SCHEDULE: e&'s Vodafone Stake Rises to 16.63% After Buybacks

Emirates Telecommunications Group Company PJSC (e&) and its affiliates now beneficially own 16.629% of Vodafone Group Plc's ordinary shares due to Vodafone's share repurchases.

Summary

• Atlas 2022 Holdings Limited, Emirates Telecommunications Group Company PJSC (e&), and Emirates Investment Authority (EIA) collectively beneficially own 3,944,743,685 Ordinary Shares of Vodafone Group Plc.
• This ownership represents 16.629% of Vodafone's total outstanding ordinary shares.
• The increase in the percentage of Ordinary Shares owned by the Reporting Persons is a direct result of a series of Ordinary Share repurchases conducted by Vodafone Group Plc.
• As of December 4, 2025, Vodafone Group Plc reported 23,721,876,992 Ordinary Shares outstanding (excluding treasury shares).
• Atlas Holdings is a wholly-owned subsidiary of e&, which in turn is 60% owned by EIA.

Sentiment

Score: 6

Explanation: The filing reports an increased percentage of beneficial ownership for the reporting persons in Vodafone Group Plc, primarily due to Vodafone's share repurchases. This is a neutral to slightly positive development as it indicates a more concentrated stake for the investors and a capital return strategy by Vodafone.

Positives

• Reporting Persons' beneficial ownership percentage in Vodafone Group Plc increased to 16.629% due to Vodafone's share repurchases, strengthening their relative stake without additional investment.
• Vodafone's share repurchases reduce the number of outstanding shares, which can be positive for existing shareholders by potentially increasing earnings per share and share price.

Future Outlook

The filing does not contain any new forward-looking statements or guidance from the reporting persons regarding their future intentions or Vodafone's prospects, as it primarily serves to update beneficial ownership percentages based on past share repurchases.

Industry Context

This filing highlights the continued strategic investment by a major Middle Eastern telecommunications group (e&) and its sovereign wealth fund (EIA) in a global telecommunications giant (Vodafone). The increase in their percentage stake, driven by Vodafone's share repurchases, reflects a common capital allocation strategy in mature telecom markets where companies aim to return value to shareholders and optimize capital structure.

Comparison to Industry Standards

• e&'s 16.629% stake in Vodafone represents a significant strategic investment, positioning them as a key institutional shareholder, a common occurrence for large telecom operators seeking strategic alliances or diversified portfolios.
• Vodafone's ongoing share repurchase program, which led to the increased percentage ownership for e&, is a standard capital management practice among global telecommunications companies, similar to actions taken by peers like AT&T and Verizon to enhance shareholder value.

Related Party Transactions

• Mr. Michael Combes, Chairman & CEO of BrightSpeed and a director of e&, owns 1,622,121 Ordinary Shares in Vodafone.
• Mr. Khalid Abdulwahid Hassan Alrustamani, Chairman and Chief Executive Officer of AW Rostamani Group and a director of e&, indirectly owns 151,750 Ordinary Shares in Vodafone through Athenaeum Investments Limited.

Stakeholder Impact

• Shareholders (Vodafone): The share repurchases reduce the total number of outstanding shares, potentially increasing earnings per share and the value of remaining shares. The increased stake by e& solidifies a significant strategic investor presence.
• Reporting Persons (e&, EIA, Atlas Holdings): Their percentage ownership in Vodafone has increased without additional investment, strengthening their influence and potential returns from their existing stake.

Key Dates

Recommendation

The filing primarily updates the beneficial ownership percentage of e& and its affiliates in Vodafone Group Plc, which increased due to Vodafone's share repurchases. This is a largely passive update reflecting a change in the denominator (outstanding shares) rather than a new investment decision by the reporting persons. While Vodafone's buybacks are generally positive for shareholders, this filing itself does not present new information about Vodafone's operational performance or future prospects that would alter a fundamental investment thesis. Therefore, a 'hold' recommendation is appropriate, maintaining existing positions based on broader company and industry analysis.

Keywords

Vodafone, e&, Emirates Telecommunications, Emirates Investment Authority, Atlas Holdings, Schedule 13D, beneficial ownership, share repurchase, telecommunications, investment