Vodafone ECONOMIC

Target: Vodafone Group Plc Research date: 23 October 2026 Scope: Direct and indirect commercial, ownership, investment, procurement, and operational exposure to the Israeli economy and occupied Palestinian territories.

Supply Chain & Sourcing Relationships

Direct commercial suppliers

On 12 November 2024, Israeli telecommunications security supplier Allot Ltd., headquartered in Hod Hasharon, announced that Vodafone UK had launched Secure Net Home using Allot HomeSecure technology to provide broadband network security and connected-device protection.¹

Allot identified this deployment as complementary to Vodafone UK’s existing Secure Net mobile security offering, establishing a publicly documented commercial technology relationship covering mobile and fixed broadband security services as of November 2024.¹

Vodafone’s FY2026 annual report discloses approximately €25 billion of annual expenditure across approximately 8,700 global suppliers, with around 70% of expenditure managed centrally by Luxembourg-based Vodafone Procure and Connect.²

Vodafone reported that its FY2026 strategic supplier population included 450 suppliers accounting for approximately 80% of expenditure, with all strategic suppliers assessed for human rights risks.³

Israeli agricultural exporters

No public evidence identified of Vodafone procuring agricultural products from Mehadrin, Hadiklaim, Galilee Export, Agrexco successors, or comparable Israeli agricultural exporters in the corporate procurement records reviewed.²

Importer of record

No public evidence identified of a Vodafone-controlled entity acting as importer of record for Israeli agricultural products or settlement-origin food products; the FY2026 supplier disclosure instead describes procurement associated primarily with telecommunications infrastructure, IT, and related services.²

Seasonal sourcing

No public evidence identified of recurring seasonal procurement of Israeli dates, citrus, avocados, herbs, potatoes, or other agricultural products by Vodafone.²

Indirect sourcing and third-party relationships

Vodafone Czech Republic’s publicly accessible Israel roaming information identifies Pelephone, Cellcom, HOT Mobile, and Orange-branded network access as roaming options, documenting commercial connectivity arrangements involving Israeli telecommunications networks.⁴

The operator listing does not disclose the wholesale settlement terms, traffic volumes, remuneration, or exact territorial coverage attributable to each roaming relationship.⁴

Historical Israeli investment relationships

[pre-2020] On 19 December 2011, Israeli technology company CellEra announced a $9.2 million financing round led by Vodafone Ventures and Carmel Ventures, with participation from existing investors including Israel Cleantech Ventures.⁵

[pre-2020] Contemporary Israeli reporting corroborated Vodafone Ventures’ participation in the CellEra financing and described the company’s technology as intended to reduce fuel cell costs for telecommunications-related applications.⁶

The $9.2 million amount represents the total financing round and does not establish Vodafone Ventures’ individual contribution or percentage ownership; current ownership remains unconfirmed.⁵

[pre-2020] On 22 June 2010, Israeli technology publication VC Cafe reported that Vodafone Ventures had made a strategic minority investment in Perfecto Mobile, an Israeli cloud-based mobile application testing company.⁷

The Perfecto Mobile investment amount was not officially disclosed in that report, and no public evidence was identified establishing Vodafone’s continuing ownership in October 2026.⁷

On 19 February 2025, Israeli-headquartered automotive cybersecurity company PlaxidityX (formerly Argus Cyber Security Ltd.) announced a commercial partnership with Vodafone Automotive, part of Vodafone Business, to integrate PlaxidityX’s vDome anti-theft technology into Vodafone Automotive’s vehicle security products. The announcement confirmed that vDome software had been integrated into Vodafone Automotive’s anti-theft and after-theft management solutions, complementing its existing vehicle tracking services. Vodafone Automotive CEO Gion Baker confirmed the partnership and described the companies’ collaboration on additional protection against electronic vehicle theft. PlaxidityX identified its headquarters as Israel. This establishes an additional publicly documented Israeli technology-supplier relationship beyond the previously identified Allot deployment. The announcement does not disclose contract value, procurement expenditure, licensing fees, or revenue attributable to Israel.^{8, 9}

[June–November 2024; Allot relationship chronology] Vodafone UK publicly launched Secure Net Home on 24 June 2024 for new and existing Pro II broadband customers, offering network-level cybersecurity and parental controls. Allot’s subsequent announcement of 12 November 2024 expressly identified its HomeSecure technology as powering Vodafone UK’s existing Secure Net Home offering and described the service as complementary to an existing Allot mobile security solution. The November announcement therefore confirms an Allot technology-supplier relationship covering fixed broadband and mobile security as at November 2024, but does not establish that the relationship began on 12 November or that the broadband service was first launched then. The June Vodafone announcement establishes an earlier service launch but does not independently identify Allot as its supplier at that date. This confirms the audit’s existing direct-commercial-supplier finding while clarifying the launch chronology and evidential limits of the November announcement.^{1, 10}

[May–September 2026; continued commercial deployment] Vodafone UK’s own press release dated 27 May 2026 confirms that Secure Net Home remained commercially available approximately eighteen months after Allot’s November 2024 announcement. Vodafone stated that the service, originally launched in 2024 and previously available to Pro broadband subscribers, was being extended to approximately 900,000 additional customers on standard broadband packages with Power Hub routers. The expanded service offered network-level malware protection and parental controls, with a three-month free trial followed by a £2 monthly subscription for new users. Vodafone’s subsequent announcement of 29 September 2026 further confirms continued promotion of Secure Net Home, including its inclusion in the forthcoming Pro 4 broadband offering and integration of broadband and mobile parental controls. These primary sources establish continuation and expansion of the same named Vodafone service beyond November 2024. Read together with Allot’s identification of its underlying technology, they provide evidence consistent with a continuing supplier-enabled commercial offering, although neither Vodafone announcement independently reconfirms Allot as the technology provider in 2026. This materially updates the audit’s existing statement under “Constructive-notice chronology” that the November 2024 announcement does not establish whether the commercial relationship continued beyond the disclosed deployment period.^{1, 11, 12}

[November 2024–October 2026; supplier continuity limitation] The available primary-source statements establish the Allot-powered deployment in November 2024 and continued commercial availability of Vodafone’s Secure Net Home service through September 2026. They do not independently establish that Allot retained the underlying supplier contract throughout that period, whether the technology implementation changed, whether contractual renewals occurred, or the value of payments to Allot. Accordingly, continued operation of the Vodafone service is directly documented, while uninterrupted commercial procurement from Allot through October 2026 remains unverified. This qualifies the audit’s existing supplier relationship and Israeli supplier expenditure findings without negating the documented November 2024 commercial relationship.^{1, 11, 12}

Product Origin, Labeling & Regulatory Compliance

Settlement-origin products

No public evidence identified of Vodafone selling agricultural products represented as originating in Israel but produced in the West Bank, Jordan Valley, East Jerusalem, or Golan Heights; Vodafone’s FY2026 business description identifies telecommunications connectivity, digital services, IoT, and related commercial activities.¹³

Country-of-origin labeling

No public evidence identified of a Vodafone-specific regulatory enforcement action concerning mislabeling of Israeli or settlement-origin agricultural products in the reviewed company and regulatory disclosures.¹⁴

Corporate labeling policy

No public evidence identified of a Vodafone corporate policy specifically governing country-of-origin labeling for agricultural products from Israeli settlements; Vodafone’s publicly disclosed supplier framework addresses ethical purchasing and wider human rights obligations.³

Telecommunications service geography

Vodafone Czech Republic publicly lists Israeli roaming operators and describes the technical services available through those networks, including voice, data, LTE, and other mobile functions.⁴

The roaming disclosure does not identify settlement-specific network coverage, locations, subscriber activity, or a Vodafone policy distinguishing Israel from occupied territories for wholesale network selection.⁴

Supplier compliance framework

In FY2026, Vodafone stated that suppliers must comply with its Code of Ethical Purchasing and described an enhanced due diligence programme addressing labour, human rights, environmental, and ethical risks.²

Vodafone reported 72 supplier corrective-action plans relating to human rights concerns during FY2026, without identifying the nationality of each supplier involved.³

Investment, Capital & Financial Exposure

Direct Israeli investment - CellEra

[pre-2020] Vodafone Ventures participated in CellEra’s December 2011 $9.2 million investment round alongside Carmel Ventures and other investors; CellEra identified Caesarea, Israel, as its location.⁵

The announcement establishes a historical venture investment but does not establish acquisition of control, a wholly owned Israeli operating subsidiary, or the amount of Vodafone’s individual investment.⁵

Direct Israeli investment - Perfecto Mobile

[pre-2020] Vodafone Ventures made a reported strategic minority investment in Israeli company Perfecto Mobile in June 2010, supporting mobile application testing infrastructure.⁷

No public evidence identified of current controlling ownership or a Vodafone-operated Israeli manufacturing facility associated with Perfecto Mobile.⁷

Historical venture investment platform

The Israeli investment database IVC describes Vodafone Ventures as a foreign corporate venture capital investor established in 2000, with investment activity involving Israel and an additional historical office presence in that country.¹⁵

IVC identifies Vodafone Ventures as having ceased operations in the first quarter of 2022; this database characterization does not independently establish the disposal date of each underlying portfolio investment.¹⁵

Acquired Israeli operating subsidiaries

Vodafone’s FY2026 related-undertakings note defines subsidiaries by the Group’s ability to exercise control and provides its consolidated subsidiary and associated-undertaking disclosure as at 31 March 2026.¹⁶

No Israeli-incorporated controlled operating subsidiary was identified in the reviewed FY2026 related-undertakings listings; consequently, no acquisition price, current controlling interest, Israeli factory, or workforce can be substantiated for an Israeli controlled subsidiary from these records.^{16, 17, 18, 19}

Current Israeli acquisitions

No public evidence identified of Vodafone acquiring a controlling stake in Allot, CellEra, Perfecto Mobile, Cellcom, Pelephone, HOT Mobile, or Partner Communications during the period covered by the FY2026 corporate disclosures.^{16, 17, 18}

Research and development

The documented relationship with Allot establishes the commercial use of technology developed by an Israeli-headquartered supplier, while the supplier announcement does not establish a Vodafone-owned research facility in Israel.¹

No public evidence identified of a currently operating, directly owned Vodafone research and development centre in Israel in the reviewed FY2026 group disclosures.¹⁶

Major shareholders

As at 31 March 2025, Vodafone disclosed Emirates Telecommunications Group Company PJSC, also known as e&, holding approximately 15.01% of ordinary share capital, BlackRock approximately 6.50%, Liberty Global approximately 5.02%, and Norges Bank approximately 3.00%.²⁰

Vodafone’s disclosed shareholder register establishes significant institutional and corporate investments in Vodafone but does not itself establish beneficial ownership or control of Vodafone by Israeli capital.²⁰

Portfolio holdings

No public evidence identified of current Vodafone Group holdings in Israeli government bonds, Israel-focused investment funds, or settlement-linked investment portfolios in the FY2026 corporate records reviewed.¹³

Financing the Israeli state

No public evidence identified of Vodafone acting as an underwriter, lead arranger, insurer, or distributor of Israeli sovereign bonds or Israel Bonds within the reviewed corporate financial disclosures.¹³

No public evidence identified of Vodafone providing a specifically documented direct financing facility to an Israeli defence manufacturer or settlement developer in the reviewed disclosures.¹³

Controlling principals’ personal investments

Vodafone identifies Jean-François van Boxmeer as Chair and Margherita Della Valle as Group Chief Executive in its corporate leadership disclosures.²¹

No public evidence identified of a material direct investment in an Israeli company by either named principal through a disclosed personal investment vehicle or family office in the reviewed governance materials.^{21, 22}

On 10 July 2026, Emirates Telecommunications Group Company PJSC (e&) announced a binding agreement to divest its entire Vodafone investment to Vega, an acquisition vehicle wholly owned by the Niel family group. The transaction covered 3,944,743,685 Vodafone ordinary shares, representing approximately 16.21% of issued share capital and 17.13% of voting rights, for total consideration of approximately AED 21.8 billion (US$5.95 billion), inclusive of Vodafone’s final FY2026 dividend. The announcement also confirmed termination of e&’s Relationship Agreement with Vodafone and the departure of its board representative. The shares were to pass through three financial institutions pending Vega’s regulatory approvals. This materially updates the historical shareholder information dated 31 March 2025, although the July announcement itself establishes an agreed disposal rather than completed beneficial ownership transfer to Vega.²³

On 16 July 2026, Vega announced that its counterparty banks would acquire e&’s approximately 3.94 billion Vodafone shares at £1.104792 per share for hedging purposes under financial instruments. Vega separately disclosed an additional financial instrument corresponding to 2.74% of Vodafone’s voting rights. Subject to customary regulatory approvals and physical settlement, Vega expected to become entitled to shares representing approximately 18.80% of Vodafone’s share capital and 19.87% of voting rights by the end of 2026. Vega described the proposed investment as a long-term strategic minority shareholding. The prospective percentages represent conditional future ownership rather than confirmation that Vega had already received the underlying shares.^{24, 25}

Vodafone’s 16 July 2026 regulatory notification independently disclosed that Vega SAS had reported financial instruments representing 4,574,743,685 voting rights, equivalent to 19.87%, following a notification threshold event on 13 July 2026. The notification recorded zero voting rights directly attached to shares and classified the entire reported position as financial instruments. It identified Maya SAS and the Niel family group, comprising Xavier Niel, Jules Niel, John Niel, Elisa Niel and Joseph Niel, in the ownership chain. The arrangements permitted physical or cash settlement subject to regulatory conditions, meaning the reported economic exposure should not be equated with an already completed acquisition of 19.87% of Vodafone’s voting shares.²⁵

[pre-2020; CellEra] Subsequent transaction records establish that CellEra’s business and intellectual property were acquired by Israeli defence technology company Elbit Systems in March 2015. IVC Data & Insights records that CellEra ceased operating in Q1 2015 and identifies 15 March 2015 as the date of Elbit’s acquisition of its platinum-free membrane fuel-cell intellectual property and business. This establishes a historical disposal of CellEra’s business following Vodafone Ventures’ 2011 investment, although the available transaction record does not identify Vodafone Ventures as a selling shareholder, establish whether its investment was held directly or through another legal entity, or disclose its individual proceeds.²⁶

[pre-2020; CellEra] United States patent assignment records independently corroborate the subsequent transfer of CellEra intellectual property. Patent US8895198B2 identifies an assignment from CellEra Inc. to Elbit Systems Land and C4I Ltd., effective 26 March 2015 and recorded on 3 September 2015. The same patent records a subsequent assignment from Elbit Systems Land and C4I Ltd. to Israeli company PO Celltech Ltd., effective 21 March 2018, followed by a recorded change of name to Hydrolite Ltd., effective 24 November 2020. Patent US7943258B2 independently records the same succession. These records demonstrate that identifiable CellEra intellectual property continued through subsequent Israeli corporate ownership arrangements, but establish neither Vodafone Ventures’ participation in those transactions nor any continuing Vodafone economic interest in Hydrolite.^{27, 28}

[2022–2026; CellEra] The patent record for US8895198B2 identifies Hydrolite Ltd. and PO Celltech Ltd. as current assignees and records a twelfth-year maintenance-fee payment on 15 April 2026. This establishes continued maintenance of identifiable intellectual property originally assigned to CellEra after the company’s 2015 cessation. It does not establish that Vodafone Ventures retained an interest in that intellectual property, received licensing income, financed its subsequent development, or participated in maintenance expenditure.²⁷

[pre-2020; Perfecto Mobile] Perfecto Mobile’s original 22 June 2010 company announcement identifies Vodafone Ventures as the strategic minority investor, joining Carmel Ventures and Vertex Venture Capital. The announcement identifies Perfecto Mobile as the recipient of financing intended to expand its mobile handset testing platform. Contemporary reporting by VC Cafe estimated the investment at approximately $4–5 million, but described that figure as an estimate rather than a disclosed transaction amount. Consequently, the publicly documented investment actor is Vodafone Ventures and the investee beneficiary is Perfecto Mobile; the exact legal subscription entity, executed capital contribution, number of shares acquired and ultimate beneficial ownership structure remain unverified.^{29, 7}

[pre-2020; Perfecto Mobile] Perforce Software announced on 3 December 2018 that it had completed its acquisition of Perfecto Mobile. Perfecto’s financial adviser, Shea & Company, identifies Clearlake Capital as the buyer-side investor and FTV Capital, Globespan Capital, TCV and Viola Ventures as seller-side investors. Its transaction description additionally identifies Vertex, Vintage and the Waisbein Fund among Perfecto’s historical financial backers. Vodafone Ventures does not appear in the adviser’s disclosed seller-side investor identification, despite its independently documented 2010 minority investment. This establishes a completed change of corporate ownership but leaves Vodafone’s participation in the exit, any earlier disposal or dilution, and its realised investment return unresolved.^{30, 31}

[pre-2020; Perfecto Mobile] Israeli business publication Globes reported an approximately $200 million acquisition valuation in October 2018 and estimated that investors would receive approximately twice their invested capital. The same report stated that Perfecto had raised approximately $90 million and that its 2015 financing valued the company at approximately $380 million. These figures describe the overall transaction and reported investor expectations; they cannot establish Vodafone Ventures’ individual proceeds, ownership percentage at completion, or realised investment multiple. The transaction adviser’s disclosure that financial terms were not officially announced further limits any attempt to attribute a specific monetary return to Vodafone.^{31, 32}

Operational Presence & Market Activity

Direct operating footprint

Vodafone’s FY2026 corporate reporting describes the Group’s principal telecommunications markets across Europe and Africa, alongside international enterprise, network, and technology operations.¹³

The FY2026 related-undertakings records identify Vodafone operations and subsidiaries across multiple jurisdictions but do not establish a directly controlled Israeli mobile network operator.^{16, 17, 18, 19}

Israeli network access

Vodafone Czech Republic’s published roaming information identifies Cellcom, Pelephone, HOT Mobile, and Orange-branded services as options for customers travelling in Israel.⁴

The availability of roaming services establishes access to Israeli telecommunications networks but does not establish that Vodafone owns, maintains, or directly operates those networks.⁴

Supplier-enabled commercial services

On 12 November 2024, Allot confirmed that its HomeSecure technology powered Vodafone UK’s Secure Net Home broadband security service and complemented its existing mobile security offering.¹

The supplier announcement establishes a post-July 2024 and post-November 2024 commercial relationship, but does not disclose the amount of revenue attributable to Israel, the location of delivery personnel, or contractual renewal provisions.¹

Israeli employees

No public evidence identified of a separately reported Vodafone Group workforce based in Israel in the reviewed FY2026 operating and subsidiary disclosures.^{13, 16}

Israeli tax registration

No public evidence identified of Vodafone Group Plc being incorporated in Israel, holding Israeli corporate tax residency, or qualifying for Israeli Preferred Technology Enterprise status in the reviewed corporate disclosures.^{33, 16}

Market positioning

Vodafone’s FY2026 annual report identifies Europe and Africa as major operating geographies and describes enterprise connectivity and digital services as important business activities.¹³

No public evidence identified of Vodafone describing Israel as a separately reportable strategic operating market or providing a stand-alone Israeli revenue segment in the reviewed FY2026 consolidated results.¹³

Settlement services

No public evidence identified directly establishing that Vodafone owns a cellular tower, retail location, office, telecommunications exchange, or other physical facility in an Israeli settlement in the West Bank, East Jerusalem, or Golan Heights.^{16, 17, 18, 19}

The available Vodafone roaming disclosure does not provide sufficient geographic detail to allocate wholesale revenues to individual settlement locations.⁴

[Historical Israeli venture office] IVC identifies Vodafone Ventures as the venture investment arm of Vodafone Group Plc, headquartered in Redwood City, California, and describes an additional historical office presence in Israel alongside offices in other jurisdictions. The publicly accessible profile identifies Vodafone Group Plc as the parent, Vodafone Ventures as its investment arm, and the venture operation as having ceased in Q1 2022. However, the published address belongs to its Redwood City headquarters; the accessible record does not identify an Israeli street address, registered Israeli branch, separately incorporated office operator, leaseholder, office opening date or individual Israeli employees. The evidence therefore supports a historically reported Israeli investment-office presence without independently establishing the precise legal or physical arrangements under which it operated.¹⁵

[April 2022–October 2026] - no public evidence identified: searches for Vodafone Ventures’ Israeli office address, Tel Aviv operations, Israeli investment personnel, branch registration, office closure, continuing leasehold, facilities expenditure and post-Q1 2022 operating activity did not identify an independently verifiable Israeli office closure notice or subsequent operating record. IVC’s Q1 2022 cessation classification concerns the venture investment operation as a whole and does not independently document the termination date of an Israeli lease, employment contract, tax registration or other local obligation.^{15, 34, 35}

Corporate Structure & Foundational Ties

Founding and incorporation

Vodafone Group Public Limited Company is incorporated in England and Wales under company number 01833679, with an incorporation date of 17 July 1984.³³

The company’s published corporate history identifies earlier names including Racal Strategic Radio Limited, Racal Telecommunications Group Limited, and Racal Telecom Public Limited Company.³³

These incorporation records establish a British corporate origin rather than an Israeli founding or incorporation.³³

Legal domicile and headquarters

Vodafone Group Plc’s registered office is Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, United Kingdom.³³

Vodafone Limited, company number 01471587, is also registered at Vodafone House in Newbury and forms part of the Group’s UK telecommunications corporate structure.^{36, 37}

No public evidence identified of Vodafone Group Plc maintaining a second legal headquarters in Israel in the reviewed corporate and governance records.^{33, 21}

Corporate governance

Vodafone’s board includes Chair Jean-François van Boxmeer and Group Chief Executive Margherita Della Valle, alongside independent non-executive directors.²¹

The Group’s governance disclosures describe board responsibilities, committee oversight, and the division of responsibilities between the Chair and Chief Executive.²²

Institutional shareholding

The FY2025 annual report identifies e& as Vodafone’s largest disclosed voting-interest holder in the table dated 31 March 2025, with approximately 15.01% of ordinary share capital.²⁰

The disclosed ownership structure does not establish an Israeli state shareholding or Israeli controlling shareholder.²⁰

Israeli-Nexus Floor factual checks

Founded in Israel: No; Vodafone Group Plc’s registered incorporation history identifies England and Wales, dated 17 July 1984.³³

Israeli headquarters or principal place of management: no public evidence identified; the corporate registered office and published governance arrangements identify the United Kingdom.^{33, 22}

Israeli tax residency or Preferred Technology Enterprise status: no public evidence identified in the FY2026 related-undertakings and corporate disclosures reviewed.¹⁶

Beneficial ownership or control by Israeli capital: no public evidence identified in the disclosed FY2025 major-shareholder information.²⁰

Acquired Israeli identity

No public evidence identified of Vodafone Group Plc being an acquired Israeli-origin company, or of an Israeli-incorporated controlled operating subsidiary that materially changes the Group’s foundational corporate identity.^{33, 16}

Israeli government governance rights

No public evidence identified of Israeli government-appointed Vodafone directors, Israeli government golden shares, or charter provisions granting the Israeli state control over Vodafone Group Plc in the reviewed corporate governance materials.²²

Critical national infrastructure

Vodafone’s reported operations concern telecommunications infrastructure and digital connectivity across its operating markets, but no public evidence identified of Vodafone Group Plc itself holding an Israeli designation as a national infrastructure operator.^{13, 16}

[2026; Vodafone Ventures corporate entity] Public UK company-directory records identify Vodafone Ventures Limited, company number 04010406, as an active UK private limited company incorporated on 8 June 2000, with its registered office at Vodafone House, Newbury. Its published business classification is SIC 61900, other telecommunications activities. No public evidence identified in the replacement directory records establishing the current directors’ countries of residence. The corporate registration records establish that a UK legal entity bearing the Vodafone Ventures name remained registered and active after IVC’s reported Q1 2022 cessation of venture investment operations. The records do not establish that this UK entity directly held either Israeli portfolio investment, operated the historical Israeli office, or continued venture investment activity in Israel after Q1 2022.^{34, 35}

Profit Repatriation & Economic Contribution

Global revenue

Vodafone reported FY2026 Group revenue of approximately €40.46 billion, compared with €37.45 billion in FY2025, with the financial year ending on 31 March 2026.¹³

The FY2026 reporting identifies Germany, the UK, other European operations, Türkiye, and African operations as principal operating markets, without presenting Israel as a separate revenue-reporting segment.¹³

Israeli supplier expenditure

The November 2024 Allot announcement documents a commercial product relationship between Vodafone UK and an Israeli-headquartered technology supplier.¹

No public evidence identified of the value of Vodafone’s annual payments to Allot or the portion of those payments ultimately recognised as taxable income in Israel.¹

Israeli roaming payments

Vodafone Czech Republic identifies multiple Israeli networks as available roaming partners, but does not publish the corresponding wholesale settlement amounts on its roaming information page.⁴

No public evidence identified of Vodafone’s aggregate annual roaming payments to Israeli operators or related Israel-specific interconnection revenue.⁴

Historical capital contributions

[pre-2020] Vodafone Ventures participated in the December 2011 $9.2 million CellEra financing round alongside Israeli venture investors.⁵

The financing announcement does not specify Vodafone’s individual investment contribution, the ultimate recipient bank accounts, subsequent dividends, or the final disposal proceeds attributable to Vodafone.⁵

[pre-2020] Vodafone Ventures made a reported minority investment in Israeli mobile testing company Perfecto Mobile in June 2010, but the publicly reviewed account does not substantiate current ownership or present-day profit distributions.⁷

Profit repatriation

Vodafone’s FY2026 accounts disclose consolidated financial results and related undertakings, but no public evidence identified of a separately quantified profit stream remitted from an Israeli operating subsidiary to Vodafone Group Plc.^{13, 16}

No public evidence identified of a separately quantified Vodafone dividend or profit-remittance stream flowing from global Vodafone operations to an Israeli-domiciled controlling shareholder.²⁰

Employment and taxation

No public evidence identified of a separately disclosed Vodafone Israeli payroll, Israeli corporate income tax payment, or local tax-residency declaration in the reviewed FY2026 reports.^{13, 16}

Economic ecosystem participation

Allot’s November 2024 announcement establishes an Israeli technology supplier’s participation in Vodafone UK’s consumer broadband cybersecurity offering.¹

The CellEra and Perfecto Mobile investment records establish historical capital participation by Vodafone Ventures in Israeli technology businesses during 2010–2011.^{5, 7}

Constructive-notice chronology

The Allot deployment announcement dated 12 November 2024 falls after 19 July 2024 and within November 2024; the announcement does not establish whether the commercial relationship continued beyond the disclosed deployment period.¹

Vodafone Czech Republic’s roaming page was publicly accessible during the October 2026 research period and listed Israeli network operators, although it did not provide a definitive start date for each bilateral roaming arrangement.⁴

Territorial revenue attribution

No public evidence identified quantifying Vodafone’s revenue or profit from telecommunications services specifically provided inside Israeli settlements in the West Bank, East Jerusalem, or Golan Heights.^{4, 13}

[2015–October 2026; CellEra] - no public evidence identified: the reviewed CellEra cessation and acquisition record, Elbit and successor patent assignments, and subsequent patent-maintenance history do not disclose Vodafone Ventures’ executed 2011 subscription amount, its percentage ownership immediately before the 2015 transaction, the acquisition consideration allocated to its securities, any liquidation preference, dividend, capital loss, realised gain, or residual beneficial interest. The acquisition and subsequent intellectual-property transfers therefore establish identifiable historical economic transactions involving Israeli companies without quantifying a realised or continuing economic benefit attributable to Vodafone Ventures.^{26, 27, 28}

[2018–October 2026; Perfecto Mobile] - no public evidence identified: the reviewed Perforce acquisition confirmation, Perfecto financial adviser disclosure, historical investor information and contemporaneous acquisition reporting do not identify Vodafone Ventures’ ownership immediately before completion, its individual disposal proceeds, retention of any equity, or subsequent distributions. The publicly reported approximately $200 million company acquisition valuation and estimated investor returns cannot be allocated to Vodafone Ventures without evidence of its retained shareholding and applicable transaction terms.^{30, 31, 32}

[April 2022–October 2026; Israeli venture office] - no public evidence identified: the reviewed venture-capital directory records and UK corporate registration disclosures do not establish continuing Vodafone Ventures employment expenditure, facilities payments, Israeli corporate taxation, locally attributable operating costs or investment-office revenue after Q1 2022. The continuing legal existence of Vodafone Ventures Limited in the UK does not establish a corresponding continuing economic footprint in Israel.^{15, 34, 35}