — each director's individual breakdown is shown in the grid further down.

Directors analysed 13 1 corporate · cross-checked against 27.8m records

Avg failure rate 0.0% share of prior companies that went into liquidation / dissolution

Max concurrent boards 2 most active director sits on 2 boards · 1.1 avg

Phoenix signals 0 no director linked to dissolved-and-restarted companies

Each director, individually

Career history + cross-references

Role	Director	Career boards	Concurrent	Prior-failure rate	Joined	Other UK boards
Director	Margherita Della Valle Italian, British · United Kingdom	4	—	0.0%	1 April 2007

Director	Delphine Ernotte Cunci French · France	2	—	—	1 September 2014

Director · active	Maria Amparo Moraleda Martinez Spanish · Spain	1	—	—	1 June 2017	—
Director · active	Michel Roger Demare Belgian, Swiss · Switzerland	1	—	—	1 February 2018	—
Director · active	Jean-Francois Maurice Louis Van Boxmeer Belgian · Belgium	1	—	—	28 July 2020	—
Director · active	Deborah Kerr American · United States	1	—	—	1 March 2022	—
Director · active	Stephen Andrew Carter British · United Arab Emirates	1	—	—	26 July 2022	—
Director · active	Simon Anthony Segars British · United States	1	—	—	26 July 2022	—
Director · active	Kandimathie Christine Ramon South African · South Africa	4	2	0.0%	25 August 2006

Co-director network

Who sits on other UK boards alongside these directors

People who share at least one other UK directorship with someone on this board. Sorted by overlap count. Click any shared boards chip to reveal the companies they overlap on.

SIR Julian Michael Horn-Smith 24 career appointments 3 shared boards

Vodafone Group Services Limited No. 03802001 · Director · Active
Vodafone Global Enterprise Limited No. 02844851 · Director · Active
Centrica PLC No. 03033654 · Director · Active

Richard Goswell 5 career appointments · 1 failed · 20.0% failure rate 1 shared board

EE Limited No. 02382161 · Director · Active

SIR Robert Anthony Clark 15 career appointments · 1 failed · 6.7% failure rate 1 shared board

EE Limited No. 02382161 · Director · Active

MRS Julia Sarah Chain 36 career appointments · 2 failed · 5.6% failure rate 1 shared board

EE Limited No. 02382161 · Director · Active

Anthony Watson 53 career appointments · 2 failed · 3.8% failure rate 1 shared board

EE Limited No. 02382161 · Director · Active

MR Stephen Raymond Pettit 28 career appointments · 1 failed · 3.6% failure rate 1 shared board

EE Limited No. 02382161 · Director · Active

MRS Penelope Lesley Hughes 31 career appointments · 1 failed · 3.2% failure rate 1 shared board

Anglogold Ashanti Holdings PLC No. FC034822 · Director · Active

MR Philip Edward Yea 49 career appointments · 1 failed · 2.0% failure rate 1 shared board

Anglogold Ashanti Holdings PLC No. FC034822 · Director · Active

Geoffrey John Lomer 13 career appointments 1 shared board

Anglogold Ashanti Holdings PLC No. FC034822 · Director · Active

        + Show the 60 resigned officers
      

Historical board

Resigned network

Every officer who has left the company, newest-resignation first. Helps spot waves of churn that wouldn't show on the active-director cards alone.

2023

Rosemary Elisabeth Scudamore Martin

Secretary Served 2010 → 2023

2010

Stephen Roy Scott

Secretary Resigned 30 March 2010

2002

Josef Ackermann

Director Served 2000 → 2002

2021

Sanjiv Ahuja

Director Served 2018 → 2021

2006

Peter Richard Bamford

Director Served 1998 → 2006

1998

William, Sir Barlow

Director Resigned 31 March 1998

2011

Sir John Reginald Hartnell, Sir Bond

Director Served 2005 → 2011

2008

Michael Jay Boskin

Director Served 1999 → 2008

2007

Alec Nigel, Professor Lord Broers

Director Served 1999 → 2007

1999

Alec Nigel, The Lord Broers

Director Served 1998 → 1999

2012

John Gordon St Clair, Dr Buchanan

Director Served 2003 → 2012

1999

David Channing Williams

Director Served 1996 → 1999

1998

Robert Anthony, Sir Clark

Director Resigned 31 March 1998

2018

Vittorio Amedeo Colao

Director Served 2006 → 2018

2004

Vittorio Amedeo Colao

Director Served 2002 → 2004

2012

Michel Marie Alain Combes

Director Served 2009 → 2012

2023

Sir Crispin Davis

Director Served 2014 → 2023

2018

Mathias Oliver Christian, Dr Dopfner

Director Served 2015 → 2018

2000

Klaus, Dr Esser

Director Served 2000 → 2000

2000

Donald George Fisher

Director Served 1999 → 2000

2023

Clara Hedwig Frances, Dame Furse

Director Served 2014 → 2023

2006

Thomas Geitner

Director Served 2000 → 2006

2003

Christopher Charles, Sir Gent

Director Resigned 30 July 2003

1999

John Gildersleeve

Director Served 1998 → 1999

2000

Samuel Lou Ginn

Director Served 1999 → 2000

2023

Valerie Frances Gooding

Director Served 2014 → 2023

1999

Mohanbir Singh Gyani

Director Served 1999 → 1999

2014

Andrew Nigel Halford

Director Served 2005 → 2014

1998

Ernest Thomas, Sir Harrison

Director Resigned 21 July 1998

2006

Paul Mandeville Hazen

Director Served 1999 → 2006

1996

David Henning

Director Served 1992 → 1996

2006

Julian Michael, Sir Horn-Smith

Director Served 1996 → 2006

2006

Penelope Lesley Hughes

Director Served 1998 → 2006

2005

Kenneth John Hydon

Director Resigned 26 July 2005

2021

Renee James

Director Served 2011 → 2021

2014

Alan Wayne Jebson

Director Served 2006 → 2014

2019

Samuel Esson Jonah

Director Served 2009 → 2019

2020

Gerhard Johannes Kleisterlee

Director Served 2011 → 2020

2014

Omid Kordestani

Director Served 2013 → 2014

2017

Nicholas Charles Edward Land

Director Served 2006 → 2017

2014

Anne Lauvergeon

Director Served 2005 → 2014

1997

Geoffrey John Lomer

Director Served 1992 → 1997

2006

Ian Charter, Lord Maclaurin Of Knebworth Maclaurin

Director Served 1997 → 2006

2021

Olaf Klaus Meijer Swantee

Director Served 2021 → 2021

2025

Luka Mucic

Director Served 2023 → 2025

2010

Simon Murray

Director Served 2007 → 2010

2025

David Thomas Nish

Director Served 2016 → 2025

1997

Edward John Peett

Director Resigned 31 October 1997

2015

Stephen Charles Pusey

Director Served 2009 → 2015

2022

Nicholas Jonathan Read

Director Served 2014 → 2022

2008

Arun Sarin

Director Served 1999 → 2008

2005

David Gerald, Sir Scholey

Director Served 1998 → 2005

2008

Jurgen Erich Schrempp

Director Served 2000 → 2008

2001

Henning Schulte Noelle

Director Served 2000 → 2001

2000

Charles Robert Schwab

Director Served 1999 → 2000

2020

David Ingle Thodey

Director Served 2019 → 2020

2015

Luc Emile Rene Vandevelde

Director Served 2003 → 2015

2014

Anthony Watson

Director Served 2006 → 2014

1998

Gerald Arthur, Sir Whent

Director Resigned 21 July 1998

2017

Philip Edward Yea

Director Served 2005 → 2017

06 · AI Investigation

Case file open · File no. 01833679 · 28 July 2026 · Trust signal · 57/100 · AI confidence · 92%

Vodafone sold Spain and Italy, banked the cash, and used most of it to slice net debt almost in half — from €33bn to €22bn.

AI forensic pass across 100 Companies House filings. 32 page-cited signals from three specialist agents, 3 cross-signal correlations, and 4 verification questions for management — every claim traces back to a filing reference.

Critical

Load-bearing signals

Warning

Context to the summary

Structural

Supporting facts

Evidence

Distinct pages cited

AI Analyst commentary

What the numbers, the board, and the ownership say

Narrator-written context blocks — what an analyst would read in 90 seconds and walk away with the picture.

Balance sheet

Fixed assets have shrunk from £135bn at their FY2020 peak to £99.9bn today — the portfolio is getting smaller by design. Net assets fell to £53.9bn despite the £13.1bn profit year, which means the business returned a very large amount of capital to shareholders or took write-downs that offset almost all of the year's earnings.

Board

15 directors currently registered at Companies House — large board typical of a listed global plc. CEO Margherita Della Valle also directs Centrica Plc and two Vodafone group subsidiaries — cross-group oversight is standard at this level.

Ownership

Listed on the London Stock Exchange — no single controlling shareholder; institutional ownership typical of a large-cap listed plc. Group holding structure includes Vodacom and Vantage Towers as partially owned entities — a multi-tier ownership tree with minority stakes at sub-group level.

Case files · Chapter dossier

The investigation, chapter by chapter

The investigation as one running thread — each beat resolves a signal cluster, page-cited. Open “the full working” on any beat for the forensic detail.

Revenue Flat, Profit Explodes.

A 3% rise in turnover masks a profit move that is anything but incremental.

+707%

Profit before tax FY2024 £1.6bn FY2025 £13.1bn

The full working

Source · P&L FY2024–FY2025

Operating Profit: Up 294%.

The profit surge starts at the operating level, not below it.

Operating profit

FY2024 £3.7bn

FY2025 £14.5bn

The full working

Source · P&L FY2024–FY2025

Cash Up, Long-Term Debt Down.

The balance sheet tells a story of asset sales and debt reduction running in parallel.

£11.0bn Cash FY2025

£45.9bn Long-term liabilities FY2025

The full working

Source · Balance Sheet FY2025; Cash Flow FY2024–FY2025

Net Assets Fell Despite Record Profit.

Twelve billion in profit, yet shareholders' equity shrank — something left the group.

-12%

Net assets (total equity) FY2024 £61.0bn FY2025 £53.9bn

The full working

Source · Balance Sheet FY2024–FY2025

Who Controls Vodafone?

No person of significant control is recorded at Companies House.

Person of Significant Control None on record
Listed entity (this filing) Vodafone Group Public Limited Company
Operating group (subsidiaries below this entity)

Source · PSC register; Directors register

Filing History: Names and Signals.

Six name changes since 1984 trace the group's evolution from Racal to Vodafone.

Sep 1991 Renamed Vodafone Group Public Limited Company
Jun 1999 Renamed Vodafone AirTouch Public Limited Company
Jul 1984 Incorporated as Racal Strategic Radio Limited
Dec 2025 Capital allotment (SH01) filed
Aug 2025 Resolutions filed

Source · Name history register; Filing signals FY2025

Cross-signal intelligence

AI correlations across the filing

Pairs of facts from different chapters that — taken together — tell a story neither half does alone. This is where investigation outperforms summary.

The £4.8bn investing cash inflow in [chapter 3] is the mirror image of the operating profit surge in [chapter 2] — both are consistent with a large disposal that simultaneously generated a gain and returned cash to the group.

The 78% rise in cash in [chapter 3] sits alongside a 12% fall in net assets in [chapter 4], suggesting that while liquidity improved, the assets underpinning shareholder value shrank — the group is holding more cash but owning less.

↔ Cross-reference

The capital allotment filing (SH01) in December 2025 flagged in [chapter 6] coincides with a year in which equity fell by £7.1bn despite record profit, pointing to capital structure activity that the filing signals alone do not fully explain.

Deep signals

Buried in the filing

Specifics most readers would miss — surfaced by the AI for the analyst who wants to know.

Profit surge not matched by revenue growth

A profit-to-revenue ratio this extreme is consistent with a large one-off disposal gain or revaluation recognised in FY2025 — a pattern already seen in FY2023 (PBT £12.8bn). Recurring operating profitability is likely a fraction of the headline PBT figure.

Net assets fell 11.6% in a record profit year

This pattern is consistent with large dividend payments or share buybacks funded by disposal proceeds. The business earned £12.6bn after tax but the equity base shrank by more — meaning shareholders received more than the year's earnings.

Inventory tripled with no disclosed explanation

For a telecoms operator, a near-tripling of inventory is unusual. It could reflect consolidation of a previously off-balance-sheet entity, a large equipment procurement cycle, or a change in what Vodafone now distributes post-restructuring. The filing does not explain the cause — this is worth monitoring.

154-day debtor cycle at global scale

At this scale, 154 days is consistent with large-volume government and enterprise contracts where payment terms are negotiated long. It is not necessarily a collection problem, but it means a very large portion of annual revenue is always sitting uncollected — and requires financing.

Forensic investigation · 32 signals

Three specialist agents, working in parallel

Segmental revenue · capital structure · strategic KPIs. Each agent cites the exact filing page for every claim, with an AI confidence score derived from cross-citation strength.

Segmental Analysis

Group Adjusted EBITDAaL fell from €11,019m to €10,932m

Group Adjusted EBITDAaL decreased by €87m (-0.8%) from €11,019m in FY2024 to €10,932m in FY2025. The group operating loss was €411m in FY2025 versus a profit of €3,665m in FY2024.

p.6 · 7 more from this specialist

Strategic KPIs

Organic service revenue grew 5.1% — steady progress

Organic service revenue growth was +5.1% in FY25, down from +6.3% in FY24. Reported service revenue rose to £30,758m from £29,912m.

p.3, p.6, p.8 · 10 more from this specialist

Capital Structure & Borrowings

Net debt is €22.4bn after big drop of nearly €11bn in the year

Closing net debt fell from €33,242m to €22,397m, a reduction of €10,845m, driven mainly by €13,917m cash from selling Vodafone Spain and Vodafone Italy.

p.26, p.27 · 12 more from this specialist

          + Show all 32 specialist findings
        

Segmental Analysis (8)

Group Adjusted EBITDAaL fell from €11,019m to €10,932m

Group Adjusted EBITDAaL decreased by €87m (-0.8%) from €11,019m in FY2024 to €10,932m in FY2025. The group operating loss was €411m in FY2025 versus a profit of €3,665m in FY2024.

Why it matters: The swing from a €3.7bn operating profit to a €411m operating loss is a very large change — mostly driven by a €4,515m impairment charge in FY2025 versus a €372m gain in FY2024, so the underlying trading is more stable than the headline profit suggests.

p.6 critical conf 97%

Spain and Italy removed from segment reporting after disposals

Vodafone Spain was disposed on 31 May 2024 and Vodafone Italy on 31 December 2024. Both ceased to be reported segments from FY2025. Combined they contributed €13,113m revenue in FY2023 (Germany €5,323m, Italy €1,350m, Spain part of Other Europe). FY2024 comparatives show Spain/Italy within discontinued operations.

Why it matters: The loss of two major European businesses means the group is significantly smaller and more concentrated in Germany, UK and Africa — the shape of the company has changed fundamentally and prior year comparisons are not like-for-like.

p.6, p.7 critical conf 95%

Germany is the biggest segment but still only ~33% of group revenue

Germany generated €12,180m total segment revenue in FY2025 vs €12,957m in FY2024, a drop of €777m (-6.0%). It is the largest single segment at 32.5% of group total revenue of €37,448m.

Why it matters: Germany is the group's biggest market, so any fall there hits group numbers harder than the same drop anywhere else — investors need to watch whether this is a one-off or a trend.

p.6 important conf 95%

Africa revenue grew strongly, now the second largest segment

Africa total segment revenue rose from €7,420m (FY2024) to €7,791m (FY2025), up €371m (+5.0%). Africa Adjusted EBITDAaL grew from €2,539m to €2,593m.

Why it matters: Africa is growing while Europe is broadly flat or declining, which means the group is becoming more reliant on emerging markets — higher growth but also higher political and currency risk.

p.6 important conf 93%

Türkiye segment more than doubled in revenue year on year

Türkiye total segment revenue jumped from €2,362m (FY2024) to €3,086m (FY2025), up €724m (+30.7%). EBITDAaL grew from €510m to €842m.

Why it matters: This big jump is largely driven by hyperinflation accounting (IAS 29) and Turkish lira revaluation, not real business growth — so it flatters the group headline and investors should not read it as organic improvement.

p.6, p.3 important conf 92%

UK segment revenue was broadly flat year on year

UK total segment revenue was €6,996m in FY2025 versus €6,837m in FY2024, up €159m (+2.3%). UK Adjusted EBITDAaL rose from €1,408m to €1,558m.

Why it matters: The UK is holding steady and improving profitability slightly, which is a positive sign in a challenging European market.

p.6 useful conf 93%

Common Functions segment runs at near-zero profit

Common Functions (central teams and business functions) had total segment revenue of €1,817m in FY2025 (FY2024: €1,864m) and Adjusted EBITDAaL of only €45m (FY2024: €29m).

Why it matters: Central costs are very high relative to the revenue they generate, which is typical for a group HQ function but worth watching as the group shrinks after disposals.

p.6 useful conf 88%

Other Europe segment revenue fell after disposal of Spanish and Italian operations

Other Europe total segment revenue was €5,694m in FY2025 versus €5,504m in FY2024, a rise of €190m (+3.5%). EBITDAaL was €1,510m (FY2024: €1,516m), essentially flat.

Why it matters: The remaining Other Europe countries (Albania, Czech Republic, Greece, Ireland, Portugal, Romania) are stable, providing a steady but modest contribution to group profits.

p.6 useful conf 90%

Strategic KPIs (11)

Organic service revenue grew 5.1% — steady progress

Organic service revenue growth was +5.1% in FY25, down from +6.3% in FY24. Reported service revenue rose to £30,758m from £29,912m.

Why it matters: This is the core measure of how fast Vodafone is growing its customer billing — a slowdown from last year but still solid, suggesting the business is holding its ground in competitive markets.

p.3, p.6, p.8 important conf 95%

EBITDA margin: revenue up but profit flat signals cost pressure

Group revenue rose to £37,448m in FY25 from £36,717m in FY24 (+2.0%), while Adjusted EBITDAaL edged down from £11,019m to £10,932m, implying the EBITDA margin narrowed slightly (approx 29.2% vs 30.0%).

Why it matters: Revenue is growing but the company is not yet converting that growth into more profit per pound earned — higher investment in Germany and restructuring costs are eating into margins for now.

p.6, p.8 important conf 82%

Net debt fell sharply to £22.4bn from £33.2bn

Net debt dropped from £33,242m in FY24 to £22,397m in FY25 — a reduction of about £10.8bn, driven by £13.3bn cash proceeds from the sales of Vodafone Spain and Italy and Vantage.

Why it matters: A much lower debt pile reduces financial risk and gives Vodafone more room to invest and return cash to shareholders — this is a big positive shift for the balance sheet.

p.3, p.6, p.8 important conf 95%

7,700 job cuts completed — simplicity drive on track

Vodafone reduced headcount by 7,700 roles up to FY25, versus a 3-year plan target of 10,000 cuts by FY27.

Why it matters: Cost savings are running ahead of schedule, which should boost profit margins in coming years — a positive sign that management is delivering on its promises.

p.3, p.5, p.6 important conf 90%

Operating loss of £411m — a big swing from £3.7bn profit last year

Operating loss was £(411)m in FY25 versus a profit of £3,665m in FY24. The loss for the year from continuing operations was £(3,724)m.

Why it matters: The reported bottom line swung to a loss, largely due to write-downs and restructuring from disposals — this looks alarming but is mainly accounting-driven rather than a sign the core business is failing.

p.8 important conf 93%

Dividend cut to 4.5 eurocents from 9.0 eurocents per share

Total dividend per share for FY25 is 4.5 eurocents, half the 9.0 eurocents paid in FY24 and FY23.

Why it matters: The dividend was halved to reflect the smaller, reshaped group after selling Spain and Italy — management says it plans to grow the dividend over time and return surplus cash via buybacks, but income-focused investors take a short-term hit.

p.3, p.6, p.8 important conf 97%

GHG emissions fell sharply — Scope 1&2 down from 0.69 to 0.27

Total Scope 1 and 2 GHG emissions (market-based) fell from 0.69m tonnes CO2e in FY24 to 0.27m tonnes CO2e in FY25 — a drop of over 60%.

Why it matters: Vodafone is now sourcing 100% of its electricity from renewables, which cuts its carbon bill and reduces the risk of future carbon taxes — a meaningful positive for ESG-focused partners and investors.

p.9 important conf 88%

Adjusted EBITDAaL fell slightly to £10.9bn from £11.0bn

FY25 Adjusted EBITDAaL was £10,932m versus £11,019m in FY24, a drop of about 0.8%. On a like-for-like basis it grew +2.5%.

Why it matters: The headline profit measure dipped slightly, mainly due to the MDU (multi-dwelling unit) impact and heavier investment in Germany — but strip those out and the underlying trend is positive.

p.3, p.6, p.8 useful conf 92%

Adjusted free cash flow held steady at £2.5bn

Adjusted free cash flow was £2,548m in FY25 versus £2,600m in FY24 — almost flat year on year.

Why it matters: The company is still generating enough cash to pay dividends and buy back shares, which matters for anyone supplying to or trading with Vodafone because it shows financial resilience.

p.3, p.6, p.8 useful conf 95%

Pre-tax return on capital steady at 7.0%

Pre-tax ROCE was 7.0% in FY25, broadly in line with 7.2% in FY24. Post-tax ROCE was +4.4%, same as FY24.

Why it matters: The business is earning roughly the same return on its assets as last year — steady but not accelerating, which means investors need patience while the strategy plays out.

p.3, p.6 useful conf 90%

Subscriber base: 310m mobile customers across 15 countries

Vodafone serves 310m mobile customers, 15m TV customers and 22m broadband customers as at FY25. No single prior-year subscriber total is given for direct comparison.

Why it matters: A large and diverse customer base across Europe and Africa reduces the risk of over-reliance on any one market, which is reassuring for business partners and investors.

p.5 useful conf 80%

Capital Structure & Borrowings (13)

Net debt is €22.4bn after big drop of nearly €11bn in the year

Closing net debt fell from €33,242m to €22,397m, a reduction of €10,845m, driven mainly by €13,917m cash from selling Vodafone Spain and Vodafone Italy.

Why it matters: The company used sale proceeds to pay down debt fast, so it owes much less than a year ago — that is good news for anyone extending credit or trading terms.

p.26, p.27 important conf 97%

Net debt to EBITDA is about 2.0x — within a safe range

Net debt of €22,397m against Adjusted EBITDAaL of €10,932m gives a ratio of approximately 2.05x.

Why it matters: A ratio below 3x is generally seen as manageable for a telecoms company, so lenders are unlikely to be worried right now.

p.26 important conf 90%

Total borrowings are €53.1bn gross, with €11bn cash held

Gross borrowings were €53,143m (FY24: €56,987m); cash and equivalents were €11,001m, giving net borrowings less cash of €42,142m before other deductions to reach net debt.

Why it matters: Gross debt is large in absolute terms, but the company holds significant cash and liquid investments that reduce the effective exposure.

p.27 important conf 95%

Equity dividends paid were €1,787m — down from €2,430m last year

Equity dividends paid in FY25 were €1,787m versus €2,430m in FY24, a reduction of €643m.

Why it matters: A lower dividend payout frees up more cash to reduce debt, consistent with the company's strategy to strengthen its balance sheet after the disposals.

p.26 important conf 93%

Share buyback programme spent €1,868m in FY25

Share buybacks of €1,868m were completed in FY25 (FY24: nil), with 2,430,853,096 shares cancelled during the year.

Why it matters: Returning nearly €1.9bn to shareholders via buybacks shows confidence in the balance sheet, though it reduces cash available to pay down debt further.

p.26, p.167 important conf 95%

Borrowings fell by €3,844m in the year due to debt repayment

Total borrowings dropped from €56,987m to €53,143m, mainly from repaying bank loans secured against Indian assets (€1,794m) and reducing bonds by €7,408m, partly offset by new bond issuances of €3,358m.

Why it matters: Active debt repayment signals the company is prioritising a stronger balance sheet following its disposal programme.

p.27 important conf 93%

Interest cover is about 9x — plenty of room to cover finance costs

Operating profit of €14,451m divided by finance costs of €1,609m gives interest cover of approximately 8.98x.

Why it matters: The company earns nearly nine times what it costs to service its debt, so there is no immediate risk of being unable to pay interest.

p.27 useful conf 92%

Bonds make up the bulk of borrowings at €36.4bn

Bonds totalled €36,402m (FY24: €40,743m); bank loans were €1,213m; other borrowings including spectrum were €2,345m.

Why it matters: Heavy reliance on bond markets means refinancing depends on capital market conditions, though the lower total shows active debt reduction during the year.

p.27 useful conf 95%

IFRS 16 lease liabilities total €10.8bn with long tail beyond five years

Total undiscounted lease commitments are €12,869m (FY24: €11,142m); after discounting, the lease liability is €10,826m. Of this, €3,868m falls due in more than five years.

Why it matters: Lease liabilities add to the company's fixed payment obligations; the long-dated tail means this commitment runs well into the future.

p.27, p.170 useful conf 96%

Lease payments within one year are €2.8bn — a regular cash drain

Lease liabilities due within one year are €2,765m (FY24: €2,603m); cash outflow for leases in FY25 was €3,770m.

Why it matters: This is a predictable but sizeable annual cost the company must meet before it can use cash for anything else.

p.170 useful conf 95%

Free cash flow was €1,850m — positive and slightly up year on year

Free cash flow was €1,850m in FY25 versus €1,783m in FY24; adjusted free cash flow was €2,548m versus €2,600m.

Why it matters: Positive and stable free cash flow means the company is generating enough cash from its operations to cover investment spending without needing to borrow more.

p.26 useful conf 95%

No covenant breach or waiver disclosed anywhere in the report

The annual report contains no disclosure of covenant breach, waiver request, or lender consent obtained in relation to borrowing limits.

Why it matters: The absence of any such disclosure suggests the company is comfortably within its loan limits and lenders are not applying pressure.

p.27 useful conf 85%

Hybrid bonds worth €8.2bn are counted in equity for credit purposes

Hybrid bonds of EUR equivalent €8,162m (FY24: €8,993m) are treated as 50% equity by credit rating agencies, reducing their view of net debt.

Why it matters: This accounting treatment flatters the company's credit metrics; if agencies changed their view, the effective leverage ratio would look higher.

p.27 useful conf 88%

Specialist deep panels · Structured price capture

Every figure the specialists extracted

Below the prose findings, each agent publishes a structured numeric metrics block. Segmental revenue, named KPIs with YoY %, and capital-structure metrics — direct from the source filings.

Segmental analysis

Revenue & operating profit by business division

Segment Revenue (latest) Operating profit Rev YoY

Germany €12180 €4384 -6.0%

UK €6996 €1558 +2.3%

Other Europe €5694 €1510 +3.5%

Türkiye €3086 €842 +30.7%

Africa €7791 €2593 +5.0%

Common Functions €1817 €45 -2.5%

Eliminations €-189 — -16.7%

Top-segment revenue concentration: 32.5%

Strategic KPIs

5 flagship metrics · 9 supporting

Organic service revenue growth

5.1%

-18.9% YoY

Adjusted EBITDAaL

£11k

-0.8% YoY

Adjusted free cash flow

£3k

-2.0% YoY

Pre-tax ROCE

-2.8% YoY

Mobile customers

£310m

+ Show 9 supporting KPIs

Group revenue

£37k

+2.0% YoY

Group service revenue

£31k

+2.8% YoY

Net debt

£22k

-32.6% YoY

Total dividends per share

€4

-50.0% YoY

Net debt to Adjusted EBITDAaL leverage ratio

£2

Shared operations NPS

81%

-4.7% YoY

Employee engagement index

75%

0.0% YoY

Scope 1 and 2 GHG emissions (market-based)

£270k

-60.9% YoY

Role reductions (productivity)

£8k

Capital structure

Debt, cover, and dividend posture

Net debt

£22.4bn

Interest cover

8.98×

Drawn debt

£53.1bn

Dividend prior year

£2.4bn

Management questions · Open inquiry

What management would need to answer next

Generated by the AI from the disclosure gaps it detected. Hover or tap each card to surface the underlying evidence that triggered the question.

Q01

What is driving the 6% revenue drop in Germany — is it pricing pressure, customer losses, or mix shift — and what is management's plan to reverse it?

↻ Flip for trigger

Why we'd ask this

No agent data gaps were flagged, but Türkiye figures are materially affected by IAS 29 hyperinflation accounting, which limits direct comparability with other segments.

Q02

How much of the Türkiye revenue and EBITDA jump is real business growth versus hyperinflation accounting distortion, and what is the underlying performance in local currency terms?

↻ Flip for trigger

Why we'd ask this

No agent data gaps were flagged, but Türkiye figures are materially affected by IAS 29 hyperinflation accounting, which limits direct comparability with other segments.

Q03

With Spain and Italy gone and Africa now the second-largest segment, how is Vodafone managing political risk, currency volatility, and repatriation of cash from its African markets?

↻ Flip for trigger

Why we'd ask this

No agent data gaps were flagged, but Türkiye figures are materially affected by IAS 29 hyperinflation accounting, which limits direct comparability with other segments.

Q04

Management says it plans to grow the dividend over time and return surplus cash via buybacks — what specific targets or conditions need to be met before the dividend rises again?

↻ Flip for trigger

Why we'd ask this

No agent data gaps were flagged, but Türkiye figures are materially affected by IAS 29 hyperinflation accounting, which limits direct comparability with other segments.

Verification gaps

What the filings don't disclose

High-trust analysis names its own blind spots. These are metrics the AI looked for and couldn't find — anything material to the summary needs management or independent verification.

No agent data gaps were flagged, but Türkiye figures are materially affected by IAS 29 hyperinflation accounting, which limits direct comparability with other segments.

08 · Documents

The filing trail

100 filings · Companies House

Filing distribution

SH03

56%

SH04

25%

SH01

SH05

AP01

TM01

CH01

CS01

MISC

Latest filings

19 May 2026 SH03 Capital return purchase own shares treasury capital date

18 May 2026 MISC Miscellaneous

27 Apr 2026 SH04 Capital sale or transfer treasury shares with date currency capital figure

27 Apr 2026 SH03 Capital return purchase own shares treasury capital date

16 Apr 2026 SH05 Capital cancellation treasury shares with date currency capital figure

16 Apr 2026 SH04 Capital sale or transfer treasury shares with date currency capital figure

31 Mar 2026 SH03 Capital return purchase own shares treasury capital date

31 Mar 2026 SH04 Capital sale or transfer treasury shares with date currency capital figure

31 Mar 2026 SH03 Capital return purchase own shares treasury capital date

Catalyst timeline

Filing pattern + upcoming windows

100 filings · 2025 → 2026

Accounts Officers Capital Resolutions Other

2026Annual accounts

Next annual accounts due

Due at Companies House by 30 September 2026 for the period ending 31 March 2026.

2026Confirmation

Next confirmation statement due

Annual confirmation due by 29 August 2026 (made up to 15 August 2026).

Final chapter — What we found

What we found

57 MIXED SIGNALS

Verif-AI Synthesis

Mixed signals

A global telecoms group in controlled retreat — selling assets, cutting debt, and paying shareholders — while the trading core holds steady at £37.7bn.

FY2025 accounts

The five plain-English briefing questions are on Origin — read the story first, then return here for the TrustScore scorecard.

Signal Radar

How the score breaks down

Financial completeness 55/100

Operational disclosure 72/100

Compliance signals 50/100

Data confidence 70/100

Decisive findings

What decided this summary

The hard-hit facts that drove the score. Full breakdown — chapters, between-the-lines, all specialist findings — sits on AI Insights.

Group Adjusted EBITDAaL fell from €11,019m to €10,932m

Group Adjusted EBITDAaL decreased by €87m (-0.8%) from €11,019m in FY2024 to €10,932m in FY2025. The group operating loss was €411m in FY2025 versus a profit of €3,665m in FY2024.

p.6

Spain and Italy removed from segment reporting after disposals

p.6, p.7

10 · Verification

How we know

100 filings · 13 directors · 256 pages

This report reads the full filing package — digital iXBRL where available, the filed PDF (including notes), and the Companies House register — not a single uploaded document.

Figures are as filed by the company — Companies House does not verify the accuracy of information filed. Verif-AI checks internal consistency and flags anomalies, but cannot confirm the underlying figures are correct.

Reconciliation

All 30 reconciled lines tie exactly to the audited iXBRL filing

Every balance-sheet and profit & loss line traced to where we read it in the filing. iXBRL — read straight from the company's audited machine-readable tags, so it ties exactly. PDF — read from the filed accounts document, with the supporting note cited so you can check it. Flagged — our consistency check marked it for a closer look.

Line Our figure Source in filing Reconciliation

Profit & loss · p.127

Turnover £37.7bn iXBRL ✓ Ties to filing

Cost of sales −£24.4bn iXBRL ✓ Ties to filing

Gross profit £13.3bn iXBRL ✓ Ties to filing

Administrative expenses −£5.6bn iXBRL ✓ Ties to filing

Operating profit £14.5bn iXBRL ✓ Ties to filing

Finance income £232m iXBRL ✓ Ties to filing

Finance costs −£1.6bn iXBRL ✓ Ties to filing

Profit before tax £13.1bn iXBRL ✓ Ties to filing

Tax −£492m iXBRL ✓ Ties to filing

Profit after tax £12.6bn iXBRL ✓ Ties to filing

Balance sheet · p.128

Intangible assets £42.5bn iXBRL ✓ Ties to filing

Tangible assets £50.5bn iXBRL ✓ Ties to filing

Fixed assets £99.9bn iXBRL ✓ Ties to filing

Stock £1.6bn iXBRL ✓ Ties to filing

Trade debtors £15.9bn iXBRL ✓ Ties to filing

Cash £11bn iXBRL ✓ Ties to filing

Current assets £28.6bn iXBRL ✓ Ties to filing

Total assets £128.5bn iXBRL ✓ Ties to filing

Trade creditors −£14.1bn iXBRL ✓ Ties to filing

Current liabilities £22.8bn iXBRL ✓ Ties to filing

Net current assets £5.9bn iXBRL ✓ Ties to filing

Total assets less current liabilities £71.8bn iXBRL ✓ Ties to filing

Bank loans (current) −£1bn iXBRL ✓ Ties to filing

Bank loans (non-current) −£44.1bn iXBRL ✓ Ties to filing

Deferred tax −£776m iXBRL ✓ Ties to filing

Long-term liabilities £45.9bn iXBRL ✓ Ties to filing

Provisions £2.5bn iXBRL ✓ Ties to filing

Net assets £53.9bn iXBRL ✓ Ties to filing

Share capital £4.3bn iXBRL ✓ Ties to filing

Profit & loss reserves −£112.3bn iXBRL ✓ Ties to filing

30 read from audited iXBRL tags · 0 from the filed PDF.

What we read

Companies House filings

Total filings 100 2025 → 2026

Accounts filings 1 audited financial statements

Officer events 5 appointments + terminations

Capital events 90 share allotments + buybacks

Who we cross-checked

UK director appointment network

Directors verified 13 incl. 1 corporate officer

Records cross-referenced 27.8m UK appointments dataset

Avg failure rate 0.0% across prior appointments

Phoenix scan 0 directors flagged

Screening status

Independent checks completed

No critical risk flagsNo kill switches fired Sanctions check · ClearFCDO + OFAC + EU screen Potential sanctions · 3 reviewsLow-confidence name overlap Politically-exposed persons · None foundPEP screen · 0 hits Audit opinion · UnqualifiedUnqualified ISA-700 opinion Auditor · Ernst & Young LLP Status · Active

Screened 74 names (registered company + officers/PSCs) against live lists: FCDO Consolidated UK Sanctions List — 57503 entries, refreshed 04 July 2026 · OFAC SDN (US Treasury) + akaName aliases + relationship graph — 39437 entries, refreshed 04 July 2026 · EU Consolidated Financial Sanctions — 29880 entries, refreshed 04 July 2026 · UK Parliament — current Members of Commons & Lords — 1441 entries, refreshed 04 July 2026 · Companies House — Disqualified Directors register, checked 04 July 2026.

Steps we ran

How the report was assembled

Pages read 256 PDF pages analysed

Steps run 9 0 skipped · 9 completed

AI checks 3 independent reviews

Years analysed 8 audited filings trended

Pipeline — what ran on this report

Read PDF accounts 256 pages Classify filing Extract audit notes Compliance screening Cross-check directors Build company timeline Plain-English analysis Capital structure review Processing filing

Limits and caveats

What this report doesn't claim

Peer benchmarks

No sector-cohort comparison was generated for this filing — the benchmarking pipeline either skipped this SIC code or this report predates that block.

Persons with significant control

No PSCs are recorded against this entity — typical for listed PLCs (widely held by institutional investors) and for dormant / micro-entity filings.

Principal risks register

The filed accounts did not surface a structured principal-risks register, or one was not extracted by the parser. Small / micro-entity filings are not required to disclose this.

        Plain-English glossary · 8 terms
      

PBT (Profit Before Tax): What the company earned before paying its tax bill — the clearest single measure of whether it made money.
In this filing: Vodafone's PBT jumped to £13.1bn in FY2025, but the revenue line grew only 2.6% — suggesting most of that profit came from selling assets, not selling phone contracts.
Net Assets: Everything the company owns minus everything it owes — the book value of the whole business.
In this filing: Despite a huge profit year, Vodafone's net assets fell 11.6% to £53.9bn, meaning large sums left the business — probably as dividends or asset write-downs.
Long-Term Liabilities: Money owed that doesn't need to be repaid within the next 12 months — mostly bonds and long-term loans.
In this filing: At £45.9bn, Vodafone's long-term debt dwarfs its annual gross profit of £13.3bn, so servicing it depends on continued cash generation from operations.
Current Liabilities: Bills and debts the company must pay within the next 12 months.
In this filing: £22.8bn is due within a year. With £11bn in cash, Vodafone covers about 5.8 months of those obligations — manageable but not comfortable without ongoing cash inflows.
Gross Profit: What's left after subtracting the direct cost of delivering the service or product, before paying for overheads, staff, or interest.
In this filing: Gross profit grew 8.4% to £13.3bn even though revenue only grew 2.6% — meaning the remaining business is generating more margin per pound of sales.
Working Capital Gap: The gap between when you pay your suppliers and when your customers pay you — you have to fund that gap yourself.
In this filing: Vodafone's 290-day gap means it effectively needs £29.9bn to bridge the time between paying out and collecting in — funded through group treasury arrangements.
Debtor Days: On average, how many days after issuing an invoice before the company gets paid.
In this filing: At 154 days, Vodafone's customers take over five months to pay. For a business of this scale this is likely driven by large corporate and government contracts with agreed extended terms.
Asset Fragility: The share of total assets that are intangible (like brand value, spectrum licences, or right-of-use leases) — things that are hard to sell quickly in a crisis.
In this filing: 37.8% of Vodafone's total assets are intangible or lease-based. In a forced sale, these would not fetch anything close to their book value.