[6-K] Vodafone Group PLC Current Report (Foreign Issuer)

Q: What is the coupon rate on Citigroup’s PANW-linked 424B2 notes?

The notes pay a contingent coupon of at least 2.90 % per quarter, or ≥ 11.60 % annualised , only when PANW’s price is ≥ 65 % of the initial level on the valuation date.

Q: When can the PANW-linked notes be called early?

They are autocalled if PANW closes at or above its initial price on any of six dates starting 20 Jan 2026 ; investors then receive $1,000 plus the coupon.

Q: How much principal protection do investors have?

Principal is repaid in full only if the final PANW value is ≥ 65 % of the initial. Below that, redemption equals $1,000 × (final/initial), risking up to 100 % loss.

Q: What is the estimated value versus the issue price?

Citigroup expects an estimated value of at least $921.50 per $1,000 note on the pricing date, reflecting hedging and distribution costs.

Q: Are the notes traded on an exchange?

No. They will not be listed ; liquidity relies on CGMI’s discretionary secondary market, which may be limited or unavailable.

Q: What credit exposure do holders have?

Payments depend on Citigroup Global Markets Holdings Inc. and are fully guaranteed by Citigroup Inc. . Both are unsecured obligations.

Filing Impact

(Low)

Filing Sentiment

(Neutral)

Form Type

6-K

Rhea-AI Filing Summary

Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering Autocallable Contingent Coupon Equity-Linked Securities tied to Palo Alto Networks, Inc. (PANW). These unsecured senior notes mature on 22 July 2027 unless automatically redeemed earlier and have a $1,000 stated principal amount.

Coupon mechanics: On each of eight quarterly valuation dates, investors receive a contingent coupon of ≥ 2.90 % of face (≥ 11.60 % p.a.) only if PANW’s closing price is ≥ the 65 % coupon-barrier. Missed coupons are not made up. If PANW trades at or above its initial price on any of six specified dates (starting 20 Jan 2026), the notes are autocalled at $1,000 + coupon, capping upside.

Principal repayment: If not autocalled, principal is protected only when the final underlying value ≥ 65 % of initial. If PANW finishes below this final barrier, redemption equals $1,000 × (PANW final/initial), exposing investors to a dollar-for-dollar downside to zero.

Pricing & fees: Issue price is $1,000; estimated value on pricing date is expected to be ≥ $921.50, reflecting ≈ 8 % dealer discount, hedging and structuring costs. Underwriter CGMI earns up to $18.50 per note and may pay concessions of $17.50 to brokers plus up to $1.00 structuring fee.

Risk highlights:

Loss of up to 100 % of principal if PANW drops ≥ 35 % at final valuation.
Coupons are contingent; eight missed observations would leave investors with zero income.
Early redemption curtails income potential when PANW performs well.
No secondary-market listing; liquidity depends on CGMI’s discretionary market-making.
Credit exposure to Citigroup Global Markets Holdings Inc. and Citigroup Inc.
Estimated value < issue price; secondary bids likely below par.
Complex U.S. tax treatment; non-U.S. holders face potential 30 % withholding.

The securities are aimed at investors seeking elevated income, who are moderately bullish-to-neutral on PANW, comfortable with 35 % downside risk, limited liquidity, and Citigroup credit exposure.

Citigroup Global Markets Holdings Inc., garantita da Citigroup Inc., offre titoli azionari collegati con cedola condizionata autocallable legati a Palo Alto Networks, Inc. (PANW). Questi note senior non garantite scadono il 22 luglio 2027 salvo un rimborso anticipato automatico e hanno un valore nominale dichiarato di $1.000.

Meccanismo della cedola: In ciascuna delle otto date di valutazione trimestrali, gli investitori ricevono una cedola condizionata di almeno il 2,90% del valore nominale (≥ 11,60% annuo) solo se il prezzo di chiusura di PANW è ≥ della barriera cedolare al 65%. Le cedole non pagate non vengono recuperate. Se PANW quota al livello o sopra il prezzo iniziale in una delle sei date specificate (a partire dal 20 gennaio 2026), le note vengono autocallate a $1.000 + cedola, limitando il potenziale di guadagno.

Rimborso del capitale: Se non autocallate, il capitale è protetto solo se il valore finale dell’azione sottostante è ≥ 65% del valore iniziale. Se PANW termina sotto questa barriera finale, il rimborso sarà pari a $1.000 × (valore finale PANW/valore iniziale PANW), esponendo gli investitori a una perdita in linea con la performance negativa fino a zero.

Prezzo e commissioni: Il prezzo di emissione è $1.000; il valore stimato alla data di prezzo è atteso ≥ $921,50, riflettendo un circa 8% di sconto per dealer, costi di copertura e strutturazione. Il sottoscrittore CGMI guadagna fino a $18,50 per nota e può corrispondere commissioni di $17,50 ai broker più fino a $1,00 di fee di strutturazione.

Punti chiave di rischio:

Perdita fino al 100% del capitale se PANW scende ≥ 35% al valore finale.
Le cedole sono condizionate; otto mancati pagamenti lascerebbero gli investitori senza reddito.
Il rimborso anticipato limita il potenziale di guadagno in caso di buona performance di PANW.
Assenza di quotazione sul mercato secondario; la liquidità dipende dal market-making discrezionale di CGMI.
Rischio di credito verso Citigroup Global Markets Holdings Inc. e Citigroup Inc.
Valore stimato inferiore al prezzo di emissione; offerte secondarie probabilmente sotto la pari.
Trattamento fiscale statunitense complesso; per investitori non USA possibile ritenuta del 30%.

I titoli sono rivolti a investitori che cercano un reddito elevato, con una visione moderatamente rialzista o neutrale su PANW, che accettano un rischio di ribasso del 35%, liquidità limitata e esposizione al credito di Citigroup.

Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc., ofrece Valores vinculados a acciones con cupón contingente autocancelable ligados a Palo Alto Networks, Inc. (PANW). Estos bonos senior no garantizados vencen el 22 de julio de 2027 salvo redención anticipada automática y tienen un valor nominal declarado de $1,000.

Mecánica del cupón: En cada una de las ocho fechas trimestrales de valoración, los inversores reciben un cupón contingente de al menos 2.90% del valor nominal (≥ 11.60% anual) solo si el precio de cierre de PANW es ≥ la barrera del cupón del 65%. Los cupones no pagados no se recuperan. Si PANW cotiza en o por encima de su precio inicial en cualquiera de las seis fechas especificadas (a partir del 20 de enero de 2026), los bonos se autocancelan a $1,000 + cupón, limitando el potencial alcista.

Reembolso del principal: Si no se autocancelan, el principal está protegido solo cuando el valor final subyacente es ≥ 65% del inicial. Si PANW termina por debajo de esta barrera final, el reembolso será $1,000 × (valor final PANW/valor inicial PANW), exponiendo a los inversores a una pérdida dólar por dólar hasta cero.

Precio y comisiones: El precio de emisión es $1,000; el valor estimado en la fecha de precio se espera sea ≥ $921.50, reflejando un ≈ 8% de descuento para el distribuidor, costos de cobertura y estructuración. El suscriptor CGMI gana hasta $18.50 por bono y puede pagar concesiones de $17.50 a corredores más hasta $1.00 de comisión de estructuración.

Puntos clave de riesgo:

Pérdida de hasta el 100% del principal si PANW cae ≥ 35% en la valoración final.
Los cupones son contingentes; ocho observaciones fallidas dejarían a los inversores sin ingresos.
La redención anticipada limita el potencial de ingresos cuando PANW tiene buen desempeño.
No cotización en mercado secundario; la liquidez depende del market-making discrecional de CGMI.
Exposición crediticia a Citigroup Global Markets Holdings Inc. y Citigroup Inc.
Valor estimado inferior al precio de emisión; ofertas secundarias probablemente por debajo del valor nominal.
Tratamiento fiscal estadounidense complejo; los titulares no estadounidenses enfrentan posible retención del 30%.

Los valores están dirigidos a inversores que buscan ingresos elevados, con una postura moderadamente alcista a neutral sobre PANW, cómodos con un riesgo a la baja del 35%, liquidez limitada y exposición crediticia a Citigroup.

Citigroup Global Markets Holdings Inc.는 Citigroup Inc.가 보증하며, Palo Alto Networks, Inc. (PANW)에 연계된 자동상환 조건부 쿠폰 주식연계 증권을 제공합니다. 이 무담보 선순위 채권은 2027년 7월 22일에 만기되며, 조기 자동상환되지 않는 한 명목금액은 $1,000입니다.

쿠폰 메커니즘: 8번의 분기별 평가일마다, PANW 종가가 쿠폰 장벽 65% 이상일 경우에만 명목금액의 최소 2.90% (연 11.60% 이상)의 조건부 쿠폰을 지급합니다. 미지급 쿠폰은 보충되지 않습니다. 2026년 1월 20일부터 시작하는 6개의 지정일 중 어느 날이든 PANW가 초기 가격 이상으로 거래되면, 채권은 $1,000 + 쿠폰으로 자동상환되어 상승 수익이 제한됩니다.

원금 상환: 자동상환되지 않으면, 최종 기초자산 가치가 초기 가치의 65% 이상일 때만 원금이 보호됩니다. PANW가 최종 장벽 이하로 마감하면 상환금액은 $1,000 × (PANW 최종가/초기가)가 되어 투자자는 최대 전액 손실 위험에 노출됩니다.

가격 및 수수료: 발행 가격은 $1,000이며, 가격 책정일의 예상 가치는 $921.50 이상으로 약 8%의 딜러 할인, 헤지 및 구조화 비용이 반영되었습니다. 인수자인 CGMI는 채권당 최대 $18.50를 벌며, 중개인에게 $17.50의 수수료와 최대 $1.00의 구조화 수수료를 지급할 수 있습니다.

주요 위험 요소:

PANW가 최종 평가 시점에 35% 이상 하락하면 원금 전액 손실 위험.
쿠폰은 조건부이며, 8회 모두 지급 실패 시 투자자는 수익이 전혀 없음.
조기 상환 시 PANW가 좋은 성과를 내도 수익 기회 제한.
2차 시장 상장 없음; 유동성은 CGMI의 재량에 따른 마켓메이킹에 의존.
Citigroup Global Markets Holdings Inc. 및 Citigroup Inc.에 대한 신용 위험.
예상 가치가 발행가 미만; 2차 시장 매수 호가는 액면가 이하일 가능성 높음.
복잡한 미국 세금 처리; 비미국 투자자는 30% 원천징수 가능성 있음.

이 증권은 높은 수익을 추구하며 PANW에 대해 다소 강세에서 중립적인 시각을 가지고, 35% 하락 위험, 제한된 유동성 및 Citigroup 신용 위험을 감수할 수 있는 투자자를 대상으로 합니다.

Citigroup Global Markets Holdings Inc., garanti par Citigroup Inc., propose des titres liés à des actions avec coupon conditionnel autocallable liés à Palo Alto Networks, Inc. (PANW). Ces billets seniors non garantis arrivent à échéance le 22 juillet 2027, sauf remboursement anticipé automatique, avec un montant nominal déclaré de 1 000 $.

Mécanique du coupon : À chacune des huit dates d’évaluation trimestrielles, les investisseurs perçoivent un coupon conditionnel d’au moins 2,90 % du nominal (≥ 11,60 % par an) uniquement si le cours de clôture de PANW est ≥ à la barrière de coupon à 65 %. Les coupons manqués ne sont pas rattrapés. Si PANW se négocie à son prix initial ou au-dessus lors de l’une des six dates spécifiées (à partir du 20 janvier 2026), les titres sont autocallés à 1 000 $ + coupon, limitant ainsi le potentiel de hausse.

Remboursement du capital : En l’absence d’autocall, le capital est protégé uniquement si la valeur finale sous-jacente est ≥ 65 % de la valeur initiale. Si PANW termine en dessous de cette barrière finale, le remboursement sera égal à 1 000 $ × (valeur finale PANW/valeur initiale PANW), exposant les investisseurs à une perte en capital au prorata jusqu’à zéro.

Prix et frais : Le prix d’émission est de 1 000 $ ; la valeur estimée à la date de tarification est attendue ≥ 921,50 $, reflétant une décote d’environ 8 % pour le concessionnaire, ainsi que les coûts de couverture et de structuration. Le souscripteur CGMI perçoit jusqu’à 18,50 $ par titre et peut verser des concessions de 17,50 $ aux courtiers plus jusqu’à 1,00 $ de frais de structuration.

Points clés de risque :

Perte pouvant atteindre 100 % du capital si PANW chute de ≥ 35 % à la valorisation finale.
Les coupons sont conditionnels ; huit observations manquées laisseraient les investisseurs sans revenu.
Le remboursement anticipé limite le potentiel de revenu lorsque PANW performe bien.
Pas de cotation sur le marché secondaire ; la liquidité dépend du market-making discrétionnaire de CGMI.
Exposition au risque de crédit de Citigroup Global Markets Holdings Inc. et Citigroup Inc.
Valeur estimée inférieure au prix d’émission ; les offres secondaires seront probablement en dessous de la valeur nominale.
Traitement fiscal américain complexe ; les détenteurs non américains peuvent être soumis à une retenue à la source de 30 %.

Ces titres s’adressent aux investisseurs recherchant un revenu élevé, ayant une vision modérément haussière à neutre sur PANW, acceptant un risque de baisse de 35 %, une liquidité limitée et une exposition au crédit de Citigroup.

Citigroup Global Markets Holdings Inc., garantiert durch Citigroup Inc., bietet autokallierbare contingent Coupon Equity-Linked Securities an, die an Palo Alto Networks, Inc. (PANW) gebunden sind. Diese unbesicherten Senior Notes laufen am 22. Juli 2027 ab, sofern sie nicht vorher automatisch zurückgezahlt werden, und haben einen Nennbetrag von $1.000.

Kuponmechanik: An acht vierteljährlichen Bewertungsterminen erhalten Investoren einen bedingten Kupon von mindestens 2,90 % des Nennwerts (≥ 11,60 % p.a.), nur wenn der Schlusskurs von PANW ≥ der Kupon-Barriere von 65 % liegt. Verpasste Kupons werden nicht nachgezahlt. Wenn PANW an einem der sechs festgelegten Termine (beginnend am 20. Januar 2026) auf oder über dem Anfangspreis handelt, werden die Notes autokalliert zu $1.000 + Kupon, was das Aufwärtspotenzial begrenzt.

Kapitalrückzahlung: Wenn nicht autokalliert, ist das Kapital nur geschützt, wenn der Endwert des Basiswerts ≥ 65 % des Anfangswerts ist. Liegt PANW unter dieser Endbarriere, erfolgt die Rückzahlung in Höhe von $1.000 × (PANW End-/Anfangswert), wodurch Investoren einem Dollar-für-Dollar-Verlust bis auf null ausgesetzt sind.

Preis & Gebühren: Der Ausgabepreis beträgt $1.000; der geschätzte Wert am Preistag wird voraussichtlich ≥ $921,50 sein, was einem ca. 8 % Händlerabschlag sowie Hedging- und Strukturierungskosten entspricht. Der Underwriter CGMI verdient bis zu $18,50 pro Note und kann Broker-Konzessionen von $17,50 plus bis zu $1,00 Strukturierungsgebühr zahlen.

Risikohighlights:

Verlust von bis zu 100 % des Kapitals, wenn PANW beim Endwert um ≥ 35 % fällt.
Kupons sind bedingt; acht verpasste Beobachtungen würden Investoren ohne Einkommen lassen.
Frühzeitige Rückzahlung begrenzt das Einkommenspotenzial bei guter PANW-Performance.
Keine Notierung am Sekundärmarkt; Liquidität hängt vom diskretionären Market-Making von CGMI ab.
Kreditrisiko gegenüber Citigroup Global Markets Holdings Inc. und Citigroup Inc.
Geschätzter Wert unter Ausgabepreis; Sekundärgebote wahrscheinlich unter Pari.
Komplexe US-Steuerbehandlung; Nicht-US-Inhaber können einer 30 % Quellensteuer unterliegen.

Die Wertpapiere richten sich an Anleger, die ein erhöhtes Einkommen suchen, moderat bullisch bis neutral gegenüber PANW eingestellt sind, ein Abwärtsrisiko von 35 %, begrenzte Liquidität und ein Kreditrisiko gegenüber Citigroup akzeptieren.

Positive

High contingent coupon of at least 11.60 % per annum, well above comparable senior debt yields.
65 % downside barrier provides conditional principal protection if PANW does not fall more than 35 % by final valuation.
Automatic call feature can return capital early, enhancing annualised yield in modestly positive PANW scenarios.
Citigroup Inc. guarantee adds an additional credit layer relative to non-guaranteed structured products.

Negative

Full downside exposure below a 35 % PANW decline, potentially reducing redemption to $0.
Coupons are not fixed; any quarter with PANW under the barrier results in skipped interest.
Early redemption caps upside, limiting total return if PANW performs strongly.
No exchange listing and wide bid–ask spreads create significant liquidity risk.
Estimated value (≥ $921.50) below issue price embeds upfront costs and likely negative initial MTM.
Complex and uncertain U.S. tax treatment; non-U.S. investors may face 30 % withholding.

Insights

TL;DR High coupon compensates for equity downside; autocalled if PANW strong, full loss if PANW −35 % at maturity.

The note’s ≥ 11.60 % annual contingent coupon is attractive versus traditional investment-grade debt, but its receipt hinges on PANW staying above 65 % of the initial level every quarter. Six autocalldates starting month 6 shorten duration when PANW trades flat-to-up, effectively converting upside into early return of principal plus one coupon—yield maximisation is therefore unlikely in bullish scenarios. The 65 % barrier offers moderate protection versus spot (~$190.72 on 14 Jul 2025), implying a break-even of roughly $123. Below that, investors participate one-for-one in further declines, risking total loss. Spread between issue price and estimated value (~8 %) plus uncertain liquidity mean mark-to-market could quickly fall under par even absent credit spread widening. Product suits income-focused investors with a range-bound view on PANW and high risk tolerance.

TL;DR Elevated credit, market and liquidity risks outweigh coupon for most conservative portfolios.

Investors face three stacked risks: (1) Issuer/guarantor credit—an unsecured claim on Citigroup; (2) Equity market risk—loss beyond a 35 % PANW decline; (3) Liquidity risk—no listing, dealer bid only. The estimated value discount, bid-ask spread and three-month hedging premium decay can generate significant mark-to-market volatility. In stressed markets, CGMI could withdraw liquidity, forcing hold-to-maturity with uncertain recovery. Accordingly, I view the securities as speculative income instruments inappropriate for capital-preservation mandates.

Punti chiave di rischio:

Perdita fino al 100% del capitale se PANW scende ≥ 35% al valore finale.
Le cedole sono condizionate; otto mancati pagamenti lascerebbero gli investitori senza reddito.
Il rimborso anticipato limita il potenziale di guadagno in caso di buona performance di PANW.
Assenza di quotazione sul mercato secondario; la liquidità dipende dal market-making discrezionale di CGMI.
Rischio di credito verso Citigroup Global Markets Holdings Inc. e Citigroup Inc.
Valore stimato inferiore al prezzo di emissione; offerte secondarie probabilmente sotto la pari.
Trattamento fiscale statunitense complesso; per investitori non USA possibile ritenuta del 30%.

Puntos clave de riesgo:

Pérdida de hasta el 100% del principal si PANW cae ≥ 35% en la valoración final.
Los cupones son contingentes; ocho observaciones fallidas dejarían a los inversores sin ingresos.
La redención anticipada limita el potencial de ingresos cuando PANW tiene buen desempeño.
No cotización en mercado secundario; la liquidez depende del market-making discrecional de CGMI.
Exposición crediticia a Citigroup Global Markets Holdings Inc. y Citigroup Inc.
Valor estimado inferior al precio de emisión; ofertas secundarias probablemente por debajo del valor nominal.
Tratamiento fiscal estadounidense complejo; los titulares no estadounidenses enfrentan posible retención del 30%.

주요 위험 요소:

PANW가 최종 평가 시점에 35% 이상 하락하면 원금 전액 손실 위험.
쿠폰은 조건부이며, 8회 모두 지급 실패 시 투자자는 수익이 전혀 없음.
조기 상환 시 PANW가 좋은 성과를 내도 수익 기회 제한.
2차 시장 상장 없음; 유동성은 CGMI의 재량에 따른 마켓메이킹에 의존.
Citigroup Global Markets Holdings Inc. 및 Citigroup Inc.에 대한 신용 위험.
예상 가치가 발행가 미만; 2차 시장 매수 호가는 액면가 이하일 가능성 높음.
복잡한 미국 세금 처리; 비미국 투자자는 30% 원천징수 가능성 있음.

Points clés de risque :

Perte pouvant atteindre 100 % du capital si PANW chute de ≥ 35 % à la valorisation finale.
Les coupons sont conditionnels ; huit observations manquées laisseraient les investisseurs sans revenu.
Le remboursement anticipé limite le potentiel de revenu lorsque PANW performe bien.
Pas de cotation sur le marché secondaire ; la liquidité dépend du market-making discrétionnaire de CGMI.
Exposition au risque de crédit de Citigroup Global Markets Holdings Inc. et Citigroup Inc.
Valeur estimée inférieure au prix d’émission ; les offres secondaires seront probablement en dessous de la valeur nominale.
Traitement fiscal américain complexe ; les détenteurs non américains peuvent être soumis à une retenue à la source de 30 %.

Risikohighlights:

Verlust von bis zu 100 % des Kapitals, wenn PANW beim Endwert um ≥ 35 % fällt.
Kupons sind bedingt; acht verpasste Beobachtungen würden Investoren ohne Einkommen lassen.
Frühzeitige Rückzahlung begrenzt das Einkommenspotenzial bei guter PANW-Performance.
Keine Notierung am Sekundärmarkt; Liquidität hängt vom diskretionären Market-Making von CGMI ab.
Kreditrisiko gegenüber Citigroup Global Markets Holdings Inc. und Citigroup Inc.
Geschätzter Wert unter Ausgabepreis; Sekundärgebote wahrscheinlich unter Pari.
Komplexe US-Steuerbehandlung; Nicht-US-Inhaber können einer 30 % Quellensteuer unterliegen.

07/15/2025 - 11:32 AM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULES 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

Dated July 15, 2025

Commission File Number: 001-10086

VODAFONE GROUP

PUBLIC LIMITED COMPANY

(Translation of registrant’s name into English)

VODAFONE HOUSE, THE CONNECTION, NEWBURY, BERKSHIRE, RG14 2FN, ENGLAND

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ✓ Form 40-F _

This Report on Form 6-K contains a Stock Exchange Announcement dated 15 July 2025 entitled ‘EARLY RESULTS OF CASH TENDER OFFERS ANNOUNCED’.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON RESIDENT AND/OR LOCATED IN, ANY JURISDICTION WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION IS UNLAWFUL

THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7(1) OF UK MAR

15 July 2025

VODAFONE GROUP PUBLIC LIMITED COMPANY ANNOUNCES EARLY RESULTS OF ITS CASH TENDER OFFERS OF CERTAIN U.S. DOLLAR AND STERLING DENOMINATED NOTES DUE 2043 TO 2059

(Newbury, Berkshire - England) - July 15, 2025 - Vodafone Group Plc ("Vodafone" or the "Company") announces the early results of its previously announced offers to purchase for cash in concurrent, but separate, offers for the outstanding series of notes listed in the table below (the "Notes"), upon the terms of, and subject to the conditions set out in, the offer to purchase dated June 30, 2025 (the "Offer to Purchase"). As previously announced, the Company increased the Maximum Tender Amount from an aggregate purchase price (excluding Accrued Interest) of up to €2,000,000,000 equivalent to an aggregate purchase price (excluding Accrued Interest) of up to €2,500,000,000 equivalent. The Company also announces an extension of the period over which Holders may tender their Notes and be eligible to receive the Early Tender Premium through to the Expiration Date, as detailed below.

The Notes denominated in U.S. Dollars are referred to herein as "Dollar Notes," and the Notes denominated in Sterling are referred to herein as "Sterling Notes." Capitalised terms not otherwise defined in this announcement have the same meaning as assigned to them in the Offer to Purchase.

On July 3, 2025, the Company closed the offering of £500,000,000 Notes due 2050 (the "New Sterling Notes"). Concurrently, VIFD, an indirect wholly owned subsidiary of the Company, closed the offering of €800,000,000 Notes due 2029, €600,000,000 Notes due 2033 and €500,000,000 Notes due 2038 to be wholly and unconditionally and irrevocably guaranteed by the Company (the "New Euro Notes" and, together with the New Sterling Notes, the "New Notes"). The proceeds from the issuance of the New Notes, together with existing cash balances, are expected to fund the Offers. As a result, the Financing Condition has been satisfied with respect to the Offers.

Early Results of Offers

According to the information provided by the Tender and Information Agent, €2,741,683,891 (equivalent) in aggregate principal amount of the Notes were validly tendered and not validly withdrawn as of 5:00 p.m., New York City time, on July 14, 2025 (the "Early Tender Deadline"). The Maximum Tender Amount is based on the aggregate purchase price (excluding Accrued Interest) payable for such Notes, which will be determined at the Price Determination Date (as defined below). The following table sets forth the aggregate principal amount of each series of Notes that were validly tendered and not validly withdrawn in the Offers at or prior to the Early Tender Deadline, as reported by the Tender and Information Agent:

Title of Security	CUSIP/ISIN /Common Code	Principal Amount Outstanding	Acceptance Priority Level	Sub-Cap(2)	Aggregate Principal Amount Tendered
USD 4.25% Notes due September 17, 2050 (the "2050 Notes")	92857WBU3 / US92857WBU36 / N/A	$1,500,000,000	1	$750,000,000	$671,058,000
USD 5.125% Notes due June 19, 2059 (the "2059 Notes")	92857WBT6 / US92857WBT62 / N/A	$500,000,000	2	N/A	$196,695,000
GBP 3.00% Notes due August 12, 2056 (the "2056 Notes")	N/A / XS1472483772 / 147248377	£1,000,000,000	3	N/A	£677,854,000
USD 4.875% Notes due June 19, 2049 (the "USD 2049 Notes")	92857WBS8 / US92857WBS89 / N/A	$1,750,000,000	4	N/A	$563,960,000
GBP 3.375% notes due August 2049 (the "GBP 2049 Notes")	N/A / XS1468494239 / 146849423	£800,000,000	5	N/A	£464,109,000
USD 5.25% Notes due May 30, 2048 (the "2048 Notes")	92857WBM1 / US92857WBM10 / N/A	$1,443,947,000	6	N/A	$185,834,000
USD 4.375% Notes due February 19, 2043 (the "2043 Notes")	92857WBD1 / US92857WBD11 / N/A	$751,064,000	7	N/A	$47,313,000

Notes:
(1) To determine whether the Maximum Tender Amount has been reached, the applicable aggregate purchase price payable (excluding Accrued Interest) of the Dollar Notes and Sterling Notes validly tendered will be converted into Euro using a conversion rate of $1: €0.8573 with respect to the Dollar Notes and £1: €1.1510 with respect to the Sterling Notes, which were the exchange rates as of 5:00 p.m. (New York City time) on July 14, 2025 as displayed on the BFIX screen on Bloomberg.
(2) The 2050 Sub-Cap, as set out in Table I above, represents the maximum aggregate principal amount of 2050 Notes that shall be purchased by the Company, subject to the applicable Maximum Tender Amount.

In respect of accepted Notes that were delivered at or prior to the Early Tender Deadline, the Company expects the Early Settlement Date to occur on the second business day after the Price Determination Date, July 17, 2025.

Holders that validly tendered and did not validly withdraw their Notes at or prior to the Early Tender Deadline and whose Notes are accepted for purchase will receive the applicable Total Consideration, together with an amount equal to the Accrued Interest thereon. The Total Consideration for each series of Notes accepted for purchase will be determined at or around 10:30 a.m., New York City time, on July 15, 2025 (the "Price Determination Date") in accordance with standard market practices and as described in the Offer to Purchase. When calculated in the manner described in the Offer to Purchase, the Total Consideration will already include the Early Tender Premium.

Vodafone will issue a press release specifying the applicable Total Consideration for each series of Notes as soon as reasonably practicable after the Price Determination Date.

The amount of each series of Notes that will be purchased in the Offers will be determined in accordance with the Acceptance Priority Levels set forth in the table above (each an "Acceptance Priority Level"), with 1 being the highest Acceptance Priority Level and 7 being the lowest Acceptance Priority Level, subject in each case to the Maximum Tender Amount and, with respect to the 2050 Notes, the 2050 Sub-Cap.

In addition to the Total Consideration, Holders whose Notes are accepted for purchase will be paid the Accrued Interest thereon. Interest will cease to accrue on the applicable Settlement Date for all Notes accepted in the Offers.

The purchase price for the Dollar Notes and the Sterling Notes will be paid in U.S. Dollars and Sterling, respectively. To determine whether the Maximum Tender Amount has been reached, the aggregate principal amount of the Dollar Notes and Sterling Notes validly tendered will be converted into Euro using a conversion rate of $1: €0.8573 with respect to the Dollar Notes and £1: €1.1510 with respect to the Sterling Notes, which were the exchange rates as of 5:00 p.m. (New York City time) on July 14, 2025 as displayed on the BFIX screen on Bloomberg.

Expiration Deadline and Extension of Early Tender Premium

Holders who have not yet tendered their Notes have until 5:00 p.m., New York City time, on July 29, 2025, unless extended or earlier terminated by the Company in its sole and absolute discretion (such date and time, including as extended or earlier terminated, the "Expiration Date") to tender their Notes. In addition, the Company announced today that it has amended the terms and conditions of the Offers to extend the deadline for receiving the applicable Early Tender Premium with respect to each series of Notes through to the Expiration Date, unless extended or earlier terminated. Accordingly, subject to the Maximum Tender Amount, Acceptance Priority Levels and the 2050 Sub-Cap, holders who validly tender their Notes following the Early Tender Deadline and at or prior to the Expiration Date will now receive the applicable Total Consideration (which includes the applicable Early Tender Premium) for such Notes accepted for purchase.

The Withdrawal Deadline has passed and has not been extended. Notes tendered pursuant to the Offers may no longer be withdrawn, except as required by law.

For additional information, please contact the Dealer Managers, Merrill Lynch International at +44 207 996 5420 (in London), +1 (888) 292-0070 (U.S. toll free) or +1 (980) 387-3907 (U.S.) or by email to DG.LM-EMEA@bofa.com and to Deutsche Bank Securities at +1 (866) 627-0391 (U.S. toll free), +1 (212) 250-2955 (U.S.) or + 44 20 7545 8011 (in London) or the Tender and Information Agent at +44 20 7704 0880 or by email to vodafone@is.kroll.com, Attention: Owen Morris.

This announcement is for informational purposes only and does not constitute an offer to buy, or a solicitation of an offer to sell, any security. No offer, solicitation, or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful. The Offers are only being made pursuant to the Offer to Purchase. Holders of the Notes are urged to carefully read the Offer to Purchase before making any decision with respect to the Offers.

This announcement does not constitute or form a part of any offer or solicitation to purchase or subscribe for, or otherwise invest in, New Notes in the United States.

This announcement is being made by Vodafone Group Plc and contains information that qualified or may have qualified as inside information for the purposes of (a) Article 7(1) of the Market Abuse Regulation (EU) 596/2014 ("MAR") as it forms part of domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 (the "EUWA") ("UK MAR"), encompassing information relating to the Offers described above. For the purposes of UK MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055 as it forms part of domestic law in the United Kingdom by virtue of the EUWA, this announcement is made by Maaike de Bie, Group General Counsel and Company Secretary of Vodafone.

Offer and Distribution Restrictions

Italy

None of the Offers, this announcement, the Offer to Purchase or any other documents or materials relating to the Offers have been or will be submitted to the clearance procedures of the Commissione Nazionale per le Società e la Borsa ("CONSOB") pursuant to Italian laws and regulations. Each Offer is being carried out in the Republic of Italy ("Italy") as an exempt offer pursuant to article 101-bis, paragraph 3-bis of the Legislative Decree No. 58 of February 24, 1998, as amended (the "Financial Services Act") and article 35-bis, paragraph 4 of CONSOB Regulation No. 11971 of May 14, 1999, as amended. Holders or beneficial owners of the Notes that are resident or located in Italy can tender Notes for purchase in the Offers through authorised persons (such as investment firms, banks or financial intermediaries permitted to conduct such activities in Italy in accordance with the Financial Services Act, CONSOB Regulation No. 20307 of February 15, 2018, as amended from time to time, and Legislative Decree No. 385 of September 1, 1993, as amended) and in compliance with any other applicable laws and regulations and with any requirements imposed by CONSOB or any other Italian authority.

Each intermediary must comply with the applicable laws and regulations concerning information duties vis-à-vis its clients in connection with the Notes and/or the Offers.

United Kingdom

The communication of this announcement and the Offer to Purchase and any other documents or materials relating to the Offers is not being made by and such documents and/or materials have not been approved by an "authorised person" for the purposes of section 21 of the Financial Services and Markets Act 2000 ("FSMA 2000"). Accordingly, such documents and/or materials are not being distributed to, and must not be passed on to, the general public in the United Kingdom. The communication of such documents and/or materials is exempt from the restriction on financial promotions under section 21(1) of the FSMA on the basis that it is only directed at and may only be communicated to: (1) persons who are outside of the United Kingdom; (2) investment professionals falling within the definition contained in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Financial Promotion Order"); (3) those persons who are existing members or creditors of the Company or other persons falling within Article 43(2) of the Financial Promotion Order; or (4) any other persons to whom such documents and/or materials may lawfully be communicated in accordance with the Financial Promotion Order (all such persons together referred to as "relevant persons"). This announcement, the Offer to Purchase and any other documents or materials relating to the Offers are only available to relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

France

The Offers are not being made, directly or indirectly, and none of this announcement, the Offer to Purchase or any other document or material relating to the Offers has been or shall be distributed, to the public in the Republic of France other than to qualified investors as defined in Article 2(e) of the Regulation (EU) 2017/1129 (the "Prospectus Regulation"). None of this announcement, the Offer to Purchase or any other document or materials relating to the Offers have been or will be submitted for clearance to nor approved by the Autorité des Marchés Financiers.

Belgium

Neither this announcement, the Offer to Purchase nor any other brochure, documents or materials relating to the Offers has been, or will be, submitted or notified to, or approved or recognized by, the Belgian Financial Services and Markets Authority ("Autorité des services et marchés financiers"/"Autoriteit voor Financiële Diensten en Markten"). In Belgium, the Offers do not constitute a public offering within the meaning of Articles 3, §1, 1° and 6, §1 of the Belgian Law of April 1, 2007 on public takeover bids ("loi relative aux offres publiques d'acquisition"/"wet op de openbare overnamebiedingen"), as amended or replaced from time to time. Accordingly, the Offers may not be, and are not being advertised, and this announcement, the Offer to Purchase, as well as any brochure, or any other material or document relating thereto (including any memorandum, information circular, brochure or any similar document) may not, have not and will not be distributed or made available, directly or indirectly, to any person located and/or resident within Belgium, other than to "qualified investors" ("investisseurs qualifiés"/"qekwalificeerde belegge"), within the meaning of Article 2(e) of the Prospectus Regulation acting on their own account. Insofar as Belgium is concerned, the Offers are made only to qualified investors, as this term is defined above. Accordingly, the information contained in this announcement, the Offer to Purchase or in any brochure or any other document or material relating thereto may not be used for any other purpose or disclosed or distributed to any other person in Belgium.

General

This announcement does not constitute an offer to buy or the solicitation of an offer to sell Notes (and tenders of Notes in the Offers will not be accepted from Holders) in any circumstances in which such offer or solicitation or acceptance is unlawful. In those jurisdictions where the securities, blue sky or other laws require the Offers to be made by a licensed broker or dealer and any Dealer Manager or any of the Dealer Managers' affiliates is such a licensed broker or dealer in any such jurisdiction, the Offers shall be deemed to be made by such Dealer Manager or such Dealer Manager's affiliate, as the case may be, on behalf of the Company in such jurisdiction.

Each tendering Holder participating in the Offers will be deemed to give certain representations in respect of the jurisdictions referred to above and generally as set out in the section titled "Description of the Offers-Procedures for Tendering Notes-Other Matters" in the Offer to Purchase. Any tender of Notes for purchase pursuant to the Offers from a Holder that is unable to make these representations will not be accepted. Each of the Company, the Dealer Managers and the Tender and Information Agent reserves the right, in its sole and absolute discretion, to investigate, in relation to any tender of Notes for purchase pursuant to the Offers, whether any such representation given by a Holder is correct and, if such investigation is undertaken and as a result the Company determines (for any reason) that such representation is not correct, such tender shall not be accepted.

Forward-Looking Information

This announcement contains certain forward-looking statements which reflect the Company's intent, beliefs or current expectations about the future and can be recognised by the use of words such as "expects," "will," "anticipate," or words of similar meaning. These forward-looking statements are not guarantees of any future performance and are necessarily estimates reflecting the best judgment of the senior management of the Company and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements, which include, without limitation, the risk factors set forth in the Offer to Purchase. The Company cannot guarantee that any forward-looking statement will be realised, although it believes it has been prudent in its plans and assumptions. Achievement of future results is subject to risks, uncertainties and assumptions that may prove to be inaccurate. Should known or unknown risks or uncertainties materialise, or should underlying assumptions prove inaccurate, actual results could vary materially from those anticipated, estimated or projected. The Company undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances or to reflect the occurrence of unanticipated events, except as required by applicable law.

ENDS

About Vodafone

Vodafone is a leading European and African telecoms company.

We serve over 340 million mobile and broadband customers, operating networks in 15 countries with investments in a further five and partners in over 40 more. Our undersea cables transport around a sixth of the world's internet traffic, and we are developing a new direct-to-mobile satellite communications service to connect areas without coverage. Vodafone runs one of the world's largest IoT platforms, with 205 million IoT connections, and we provide financial services to around 88 million customers across seven African countries - managing more transactions than any other provider.

From the seabed to the stars, Vodafone's purpose is to keep everyone connected.

For more information, please visit www.vodafone.com follow us on X at @VodafoneGroup or connect with us on LinkedIn at www.linkedin.com/company/vodafone.

For more information, please contact:
Investor Relations:	investors.vodafone.com	ir@vodafone.co.uk	Media Relations:	Vodafone.com/media/contact	GroupMedia@vodafone.com
Registered Office: Vodafone House, The Connection, Newbury, Berkshire RG14 2FN, England. Registered in England No. 1833679

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorised.

	VODAFONE GROUP
	PUBLIC LIMITED COMPANY
	(Registrant)


Date: July 15, 2025	By: /s/ M D B
	Name: Maaike de Bie
	Title: Group General Counsel and Company Secretary

Source: View Original Filing on SEC EDGAR

FAQ

What is the coupon rate on Citigroup’s PANW-linked 424B2 notes?

The notes pay a contingent coupon of at least 2.90 % per quarter, or ≥ 11.60 % annualised, only when PANW’s price is ≥ 65 % of the initial level on the valuation date.

When can the PANW-linked notes be called early?

They are autocalled if PANW closes at or above its initial price on any of six dates starting 20 Jan 2026; investors then receive $1,000 plus the coupon.

How much principal protection do investors have?

Principal is repaid in full only if the final PANW value is ≥ 65 % of the initial. Below that, redemption equals $1,000 × (final/initial), risking up to 100 % loss.

What is the estimated value versus the issue price?

Citigroup expects an estimated value of at least $921.50 per $1,000 note on the pricing date, reflecting hedging and distribution costs.

Are the notes traded on an exchange?

No. They will not be listed; liquidity relies on CGMI’s discretionary secondary market, which may be limited or unavailable.

What credit exposure do holders have?

Payments depend on Citigroup Global Markets Holdings Inc. and are fully guaranteed by Citigroup Inc.. Both are unsecured obligations.

[6-K] Vodafone Group PLC Current Report (Foreign Issuer)

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FAQ

What is the coupon rate on Citigroup’s PANW-linked 424B2 notes?

When can the PANW-linked notes be called early?

How much principal protection do investors have?

What is the estimated value versus the issue price?

Are the notes traded on an exchange?

What credit exposure do holders have?

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[6-K] Vodafone Group PLC Current Report (Foreign Issuer)

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Structured Products Analyst neutral

Credit & Market-Risk Specialist negative

FAQ

What is the coupon rate on Citigroup’s PANW-linked 424B2 notes?

When can the PANW-linked notes be called early?

How much principal protection do investors have?

What is the estimated value versus the issue price?

Are the notes traded on an exchange?

What credit exposure do holders have?

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