Vodafone (VOD) and PPC Group agree heads of terms for 50:50 Greece fibre JV

Rhea-AI Filing Summary

Vodafone Group has reported that Vodafone Greece and PPC Group have signed heads of terms for a potential 50:50 joint venture to combine their fibre-to-the-home networks and wholesale fibre businesses in Greece. Together, these fibre networks currently cover more than 1.6 million homes.

The proposed JV would offer wholesale open access to internet service providers in Greece, aiming to expand high-speed connectivity. Completion is not assured and depends on due diligence, agreement of binding transaction documentation and customary regulatory approvals. Vodafone plans to provide further updates in due course.

Insights

Telecom & Infrastructure Analyst

Vodafone Greece signs early-stage terms for a potential fibre JV with PPC.

Vodafone Greece and PPC Group agreed heads of terms for a possible 50:50 joint venture combining their fibre-to-the-home and wholesale fibre operations in Greece. Their existing fibre networks reach more than 1.6 million homes, indicating a meaningful infrastructure footprint.

The JV would provide wholesale open access to internet service providers, aligning with open-network models seen in other European markets. However, this announcement is preliminary: it is contingent on due diligence, binding documentation and regulatory approvals, with no certainty a transaction will be completed.

For now, the development signals strategic intent to deepen fibre infrastructure in Greece and potentially share investment burdens between the parties. Any financial terms, valuation impact or capital commitments are not detailed here, so the ultimate effect on Vodafone’s results will depend on future, more detailed agreements.

Key Figures

Combined fibre coverage: more than 1.6 million homes Vodafone customers: around 370 million customers Vodafone IoT connections: over 240 million IoT connections +5 more

8 metrics

Combined fibre coverage more than 1.6 million homes Vodafone Greece and PPC Group fibre businesses in Greece

Vodafone customers around 370 million customers Mobile and broadband customers served across Europe and Africa

Vodafone IoT connections over 240 million IoT connections Global IoT platform scale

Vodafone financial services customers around 103 million customers Financial services users across seven African countries

PPC installed capacity 12.4GW PPC Group total installed thermal, hydro and renewable capacity

PPC electricity generation approximately 22TWh Annual electricity generation by PPC Group

PPC customers supplied 8.5m customers, ~32TWh Electricity supplied and customer base in Greece and Romania

PPC Regulated Asset Base €5.7bn Electricity distribution Regulated Asset Base as of year-end 2025

Key Terms

fibre to the home, wholesale open access, joint venture, Regulated Asset Base, +2 more

6 terms

fibre to the home technical

"formation of a potential 50:50 joint venture comprising their respective fibre to the home ("FTTH") networks"

wholesale open access financial

"The JV would intend to provide wholesale open access to internet service providers in Greece."

joint venture financial

"formation of a potential 50:50 joint venture comprising their respective fibre to the home ("FTTH") networks"

A joint venture is when two or more companies team up to work on a specific project or business idea, sharing both the risks and the rewards. It’s like friends starting a lemonade stand together—each contributes resources and they split the profits, making it easier to succeed than going alone.

Regulated Asset Base financial

"with a total Regulated Asset Base of €5.7bn as of year-end 2025."

IoT platforms technical

"Vodafone runs one of the world's largest IoT platforms, with over 240 million IoT connections globally"

Strategic Plan financial

"PPC's new 2030 Strategic Plan builds on its successful integrated business model"

A strategic plan is a company's roadmap that sets long-term goals, priorities, and the actions and resources needed to reach them. For investors it matters because the plan shows management’s priorities and how the business intends to grow, cut costs, or handle risks—like a household budget that reveals where money will be spent and whether financial targets are realistic—helping assess future profit potential and execution risk.

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FAQ

What did Vodafone (VOD) announce regarding Vodafone Greece and PPC Group?

Vodafone announced that Vodafone Greece and PPC Group signed heads of terms for a potential 50:50 joint venture. The JV would combine their fibre-to-the-home networks and wholesale fibre businesses in Greece, subject to due diligence, definitive agreements and customary regulatory approvals.

How many homes do Vodafone Greece and PPC Group’s fibre networks currently cover?

Vodafone Greece and PPC Group’s fibre businesses together currently cover more than 1.6 million homes in Greece. This combined footprint would form the basis of the potential joint venture’s fibre-to-the-home network and wholesale operations described in the announcement.

What is the purpose of the proposed Vodafone Greece–PPC fibre joint venture?

The proposed joint venture aims to combine the parties’ fibre-to-the-home networks and wholesale fibre businesses in Greece. It would intend to provide wholesale open access to internet service providers, enabling multiple operators to use the shared high-speed infrastructure to serve end customers.

Is the Vodafone Greece and PPC Group fibre JV transaction confirmed?

The transaction is not confirmed. The announcement states there is no certainty a deal will be agreed, as it remains subject to completion of due diligence, final binding transaction documentation and customary regulatory approvals before any joint venture can be formed.

What scale and strategy does PPC Group bring to the potential JV with Vodafone Greece?

PPC Group is a leading integrated utility in Southeastern Europe with 12.4GW of installed capacity and about 22TWh of electricity generation. It serves 8.5 million customers, has a €5.7bn Regulated Asset Base, and plans a €24bn investment programme focused on energy and infrastructure through 2030.

How large is Vodafone’s broader business outside the proposed Greece fibre JV?

Vodafone is a major European and African telecoms group serving around 370 million mobile and broadband customers. It operates networks in 15 countries, runs a global IoT platform with over 240 million connections, and provides financial services to about 103 million customers across seven African countries.

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 June 10, 2026

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 10 June 2026 entitled ‘Vodafone Greece & PPC Group proposed fibre JV’.

10 JUNE 2026

Vodafone Greece & PPC Group proposed fibre JV

Vodafone Panafon Hellenic Telecommunications Company S.A. ("Vodafone Greece") and Public Power Corporation S.A. ("PPC Group") have today entered into heads of terms in relation to the formation of a potential 50:50 joint venture comprising their respective fibre to the home ("FTTH") networks and wholesale fibre businesses in Greece (the "JV"). Vodafone Greece and PPC Group's fibre businesses currently cover more than 1.6 million homes on a combined basis. The JV would intend to provide wholesale open access to internet service providers in Greece.

Formation of the JV is subject to completion of due diligence, agreement on binding transaction documentation and will be subject to customary conditions including regulatory approvals. There is no certainty at this stage that a transaction will be agreed. Vodafone expects to provide a further update in due course.

- ends -

For more information, please contact:
Investor Relations:	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

About Vodafone

Vodafone is a leading European and African telecoms company.

We serve around 370 million mobile and broadband customers, operating networks in 15 countries with investments in a further four and partners in over 40 more. We have capacity on more than 70 subsea cable systems - the backbone of the internet - 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 over 240 million IoT connections globally, and we provide financial services to around 103 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.

About PPC Group

PPC is the leading integrated utility group in Southeastern Europe, with activities spanning electricity generation, distribution and the sale of advanced energy products and services. The Group operates primarily in Greece, Romania and North Macedonia, while further expanding its renewables footprint in Italy, Bulgaria and Croatia.

PPC has a total installed capacity of 12.4GW, across thermal, hydro and renewable energy assets, with a electricity generation of approximately 22TWh. It is the leading electricity supplier in Greece and one of the largest in Romania, servicing 8.5m customers and supplying approximately 32TWh of electricity, alongside a broad range of Value Added Services. PPC is also active in the electricity distribution, with a total Regulated Asset Base of €5.7bn as of year-end 2025.

PPC's new 2030 Strategic Plan builds on its successful integrated business model and targets growth opportunities across Central and Southeastern Europe. The plan is supported by a €24 bn investment programme focused on renewable energy, storage and flexible generation, as well as data center infrastructure. 

Founded in 1950, PPC has been publicly listed since 2001, with its shares traded on the Main Market of Euronext Athens.

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: June 10, 2026	By: /s/ M D B
	Name: Maaike de Bie
	Title: Group General Counsel and Company Secretary