FY26 Preliminary Results

Vodafone Group Plc

FY26 Preliminary Results

12 May 2026

Financial highlights

- Total revenue: Increased 8.0% to €40.5 billion (FY25: €37.4 billion), due to strong service revenue growth and the consolidation of Three UK, partially offset by foreign exchange movements.

- Service revenue: Grew 8.8% to €33.5 billion (FY25: €30.8 billion) and on an organic basis increased 5.4% with growth in all segments except Germany.

- Germany: Organic service revenue decreased 0.2% in FY26, with gradual improvement throughout the year to 1.3% growth in Q4. Mobile market competitive intensity and the final TV law impact were offset by higher wholesale revenue, Consumer broadband ARPU improvement and strong digital services demand in Business.

- UK: Organic service revenue increased 0.3% with growth in our Consumer and Wholesale segments, partially offset by Business decline due to planned managed services contract terminations.

- Other Europe and Türkiye: Organic service revenue grew 0.5% in Other Europe with good performance across markets offset by competitive pressure in Portugal. Service revenue in Türkiye increased 10.8% in euro terms.1

- Africa: Maintained double-digit organic service revenue growth (FY26: 12.9%), supported by growth above inflation in Egypt and Vodacom's international markets.

- Business: Organic service revenue grew 3.2%, with double digit growth in digital services.   

- Adjusted EBITDAaL: Increased 3.8% to €11.4 billion (FY25: €10.9 billion), and 4.5% on an organic basis, driven by service revenue growth, only partially offset by continued commercial investment.

- Operating profit: Increased by €3.2 billion to €2.8 billion (FY25: loss of €0.4 billion), due to Adjusted EBITDAaL growth and non-cash impairment charges in the prior year, partially offset by higher depreciation and amortisation following the consolidation of Three UK.

- Shareholder returns: The final €0.5 billion tranche of the second €2 billion buyback programme completed on 11 May 2026. Total dividends per share are 4.6125 eurocents in FY26 (FY25: 4.5 eurocents), a 2.5% increase year-on-year, in line with our commitment to a progressive dividend policy announced in November 2025.

- Top end of FY26 guidance range achieved: Adjusted EBITDAaL at €11.6 billion and Adjusted free cash flow at €2.6 billion on a guidance basis.

Strategic highlights

- A new chapter: Following our transformation actions, we are entering a new chapter as a simpler and stronger business, and our external environment is creating new opportunities, with new demand for high quality connectivity and a more supportive regulatory context.

- A clear strategy: Our strategy is focused on continuing to deliver operational progress across our priorities of Customers, Simplicity and Growth. This will drive improved performance and provide us with strong foundations for future growth.

- A growth outlook: With our diversified growth portfolio, we will continue to drive attractive returns for our shareholders. Our growth portfolio gives us the confidence in our medium-term ambition to deliver double-digit Adjusted free cash flow growth, driving continued Adjusted free cash flow growth in euro terms.

Note: 1. Excluding the impact of hyperinflationary accounting adjustments.

Vodafone, a new chapter

Since May 2023, Vodafone has been through a period of significant transformation, covering all aspects of our business, including portfolio, capital structure and operating model. Three years on, we are entering a new chapter as a simpler business. We have a clear strategy and through continued execution, we are in a strong position to grow.

A new chapter

Alongside our internal transformation, we are also entering a new connectivity era benefiting from a more supportive external environment, with favourable trends across demand, supply and regulation.

- A simpler Vodafone: With a clear operating model organised around four distinct operating divisions: Europe, Africa, Business and Investments. Our operating divisions are supported by our scaled shared operations and platforms.

- A well-positioned Vodafone: Operating in markets with sustainable structures, where we hold strong and scaled positions. We have reset our capital structure, with disciplined and stable capital investment, a stronger balance sheet, and €9 billion returned to shareholders over the last three years.

- Demand is being reshaped: Customers today expect seamless connectivity across all their devices, with the end-to-end customer experience driving loyalty and value. Our products & services are critical enablers of the Artificial Intelligence revolution, the need for trusted, secure, sovereign and resilient services, and the digitalisation of economies.

- An unparalleled global network: Vodafone's global networks, spanning from the seabed to the stars, provide a unique foundation to meet rising demand for the best next-generation connectivity. Our trusted networks and range of best-available technologies will unlock new use cases and provide leading experiences for our customers.

- A more supportive environment: Our customers are benefiting from investment in our networks, which are more resilient, and better quality. These benefits are driven by a more supportive environment, with sustainable pricing models embedded in more markets than ever before, and pro-investment spectrum decisions and support for scaled infrastructure unlocking competitiveness and innovation.

A clear strategy

Vodafone's strategy is focused on delivering operational progress across three clear priorities: Customers, Simplicity and Growth. Together, these priorities underpin our improved performance and provide Vodafone with strong foundations for future growth.

- Customers: We have reset and continue to improve our customers' experience, alongside investment in our leading networks. Our actions have also supported growing market share in many of our markets.

- Simplicity: We have also continued to drive efficiencies across the Group, with opex savings supporting reinvestments in attractive growth opportunities, such as B2B, our brand, and our customer experience. Whilst we have driven a significant structural change, we have also maintained strong employee engagement, and high satisfaction with our Shared Operations.

- Growth: Over the last three years, strong execution of our strategic priorities has supported service revenue growth across Europe & Africa, accelerated Group Adjusted EBITDAaL growth, and consistent growth in Adjusted free cash flow.

A growth outlook

We operate through four key divisions, Europe, Africa, B2B and Investments, each with their own strengths, strategic priorities and growth drivers. In addition, we have several scaled platforms that provide us with a structural advantage. With these assets, our diversified portfolio and growth drivers, we will continue to drive attractive returns for our shareholders.

- Europe: We are focused on building trust with our strong networks and leading customer experiences, as well as driving value through convergence. We have clear priorities against these strategic pillars for the years ahead, including in Germany where we are focused on the turnaround, and in the UK, where we continue to progress with the integration.

- Africa: Vodacom is well positioned to capture structural growth opportunities such as population growth and rising data usage. Vodacom will also continue to build on its leading FinTech platforms, as well as target broadband leadership with a suite of next-generation technologies, including fibre-to-the-home ('FTTH'), fixed wireless access ('FWA'), and satellite connectivity.

- Business: Across Europe and Africa, with our platforms we are serving customers of all sizes, from small enterprises to global multinationals. We operate in attractive markets, leverage our scale and local expertise, and are diversifying beyond connectivity. Our products & services help businesses digitalise and unlock the power of the latest technologies, including 5G standalone, sovereign & secure solutions, GenAI for SMEs, and satellite-based IoT.

- Investments: Vodafone has a valuable portfolio of non-controlled investments, including stakes in telecoms operations and infrastructure, as well as a range of innovative businesses. Since forming the Investments division two years ago, we have taken an active management approach and simplified this portfolio, crystallising significant value. This included the recently announced sale of our interests in VodafoneZiggo for €1 billion cash proceeds and a 10% stake in a larger Benelux company, Ziggo Group.

- Our scale: Provides us with a structural advantage, enabling the Group to build once and deploy at scale across our markets and shared commercial, technology and operational platforms. Our strengths include our globally recognised brand, our industry-leading shared operations, a unique opportunity to rapidly embed AI across our markets, and our scaled digital platforms across Consumer, IoT and financial services.

- Our growth portfolio: Our diversified footprint, disciplined capital allocation and clear operational progress provide us with the confidence in our mid-term value equation.

Notes:

1. Medium-term financial ambition assume no material change to the structure of the Group (at 31 March 2026), is based on current prevailing assessments of the macroeconomic outlook, including interest rates and inflation, and is at constant foreign exchange rates.

2. Includes Europe, Shared Operations and Corporate services, and committed UK cost synergies. The majority of the previously disclosed £700 million cost & capex synergies is expected to be opex savings.

3. Restructuring and integration costs in FY27 are expected to peak at c.€0.7 billion, which includes integration costs of c.€0.4 billion related to the VodafoneThree merger.

- Shareholder returns: Over the last three years, our progress has driven attractive shareholder returns, with double-digit growth in Adjusted free cash flow per share (FY24-FY26). We have also committed to a progressive dividend policy, with the full year dividend per share for FY26 growing by 2.5%, reflecting our growth outlook. We have also returned €4 billion to shareholders through share buybacks over the last two years.

A more detailed summary of our progress and is outlined in an accompanying presentation and video available here: investors.vodafone.com/results.

Portfolio

VodafoneThree integration

On 31 May 2025, we completed the merger of Vodafone UK and Three UK. Full details of the transaction can be found here: Completion of Vodafone and Three merger in the UK.

On 5 May 2026, we announced that Vodafone had reached an agreement for the buyout of CK Hutchison Group Telecom Holding Limited (CKHGT) from the VodafoneThree joint venture for £4.3 billion (€4.9 billion) via a cancellation of shares (the 'Transaction'). Following completion of the Transaction, Vodafone will become the sole owner of VodafoneThree.

VodafoneThree is now the biggest mobile network operator in the UK with over 28 million customers, with a multi-brand mobile strategy in Consumer through the Vodafone, Three, VOXI, SMARTY and Talkmobile brands.

Since the merger of Vodafone UK and Three UK last year, we have made a fast start with the integration including significant network improvements as part of our promise to deliver a best-in-class experience, and we have taken actions on key areas of cost synergies to deliver the first material impacts in FY27. Network sharing activation is ahead of plan, with both Vodafone and Three customers already benefiting from seamlessly using both networks across 10,000 radio sites ahead of plan. Seven million Three and SMARTY customers are also benefiting from improved 4G speeds of up to 40%, through sharing of combined spectrum.

This strong start to the integration means we are now even more confident on delivering our plans to create one of Europe's leading telecoms networks, which include expecting to realise £700 million annual cost and capital expenditure synergies by FY30. We believe now is the right time to take full ownership of VodafoneThree, enabling us to move at an even faster pace to transform the UK's digital infrastructure and realise value for our shareholders.

Romania

On 1 October 2025, we completed the acquisition of Telekom Romania Mobile Communications S.A ('TKRM') for €30 million. This transaction strengthens our position in the market, increasing both our local scale and unlocking significant synergy benefits. We acquired TKRM and its postpaid customer base, while Digi Romania S.A. acquired TKRM's prepaid customer business. We also gained additional spectrum and towers as part of the transaction. The integration is well underway, and we have completed the migration of 250,000 customers to Vodafone contracts and combined over 350 radio sites.

Africa

In November 2025, the Independent Communications Authority of South Africa, approved Vodacom's proposed fibre joint venture with Maziv Proprietary Limited and the transaction closed on 2 December 2025. This transaction increases the scale of the country's open access fibre platform and strengthens our fixed growth prospects in South Africa.

In December 2025, we announced that Vodacom Group Limited had agreed to acquire an effective 20% of the issued share capital in Safaricom Plc, Kenya's leading telecoms operator. Vodacom will acquire 15% from the Government of Kenya for a cash consideration of €1.36 billion (KES 204 billion) and 5% from Vodafone for a cash consideration of €0.45 billion (KES 68 billion). Following completion of the acquisition, Safaricom will be owned by Vodacom (55%), the Government of Kenya (20%) and public investors (25%). Safaricom will be consolidated by both Vodacom and Vodafone Group. The acquisition provides both Vodafone and Vodacom with an opportunity to gain controlling ownership of one of Africa's most successful telecoms and financial services businesses.

The acquisition is subject to a status quo order issued by the High Court of Kenya on 23 March 2026, following an application for conservatory order which was subsequently heard on 27 April 2026. A ruling is expected on 18 May 2026. Pending this ruling, the acquisition will be effective upon the satisfaction of all conditions precedent and completion of the relevant share purchase agreements.

Financial results

- Total revenue: Increased 8.0% to €40.5 billion (FY25: €37.4 billion), due to strong service revenue growth and the consolidation of Three UK, partially offset by foreign exchange movements.

- Service revenue: Grew 8.8% to €33.5 billion (FY25: €30.8 billion) and on an organic basis increased 5.4% with growth in all segments except Germany. Vodafone Business grew 2.2% in FY26, and 3.2% on an organic basis, with double-digit growth in digital services revenue.

- Adjusted EBITDAaL: Increased 3.8% to €11.4 billion (FY25: €10.9 billion), and 4.5% on an organic basis, as service revenue growth was only partially offset by continued commercial investment.

- Operating profit: Increased by €3.2 billion to €2.8 billion (FY25: loss of €0.4 billion), due to Adjusted EBITDAaL growth and non-cash impairment charges in the prior year, partially offset by higher depreciation and amortisation following the consolidation of Three UK.

- Earnings per share: Basic loss per share from continuing operations was 1.20 eurocents in FY26, compared to a loss per share of 15.86 eurocents in the prior year, following the impairment charges in FY25. Adjusted basic earnings per share was 10.72 eurocents compared to 7.87 eurocents in the prior year.

Further information is available in a spreadsheet at investors.vodafone.com/results

Notes:

1. The FY26 results reflect average foreign exchange rates of €1: GBP 0.87, €1: ZAR 20.10, €1: TRY 48.02 and €1: EGP 56.60.

2. Adjusted EBITDAaL and Adjusted basic earnings per share are non-GAAP measures. See page 37 for more information. 

3. Includes depreciation on leased assets of €3,674 million (FY25: €3,205 million).

4. Reversal of interest on lease liabilities included within Adjusted EBITDAaL under the Group's definition of that metric, for re-presentation in financing costs.

Cash flow, funding & dividend

- Cash from operating activities: Decreased 7.0% to €14.3 billion, reflecting cash inflows from discontinued operations in the prior year.

- Adjusted free cash flow: An inflow of €2.6 billion versus an inflow of €2.5 billion the prior year, reflecting an increase in Adjusted EBITDAaL and foreign exchange movements.

- Net debt: Increased to €25.4 billion (€22.4 billion as at 31 March 2025), primarily due to the consolidation of VodafoneThree debt upon completion of the transaction and the share buyback of €2 billion.

- Current liquidity: Cash and cash equivalents and short-term investments totalled €12.4 billion (€16.3 billion as at 31 March 2025). This includes €0.5 billion of net collateral which has been posted to Vodafone from counterparties as a result of positive mark-to-market movements on derivative instruments (€1.3 billion as at 31 March 2025).

- Shareholder returns: Total dividends per share are 4.6125 eurocents in FY26 (FY25: 4.5 eurocents) including a final dividend per share of 2.3625 eurocents. The ex-dividend date for the final dividend is 4 June 2026 for ordinary shareholders, and 5 June 2026 for ADR holders. The record date is 5 June 2026, and the dividend is payable on 30 July 2026. The capital returned to shareholders in FY26 totalled €3.1 billion.

Notes:

1. Adjusted free cash flow, Free cash flow and Net debt are non-GAAP measures. See page 37 for more information.

2. Discontinued operations generated a cashflow of €nil million during the year ended 31 March 2026 (FY25: €40 million), in addition to the reported total from continuing operations. 

FY27 guidance

In May 2025, we set out guidance for FY26 for Adjusted EBITDAaL and Adjusted free cash flow. For FY26 we reported Adjusted EBITDAaL and Adjusted Free cash flow of €11.4 billion and €2.6 billion. The FY26 outcome, as reported, reflects the foreign exchange rate movements versus those used for the basis of guidance and the impact of Türkiye hyperinflation accounting, which in aggregate, reduced Adjusted EBITDAaL by €0.2 billion. The table below compares the guidance given and our actual performance.

The current macroeconomic climate represents specific uncertainties, particularly around trade, energy costs and foreign exchange rates, all of which may impact our financial performance in the year ahead. Based on the current prevailing assessments of the macroeconomic outlook, Adjusted EBITDAaL is expected to be €11.9-€12.2 billion and Adjusted free cash flow to be €2.6-€2.9 billion, as outlined below. For FY27, we are also providing additional outlook for Europe and expect Adjusted EBITDAaL to be €7.6-€7.9 billion. Restructuring and integration costs in FY27 are expected to peak at c.€0.7 billion, which includes integration costs of c.€0.4 billion related to the VodafoneThree merger. For further information please refer to the accompanying presentation available here: investors.vodafone.com/results.

Notes:

1. Adjusted EBITDAaL and Adjusted free cash flow are non-GAAP measures. See page 37 for more information.

2. Adjusted free cash flow is Free cash flow before licences and spectrum, restructuring costs arising from discrete restructuring plans, integration capital additions, working capital related items and M&A.

3. The FY26 outcome on guidance basis is derived by applying FY26 guidance foreign exchange rates. The FY26 guidance foreign exchange rates were €1: GBP 0.85; €1: ZAR 20.59; €1: TRY 43.42; €1: EGP 56.74.

4. Excluding the impact of hyperinflation accounting in Türkiye.

5. M&A transactions include the impact of the disposal of VodafoneZiggo.

6. The FY26 rebased outcome is derived by applying FY27 guidance foreign exchange rates.

7. The FY27 guidance reflect the following foreign exchange rates: €1: GBP 0.87; €1: ZAR 19.60; €1: TRY 53.07; €1: EGP 62.53. The guidance assumes no material change to the structure of the Group.

Capital allocation

In March 2024, we conducted a broad capital allocation review, considering the Group's strategy within its reshaped footprint.

- Investment: Following an extensive review of our capital investment requirements, the current capital intensity will be broadly maintained at a market level, which will allow for appropriate investment in network and growth opportunities.

- Leverage: The current leverage policy of 2.25x - 2.75x Net Debt to Adjusted EBITDAaL was adopted in 2024, with a target to operate in the bottom half of the range. The leverage policy supports a solid investment grade credit rating and positions Vodafone to continue to invest for growth over the long-term.

- Shareholder returns (dividends): The Board has declared total dividends of 4.6125 eurocents per share for FY26 (FY25: 4.5 eurocents), reflecting a 2.5% year-on-year increase in line with our commitment to a progressive dividend policy announced in November 2025.

- Shareholder returns (share buybacks): The final tranche of the second €2 billion share buyback programme completed on 11 May 2026. Since the launch of the first share buyback programme in March 2024, we have repurchased 4.2 billion shares. Total capital returns to shareholders in FY26 were €3.1 billion.

Geographic performance summary

Notes:

1. Organic service revenue growth, Group Adjusted EBITDAaL and Group Adjusted EBITDAaL margin are non-GAAP measures. See page 37 for more information. 

2. Other Europe markets comprise Portugal, Ireland, Greece, Romania, Czech Republic and Albania.

3. Comprises corporate functions and shared operations. Capital additions includes software arrangements managed centrally on behalf of the Group.

Note:

1. Organic growth is a non-GAAP measure. See page 37 for more information.

Growth

Total revenue decreased 0.4% to €12.1 billion as a result of lower equipment revenue. Service revenue remained stable, supported by the acquisition of Skaylink. On an organic basis, service revenue declined 0.2% (Q3: 0.7%, Q4: 1.3%), including a 0.8 percentage point impact from the end of bulk TV contracting in Multi-Dwelling Units ('MDU'). Excluding this impact, organic service revenue was driven by higher wholesale revenue and strong demand for digital services in Business, offset by mobile ARPU pressure due to competitive intensity and ongoing TV decline.

Mobile service revenue grew 3.0% (Q3: 2.8%, Q4: 2.7%), supported by higher wholesale revenue, as we completed the migration of 1&1 customers onto our network, partially offset by continued ARPU pressure, and a lower customer base. We now have more than 12 million 1&1 customers using our nationwide 5G network and revenue contribution reached full run-rate in Q4.

Fixed service revenue decreased 2.6%, and on an organic basis declined 2.9% (Q3: -1.1%, Q4: 0.1%), as TV headwinds were partially offset by strong demand for digital services in Business. The final impact of the MDU TV transition in Q1 contributed 1.4 percentage points to the decline in fixed service revenue in FY26. The continued improvement in quarterly trends in Q4 was supported by our broadband retail pricing actions, implemented between March 2025 and January 2026, and Business digital services growth. As we continue to focus on our value approach, broadband ARPU from new customers grew over 30% year-on-year in Q4 (Q3: +21%).

Vodafone Business service revenue increased 0.1%. On an organic basis, Vodafone Business service revenue declined 0.7% (Q3: -1.8%, Q4: 1.5%), due to pressure in core connectivity services, partially offset by strong digital services demand, which supported our return to growth in Q4. In December 2025, we completed the acquisition of Skaylink, a cloud, digital transformation and security specialist. The acquisition will support the acceleration of our growth in key areas, such as professional and managed services, cloud and security in Germany and across Europe. We have successfully begun integrating the business and selling their services to our customers.

Adjusted EBITDAaL declined 3.2%, and on an organic basis Adjusted EBITDAaL decreased 3.3%, of which a -1.1 percentage point impact was related to the MDU transition. Excluding this, the decline in Adjusted EBITDAaL was driven by the continued impact of higher commercial investment in the prior year, and the increase in variable costs from Business digital services, partially offset by cost efficiency. The Adjusted EBITDAaL margin was 1.0 percentage points lower year-on-year at 35.0%.

Customers

Due to continued competitive intensity in the mobile market, our contract customer base declined by 103,000 during the year (Q3: 11,000, Q4: -77,000), including 88,000 from Business. Our branded Consumer customer base was broadly stable during the year, supported by our continued focus on customer experience, as we delivered our best ever customer satisfaction results, with improvement across all products in mobile and fixed. We connected a further 9.5 million IoT devices, driven by continued good demand from the automotive sector.

Our broadband customer base declined by 202,000 in FY26 (Q3: -63,000, Q4: -90,000), including the loss of 136,000 customers on our gigabit network (Q3: -47,000, Q4: -59,000). The decline was primarily due to our focus on value optimisation as we continue to drive ARPU growth for new customers. We continue to be the largest provider of fixed line gigabit connectivity in Germany, as we market gigabit speeds to almost 75% of German homes with 5 million fibre households beyond our own cable footprint of 25 million households. Our OXG joint venture's buildout is continuing to progress with almost 600,000 homes passed and we are now able to market to 1.5 million homes. Our TV customer base declined by 20,000 (Q3: -6,000, Q4: -104,000). The structural decline in demand for standalone linear TV services was partially offset by our strategy to bundle basic TV with our broadband services.

Note:

1. Organic growth is a non-GAAP measure. See page 37 for more information.

Growth

Total revenue increased 30.0% to €9.2 billion due to the consolidation of Three UK's financial results following the completion of the merger on 31 May 2025. Service revenue increased 29.0%, and organic service revenue grew 0.3% (Q3: -0.5%, Q4: -0.2%), as growth in Consumer and Wholesale, reflecting strong commercial momentum during the year, was partially offset by decline in Business.

Mobile service revenue increased 40.0%. Organic growth in mobile service revenue was -0.4% (Q3: -1.8%, Q4: -0.5%), as the continued Business ARPU pressure and delivery of project milestones in the prior year, were only partially offset by strong wholesale revenue growth. The improvement in Q4 growth was supported by stronger performance of Three UK brand, with improvement in both Consumer contract ARPU and customer loyalty, as well as higher wholesale revenue.

Fixed service revenue increased 0.3% and organic growth in fixed service revenue was 3.1% (Q3: 4.8%, Q4: 0.8%) with strong growth in Consumer broadband, supported by higher ARPU and a larger customer base, partially offset by a decline in Business due to the impact of planned managed services contract terminations. The slowdown in service revenue growth in the fourth quarter was due to lower Business project activity, including a strategic change by a large customer.

Vodafone Business service revenue declined 2.3%. On an organic basis, Vodafone Business service revenue decreased 4.5% (Q3: -5.4%, Q4: -7.8%), due to the impact of planned managed services contract terminations during FY26 and continued mobile ARPU pressure from lower inflation-linked price increases and contract renewals. There was also lower Business project activity, including a strategic change by a large customer.

Adjusted EBITDAaL increased 20.7%, and on an organic basis, Adjusted EBITDAaL increased 4.5%, driven by strong Consumer broadband and Wholesale margin growth, only partially offset by higher operating expenses from inflation and network expansion. The Adjusted EBITDAaL margin decreased 1.5 percentage points year-on-year to 20.5%, and on an organic basis grew 1.4 percentage points year-on-year.

Customers

Our mobile contract customer base declined by 127,000 during the year (Q3: 73,000, Q4: 22,000) including the disconnection of 53,000 very low value Business SIMs and Three UK customer losses. Our best-in-class customer experience supported customer loyalty, which materially improved across all our Consumer brands during the year. Our prepaid brands, VOXI and SMARTY, continued to compete well in the market with 189,000 customer additions in FY26 (Q3: 38,000, Q4: 47,000).

Our broadband customer base increased by 222,000 in FY26 (Q3: 64,000, Q4: 64,000) and we added 56,000 fixed wireless access customers in FY26 (Q3: 11,000, Q4: 20,000), reported in the mobile segment. We have been one of the fastest growing broadband providers in the UK during the year, offering gigabit speeds to over 23 million households. In June 2025, we announced a wholesale strategic agreement with Community Fibre in London.

In July 2025, we launched our industry leading 'Just Ask Once' customer care promise for Vodafone customers. In November 2025, we introduced our 'Vodafone Together Family' plan, which enables households to combine mobile and broadband services and rewards, alongside 'Vodafone Secure Net', our market leading security platform. In April 2026, we launched our '5G Slicing' proposition for business customers, delivering enhanced and dependable mobile connectivity with guaranteed performance for enterprises, as a part of our strategy to further monetise our network differentiation.

Notes:

1. Other Europe markets comprise Portugal, Ireland, Greece, Romania, Czech Republic and Albania.

2. Organic growth is a non-GAAP measure. See page 37 for more information.

Growth

Total revenue increased 0.4% to €5.7 billion, supported by the consolidation of Telekom Romania Mobile Communications S.A following the completion of the acquisition in October 2025. Service revenue grew 1.7% and organic growth in service revenue was 0.5% (Q3: 1.2%, Q4: 1.2%) as growth in Albania, Czech Republic, Ireland and Greece was partially offset by continued ARPU pressure in Portugal.

In Portugal, service revenue declined during the year as a result of mobile ARPU pressure, due to competitive intensity in the market following the launch of a fourth operator. Growth in fixed line service revenue was more than offset by a decline in mobile. In January 2026, we announced pricing actions across our Consumer and Business portfolios, which are expected to support ARPU trends in the year ahead.

In Ireland, service revenue increased in FY26, driven by strong growth in fixed service revenue, supported by a higher customer base and ARPU growth. Our focus on customer experience supported a strong improvement in Consumer customer satisfaction scores and we are now market leader.

In Greece, service revenue increased during the year as a result of growth in mobile and fixed service revenue, with good demand for our Business digital services from the public sector. Growth in mobile was supported by contract customer base and ARPU growth.

Vodafone Business service revenue increased 0.6% with organic growth of 3.0% (Q3: 4.7%, Q4: 6.8%) mainly driven by strong demand for digital services, particularly in Greece and Romania.

Adjusted EBITDAaL increased 4.2% and on an organic basis increased 3.7%, due to service revenue growth and our cost actions, supported by a legal one-off in Portugal, partially offset by provisions in Greece. The Adjusted EBITDAaL margin increased by one percentage point year-on-year to 27.5%, and on an organic basis grew 1.5 percentage points year-on-year.

Customers

We added 115,000 mobile contract customers during the year (Q3: 80,000, Q4: -68,000) across our six markets, despite the disconnection of 115,000 inactive SIMs in Romania and Greece. Our broadband customer base declined 12,000 (Q3: 4,000, Q4: -20,000). In Romania, we lost 253,000 mobile contract customers, and 25,000 broadband customers in FY26. In Portugal, we added 162,000 contract customers in mobile and 13,000 in fixed broadband. In Greece, the mobile contract base grew by 37,000, though the broadband customer base declined by 14,000. In Ireland, our mobile contract customer base remained broadly stable, and the customer broadband base grew by 16,000. Through our wholesale partnerships, including our fibre joint venture, SIRO, we now cover 1.9 million households in Ireland with our gigabit speeds.

Note:

1. Organic growth is a non-GAAP measure. See page 37 for more information.

Türkiye was designated as a hyperinflationary economy on 1 April 2022 in line with IAS 29 'Financial Reporting in Hyperinflationary Economies'. See note 1 'Basis of preparation' in the unaudited condensed consolidated financial statements for further information.

Organic growth metrics exclude the impact of the hyperinflation adjustment and foreign exchange translation in Türkiye. See page 38 for more information.

Growth

Total revenue increased 11.2% to €3.4 billion, with service revenue growth partially offset by depreciation of the local currency versus the euro.

Service revenue increased 45.2% (Q3: 38.5%, Q4: 33.7%) on an organic basis. As reported under IAS 29, service revenue growth in euro terms increased 13.8% (Q3: -13.5%, Q4: 36.9%). Excluding the impact of hyperinflationary accounting adjustments, service revenue increased 10.8% in euro terms (Q3: 3.7%, Q4: -0.2%), driven by ongoing price actions, value accretive base management, increased data usage and strong growth in Business. The slowdown in the last quarter was anticipated and reflects a phasing of price actions in the context of moderating inflation.

Vodafone Business service revenue increased 54.0% (Q3: 54.8%, Q4: 34.5%) on an organic basis, supported by growth in mobile and fixed connectivity, and strong demand for our digital services products, including data centre usage.

Adjusted EBITDAaL increased 47.6% on an organic basis, supported by service revenue growth and ongoing digitalisation. Adjusted EBITDAaL increased 16.7% in euro terms. The Adjusted EBITDAaL margin increased 1.4 percentage points year-on-year to 28.7%.

Customers

We added 926,000 mobile contract customers during the year, including migrations of prepaid customers. Through our ongoing customer experience initiatives, we have seen a 1.6 percentage points reduction in our share of deep detractors to its lowest ever level.

Spectrum & 5G launch

In October 2025, Vodafone Türkiye successfully acquired a total of 100 MHz of spectrum in the country's 5G auction, for US$627 million (€539 million). Payments will be phased equally over three financial years. We also renewed all of our existing spectrum holdings, which were due to expire in 2029, until 2042.

Vodafone Türkiye launched 5G services in April 2026, and has the widest 5G coverage in the country, covering over 30,000km2 across the 81 provinces.

Note:

1. Organic growth is a non-GAAP measure. See page 37 for more information.

Growth

Total revenue increased 7.4% to €8.4 billion as higher service revenue was partially offset by the depreciation of local currencies versus the euro. Service revenue increased 7.8% and organic service revenue growth was 12.9% (Q3: 13.5%, Q4: 10.9%), with growth in all of Vodacom's markets.

In South Africa, service revenue increased primarily driven by growth in mobile contract segment, supported by price increases and strong demand for our Business digital services. The step-up in Q4 service revenue growth was supported by improvement in prepaid, due to the acceleration in mobile data usage. Financial services performed well with organic growth of 8.1% to €185 million, supported by demand for insurance products.

In Egypt, service revenue increased well above inflation and in euro terms, driven by customer base growth and strong data demand. The slowdown in Q4 service revenue growth, as anticipated, was due to the strong prior year comparative which benefitted from the implementation of price increases in line with higher regulatory price floors. Our financial services product, Vodafone Cash continued to grow at a strong rate with revenue increasing by 48.2% on an organic basis to €157 million.

In Vodacom's international markets, service revenue growth was supported by strong demand for data and an acceleration of M-Pesa revenue. We delivered strong growth in Tanzania and the DRC during the year, and Mozambique returned to growth during FY26. M-Pesa revenue increased 23.1% on an organic basis to €494 million and now represents 29.7% of service revenue.

Vodacom Business service revenue grew 6.9% with organic growth of 11.3% (Q3: 12.3%, Q4: 11.0%), driven by strong demand for our digital services, including IoT.

Adjusted EBITDAaL increased 9.3% as the depreciation of local currencies was more than offset by organic growth. On an organic basis, Adjusted EBITDAaL increased 14.0% due to service revenue growth, ongoing cost initiatives, and the lapping of prior year one-off impacts in the DRC. This was partially offset by a non-recurring lease accounting adjustment in H2 and a one-off cost in H1 in South Africa. The Adjusted EBITDAaL margin increased 0.6 percentage points year-on-year to 33.9%.

Customers

In South Africa, we added 28,000 mobile contract customers during the year. We now have a mobile contract customer base of 7.0 million and Prepaid customer base of 42.4 million. Across our active customer base, 74.1% of our mobile customers use our data services. Customers using our Vodapay super-app continued to grow, with good demand for our insurance, payments and lending marketplace services. In Egypt, we added 423,000 mobile contract customers and 3.3 million prepaid customers, supported by our market-leading customer experience and NPS leadership. In June 2025, we launched our 5G services enabling high quality voice services and supporting the rapidly growing data demand in Egypt. Our financial services product, Vodafone Cash, reached 14.7 million customers, including 3.3 million new users during the year. In Vodacom's international markets, we added 7.1 million mobile customers in FY26, and our customer base is now 67.1 million, with 67.2% of active mobile customers using our data services. Our M-Pesa customer base increased by 4.1 million during the year and now totals 29.3 million active users.

Spectrum

In February, we announced that Vodafone Egypt secured 2 x 10MHz of 1,800MHz spectrum as a part of a multi-year investment programme. The spectrum payment will be settled in four annual payments, which commenced in FY26 with US$100 million (€84 million). The next phase of the programme is expected to commence in FY28 and conclude by FY32 for the allocation of 3,500MHz spectrum, and renewal of the existing 2,600MHz spectrum.

Notes:

1. The Group's investment in Vodafone Idea Limited ('VIL') was reduced to €nil in the year ended 31 March 2020 and the Group has not recorded any profit or loss in respect of its share of VIL's results since that date.

2. Excluding the economic benefit of 50% of Telenet's shareholding in the fibre-to-the-home network infrastructure vehicle Wyre B.V., which will be retained by Liberty Global.

Vantage Towers Joint Venture - 44.7% ownership

Total revenue increased 6.4% to €1.3 billion during the year, supported by 473 net new tenancies and 891 new macro sites. As a result, the tenancy ratio increased to 1.55x (FY25: 1.53x). Vodafone's share of the results was driven by a non-cash impairment charge of €464 million of their investment in INWIT, as a result of a decline in its share price. During the year, Vantage Towers distributed €312 million in dividends to Vodafone.

VodafoneZiggo Joint Venture (Netherlands) - 50.0% ownership

In February 2026, we announced that we agreed to sell our interests in VodafoneZiggo to Liberty Global for €1.0 billion in cash and a 10% equity stake in a soon-to-be-formed Benelux entity (Ziggo Group), which will own 100% of both VodafoneZiggo and Liberty Global's Belgian subsidiary, Telenet Group Holding2. Consequently, the Group's investment in VodafoneZiggo was classified as held for sale from this date. The transaction is subject to the receipt of customary approvals and regulatory clearances and is expected to complete in the second half of 2026.

Vodafone's share of net loss in the period was €95 million, driven by lower operating income. During the year, Vodafone received €62 million in dividends and €51 million in interest payments from the joint venture.

Safaricom Associate (Kenya) - 27.8% ownership

In December 2025, we announced that Vodacom Group Limited had agreed to acquire a further effective 20% of the issued share capital in Safaricom PLC, Kenya's leading telecoms operator. Vodacom will acquire 15% from the Government of Kenya for a cash consideration of €1.36 billion and 5% from Vodafone for a cash consideration of €0.45 billion. Following completion of the acquisition, Safaricom will be owned by Vodacom (55%), the Government of Kenya (20%) and public investors (25%). Once the transaction completes, Safaricom will be consolidated by both Vodacom and Vodafone Group.

Safaricom service revenue grew 3.2% to €2.8 billion, with organic growth of 11.1% partially offset by foreign exchange movements of the Kenyan shilling versus the euro. Vodafone's higher share of results was due to a strong result in Kenya and lapping a prior year currency devaluation in Ethiopia. During the year, Vodafone received €160 million in dividends from Safaricom.

TPG Telecom Limited Associate (Australia) - 23.7% ownership

TPG Telecom Limited is a fully integrated telecommunications operator in Australia and is listed on the Australian stock exchange. The Group owns an equivalent economic interest of 23.7%, via an 11% direct stake in TPG and a 13% indirect stake, held through a 50:50 joint venture with CK Hutchison.

In July 2025, TPG completed the sale of Vocus, its fixed line business, and in November 2025 returned A$3 billion cash to shareholders, with Vodafone receiving A$748 million for its share via a capital return and special dividend. Vodafone and CK Hutchison agreed to reinvest the funds to its 50:50 joint venture for the purpose of repaying A$1.4 billion of its multicurrency loan facility. Subsequently, the Group provides guarantees amounting to US$0.5 billion and €0.6 billion (FY25: US$1.0 billion and €0.6 billion) in relation to its 50% share in the loan facility. During FY26, Vodafone received €22 million in dividends from its direct stake in TPG.

Vodafone Idea Limited Joint Venture (India) - 16.1% ownership

In March 2025, Vodafone Idea announced that the government had agreed to convert US$4.3 billion of its outstanding spectrum dues to equity. The Group's shareholding in Vodafone Idea Limited was subsequently diluted to 16.1% in April 2025. As part of the agreement to merge Vodafone India and Idea Cellular in 2017, the parties agreed a mechanism for payments (the 'CLAM indemnity') between the Group and Vodafone Idea Limited ('VIL') under which the Group would reimburse VIL in the event of the crystallisation and payment of certain identified contingent liabilities. On 31 December 2025 the Group reached an agreement with VIL to settle the Group's obligations under the CLAM. See page 33 for more information.

Note:

1. Adjusted net financing costs is a non-GAAP measure. See page 37 for more information.

Adjusted net financing costs decreased by €496 million, mainly as a result of the gain of €771 million (2025: €253 million) from the redemption of certain bonds that were bought back in advance of their maturity dates.

Net financing costs decreased by €87 million as the impact of the gain on bond buyback was partially offset by the mark-to-market losses on derivatives of €217 million (2025: €2 million net gains) and fair value gains on other investments (nil in 2026, €247 million gain in 2025).

Note:

1. Adjusted effective tax rate is a non-GAAP measure. See page 37 for more information.

The Group's Effective tax rate ('ETR') for the year ended 31 March 2026 was 96.8% (FY25: -152.0%).

The ETR includes a €358 million derecognition of the net deferred tax assets ('DTAs') in the Group UK tax group, and a €305 million write-down of the German DTAs as a result of enacted reductions to future tax rates. In addition, the group has significant non-deductible costs related to M&A activity.

The Group's Adjusted ETR ('AETR') for the year ended 31 March 2026 was 28.1% (FY25: 25.3%). The AETR excludes certain items, including the €358 million derecognition of the net DTAs in the Group UK tax group, the €305 million German DTA write-down, the utilisation of the Luxembourg loss DTA, and the impact of hyperinflation adjustments in Türkiye.

The BEPS Pillar Two Minimum Tax legislation was enacted in July 2023 in the UK with effect from 2024. The Group has applied the temporary exception under IAS 12 in relation to the accounting for deferred taxes arising from the implementation of the Pillar Two rules. The tax charge for the year ended 31 March 2026 includes a current tax charge of €9 million (2025: €7 million) relating to Pillar Two income taxes.

Note:

1. Adjusted basic earnings per share is a non-GAAP measure. See page 37 for more information.

Basic loss per share from continuing operations was 1.20 eurocents, compared to a basic loss per share of 15.86 eurocents for FY25. The increase was primarily due to a higher operating profit, and a lower income tax expense, as well as a lower weighted average number of shares compared to the prior year.

Adjusted basic earnings per share was 10.72 eurocents, compared to 7.87 eurocents for FY25. The increase was primarily due to higher adjusted EBITDAaL and lower adjusted net financing costs together with a lower number of shares outstanding resulting from the share buyback programme.

Cash inflow from operating activities decreased to €14,291 million, reflecting cash inflows from discontinued operations in the prior year.

Outflow from investing activities increased by €8,997 million to €4,238 million, primarily due to proceeds from the disposals of 10% of Oak Holdings 1 GmBH (€1,336 million), 18% of Indus Towers Limited (€1,684 million) and Vodafone Spain (€3,669 million) in the comparative period, which outweighed lower cash outflows from discontinued operations, settlement in the current year of redeemable preference shares provided by Zegona Communications Plc as part of the disposal of Vodafone Spain and a higher net inflow in respect of short-term investments. Short-term investments include highly liquid government and government-backed securities and managed investment funds that are in highly rated and liquid money market investments with liquidity of up to 90 days.

Outflows from financing activities decreased by €3,472 million to €11,806 million resulting from lower repayment of borrowings, higher proceeds from the issue of long-term borrowings, lower cash inflows from discontinued operations and lower dividends paid, which were partly offset by higher payments in respect of the purchase of treasury shares.

Notes:

1. Adjusted EBITDAaL, Free cash flow, Adjusted free cash flow and Net debt are non-GAAP measures. See page 37 for more information.

2. See page 49 for an analysis of tangible and intangible additions in the year. 

3. Includes the impact of €128 million of Trade payables for which the Group has extended payment terms from 30 to 90 days through the use of reverse factoring at 31 March 2026 (31 March 2025: €148 million).

4. Includes working capital in respect of integration capital additions. 

5. Interest received and paid excludes €577 million outflow (FY25: €451 million outflow) in relation to the cash portion of interest on lease liabilities included within Adjusted EBITDAaL.

6. Other movements in net debt for FY26 includes €771 million in relation to gains on certain bonds bought back prior to their maturity date, €974 million in relation to the settlement of redeemable preference shares provided by Zegona Communications Plc as part of the disposal of Vodafone Spain and €188 million in relation to a capital return from TPG Telecom Limited, which outweighed a €520 million net issue of borrowings in respect of licences arising principally from 5G spectrum acquired in Türkiye. Other movements in net debt for FY25 includes a net outflow from discontinued operations of €120 million and the repayment of borrowings secured against Indian assets of €1,794 million (including €547 million of accrued interest) following the disposal of the Group's interest in Indus Towers, offset by payments from Swisscom and Zegona in respect of the future use of the Vodafone brand of €491 million and €328 million in respect of proceeds from the disposal of the Group's residual 3% interest in Indus Towers, which was classified as an Other investment.

Adjusted free cash flow was an inflow of €2,621 million in the period, representing an improvement of €73 million compared to the prior year. This primarily reflects higher adjusted EBITDAaL and higher dividends received which outweighed higher capital additions and taxation outflows.

Acquisitions and disposals include net debt acquired on the merger of Vodafone and Three into VodafoneThree Holdings Limited ('VTHL') in the UK of €2,042 million and €410 million in relation to the acquisition of a 30% interest in Maziv Proprietary Limited, offset by €348 million of equity funding injected into VTHL by Hutchison.

Borrowings include bonds of €33,828 million (31 March 2025: €36,402 million), lease liabilities of €12,388 million (31 March 2025: €10,826 million), cash collateral liabilities of €1,644 million (31 March 2025: €2,357 million) and loans and other borrowings of €4,776 million (31 March 2025: €3,558 million).

The decrease in borrowings of €507 million was primarily driven by a reduction in bonds (€2,574 million) as a result of the repayment of certain bonds and foreign exchange rate movements, together with a reduction in collateral liabilities (€713 million), which outweighed an increase in lease liabilities (€1,562 million) arising primarily from the VodafoneThree merger in the UK and an increase on other borrowings (€1,218 million) following a preference share issuance in Vodacom (€404 million) and higher licence and spectrum borrowings (€602 million), principally from 5G spectrum acquired in Türkiye.

Notes:

1. Gross debt and Net debt are non-GAAP measures. See page 37 for more information.

2. Short-term investments include €217 million (31 March 2025: €2,139 million) of highly liquid government and government-backed securities and managed investment funds of €3,214 million (31 March 2025: €3,141 million) that are in highly rated and liquid money market investments with liquidity of up to 90 days.

3. Derivative and other financial instruments exclude derivative movements in cash flow hedging reserves of €823 million gain (31 March 2025: €575 million gain).

4. Collateral arrangements on derivative financial instruments result in cash being held as security. This is repayable when derivatives are settled and is therefore deducted from liquidity.

Net debt increased by €3,014 million to €25,411 million. This was driven by free cash flow of €1,795 million, together with an inflow from other movements (€1,212 million), which was principally due to the settlement of redeemable preference shares provided by Zegona Communications Plc as part of the disposal of Vodafone Spain, offset by outflows in relation to acquisitions and disposals (€2,715 million), mostly related to the merger with Three UK, equity dividends (€1,093 million) and share buybacks (€2,041 million).

Other funding considerations include:

The Group's gross and net debt includes certain bonds which have been designated in hedge relationships, which are carried at €839 million higher value (€899 million higher as at 31 March 2025) than their euro equivalent redemption value. In addition, where bonds are issued in currencies other than the euro, the Group has entered into foreign currency swaps to fix the euro cash outflows on redemption. The impact of these swaps is not reflected in gross debt and if it were included, the euro equivalent value of the bonds would increase by €173 million (€1,132 million decrease as at 31 March 2025).

Return on capital employed

Return on capital employed ('ROCE') reflects how efficiently we are generating profit with the capital we deploy. We calculate two ROCE measures: (i) Pre-tax ROCE for controlled operations only and (ii) Post-tax ROCE including associates and joint ventures.

The table below presents ROCE using non-GAAP measures.

Note:

1. ROCE is calculated by dividing adjusted Operating profit by the average adjusted Capital employed. Pre-tax ROCE (controlled) and Post-tax ROCE (controlled and associates/joint ventures) are non-GAAP measures. See page 37 for more information.

Pre-tax ROCE of 6.6% declined by 0.4pps year-on-year due to the consolidation of VodafoneThree and lower adjusted Operating profit, partially mitigated by a decline in the average adjusted Capital employed. Post-tax ROCE remained stable year-on-year driven by a higher adjusted Share of results of equity accounted associates and joint ventures for the year ended 31 March 2026.

Pre-tax ROCE of 3.2% calculated using GAAP measures improved by 3.6pps year-on-year due to higher Operating profit and lower average Capital employed as reported for the year ended 31 March 2026. Prior year Operating profit included impairment losses. See page 46 for further analysis.

Funding facilities

As at 31 March 2026, the Group had undrawn revolving credit facilities of €7.6 billion, principally €4.1 billion and US$4.0 billion (€3.5 billion) which mature in 2031 and 2028 respectively. Both committed revolving credit facilities support US and euro commercial paper programmes of up to US$15 billion (€13 billion) and €10 billion respectively.

Post employment benefits

As at 31 March 2026, the Group's net surplus of scheme assets over scheme liabilities was €82 million (€55 million net surplus as at 31 March 2025). 

Dividends

Dividends will continue to be declared in euros, aligning the Group's shareholder returns with the primary currency in which we generate free cash flow, and paid in euros, pounds sterling and US dollars. The foreign exchange rate at which future dividends declared in euros will be converted into pounds sterling and US dollars will be calculated based on the average World Markets Company benchmark rates over the five business days concluding one week prior to the payment of the dividend.

The Board is recommending total dividends per share of 4.6125 eurocents for the year. This includes a final dividend of 2.3625 eurocents compared to 2.25 eurocents in the prior year. 

The ex-dividend date for the final dividend is 4 June 2026 for ordinary shareholders and 5 June 2026 for ADR holders. The record date is 5 June 2026 and the dividend is payable on 30 July 2026.

Shareholders may elect to receive their dividend in either eurocents or GBP and the last day for election will be 9 July 2026. Alternatively, shareholders may participate in the dividend reinvestment plan and elections must be made by 9 July 2026. More information can be found at vodafone.com/dividends

Board changes

The following Board changes took effect after the conclusion of the 2025 Annual General Meeting in July:

- David Nish retired as a Board member, Senior Independent Director and Chair of the Audit and Risk Committee.

- Simon Segars was appointed Senior Independent Director and also joined the Nominations and Governance Committee.

- Simon Dingemans was appointed Chair of the Audit and Risk Committee and member of the Remuneration Committee.

- Anne-Françoise Nesmes was appointed as a Non-Executive Director and joined the Audit and Risk Committee and ESG Committee.

- Michel Demaré ceased to be a member of the Nominations and Governance Committee. 

- Christine Ramon ceased to be a member of the ESG Committee and joined the Remuneration Committee.

- Delphine Ernotte Cunci ceased to be a member of the Remuneration Committee and joined the Nominations and Governance Committee. 

On 1 December 2025, Pilar López was appointed as Group Chief Financial Officer and Executive Director to the Board following Luka Mucic's departure on 30 November 2025.

Executive Committee changes

Guillaume Boutin was appointed CEO Vodafone Investments & Strategy and a member of the Executive Committee in May 2025. Guillaume succeeded Serpil Timuray who left Vodafone at the end of June 2025.

On 30 November 2025, Luka Mucic stepped down as Group Chief Financial Officer and a member of the Executive Committee and was succeeded by Pilar López on 1 December 2025.

Ruth McGill was appointed Chief Human Resources Officer and a member of the Executive Committee on 1 January 2026. Ruth succeeded Leanne Wood who left Vodafone on 1 January 2026.  

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

Note:

1. Principally includes the impact of the Group's cash flow hedges deferred to other comprehensive income during the year.

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.