London · Delayed Price · Currency is GBP · Price in GBX Vodafone Group Earnings Call Transcripts
Fiscal Year 2026
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The AGM highlighted strong financial performance, major strategic moves including the Three UK merger, and a new progressive dividend policy. Shareholders engaged on topics from satellite ventures to operational risks, with the board emphasizing ongoing transformation, resilience, and independence. Key resolutions were voted on, with results to be published online.
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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% and EBITDA grew 2.3% in Q3, with strong performance in Europe and Africa. The company is on track to meet the upper end of FY 2026 guidance, supported by strategic investments, improved customer metrics, and ongoing digital expansion.
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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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Service revenue and EBITDA grew in line with expectations, driven by strong emerging market performance and improvements in Germany. The U.K. merger is progressing, with integration benefits and network upgrades underway, while competitive pressures persist in Europe.
Fiscal Year 2025
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FY2025 results met expectations, with strong UK and growth market performance, improved customer experience, and a reset capital structure. FY2026 guidance targets EBITDA of €11–11.3 billion and accelerated free cash flow, supported by the UK merger and ongoing transformation.
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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 prior price rises and regulatory changes in Germany. EBITDA grew 5.1% year-over-year, and full-year guidance was reiterated, with Germany expected to recover in FY26.