Vodafone Group Plc reported its H1 FY26 results on November 11, 2025, highlighting a strong performance with total revenue increasing by 7.3% to €19.6 billion, driven by service revenue growth and the consolidation of Three UK. Key financial highlights include
**Service Revenue Growth**Reported service revenue grew by 8.1% to €16.3 billion, with organic growth of 5.7%. This was supported by strong performances in the UK, Türkiye, and Africa, as well as a return to growth in Germany.
**Adjusted EBITDAaL**Increased by 5.9% to €5.7 billion on a reported basis and by 6.8% organically, despite challenges like the TV law change impact in Germany and continued commercial investments.
**Operating Profit**Decreased by 9.2% to €2.2 billion due to higher depreciation and amortization from the Three UK consolidation and lower other income.
**Shareholder Returns**Completed €3.0 billion in share buybacks since May 2024, with an additional €1.0 billion remaining. A new €500 million tranche commenced on the announcement date.
**FY26 Guidance**Vodafone now expects to deliver at the upper end of its guidance ranges, with Adjusted EBITDAaL of €11.3-11.6 billion and Adjusted free cash flow of €2.4-2.6 billion.
**Dividend Policy**Introduced a new progressive dividend policy, expecting a 2.5% increase in the FY26 dividend per share.
**Operational Highlights**
**VodafoneThree Integration**Made significant progress in integrating Vodafone and Three networks in the UK, with immediate improvements in network quality and customer experience.
**Customer Satisfaction**Launched the Ask Once customer service initiative in three markets, achieving leading NPS positions in 11 markets.
**Digital Services**Strong growth in digital services revenue, particularly in Business (12.2% in Q2) and Financial services in Africa (21.8% in Q2).
**Generative AI**Deployed AI solutions like SuperTobi across all European markets, achieving a 70% end-to-end resolution rate and higher customer satisfaction.
**Segment Performance**
**Germany**Returned to service revenue growth in Q2 (+0.5%), supported by higher wholesale revenue and the end of the TV law change impact.
**UK**Organic service revenue growth of 1.2% in Q2, with strong commercial momentum and rapid integration of VodafoneThree.
**Africa**Maintained double-digit organic service revenue growth (13.5% in Q2), driven by strong demand for data and financial services in Egypt and Vodacoms international markets.
**Türkiye**Service revenue grew by 55.6% organically, supported by price actions, increased data usage, and strong Business growth.
**Strategic Initiatives**
**Network Expansion**Continued fiberisation of the cable network in Germany and progressed the OXG joint ventures fibre buildout.
**Acquisitions**Completed the acquisition of Telekom Romania Mobile Communications S.A. assets and announced the acquisition of Skaylink GmbH to enhance digital services.
**Sustainability**Committed to investing £11 billion (€12.6 billion) in the UK over the next 10 years, including £2 billion (€2.3 billion) in network upgrades over the next 8 years.
**Financial Position**
**Net Debt**Increased to €25.9 billion due to the VodafoneThree merger, share buybacks, and dividends, partially offset by bond repayments.
**Liquidity**Maintained strong liquidity with cash and cash equivalents totaling €10.9 billion.
**Outlook**
Vodafone is optimistic about its multi-year growth trajectory, supported by operational improvements, strategic acquisitions, and a focus on digital transformation. The company remains committed to delivering sustainable Adjusted free cash flow growth and enhancing shareholder value through its progressive dividend policy.
