London · Delayed Price · Currency is GBP · Price in GBX Vodafone Group Earnings Call Transcripts
Fiscal Year 2026
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FY 2026 results reached the upper end of expectations, with 5.1% Q4 service revenue growth and 4.5% organic adjusted EBITDA growth. FY 2027 guidance targets continued EBITDA and free cash flow growth, with Europe stable, Germany under pressure, and Africa and the U.K. as key growth drivers.
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Group service revenue rose 5.4% in Q3, with EBITDA up 2.3% and strong growth in Europe and Africa. Strategic investments in 5G and digital services, plus acquisitions in Africa and cloud, support a positive multi-year outlook.
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Group service revenue grew 5.8% in Q2 and EBITDA rose 6.8% in H1, driven by strong performance in Europe, Africa, and Türkiye. The UK merger integration is ahead of schedule, Germany is improving, and a progressive dividend policy has been introduced.
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First half results showed accelerated service revenue growth, strong performance in Europe and Africa, and successful completion of major mergers and acquisitions. The group confirmed upper-end FY26 guidance and announced a progressive dividend policy with a planned increase.
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Q1 saw 5.5% service revenue and 4.9% EBITDA growth, with strong emerging market performance and the U.K. merger completed. Germany is stabilizing, U.K. faces short-term headwinds, and guidance for EBITDA and cash flow growth is reiterated.
Fiscal Year 2025
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FY2025 results met expectations, with transformation actions driving improved customer experience, portfolio simplification, and strong capital returns. FY2026 guidance targets EBITDA of EUR 11–11.3 billion and accelerated free cash flow, with the UK merger and growth in Africa and Turkey supporting future performance.
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Q3 saw strong group growth, led by the UK and Türkiye, with service revenue up 5.2% and EBITDA up 2.2%. Germany remains challenged by mobile competition and B2B delays, but the group maintains its full-year guidance and expects further growth from portfolio reshaping and emerging markets.
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Group EBITDA grew 3.8% year-over-year in H1, with strong UK and Turkey performance offsetting German headwinds from the MDU transition. Full-year guidance is reiterated, with Germany expected to return to growth in FY26 as transformation and cost initiatives take effect.
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Group results met expectations with 3.8% organic EBITDA growth, strong B2B and digital services momentum, and significant portfolio reshaping. Germany faced anticipated revenue pressure but operational KPIs improved, and full-year guidance is reiterated.
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Q1 results were in line with expectations, with strong growth in Africa and Turkey, while Europe faced headwinds from price lapping and regulatory changes in Germany. Transformation initiatives, including major asset sales and cost reductions, are progressing, and full-year guidance is reiterated.