**Vodafone Q3 FY26 Trading Update Summary**
**Overview**
Vodafone Group Plc reported strong performance in Q3 FY26, driven by growth in Europe and Africa. The company maintained service revenue momentum, supported by top-line growth in Germany, Türkiye, and Africa. The integration of Vodafone UK with Three UK is progressing well, and the company is on track to meet its FY26 financial guidance.
**Key Financial Highlights**
**Group Total Revenue**Increased by 6.5% to €10.5 billion, driven by strong service revenue growth, primarily in Africa and the consolidation of Three UK and Telekom Romania assets.
**Group Service Revenue**Grew by 7.3% to €8.5 billion, with organic growth of 5.4%, led by Türkiye and Africa.
**Adjusted EBITDAaL**Increased by 2.3% organically to €2.8 billion, in line with full-year guidance.
**Operating Profit**Decreased by 52.7% to €0.5 billion due to M&A-related impacts, including temporary non-cash accounting adjustments.
**Shareholder Returns**Completed €3.5 billion in share buybacks since May 2024, with a new €500 million tranche commencing in February 2026.
**Geographic Performance**
1. **Germany**Continued service revenue growth of 0.7%, supported by higher wholesale revenue and digital services demand.
2. **UK**Organic service revenue declined by 0.5% due to prior-year one-off project revenue, but the VodafoneThree integration is on track.
3. **Other Europe & Türkiye**Organic service revenue grew by 1.2%, with Türkiye up 3.7% in euro terms, despite competitive pressures in Portugal and Romania.
4. **Africa**Strong organic service revenue growth of 13.5%, driven by all markets, including an acceleration in financial services.
**Strategic Developments**
**UK Merger**Completed the merger with Three UK in May 2025, creating the largest mobile network operator in the UK with over 28 million customers.
**Türkiye 5G Spectrum**Acquired 100 MHz of 5G spectrum in October 2025 for €539 million, with plans to launch 5G services in 2026.
**Africa Expansion**Announced the acquisition of a 20% stake in Safaricom Plc, Kenya’s leading telecom operator, for €1.81 billion, pending regulatory approvals.
**Outlook**
Vodafone reiterated its FY26 guidance, expecting to deliver at the upper end of its ranges
Adjusted EBITDAaL€11.3-11.6 billion
Adjusted Free Cash Flow€2.4-2.6 billion
The company also reaffirmed its progressive dividend policy, with a 2.5% increase in the FY26 dividend per share.
**Conclusion**
Vodafone’s Q3 FY26 results reflect robust operational and financial performance, with growth across key regions and strategic progress in mergers, acquisitions, and network enhancements. The company remains confident in its ability to meet its financial targets and continue delivering value to shareholders.