SCHEDULE: Vodafone Stakeholders Adjust Holdings

Atlas Holdings, e&, and EIA have amended their Schedule 13G filing, reporting a combined beneficial ownership of 17.13% of Vodafone Group Plc's ordinary shares as of July 10, 2026.

Summary

• Atlas 2022 Holdings Limited, Emirates Telecommunications Group Company PJSC (e&), and Emirates Investment Authority (EIA) have filed an amended Schedule 13G.
• The filing reports a combined beneficial ownership of 3,944,743,685 ordinary shares of Vodafone Group Plc.
• This represents approximately 17.13% of the total voting rights attached to Vodafone's shares.
• The percentage is based on 23,027,555,926 ordinary shares outstanding as of June 30, 2026.
• The reporting persons have ceased to hold securities for the purpose of changing or influencing control of Vodafone.
• This amendment follows the termination of the relationship agreement between e& and Vodafone and the cessation of Mr. Hatem Dowidar as a director of Vodafone.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral. While it signifies a change in the reporting persons' intent regarding control, it does not provide new financial performance data or strategic initiatives for Vodafone itself.

Positives

• The reporting persons collectively hold a significant stake of 17.13% in Vodafone Group Plc, indicating substantial investment and confidence.
• The filing clarifies that the reporting persons no longer hold shares with the intent to influence or change control, suggesting a shift towards a passive investment strategy.

Negatives

• The cessation of Mr. Hatem Dowidar as a director of Vodafone, following the termination of the relationship agreement, may signal a change in strategic alignment or governance structure.

Risks

• While the reporting persons state they no longer hold shares to influence control, their substantial 17.13% stake could still be perceived as a potential factor in future corporate actions or governance discussions.
• The termination of the relationship agreement between e& and Vodafone could lead to uncertainty regarding future collaborations or strategic partnerships.

Future Outlook

The filing does not contain specific forward-looking statements or guidance from management regarding future performance. However, the shift to a Schedule 13G filing implies a less active, more passive investment approach going forward.

Management Comments

• "Atlas Holdings is wholly-owned by e&, which is in turn 60% owned by EIA. Together these entities indirectly and directly beneficially own 3,944,743,685 Ordinary Shares of Vodafone Group Plc ('Vodafone' or the 'Issuer'), as of July 10, 2026, representing approximately 17.13% of the voting rights attached to Vodafone's shares."
• "Such percentage is based on a total of 23,027,555,926 Ordinary Shares outstanding (i.e. excluding treasury shares) as of June 30, 2026 as reported by the Issuer in its Total Voting Rights and Capital announcement dated July 1, 2026."
• "On July 10, 2026, the relationship agreement between e& and the Issuer was terminated and Mr. Hatem Dowidar ceased to serve as a director of the Issuer."
• "As a result, the Reporting Persons have determined that they no longer hold any securities for the purpose of or with the effect of changing or influencing the control of the Issuer."
• "Accordingly, the reporting persons are filing this statement on Schedule 13G pursuant to Rule 13d-1(c) of the Exchange Act in accordance with Rule 13d-1(h) of the Exchange Act."

Industry Context

StockSavvy.ai notes that this filing represents a significant shift in the reporting status of a major shareholder in the telecommunications sector. The move from a Schedule 13D to a Schedule 13G by Atlas Holdings, e&, and EIA indicates a transition from a potentially activist or controlling stake to a passive investment, which is a common strategy for large institutional investors seeking to reduce regulatory burdens while maintaining their investment.

Management Changes

Stakeholder Impact

• Shareholders: The shift to a Schedule 13G filing by a major stakeholder may reduce perceived short-term volatility related to activist investor actions, potentially stabilizing investor sentiment. However, it also confirms a significant passive ownership block.
• Management: The departure of Mr. Hatem Dowidar as a director, linked to the termination of the e& relationship agreement, could impact board dynamics and strategic oversight.
• Employees: No direct impact on employees is indicated in this filing.
• Creditors: No direct impact on creditors is indicated in this filing.

Next Steps

• The reporting persons will continue to monitor their investment in Vodafone Group Plc.
• Future filings will be made as required by SEC regulations based on any changes in beneficial ownership or investment intent.

Key Dates

Keywords

Vodafone Group Plc, Schedule 13G, Emirates Telecommunications Group Company PJSC, e&, Emirates Investment Authority, EIA, Atlas 2022 Holdings Limited, beneficial ownership, ordinary shares, voting rights, corporate governance