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

Q: What is the coupon rate on UBS’s Airbag Autocallable Yield Notes linked to NVDA?

The notes pay a 10.65% annual coupon , distributed in equal monthly installments of approximately 0.8875%.

Q: When can the NVDA-linked notes be called automatically?

On any monthly observation date through Jan 14 2026 if NVDA’s closing price is ≥ $164.07 (100% of the initial level).

Q: How much downside protection do investors have?

A 25% buffer ; if the final NVDA price is ≥ $123.05 (75% of initial), principal is repaid. Below that, investors receive NVDA shares and may incur substantial loss.

Q: What do investors receive if the conversion level is breached at maturity?

They receive 8.1268 NVDA shares per note (plus cash for fractions), whose market value may be well below the $1,000 face amount.

Q: What is the estimated initial value versus the $1,000 issue price?

UBS estimates the fair value at $957.80–$987.80 , indicating 1.2%-4.2% in embedded structuring costs.

Q: Are the notes protected by FDIC insurance?

No. They are unsecured, unsubordinated obligations of UBS AG and carry the issuer’s credit risk.

Filing Impact

(Low)

Filing Sentiment

(Neutral)

Form Type

6-K

Rhea-AI Filing Summary

UBS AG is offering short-dated, senior unsecured “Airbag Autocallable Yield Notes” linked to NVIDIA Corporation (NVDA) common stock. The notes price on July 15 2025, settle on July 18 2025 and mature on January 20 2026, giving a tenor of roughly six months.

Income profile. Holders receive a fixed 10.65% annual coupon, paid monthly in equal installments (≈ 0.8875% per month) regardless of NVDA’s price, unless the notes are called earlier. The maximum total coupon if the notes are not called is 5.325% of face value.

Autocall feature. On each monthly observation date, if NVDA’s closing price is at or above the Call Threshold (100% of the Initial Level of $164.07), UBS will redeem the notes early at par plus the current coupon. Investors then forgo remaining coupons and any further exposure.

Principal (contingent) protection. If the notes survive to maturity and the Final Level is at or above the Conversion Level (75% of the Initial Level, i.e., $123.05), investors receive full principal back in cash. If the Final Level is below the Conversion Level, holders receive physical delivery of NVDA shares equal to $1,000 ÷ $123.05 = 8.1268 shares per note (cash for fractions). The share package is expected to be worth less than par, exposing investors to some or all of the downside in NVDA after the 25% buffer.

Pricing economics. Issue price is 100% of principal; estimated initial value is $957.80–$987.80, implying an embedded structuring cost of roughly 1.2%-4.2%. Underwriting discount is $6 per $1,000 (0.60%).

Credit & liquidity. The notes are unsubordinated, unsecured obligations of UBS AG (CIK 0001114446). Payment of coupons and principal depends solely on UBS’s credit; they are not FDIC-insured. The notes are not listed on any exchange, and secondary liquidity, if any, will be provided at the dealer’s discretion and may be materially below the issue price.

Initial Level (7/14/25): $164.07
Call Threshold: $164.07 (100%)
Conversion Level: $123.05 (75%)
Coupon Rate: 10.65% p.a. (monthly)
Share Delivery Amount if triggered: 8.1268 NVDA shares / note
Estimated initial value: $957.80–$987.80

Key investor considerations. The structure appeals to investors seeking enhanced yield for six months with conditional downside protection and willing to accept (i) loss of upside in NVDA, (ii) potential physical settlement and significant principal loss if NVDA falls >25%, (iii) UBS credit risk, and (iv) limited liquidity.

UBS AG offre note “Airbag Autocallable Yield” senior non garantite a breve termine collegate alle azioni ordinarie di NVIDIA Corporation (NVDA). Le note vengono prezzate il 15 luglio 2025, regolate il 18 luglio 2025 e scadono il 20 gennaio 2026, con una durata di circa sei mesi.

Profilo di rendimento. I detentori ricevono una cedola fissa annua del 10,65%, pagata mensilmente in rate uguali (circa 0,8875% al mese) indipendentemente dal prezzo di NVDA, salvo richiamo anticipato delle note. La cedola massima totale se le note non vengono richiamate è del 5,325% del valore nominale.

Caratteristica di richiamo automatico. In ogni data di osservazione mensile, se il prezzo di chiusura di NVDA è pari o superiore alla Soglia di Richiamo (100% del livello iniziale di 164,07$), UBS rimborsa anticipatamente le note a valore nominale più la cedola corrente. Gli investitori rinunciano così alle cedole residue e a qualsiasi ulteriore esposizione.

Protezione (condizionata) del capitale. Se le note arrivano a scadenza e il Livello Finale è pari o superiore al Livello di Conversione (75% del livello iniziale, cioè 123,05$), gli investitori ricevono il capitale intero in contanti. Se il Livello Finale è inferiore al Livello di Conversione, i detentori ricevono consegna fisica di azioni NVDA pari a 1.000$ ÷ 123,05$ = 8,1268 azioni per nota (con conguaglio in contanti per frazioni). Il pacchetto azionario avrà un valore inferiore al valore nominale, esponendo gli investitori a parte o tutta la perdita in NVDA oltre la soglia del 25%.

Economia del prezzo. Il prezzo di emissione è il 100% del capitale; il valore iniziale stimato è tra 957,80$ e 987,80$, implicando un costo di strutturazione incorporato di circa 1,2%-4,2%. Lo sconto di sottoscrizione è di 6$ ogni 1.000$ (0,60%).

Credito e liquidità. Le note sono obbligazioni non subordinate e non garantite di UBS AG (CIK 0001114446). Il pagamento di cedole e capitale dipende esclusivamente dal merito creditizio di UBS; non sono assicurate FDIC. Le note non sono quotate in alcun mercato e la liquidità secondaria, se presente, sarà a discrezione del dealer e potrà essere significativamente inferiore al prezzo di emissione.

Livello Iniziale (14/7/25): 164,07$
Soglia di Richiamo: 164,07$ (100%)
Livello di Conversione: 123,05$ (75%)
Tasso Cedolare: 10,65% annuo (mensile)
Quantità azioni consegnate se attivata: 8,1268 azioni NVDA per nota
Valore iniziale stimato: 957,80$–987,80$

Considerazioni chiave per gli investitori. La struttura è indicata per investitori che cercano un rendimento maggiorato su sei mesi con protezione condizionata dal ribasso e sono disposti ad accettare (i) la rinuncia al rialzo di NVDA, (ii) la possibile consegna fisica e perdita significativa del capitale se NVDA scende oltre il 25%, (iii) il rischio di credito UBS e (iv) la liquidità limitata.

UBS AG ofrece notas “Airbag Autocallable Yield” senior no garantizadas a corto plazo vinculadas a las acciones ordinarias de NVIDIA Corporation (NVDA). Las notas se valoran el 15 de julio de 2025, se liquidan el 18 de julio de 2025 y vencen el 20 de enero de 2026, con un plazo aproximado de seis meses.

Perfil de ingresos. Los tenedores reciben un cupón fijo anual del 10,65%, pagado mensualmente en cuotas iguales (≈ 0,8875% mensual) independientemente del precio de NVDA, salvo que las notas sean llamadas anticipadamente. El cupón total máximo si las notas no son llamadas es del 5,325% del valor nominal.

Función de autocall. En cada fecha de observación mensual, si el precio de cierre de NVDA está en o por encima del Umbral de Llamada (100% del nivel inicial de 164,07$), UBS redimirá las notas anticipadamente al valor nominal más el cupón actual. Los inversores renuncian entonces a los cupones restantes y a cualquier exposición adicional.

Protección del principal (condicional). Si las notas sobreviven hasta el vencimiento y el Nivel Final está en o por encima del Nivel de Conversión (75% del nivel inicial, es decir, 123,05$), los inversores reciben el principal completo en efectivo. Si el Nivel Final está por debajo del Nivel de Conversión, los tenedores reciben entrega física de acciones NVDA equivalentes a 1.000$ ÷ 123,05$ = 8,1268 acciones por nota (efectivo para fracciones). El paquete de acciones se espera que valga menos que el nominal, exponiendo a los inversores a parte o toda la caída de NVDA tras el colchón del 25%.

Economía de precios. El precio de emisión es el 100% del principal; el valor inicial estimado es entre 957,80$ y 987,80$, implicando un costo de estructuración incorporado de aproximadamente 1,2%-4,2%. El descuento de suscripción es de 6$ por cada 1.000$ (0,60%).

Crédito y liquidez. Las notas son obligaciones no subordinadas y no garantizadas de UBS AG (CIK 0001114446). El pago de cupones y principal depende únicamente del crédito de UBS; no están aseguradas por la FDIC. Las notas no están listadas en ninguna bolsa y la liquidez secundaria, si existe, será a discreción del distribuidor y puede estar significativamente por debajo del precio de emisión.

Nivel Inicial (14/7/25): 164,07$
Umbral de Llamada: 164,07$ (100%)
Nivel de Conversión: 123,05$ (75%)
Tasa de Cupón: 10,65% anual (mensual)
Cantidad de acciones entregadas si se activa: 8,1268 acciones NVDA por nota
Valor inicial estimado: 957,80$–987,80$

Consideraciones clave para inversores. La estructura es atractiva para inversores que buscan un rendimiento mejorado durante seis meses con protección condicional a la baja y están dispuestos a aceptar (i) la pérdida del potencial alcista en NVDA, (ii) posible liquidación física y pérdida significativa de principal si NVDA cae más del 25%, (iii) riesgo de crédito de UBS y (iv) liquidez limitada.

UBS AG는 NVIDIA Corporation(NVDA) 보통주에 연계된 단기 선순위 무담보 '에어백 오토콜러블 수익 노트'를 제공합니다. 이 노트는 2025년 7월 15일에 가격이 정해지고 7월 18일에 결제되며 2026년 1월 20일에 만기되어 약 6개월의 만기를 가집니다.

수익 프로필. 보유자는 NVDA 가격과 관계없이 매월 동일한 금액으로 지급되는 연 10.65% 고정 쿠폰(월 약 0.8875%)을 받습니다. 단, 노트가 조기 상환되는 경우는 제외됩니다. 노트가 조기 상환되지 않을 경우 최대 총 쿠폰은 원금의 5.325%입니다.

오토콜 기능. 매월 관측일에 NVDA 종가가 콜 임계값(초기 수준 164.07달러의 100%) 이상이면 UBS는 현재 쿠폰과 함께 액면가로 노트를 조기 상환합니다. 투자자는 이후 남은 쿠폰 및 추가 노출을 포기하게 됩니다.

원금(조건부) 보호. 노트가 만기까지 유지되고 최종 수준이 전환 수준(초기 수준의 75%, 즉 123.05달러) 이상이면 투자자는 원금을 현금으로 전액 돌려받습니다. 최종 수준이 전환 수준 미만이면 보유자는 노트당 1,000달러 ÷ 123.05달러 = 8.1268주 NVDA 주식을 실물 인도 받습니다(잔여는 현금 지급). 주식 가치는 액면가보다 낮을 것으로 예상되어 25% 완충 후 NVDA 하락 위험 일부 또는 전부에 노출됩니다.

가격 구조. 발행 가격은 원금의 100%이며, 추정 초기 가치는 957.80달러~987.80달러로 약 1.2%~4.2%의 내재 구조화 비용을 포함합니다. 인수 수수료는 1,000달러당 6달러(0.60%)입니다.

신용 및 유동성. 이 노트는 UBS AG(CIK 0001114446)의 무담보 비하위권 채무입니다. 쿠폰 및 원금 지급은 UBS 신용도에 전적으로 의존하며 FDIC 보험이 적용되지 않습니다. 노트는 어떤 거래소에도 상장되어 있지 않으며, 2차 유동성은 딜러 재량에 따라 제공되며 발행가보다 크게 낮을 수 있습니다.

초기 수준 (2025/7/14): 164.07달러
콜 임계값: 164.07달러 (100%)
전환 수준: 123.05달러 (75%)
쿠폰율: 연 10.65% (월 지급)
인도 주식 수 (발동 시): 노트당 8.1268주 NVDA
추정 초기 가치: 957.80달러~987.80달러

투자자 주요 고려사항. 이 구조는 6개월 동안 조건부 하방 보호와 함께 향상된 수익을 추구하며 (i) NVDA 상승 잠재력 상실, (ii) NVDA가 25% 이상 하락할 경우 실물 인도 및 상당한 원금 손실 가능성, (iii) UBS 신용 위험, (iv) 제한된 유동성을 감수할 투자자에게 적합합니다.

UBS AG propose des « Airbag Autocallable Yield Notes » senior non sécurisées à court terme liées aux actions ordinaires de NVIDIA Corporation (NVDA). Les notes sont cotées le 15 juillet 2025, réglées le 18 juillet 2025 et arrivent à échéance le 20 janvier 2026, soit une durée d'environ six mois.

Profil de revenu. Les détenteurs perçoivent un coupon fixe annuel de 10,65%, versé mensuellement en parts égales (≈ 0,8875% par mois) quelle que soit la valeur de NVDA, sauf en cas de rappel anticipé. Le coupon total maximal si les notes ne sont pas rappelées est de 5,325% de la valeur nominale.

Caractéristique d’autocall. À chaque date d’observation mensuelle, si le cours de clôture de NVDA est égal ou supérieur au seuil de rappel (100% du niveau initial de 164,07$), UBS rachètera les notes par anticipation à leur valeur nominale plus le coupon courant. Les investisseurs renoncent alors aux coupons restants et à toute exposition supplémentaire.

Protection conditionnelle du capital. Si les notes arrivent à échéance et que le niveau final est égal ou supérieur au niveau de conversion (75% du niveau initial, soit 123,05$), les investisseurs récupèrent la totalité du capital en espèces. Si le niveau final est inférieur au niveau de conversion, les détenteurs reçoivent une livraison physique d’actions NVDA équivalente à 1 000$ ÷ 123,05$ = 8,1268 actions par note (le solde pour les fractions est payé en espèces). Le paquet d’actions devrait valoir moins que la valeur nominale, exposant les investisseurs à une partie ou à la totalité de la baisse de NVDA après la marge de 25%.

Économie du prix. Le prix d’émission est de 100% du principal ; la valeur initiale estimée est comprise entre 957,80$ et 987,80$, ce qui implique un coût de structuration intégré d’environ 1,2% à 4,2%. La décote de souscription est de 6$ pour 1 000$ (0,60%).

Crédit et liquidité. Les notes sont des obligations non subordonnées et non garanties d’UBS AG (CIK 0001114446). Le paiement des coupons et du principal dépend uniquement de la solvabilité d’UBS ; elles ne sont pas assurées par la FDIC. Les notes ne sont cotées sur aucune bourse, et la liquidité secondaire, si elle existe, sera fournie à la discrétion du teneur de marché et pourra être nettement inférieure au prix d’émission.

Niveau initial (14/07/25) : 164,07$
Seuil de rappel : 164,07$ (100%)
Niveau de conversion : 123,05$ (75%)
Taux du coupon : 10,65% par an (mensuel)
Quantité d’actions livrées en cas d’activation : 8,1268 actions NVDA par note
Valeur initiale estimée : 957,80$–987,80$

Points clés pour les investisseurs. Cette structure s’adresse aux investisseurs recherchant un rendement amélioré sur six mois avec une protection conditionnelle à la baisse et acceptant (i) la perte du potentiel haussier de NVDA, (ii) la livraison physique possible et une perte importante en capital si NVDA chute de plus de 25%, (iii) le risque de crédit UBS et (iv) une liquidité limitée.

UBS AG bietet kurzfristige, unbesicherte vorrangige „Airbag Autocallable Yield Notes“ an, die an die Stammaktien der NVIDIA Corporation (NVDA) gekoppelt sind. Die Notes werden am 15. Juli 2025 bepreist, am 18. Juli 2025 abgewickelt und laufen am 20. Januar 2026 aus, was eine Laufzeit von etwa sechs Monaten ergibt.

Einkommensprofil. Inhaber erhalten einen festen Jahreskupon von 10,65%, der monatlich in gleichen Raten (≈ 0,8875% pro Monat) unabhängig vom NVDA-Kurs gezahlt wird, sofern die Notes nicht vorzeitig zurückgerufen werden. Der maximale Gesamtkupon beträgt 5,325% des Nominalwerts, falls die Notes nicht zurückgerufen werden.

Autocall-Funktion. An jedem monatlichen Beobachtungstag wird die Note von UBS zum Nennwert plus aktuellem Kupon vorzeitig zurückgezahlt, wenn der Schlusskurs von NVDA am oder über der Call-Schwelle (100% des Anfangsniveaus von 164,07$) liegt. Investoren verzichten dann auf verbleibende Kupons und weitere Marktexposure.

Kapitalschutz (bedingt). Überleben die Notes bis zur Fälligkeit und liegt das Endniveau auf oder über dem Umwandlungsniveau (75% des Anfangsniveaus, also 123,05$), erhalten Anleger den vollen Kapitalbetrag in bar zurück. Liegt das Endniveau darunter, erhalten Inhaber physische Lieferung von NVDA-Aktien im Wert von 1.000$ ÷ 123,05$ = 8,1268 Aktien pro Note (Bruchteile werden bar ausgeglichen). Das Aktienpaket wird voraussichtlich unter dem Nennwert liegen, wodurch Anleger einen Teil oder das gesamte Abwärtsrisiko von NVDA nach dem 25%-Puffer tragen.

Preisgestaltung. Der Ausgabepreis beträgt 100% des Kapitals; der geschätzte Anfangswert liegt zwischen 957,80$ und 987,80$, was eine eingebaute Strukturierungskosten von ca. 1,2%-4,2% impliziert. Der Zeichnungsabschlag beträgt 6$ pro 1.000$ (0,60%).

Kredit- & Liquiditätsrisiko. Die Notes sind unbesicherte, nicht nachrangige Verbindlichkeiten von UBS AG (CIK 0001114446). Die Zahlung von Kupons und Kapital hängt ausschließlich von der Bonität von UBS ab; sie sind nicht FDIC-versichert. Die Notes sind an keiner Börse notiert, und eine Sekundärliquidität wird, falls vorhanden, nach Ermessen des Händlers bereitgestellt und kann deutlich unter dem Ausgabepreis liegen.

Anfangsniveau (14.7.25): 164,07$
Call-Schwelle: 164,07$ (100%)
Umwandlungsniveau: 123,05$ (75%)
Kuponrate: 10,65% p.a. (monatlich)
Aktienliefermenge bei Auslösung: 8,1268 NVDA-Aktien pro Note
Geschätzter Anfangswert: 957,80$–987,80$

Wichtige Überlegungen für Investoren. Die Struktur richtet sich an Anleger, die für sechs Monate eine erhöhte Rendite mit bedingtem Abwärtsschutz suchen und bereit sind, (i) auf Aufwärtspotenzial von NVDA zu verzichten, (ii) eine mögliche physische Lieferung und erheblichen Kapitalverlust bei einem NVDA-Rückgang von über 25% zu akzeptieren, (iii) UBS-Kreditrisiko einzugehen und (iv) eingeschränkte Liquidität in Kauf zu nehmen.

Positive

10.65% headline coupon paid irrespective of NVDA performance until call provides elevated short-term cash flow.
25% downside buffer via conversion level reduces first-loss exposure compared with outright NVDA ownership.
Short 6-month tenor limits long-dated market and credit risk.
Automatic call at 100% can return capital quickly if NVDA holds or rises, enhancing annualized yield.

Negative

Full downside below –25%: investors absorb all losses beyond the buffer via share delivery, potentially losing most or all principal.
No participation in NVDA upside; return is capped at coupon income.
Issuer credit risk: payments depend on UBS AG, an unsecured creditor claim subject to Swiss resolution regime.
Liquidity risk: notes are not exchange-listed; secondary bids may be well below intrinsic value.
Economic cost: estimated fair value up to 4.2% below issue price, implying negative mark-to-market at inception.
Reinvestment risk: early call likely if NVDA is flat/up, cutting expected coupon stream.

Insights

TL;DR: High coupon offsets 25% buffer risk; near-dated term limits market exposure but call at 100% may truncate returns.

The 10.65% headline yield is attractive, especially for a 6-month tenor, yet investors earn only half (≈ 5.3%) if the note survives the full term. The 100% call trigger means any flat-to-modestly up performance will redeem the note early, capping income and forcing reinvestment. Protection is limited: below a 25% drop, investors receive NVDA shares and fully share additional downside into maturity. Share settlement adds tax and execution complexity. Pricing shows a 1.2%-4.2% discount to fair value, within market norms but still material for such a short note. Overall impact: neutral-to-slightly negative owing to asymmetric payoff profile and issuer credit risk.

TL;DR: Coupon rich, but downside to NVDA plus UBS credit limits suitability to tactical high-risk income sleeves.

NVIDIA is a volatile mega-cap with 48-50% one-year implied vol; coupling that with a 25% buffer raises tail risk. Given the note’s short duration, probability-weighted loss is moderate, yet a sharp correction could convert to equity at an unattractive basis. The note functions as selling a 6-month 75% European put financed by fixed coupons—appropriate only where equity risk is desired but upside is willingly sacrificed. I would size such positions small (<1% NAV) and pair with liquidity reserves. Impact on diversified portfolios: not broadly impactful, niche instrument for yield-seeking investors comfortable with structured equity risk.

Livello Iniziale (14/7/25): 164,07$
Soglia di Richiamo: 164,07$ (100%)
Livello di Conversione: 123,05$ (75%)
Tasso Cedolare: 10,65% annuo (mensile)
Quantità azioni consegnate se attivata: 8,1268 azioni NVDA per nota
Valore iniziale stimato: 957,80$–987,80$

Nivel Inicial (14/7/25): 164,07$
Umbral de Llamada: 164,07$ (100%)
Nivel de Conversión: 123,05$ (75%)
Tasa de Cupón: 10,65% anual (mensual)
Cantidad de acciones entregadas si se activa: 8,1268 acciones NVDA por nota
Valor inicial estimado: 957,80$–987,80$

초기 수준 (2025/7/14): 164.07달러
콜 임계값: 164.07달러 (100%)
전환 수준: 123.05달러 (75%)
쿠폰율: 연 10.65% (월 지급)
인도 주식 수 (발동 시): 노트당 8.1268주 NVDA
추정 초기 가치: 957.80달러~987.80달러

Niveau initial (14/07/25) : 164,07$
Seuil de rappel : 164,07$ (100%)
Niveau de conversion : 123,05$ (75%)
Taux du coupon : 10,65% par an (mensuel)
Quantité d’actions livrées en cas d’activation : 8,1268 actions NVDA par note
Valeur initiale estimée : 957,80$–987,80$

Anfangsniveau (14.7.25): 164,07$
Call-Schwelle: 164,07$ (100%)
Umwandlungsniveau: 123,05$ (75%)
Kuponrate: 10,65% p.a. (monatlich)
Aktienliefermenge bei Auslösung: 8,1268 NVDA-Aktien pro Note
Geschätzter Anfangswert: 957,80$–987,80$

07/15/2025 - 12:53 PM

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 ‘VODAFONE ANNOUNCES PRICING OF CASH TENDER OFFERS’.

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 PRICING AND ACCEPTANCE AMOUNTS OF ITS CASH TENDER OFFERS OF CERTAIN U.S. DOLLAR AND STERLING DENOMINATED NOTES DUE 2043 TO 2059 AND EXTENSION OF EARLY TENDER PREMIUM

(Newbury, Berkshire - England) - July 15, 2025 - Vodafone Group Plc ("Vodafone" or the "Company") announced today the pricing of its previously announced offers to purchase for cash 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").

Each offer to purchase each series of Notes is referred to herein as an "Offer" and the offers to purchase the Notes as the "Offers." Capitalised terms not otherwise defined in this announcement have the same meaning as assigned to them in the Offer to Purchase.

Pricing and Early Acceptance of Offers

Upon the terms and subject to the conditions set forth in the Offer to Purchase, the Total Consideration (as defined in the Offer to Purchase) for the Notes is set forth in the following table:

Title of Security	CUSIP/ISIN /Common Code	Principal Amount Outstanding	Acceptance Priority Level(1)	Sub-Cap(2)	Aggregate Principal Amount Tendered	Aggregate Principal Amount Accepted	Reference Yield	Fixed Spread (basis points)	Total Consideration (3)(4)
USD 4.25% Notes due September 17, 2050 (the "2050 Notes")	92857WBU3 / US92857WBU36 / N/A	$1,500,000,000	1	$750,000,000(4)	$671,058,000	$671,058,000	5.014%	100	$772.64
USD 5.125% Notes due June 19, 2059 (the "2059 Notes")	92857WBT6 / US92857WBT62 / N/A	$500,000,000	2	N/A	$196,695,000	$196,695,000	5.014%	105	$865.51
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	£677,854,000	5.462%	80	£549.41
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	$563,960,000	5.014%	100	$856.46
GBP 3.375% notes due August 8, 2049 (the "GBP 2049 Notes")	N/A / XS1468494239 / 146849423	£800,000,000	5	N/A	£464,109,000	£464,109,000	5.389%	80	£643.78
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	$185,834,000	5.008%	95	$912.13
USD 4.375% Notes due February 19, 2043 (the "2043 Notes")	92857WBD1 / US92857WBD11 / N/A	$751,064,000	7	N/A	$47,313,000	$47,313,000	5.008%	70	$853.21

Notes:
(1) The Offers are subject to the Maximum Tender Amount and Acceptance Priority Levels.
(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. (3) The Total Consideration in respect of each series of the Notes were calculated at or around 10:30 a.m., New York City time, today (the "Price Determination Date") in accordance with standard market practice, as described in the Offer to Purchase. (4) For each $1,000 or £1,000, as applicable, principal amount of Notes validly tendered at or prior to 5:00 p.m., New York City time, on July 29, 2025 (the "Expiration Date") calculated in accordance with standard market practice, as described in the Offer to Purchase. The Company has 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. The amounts shown already include the Early Tender Premium.

Results of the Offers at the Early Tender Deadline were announced on July 15, 2025. The amount of a series of Notes that will be purchased in the Offers has been 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 to the Maximum Tender Amount and, with respect to the 2050 Notes, the 2050 Sub-Cap. As indicated in the table above, all Notes that were validly tendered prior to the Early Tender Deadline have been accepted in full, without proration.

Subject to the terms and conditions of the Offers, 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 by the Company will be eligible to receive the applicable Total Consideration, which already includes the Early Tender Premium, together with an amount equal to the Accrued Interest. The Company expects the Early Settlement Date to occur on the second business day after the Early Tender Deadline, July 17, 2025.

Expiration Deadline and Extension of Early Tender Premium

The Offers for the Notes will expire at 5:00 p.m., New York City time, on July 29, 2025 (such date and time, as the same may be extended, the "Expiration Date"). 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, the 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.

The "Final Tender Results Announcement Date" is expected to be July 30, 2025, unless the Offers are extended. In respect of Notes that are validly tendered after the Early Tender Deadline and at or prior to the Expiration Date and accepted for purchase, the Company expects the Final Settlement Date to occur on the second business day after the Expiration Date, July 31, 2025.

In addition to the applicable 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 consummation of the Offers and the Company's obligation to accept and pay for the Notes validly tendered (and not validly withdrawn) pursuant to the Offers are subject to the satisfaction or waiver of certain conditions described in the Offer to Purchase and subject to the Maximum Tender Amount. The Company reserves the right, subject to applicable law, to amend or waive any and all conditions to 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 at any given point, the aggregate applicable purchase price payable (excluding Accrued Interest) for the Dollar Notes and the Sterling Notes validly tendered was or 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 the Early Tender Deadline as reported on the Bloomberg screen page "BFIX" under the headings "USDEUR" and "GBPEUR", respectively.

Holders of Notes are advised to check with any intermediary (as defined in the Offer to Purchase) through which they hold Notes as to when such intermediary would need to receive instructions from a beneficial owner in order for that beneficial owner to be able to participate in, or (in the circumstances in which revocation is permitted) revoke their instruction to participate in the Offers before the deadlines specified herein and in the Offer to Purchase. The deadlines set by any such intermediary and the applicable Clearing System for participation in the Offers may be earlier than the relevant deadlines specified herein and in the Offer to Purchase.

The Company has retained Merrill Lynch International, and Deutsche Bank AG, London Branch and Deutsche Bank Securities Inc. (collectively, "Deutsche Bank Securities"), as Dealer Managers and Kroll Issuer Services Limited as Tender and Information Agent (the "Tender and Information Agent") for the purposes of the Offers.

Questions regarding procedures for tendering the Notes may be directed to the Tender and Information Agent at +44 20 7704 0880 or by email to vodafone@is.kroll.com, Attention: Owen Morris. Questions regarding the Offers may be directed to 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).

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 UBS’s Airbag Autocallable Yield Notes linked to NVDA?

The notes pay a 10.65% annual coupon, distributed in equal monthly installments of approximately 0.8875%.

When can the NVDA-linked notes be called automatically?

On any monthly observation date through Jan 14 2026 if NVDA’s closing price is ≥ $164.07 (100% of the initial level).

How much downside protection do investors have?

A 25% buffer; if the final NVDA price is ≥ $123.05 (75% of initial), principal is repaid. Below that, investors receive NVDA shares and may incur substantial loss.

What do investors receive if the conversion level is breached at maturity?

They receive 8.1268 NVDA shares per note (plus cash for fractions), whose market value may be well below the $1,000 face amount.

What is the estimated initial value versus the $1,000 issue price?

UBS estimates the fair value at $957.80–$987.80, indicating 1.2%-4.2% in embedded structuring costs.

Are the notes protected by FDIC insurance?

No. They are unsecured, unsubordinated obligations of UBS AG and carry the issuer’s credit risk.

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

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FAQ

What is the coupon rate on UBS’s Airbag Autocallable Yield Notes linked to NVDA?

When can the NVDA-linked notes be called automatically?

How much downside protection do investors have?

What do investors receive if the conversion level is breached at maturity?

What is the estimated initial value versus the $1,000 issue price?

Are the notes protected by FDIC insurance?

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

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FAQ

What is the coupon rate on UBS’s Airbag Autocallable Yield Notes linked to NVDA?

When can the NVDA-linked notes be called automatically?

How much downside protection do investors have?

What do investors receive if the conversion level is breached at maturity?

What is the estimated initial value versus the $1,000 issue price?

Are the notes protected by FDIC insurance?

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