UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULES 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
Dated
July 27, 2026
Commission
File Number: 001-10086
VODAFONE GROUP
PUBLIC LIMITED COMPANY
(Translation
of registrant’s name into English)
VODAFONE
HOUSE, THE CONNECTION, NEWBURY, BERKSHIRE, RG14 2FN,
ENGLAND
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form
20-F ✓
Form 40-F _
This
Report on Form 6-K contains a Stock Exchange Announcement dated 27
July 2026 entitled Vodafone Q1 FY27 Trading Update.
Vodafone Group
Plc
Q1 FY27 Trading Update
27
July 2026
Vodafone: a strong start to our new growth
chapter
“In May, we said Vodafone is entering a new chapter –
one focused on stronger, multi-year growth.
We have made a good start to this financial year, with broad-based
growth across all of our segments and organic service revenue
increasing by 5.2%. Germany saw improved retail revenues, the UK
continues to show strong commercial momentum, and our Africa
operations continue to grow double digit on an organic basis. This
revenue growth – coupled with the new phase of our multi-year
cost initiatives announced in May – has resulted in organic
Adjusted EBITDAaL increasing by 6.2%.
Following the completion of the Safaricom transaction, we
are updating our guidance range to reflect the contribution
from Kenya and Ethiopia. And after our good start to the year, we
are expecting to deliver the upper end of the new Group
ranges.”
Margherita Della Valle
Group Chief Executive
|
|
5.2%
Service
revenue growth
|
6.2%
Adjusted
EBITDAaL growth
|
Expect to deliver the upper end
Of
updated FY27 Group guidance ranges
|
-
Total revenue: Increased
9.7% to €10.3 billion, due to strong service revenue growth
and the consolidation of Three UK, partially offset by foreign
exchange movements.
-
Service revenue: Grew
9.8% to €8.6 billion and on an organic basis increased 5.2%
with growth in all segments.
-
Germany: Organic service revenue
increased 1.2% (Q4: 1.3%) with higher Wholesale and fixed line
revenue, reflecting strong broadband ARPU in Consumer and digital
services growth in Business, despite continued mobile competitive
pressure.
-
UK: Organic service revenue increased
0.6% (Q4: -0.2%), with continued strong commercial momentum in
Consumer broadband and Business fixed returning to
growth.
-
Other Europe & Türkiye: Organic
service revenue increased 1.0% (Q4: 1.2%) in Other Europe,
supported by strong Business growth. Service revenue in
Türkiye increased 8.3% in euro terms1.
-
Africa: Service revenue continued to
grow double digit on an organic basis (Q1: 12.6%; Q4: 10.9%), with
strong growth in Egypt and Vodacom’s international markets
across both connectivity and financial services.
-
Business service
revenue: Organic service revenue accelerated to 5.0% (Q4:
3.2%), with high double digit-growth in digital services due to
strong demand for our SaaS2, IoT
and cloud & security products.
-
Adjusted
EBITDAaL: Increased 6.7% to €2.9
billion, and 6.2% on an organic basis driven by service revenue
growth and improved operating leverage. Adjusted EBITDAaL margin
improved 0.6 percentage points on an organic basis to
28.5%.
-
Operating profit:
Increased €2.9 billion to €3.9 billion, primarily due
to a gain arising from the completion of the Safaricom
transaction.
-
Safaricom transaction
complete: On 30 June 2026, we announced that Vodacom
completed the acquisition of an effective 20%3 of
the issued share capital in Safaricom, increasing its and the
Group’s shareholding to 55%. Safaricom results will be fully
consolidated by Vodacom and Vodafone Group from 1 July
2026.
-
FY27
guidance: Our guidance
for the year now includes the impact of consolidating
Safaricom4
with Group Adjusted EBITDAaL expected to be €13.0 -
€13.3 billion and Adjusted free cash flow expected to be
€2.6 - €2.9 billion. We now expect to deliver the upper
end of our updated Group guidance ranges.
Note:
1.
Excluding the
impact of hyperinflationary accounting adjustments.
2.
Software-as-a-service.
3.
Including 5% from
Vodafone through its wholly owned subsidiary Vodafone International
Holdings B.V.
4.
FY27 Safaricom
consolidation impact on a nine-month basis of €1.1 billion
Adjusted EBITDAaL and nil impact on Adjusted free cash flow. 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; €1: KES 159.66.
|
For more information, please
contact
:
Investor Relations:
vodafone.com
ir@vodafone.co.uk
Media Relations:
Vodafone.com/media/contacts
GroupMedia@vodafone.com
Registered Office: Vodafone House, The Connection, Newbury,
Berkshire RG14 2FN, England. Registered in England No.
1833679
|
Strategic progress & outlook
In May
2026, we reviewed our progress over the last three years and set
out our medium-term outlook as Vodafone enters a new chapter of
growth. This is set out in a video available here: investors.vodafone.com/results.
Progress in Q1 FY27
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. We have made a good
start to FY27, including the following:
-
Customers: After
focusing on growing net promoter scores (NPS) through detractors
reduction, the strong positions achieved in most of our markets are
now allowing us to focus on growing promoters. Also thanks to the
increasingly widespread adoption of our unique customer service
proposition ‘Ask Once’, we are now seeing the share of
promoters across our base increasing in 13 out of 14
markets1.
Specifically in the UK, our Network programme has driven a step
change in customer experience and is further extending our NPS lead
in the market.
-
Simplicity: We have made
good early progress against our new medium-term efficiency and
synergy targets. In the UK, we have started to see the first
impact of the integration synergies and more broadly, across Europe
and Shared Operations, our initiatives have delivered over 1,200
new role reductions in the quarter. Europe and Shared Operations
are on track to deliver material net opex reductions by year end,
contributing to our operational leverage and Group Adjusted free
cash flow growth.
-
Growth: We have made a
strong start to FY27, delivering service revenue growth across all
segments, and strong Adjusted EBITDAaL growth and margin
improvement. Specifically in Business, the investment in digital
services capabilities, the build-up of our specialist sales teams,
and the establishment of a strong pipeline are now delivering a
material growth acceleration. This will support our
performance in the year and beyond, more than offsetting the
conclusion of some large public sector projects in Other Europe in
H2 FY26.
Notes:
1.
Not available for
Türkiye due to a change in data collection
methodology.
Updated FY27 guidance
In May
2026, we set out guidance for FY27 for Adjusted EBITDAaL and
Adjusted free cash flow, which now includes the impact of
consolidating Safaricom1 with
Group Adjusted EBITDAaL expected to be €13.0 - €13.3
billion and Adjusted free cash flow expected to be €2.6 -
€2.9 billion. We now expect to deliver the upper end of our
updated Group guidance ranges.
For
FY27, we also provided additional outlook for Europe and continue
to 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.
Notes:
2.
FY27 Safaricom
consolidation impact on a nine-month basis of €1.1 billion
Adjusted EBITDAaL and nil impact on Adjusted free cash
flow.
|
€billion
|
|
Adjusted EBITDAaL
|
Adjusted
FCF
|
|
FY26 actual – reported basis
|
|
11.4
|
2.6
|
|
Impact of exchange rates
|
|
(0.1)
|
(0.1)
|
|
Remove impact of Türkiye hyperinflation
accounting
|
|
0.1
|
–
|
|
Impact of M&A transactions1
|
|
–
|
(0.1)
|
|
FY26 re-based2,3
|
|
11.4
|
2.4
|
|
Growth
|
|
0.5 – 0.8
|
0.2 – 0.5
|
|
Original FY27 guidance2,4
|
|
11.9 – 12.2
|
2.6 – 2.9
|
|
9-month FY27 Safaricom consolidation impact
|
|
1.1
|
–
|
|
Updated FY27 guidance2,4
|
|
13.0 – 13.3
|
2.6 – 2.9
|
Notes:
1.
M&A
transactions include the impact of the disposal of
VodafoneZiggo
2.
Excluding the
impact of hyperinflation accounting in Türkiye.
3.
The FY26 rebased
outcome is derived by applying FY27 guidance foreign exchange
rates.
4.
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;
€1: KES 159.66. The guidance assumes no material change to
the structure of the Group.
Medium-term ambition
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, disciplined capital
allocation and clear operational progress provide us with the
confidence in our mid-term value equation.
|
Mid-termambition1
|
|
FY26 performance
|
Considerations
|
|
Revenue growth
|
Europe
|
+0.1%
|
Building
trust, focused on value
|
|
Africa
|
+12.9%
|
Structural
growth opportunities
|
|
B2B
|
+3.2%
|
Growing
demand, with diverse products & services
|
|
Group
|
+5.4%
|
|
|
Operating leverage
|
Group Adj. EBITDAaL margin
|
28.1%
|
€2bn
(gross) efficiency & synergy potential €1bn (net) EU opex reduction opportunity
(FY27-FY30)2,3
|
|
Adj. EBITDAaL
growth
|
Europe
|
(0.1)%
|
Europe:
Growth supported by UK synergies
|
|
Africa
|
+14.0%
|
Africa:
Early-teens EBITDA CAGR
|
|
Group
|
+4.5%
|
|
|
Disciplined capital allocation
|
Group
|
+18% capital intensity
|
Broadly
stable capital intensity market-by-market
|
|
c.3% cost of
debt
|
Targeting
lower half of 2.25-2.75x Adj. EBITDAaL/net debt range
|
|
Double-digit organic growth in Adjusted FCF
|
|
Euro growth in Adjusted FCF
|
Notes:
1.
Medium-term
financial ambition assume no material change to the structure of
the Group (at 30 June 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.
Segment performance
Geographic performance summary
|
|
|
Service revenue
|
Other revenue
|
Total revenue
|
|
|
|
|
|
|
Q1 FY27
|
Q1 FY26
|
Q1 FY27
|
Q1 FY26
|
Q1 FY27
|
Q1 FY26
|
|
|
|
|
|
|
€m
|
€m
|
€m
|
€m
|
€m
|
€m
|
|
|
|
|
Germany
|
2,740
|
2,688
|
306
|
291
|
3,046
|
2,979
|
|
|
|
|
UK
|
1,988
|
1,646
|
375
|
288
|
2,363
|
1,934
|
|
|
|
|
Other Europe1
|
1,231
|
1,184
|
188
|
191
|
1,419
|
1,375
|
|
|
|
|
Türkiye
|
716
|
629
|
149
|
133
|
865
|
762
|
|
|
|
|
Africa
|
1,790
|
1,555
|
427
|
377
|
2,217
|
1,932
|
|
|
|
|
Common Functions2
|
197
|
192
|
244
|
269
|
441
|
461
|
|
|
|
|
Eliminations
|
(36)
|
(36)
|
(21)
|
(22)
|
(57)
|
(58)
|
|
|
|
|
Group
|
8,626
|
7,858
|
1,668
|
1,527
|
10,294
|
9,385
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service revenue growth
|
FY26
|
|
FY27
|
|
|
|
Q1
|
Q2
|
H1
|
Q3
|
Q4
|
H2
|
Total
|
|
Q1
|
|
|
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
|
%
|
|
|
|
Germany
|
(3.2)
|
0.5
|
(1.4)
|
0.7
|
2.0
|
1.4
|
–
|
|
1.9
|
|
|
|
UK
|
15.2
|
38.0
|
26.7
|
31.1
|
31.5
|
31.3
|
29.0
|
|
20.8
|
|
|
|
Other Europe1
|
0.3
|
0.1
|
0.2
|
3.5
|
3.0
|
3.3
|
1.7
|
|
4.0
|
|
|
|
Türkiye
|
22.1
|
18.7
|
20.3
|
(13.5)
|
36.9
|
8.5
|
13.8
|
|
13.8
|
|
|
|
Africa
|
7.3
|
8.4
|
7.9
|
8.2
|
7.3
|
7.7
|
7.8
|
|
15.1
|
|
|
|
Group
|
5.3
|
10.8
|
8.1
|
7.3
|
12.0
|
9.6
|
8.8
|
|
9.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Organic service revenue growth3
|
FY26
|
|
FY27
|
|
Q1
|
Q2
|
H1
|
Q3
|
Q4
|
H2
|
Total
|
|
Q1
|
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
|
%
|
|
Germany
|
(3.2)
|
0.5
|
(1.4)
|
0.7
|
1.3
|
1.0
|
(0.2)
|
|
1.2
|
|
UK
|
0.9
|
1.2
|
1.1
|
(0.5)
|
(0.2)
|
(0.4)
|
0.3
|
|
0.6
|
|
Other Europe1
|
0.2
|
(0.5)
|
(0.1)
|
1.2
|
1.2
|
1.2
|
0.5
|
|
1.0
|
|
Türkiye
|
63.8
|
48.4
|
55.6
|
38.5
|
33.7
|
36.1
|
45.2
|
|
30.2
|
|
Africa
|
13.8
|
13.5
|
13.7
|
13.5
|
10.9
|
12.2
|
12.9
|
|
12.6
|
|
Group
|
5.5
|
5.8
|
5.7
|
5.4
|
5.1
|
5.2
|
5.4
|
|
5.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Group profitability
|
FY26
|
|
FY27
|
|
|
Q1
|
Q2
|
H1
|
Q3
|
Q4
|
H2
|
Total
|
|
Q1
|
|
|
Operating profit (€m)
|
1,015
|
1,147
|
2,162
|
483
|
199
|
682
|
2,844
|
|
3,873
|
|
|
Adjusted EBITDAaL3
(€m)
|
2,748
|
2,980
|
5,728
|
2,816
|
2,807
|
5,623
|
11,351
|
|
2,932
|
|
|
Adjusted EBITDAaL margin3
(%)
|
29.3
|
29.1
|
29.2
|
26.9
|
27.0
|
27.0
|
28.1
|
|
28.5
|
|
|
Organic Adjusted EBITDAaL growth3
(%)
|
4.9
|
8.7
|
6.8
|
2.3
|
2.3
|
2.3
|
4.5
|
|
6.2
|
|
Notes:
1.
Other Europe
markets comprise Portugal, Ireland, Greece, Romania, Czech Republic
and Albania.
2.
Comprises corporate
functions and shared operations.
3.
Non-GAAP measure.
See page 11 for more information.
|
Germany ⫶
Service revenue growth across mobile
and fixed
|
|
|
|
|
|
|
|
|
32% of Group service revenue
|
Q1 FY27
|
Q1 FY26
|
Reported
|
Organic
|
|
|
€m
|
€m
|
change %
|
change %1
|
|
Total revenue
|
3,046
|
2,979
|
2.2
|
|
|
- Service revenue
|
2,740
|
2,688
|
1.9
|
1.2
|
|
- Other revenue
|
306
|
291
|
|
|
Note:
1.
Non-GAAP
measure. See page 11 for more information.
Growth
Total revenue increased 2.2% to €3.0 billion as a result of
service revenue growth, higher equipment revenue and the
consolidation of Skaylink’s financial results following the
acquisition. Service revenue increased 1.9% and on an organic basis
increased 1.2% (Q4: 1.3%), with higher wholesale revenue and fixed
line growth, reflecting strong broadband ARPU in Consumer and
digital services growth in Business, despite continued mobile
competitive pressure
Mobile service revenue grew 1.2% (Q4: 2.7%), supported by higher
wholesale revenue, despite continued ARPU pressure and a lower
customer base due to ongoing competitive intensity. The slowdown in
quarterly trends was due to the lower contribution from wholesale
revenue, as the migration of 1&1 customers onto our nationwide
5G network progressed in the prior year, resulting in a tougher
comparative.
Fixed service revenue increased 2.6% and on an organic basis grew
1.3% (Q4: 0.1%), supported by strong Consumer broadband ARPU and
Business services growth. The continued improvement in quarterly
trends was supported by a growing pipeline of digital services and
our value-focused broadband retail pricing actions, implemented
between March 2025 and January 2026, resulting in a 30% increase
year-over-year (Q4: +30%) in broadband ARPU from new
customers.
Vodafone Business service revenue increased 7.2%. On an organic
basis, Vodafone Business service revenue increased 4.0% (Q4: 1.5%),
despite the ongoing pressure in core connectivity, driven by strong
digital services results, particularly our digital solutions
including software-as-a-service (‘SaaS’), and cloud
& security services.
Customers
Due to continued competitive intensity in the mobile market, our
contract customer base declined by 85,000 during the quarter (Q4:
-77,000). However, our branded Consumer customer base remained
stable, supported by our enhanced propositions and focus on
customer experience, with our customer satisfaction results
continuing to improve. We connected 2.9 million IoT devices, driven
by continued demand from the automotive sector.
Our broadband customer base declined by 98,000 in Q1 (Q4: -90,000),
including the loss of 61,000 customers on our gigabit network (Q4:
-59,000). The decline was primarily due to our focus on value
optimisation as we continue to drive ARPU growth for new customers
supporting revenue growth, in the context of increasing promotional
offers in the market. In Q1, customer loyalty remained broadly
stable across our broadband customer base, supported by our highest
ever cable net promoter score (‘NPS’).
Our TV customer base declined by 55,000 during the quarter (Q4:
-104,000) impacted by the structural decline in demand for
standalone linear TV services.
Operational actions
In January 2026, following its success across other European
markets, we launched our ‘Ask Once’ promise, which sets
a new standard in customer service. Initially rolled out for
broadband customer queries, the service already resulted in a 20%
reduction in share of detractors.
Our OXG fibre joint venture’s buildout is progressing with
840,000 homes passed and we are now able to market to over 1.5
million homes. We remain the largest provider of fixed line gigabit
connectivity in Germany, as we market gigabit speeds to almost 75%
of German homes with over 6 million fibre households beyond our own
cable footprint of 25 million households.
In May 2026, we further expanded this footprint through a strategic
partnership with Deutsche GigaNetz GmbH, and we will start
marketing to over 500,000 households, reaching up to one million
homes by 2030.
|
UK ⫶ Strong integration progress delivering customer
benefits
|
|
|
|
|
|
|
|
|
23% of Group service revenue
|
Q1 FY27
|
Q1 FY26
|
Reported
|
Organic
|
|
|
€m
|
€m
|
change %
|
change %1
|
|
Total revenue
|
2,363
|
1,934
|
22.2
|
|
|
- Service revenue
|
1,988
|
1,646
|
20.8
|
0.6
|
|
- Other revenue
|
375
|
288
|
|
|
Note:
1.
Non-GAAP
measure. See page 11 for more information.
Growth
Total revenue increased 22.2% to €2.4 billion due to service
revenue growth, and the consolidation of Three UK’s financial
results following the completion of the merger in May 2025. Service
revenue increased 20.8%, and organic service revenue grew 0.6% (Q4:
-0.2%), with growth in Wholesale and fixed line.
Mobile service revenue increased 26.5% and on an organic basis
growth in mobile service revenue was -0.7% (Q4: -0.5%). This was
due to ARPU pressure from the phasing of mid-contract price rises
and Business contract renewals, only partially offset by strong
wholesale revenue growth.
Fixed service revenue increased 2.8%. On an organic basis, fixed
service revenue grew 6.1% (Q4: 0.8%), driven by the continued
strong commercial momentum in Consumer broadband and Business
returning to growth following the planned managed services contract
terminations in the prior year.
Vodafone Business service revenue increased 1.7%. On an organic
basis, Vodafone Business service revenue decreased 0.7% (Q4:
-7.8%), due to the impact of continued mobile ARPU pressure from
corporate customer contract renewals offsetting fixed line growth,
following the planned managed services contract terminations in the
prior year. Digital services continued to grow strongly, supported
by our software-defined networking (‘SDN’),
software-as-a-service (‘SaaS’) and digital
communications products in particular.
Customers
Our mobile contract customer base declined by 48,000 during the
quarter (Q4: 22,000), including the disconnection of 25,000 very
low value Business SIMs. Three UK customer losses continued, but
customer loyalty has been improving across all our Consumer brands,
supported by our best-in-class customer experience, with Consumer
contract churn reducing 1.0 percentage points year-over-year. Our
prepaid brands, VOXI and SMARTY, continued to grow with 34,000
customer additions in Q1 (Q4: 47,000).
Our broadband customer base increased by 34,000 in Q1 (Q4: 64,000)
impacted by seasonality. We added 23,000 fixed wireless access
customers (‘FWA’) (Q4: 20,000), reported in the mobile
segment. Through our strategic partnerships, we are the largest
fibre-to-the-home (FTTH) providers in the UK, offering gigabit
speeds to 24.5 million households. In May 2026, we launched our new
FWA 5G Broadband product, offering fast and reliable broadband
services to an additional 3.7 million homes outside our fibre
footprint.
For business customers, in April 2026, we launched our ‘5G
Slicing’ proposition, delivering enhanced and dependable
mobile connectivity with guaranteed performance for enterprises, as
a part of our strategy of network differentiation.
VodafoneThree Integration
In 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.
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 with Vodafone 5G download speeds already improving c.50%,
and up to 50 million people, around 70% of the UK population,
having access to VodafoneThree’s 5G speeds, thanks to the
sharing of the 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 are hosting an Investor Briefing on 8 October 2026, which
will outline VodafoneThree’s strategy, growth ambitions and
the significant value creation we expect to deliver in the coming
years.
|
Other Europe1 ⫶
Business digital services supporting
growth
|
|
|
|
|
|
|
|
|
14% of Group service revenue
|
Q1 FY27
|
Q1 FY26
|
Reported
|
Organic
|
|
|
€m
|
€m
|
change %
|
change %2
|
|
Total revenue
|
1,419
|
1,375
|
3.2
|
|
|
- Service revenue
|
1,231
|
1,184
|
4.0
|
1.0
|
|
- Other revenue
|
188
|
191
|
|
|
Notes:
1.
Other
Europe markets comprise Portugal, Ireland, Greece, Romania, Czech
Republic and Albania.
2.
Non-GAAP
measure. See page 11 for more information.
Growth
Total revenue increased 3.2% to €1.4 billion, supported by
the consolidation of Telekom Romania Mobile Communications S.A
following the completion of the acquisition in October 2025.
Service revenue grew 4.0% and organic growth in service revenue
increased 1.0% (Q4: 1.2%) as growth in Ireland, Greece and Czech
Republic was partially offset by continued ARPU pressure in
Portugal and Romania.
In Portugal, service revenue declined during the quarter as a
result of mobile ARPU pressure, due to the continued competitive
intensity in the market following the launch of a fourth operator.
However, in January 2026, we announced pricing actions across our
Consumer and Business portfolios, which supported service revenue
trends quarter-over-quarter.
In Ireland, service revenue increased in Q1. This was driven by an
increase in fixed service revenue, due to a higher customer base,
and strong digital services growth supporting the acceleration in
Business.
In Greece, service revenue grew strongly during the quarter as a
result of growth in mobile and fixed service revenue, supported by
Business digital services projects for the public sector. Growth in
mobile was supported by contract customer base and ARPU
growth.
Vodafone Business service revenue increased 4.2% and on an organic
basis grew 4.0% (Q4: 6.8%), driven by strong digital services
growth, particularly in Greece, benefiting from public sector
projects, and Ireland.
Customers
We lost 52,000 mobile contract customers during the quarter (Q4:
-68,000) across our six markets. Our broadband customer base
declined by 2,000 (Q4: -20,000).
Portfolio
In October 2025, we completed the acquisition of Telekom Romania
Mobile Communications S.A (‘TKRM’). The integration is
well underway, and we have completed the migration of over 380,000
customers to Vodafone contracts and combined over 500 radio
sites.
In June 2026, we announced that Vodafone Greece and Public Power
Corporation S.A. (“PPC Group”) entered into heads of
terms in relation to the formation of a potential 50:50 joint
venture comprising their respective fibre-to-the-home networks and
wholesale fibre businesses in Greece (the “JV”).
Vodafone Greece and PPC Group's fibre businesses currently cover
more than 1.6 million homes on a combined basis. The JV would
intend to provide wholesale open access to internet service
providers in Greece. Formation of the JV is subject to completion
of due diligence, agreement on binding transaction documentation
and will be subject to customary conditions including regulatory
approvals.
|
Türkiye ⫶ Service revenue growth in euro
terms
|
|
|
|
|
|
|
|
|
8% of Group service revenue
|
Q1 FY27
|
Q1 FY26
|
Reported
|
Organic
|
|
|
€m
|
€m
|
change %
|
change %1,2
|
|
Total revenue
|
865
|
762
|
13.5
|
|
|
- Service revenue
|
716
|
629
|
13.8
|
30.2
|
|
- Other revenue
|
149
|
133
|
|
|
Notes:
1.
Non-GAAP
measure. See page 11 for more information.
2.
Türkiye
was designated as a hyperinflationary economy on 1 April 2022 in
line with IAS 29 ‘Financial Reporting in Hyperinflationary
Economies’. Organic growth metrics exclude the impacts of the
hyperinflation adjustment and foreign exchange
translation.
Growth
Total revenue increased by 13.5% to €0.9 billion, with
service revenue growth partly offset by depreciation of the local
currency versus the euro.
Service revenue increased 30.2% (Q4: 33.7%) on an organic basis. As
reported under IAS 29, service revenue growth in euro terms
increased 13.8% (Q4: 36.9%). Excluding the impact of
hyperinflationary accounting adjustments, service revenue increased
8.3% in euro terms (Q4: -0.2%). Growth in Türkiye was
primarily driven by ongoing price actions, value accretive base
management and strong growth in Business.
Vodafone Business service revenue increased 40.4% (Q4: 34.5%) on an
organic basis, supported by growth in mobile and fixed
connectivity, and strong demand for our digital services products
including increased data centre usage.
Customers
We added 88,000 mobile contract customers during the quarter,
including migrations of prepaid customers.
Spectrum and 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). Vodafone Türkiye launched
5G services in April 2026 and has the widest 5G coverage in the
country, covering over 30,000km2
across 81 provinces, and offers the
largest portfolio of 5G-compatible handsets.
|
Africa ⫶ Double-digit service revenue growth
continues
|
|
|
|
|
|
|
|
|
21% of Group service revenue
|
Q1 FY27
|
Q1 FY26
|
Reported
|
Organic
|
|
|
€m
|
€m
|
change %
|
change %1
|
|
Total revenue
|
2,217
|
1,932
|
14.8
|
|
|
- Service revenue
|
1,790
|
1,555
|
15.1
|
12.6
|
|
- Other revenue
|
427
|
377
|
|
|
Note:
1.
Non-GAAP
measure. See page 11 for more information.
Growth
Total revenue increased 14.8% to €2.2 billion as higher
service revenue. Service revenue increased 15.1% and organic
service revenue growth was 12.6% (Q4: 10.9%), with growth in all of
Vodacom’s markets.
In South Africa, service revenue increased driven by growth in
mobile, supported by contract price increases, prepaid data traffic
and Business digital services growth. Growth in fixed service
revenue was driven by customer base growth across our extended
fibre footprint. Financial services performed well with organic
growth of 6.6% (Q4: 11.3%) to €50 million, supported by our
insurance products, merchant and lending marketplace
services.
In Egypt, service revenue continued to increase well above
inflation and in euro terms. This was driven by financial services
and data traffic growth, and the implementation of industry-wide
price increases in May 2026. Growth of our financial services
product, Vodafone Cash, accelerated to 72.9% (Q4: 37.3%) on an
organic basis to €50 million.
In Vodacom’s international markets, service revenue growth
was driven by strong data traffic and the acceleration of our
financial services product, M-Pesa. We continued to deliver strong
growth in Tanzania, the DRC and Lesotho during the quarter. M-Pesa
revenue increased 23.6% (Q4: 23.9%) on an organic basis to
€137 million and now represents 31.2% of service revenue.
This was supported by our lending, savings and merchant
services.
Vodacom Business service revenue grew 12.9% with organic growth of
8.7% (Q4: 11.0%), driven by core connectivity and digital services,
including IoT supported by public sector project
delivery.
Customers
In South Africa, we added 37,000 mobile contract customers during
the quarter. We now have a mobile contract customer base of over
7.0 million and prepaid customer base of 41.7 million. Across our
active customer base, 72.1% of our mobile customers use our data
services. The number of customers using our Vodapay super-app
continued to grow, and we have 3 million active users.
In Egypt, we added 74,000 mobile contract customers and 1.2 million
prepaid customers during the quarter, supported by our
market-leading customer experience and 5G services enabling high
quality voice services and supporting the rapidly growing data
demand in Egypt. Our financial services product, Vodafone Cash,
reached 15.7 million customers, including 1.0 million new users in
Q1.
In Vodacom’s international markets, we added 1.2 million
mobile customers in Q1, and our customer base is now 68.4 million,
with 67.9% of active mobile customers using our data services. Our
M-Pesa customer base increased during the quarter and now totals
29.3 million active users.
Spectrum
In June 2026, Vodafone Mozambique was awarded a 5G licence and
secured 210MHz of spectrum across various bands for a total of
US$56 million. The payment and licence terms are being finalised
with the Mozambique telecommunications regulator.
Portfolio
On 30
June 2026, we announced that Vodacom
completed the acquisition of an effective 20% of the issued share
capital in Safaricom. Vodacom acquired 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). In FY26, Safaricom generated
€2.8 billion service revenue and €1.4 billion Adjusted
EBITDAaL.
Following completion of the acquisition, Safaricom is owned by
Vodacom (55%), the Government of Kenya (20%) and public investors
(25%). Safaricom will be fully consolidated by Vodacom and Vodafone
Group from 1 July 2026.
Notes to the Q1 FY27 Trading update
Basis of preparation
Adjusted EBITDAaL and Operating profit has been extracted from the
Group’s unaudited consolidated financial statements for the
three months ended 30 June 2026.
These financial statements, insofar as they are applicable to the
calculation of Adjusted EBITDAaL and Operating profit, include all
adjustments necessary for a fair statement of Adjusted EBITDAaL and
Operating profit for the periods presented and apply the same
accounting policies, presentation and methods of calculation as
those followed in the preparation of the Group’s consolidated
financial statements for the year ended 31 March 2026, which were
prepared in accordance with UK-adopted International Accounting
Standards (‘IAS’), with International Financial
Reporting Standards (‘IFRS’) as issued by the IASB and
with the requirements of the UK Companies Act 2006, except no
impairment assessment in accordance with IAS 36 “Impairment
of Assets” or IAS 28 “Investments in Associates and
Joint Ventures” has been conducted at 30 June
2026.
The preparation of the unaudited consolidated financial statements
requires management to make certain estimates and assumptions that
affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the end of the
reporting period, and the reported amounts of revenue and expenses
during the period. Actual results could vary from these estimates.
These estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised if the revisions affect
only that period or in the period of the revision and future
periods if the revision affects both current and future
periods.
Acquisition of Safaricom
On 30 June 2026, the Group’s 65.1% subsidiary, Vodacom,
acquired additional share capital in its associate Safaricom Plc
(‘Safaricom’). Vodacom acquired 15% of
Safaricom’s shares from the Government of Kenya, and a
further 5% from a wholly owned Group subsidiary, increasing
Vodacom’s and the Group’s interest in Safaricom to 55%.
As a result, Safaricom became a subsidiary of both Vodacom and the
Group from this date.
At the acquisition date, the Group discontinued the equity method
for its previously held 39.9% interest in Safaricom, and remeasured
this interest to fair value, before consolidating Safaricom as a
subsidiary. A €3.0 billion gain on the remeasurement of
the previously held associate investment has been recognised in
Other Income within Group Operating profit.
Critical accounting judgements and estimates
The Group’s critical accounting judgements and estimates are
disclosed in the Group’s Annual Report for the year ended 31
March 2026.
Non-GAAP measures
In the
discussion of the Group’s reported operating results,
non-GAAP measures are presented to provide readers with additional
financial information that is regularly reviewed by management.
This additional information presented is not uniformly defined by
all companies including those in the Group’s industry.
Accordingly, it may not be comparable with similarly titled
measures and disclosures by other companies. Additionally, certain
information presented is derived from amounts calculated in
accordance with IFRS but is not itself a measure defined under
GAAP. Such measures should not be viewed in isolation or as an
alternative to the equivalent GAAP measure. The non-GAAP measures
discussed in this document are listed below.
|
Non-GAAP measure
|
Defined on page
|
Closest equivalent GAAP measure
|
Reconciled on page
|
|
Performance metrics
|
|
|
|
|
Organic
revenue growth
|
Page
11
|
Revenue
|
Pages
12 and 13
|
|
Organic
service revenue growth
|
Page
11
|
Service
revenue
|
Pages
12 and 13
|
|
Organic
mobile service revenue growth
|
Page
11
|
Service
revenue
|
Pages
12 and 13
|
|
Organic
fixed service revenue growth
|
Page
11
|
Service
revenue
|
Pages
12 and 13
|
|
Organic
Vodafone Business service revenue growth
|
Page
11
|
Service
revenue
|
Pages
12 and 13
|
|
South
Africa: Financial services organic revenue growth
|
Page
11
|
Service
revenue
|
Pages
12 and 13
|
|
Vodacom
International: M-Pesa organic revenue growth
|
Page
11
|
Service
revenue
|
Pages
12 and 13
|
|
Egypt:
Financial services (Vodafone Cash) organic revenue
growth
|
Page
11
|
Service
revenue
|
Pages
12 and 13
|
|
Group
Adjusted EBITDAaL
|
Page
14
|
Operating
profit
|
Page
14
|
|
Organic
Group Adjusted EBITDAaL growth
|
Pages
11 and 14
|
Operating
profit
|
Page
14
|
|
Organic
Group Adjusted EBITDAaL margin growth
|
Pages
11 and 14
|
Operating
profit
|
Page
14
|
Performance metrics
Organic growth
Organic
growth presents performance on a comparable basis, excluding the
impact of foreign exchange rates, mergers and acquisitions, the
hyperinflation adjustment in Türkiye and other adjustments to
improve the comparability of results between periods.
Whilst
organic growth is not intended to be a substitute for reported
growth, nor is it superior to reported growth, we believe that the
measure provides useful and necessary information to investors and
other interested parties for the following reasons: (i) It provides
additional information on underlying growth of the business without
the effect of certain factors unrelated to its operating
performance; (ii) It is used for internal performance analysis; and
(iii) It facilitates comparability of underlying growth with other
companies (although the term ‘organic’ is not a defined
term under GAAP and may not, therefore, be comparable with
similarly-titled measures reported by other
companies).
We have
not provided a comparative in respect of organic growth rates as
the current rates describe the change between the beginning and end
of the current period, with such changes being explained by the
commentary in this document. If comparatives were provided,
significant sections of the commentary for prior periods would also
need to be included, reducing the usefulness and transparency of
this document.
Service revenue growth in Türkiye excluding the impact of the
hyperinflationary adjustment
This
growth metric presents performance in Türkiye excluding the
hyperinflationary adjustment recorded in the Group’s
consolidated financial statements in accordance with IAS 29
‘Financial Reporting in Hyperinflationary
Economies’.
Non-GAAP measures
|
Quarter ended 30 June 2026
|
|
|
|
|
|
|
|
|
|
|
|
Reported growth
|
M&A and Other
|
Foreign exchange
|
Organic growth
|
|
|
|
Q1 FY27
|
Q1 FY26
|
|
|
|
€m
|
€m
|
%
|
pps
|
pps
|
%
|
|
Service revenue
|
|
|
|
|
|
|
|
Germany
|
2,740
|
2,688
|
1.9
|
(0.7)
|
–
|
1.2
|
|
|
Mobile service revenue
|
1,279
|
1,264
|
1.2
|
–
|
–
|
1.2
|
|
|
Fixed service revenue
|
1,461
|
1,424
|
2.6
|
(1.3)
|
–
|
1.3
|
|
UK
|
1,988
|
1,646
|
20.8
|
(22.5)
|
2.3
|
0.6
|
|
|
Mobile service revenue
|
1,581
|
1,250
|
26.5
|
(29.6)
|
2.4
|
(0.7)
|
|
|
Fixed service revenue
|
407
|
396
|
2.8
|
1.3
|
2.0
|
6.1
|
|
Other Europe
|
1,231
|
1,184
|
4.0
|
(2.4)
|
(0.6)
|
1.0
|
|
Türkiye1
|
716
|
629
|
13.8
|
0.2
|
16.2
|
30.2
|
|
Africa
|
1,790
|
1,555
|
15.1
|
–
|
(2.5)
|
12.6
|
|
Common Functions2
|
197
|
192
|
|
|
|
|
|
Eliminations
|
(36)
|
(36)
|
|
|
|
|
|
Total service revenue
|
8,626
|
7,858
|
9.8
|
(5.5)
|
0.9
|
5.2
|
|
Other revenue
|
1,668
|
1,527
|
|
|
|
|
|
Revenue
|
10,294
|
9,385
|
9.7
|
(6.1)
|
0.7
|
4.3
|
|
|
|
|
|
|
|
|
|
|
Other growth metrics
|
|
|
|
|
|
|
|
Vodafone Business - Service revenue
|
2,097
|
1,964
|
6.8
|
(2.3)
|
0.5
|
5.0
|
|
Germany - Vodafone Business service revenue
|
623
|
581
|
7.2
|
(3.2)
|
–
|
4.0
|
|
UK - Vodafone Business service revenue
|
527
|
518
|
1.7
|
(4.3)
|
1.9
|
(0.7)
|
|
Other Europe - Vodafone Business service revenue
|
394
|
378
|
4.2
|
0.1
|
(0.3)
|
4.0
|
|
Türkiye - Vodafone Business service revenue
|
121
|
99
|
22.2
|
0.3
|
17.9
|
40.4
|
|
Africa - Vodacom Business service revenue
|
316
|
280
|
12.9
|
–
|
(4.2)
|
8.7
|
|
South Africa - Financial services revenue
|
50
|
43
|
16.3
|
–
|
(9.7)
|
6.6
|
|
Vodacom International M-Pesa revenue
|
137
|
112
|
22.3
|
–
|
1.3
|
23.6
|
|
Egypt - Financial services revenue (Vodafone Cash)
|
50
|
31
|
61.3
|
–
|
11.6
|
72.9
|
Notes:
1.
Reported service
revenue growth in Türkiye of 13.8% includes 5.5pps in relation
to the application of IAS 29 ‘Financial Reporting in
Hyperinflationary Economies’. Growth in Türkiye
excluding the impact of this hyperinflationary adjustment was
8.3%.
2.
Comprises corporate
functions and shared operations.
|
Quarter ended 31 March 2026
|
|
|
|
|
|
|
|
|
|
|
|
Reported growth
|
M&A and Other
|
Foreign exchange
|
Organic growth
|
|
|
|
Q4 FY26
|
Q4 FY25
|
|
|
|
€m
|
€m
|
%
|
pps
|
pps
|
%
|
|
Service revenue
|
|
|
|
|
|
|
|
Germany
|
2,723
|
2,670
|
2.0
|
(0.7)
|
–
|
1.3
|
|
|
Mobile service revenue
|
1,274
|
1,242
|
2.7
|
–
|
–
|
2.7
|
|
|
Fixed service revenue
|
1,449
|
1,428
|
1.5
|
(1.4)
|
–
|
0.1
|
|
UK
|
1,958
|
1,489
|
31.5
|
(36.9)
|
5.2
|
(0.2)
|
|
|
Mobile service revenue
|
1,539
|
1,057
|
45.6
|
(51.9)
|
5.8
|
(0.5)
|
|
|
Fixed service revenue
|
419
|
432
|
(3.0)
|
–
|
3.8
|
0.8
|
|
Other Europe
|
1,230
|
1,194
|
3.0
|
(1.2)
|
(0.6)
|
1.2
|
|
Türkiye1
|
828
|
605
|
36.9
|
1.0
|
(4.2)
|
33.7
|
|
Africa
|
1,732
|
1,614
|
7.3
|
–
|
3.6
|
10.9
|
|
Common Functions2
|
192
|
176
|
|
|
|
|
|
Eliminations
|
(16)
|
(28)
|
|
|
|
|
|
Total service revenue
|
8,647
|
7,720
|
12.0
|
(8.1)
|
1.2
|
5.1
|
|
Other revenue
|
1,753
|
1,641
|
|
|
|
|
|
Revenue
|
10,400
|
9,361
|
11.1
|
(9.1)
|
1.0
|
3.0
|
|
|
|
|
|
|
|
|
|
|
Other growth metrics
|
|
|
|
|
|
|
|
Vodafone Business - Service revenue
|
2,134
|
2,062
|
3.5
|
(1.5)
|
1.2
|
3.2
|
|
Germany - Vodafone Business service revenue
|
616
|
588
|
4.8
|
(3.3)
|
–
|
1.5
|
|
UK - Vodafone Business service revenue
|
535
|
565
|
(5.3)
|
(6.0)
|
3.5
|
(7.8)
|
|
Other Europe - Vodafone Business service revenue
|
401
|
405
|
(1.0)
|
8.1
|
(0.3)
|
6.8
|
|
Türkiye - Vodafone Business service revenue
|
137
|
98
|
39.8
|
(3.2)
|
(2.1)
|
34.5
|
|
Africa - Vodacom Business service revenue
|
323
|
296
|
9.1
|
–
|
1.9
|
11.0
|
|
South Africa - Financial services revenue
|
49
|
44
|
11.4
|
–
|
(0.1)
|
11.3
|
|
Vodacom International - M-Pesa revenue
|
128
|
115
|
11.3
|
–
|
12.6
|
23.9
|
|
Egypt - Financial services revenue (Vodafone Cash)
|
43
|
34
|
26.5
|
–
|
10.8
|
37.3
|
Notes:
1.
Reported service
revenue growth in Türkiye of 36.9% includes 37.1pps in
relation to the application of IAS 29 ‘Financial Reporting in
Hyperinflationary Economies’. Growth in Türkiye
excluding the impact of this hyperinflationary adjustment was
-0.2%.
2.
Comprises corporate
functions and shared operations.
Non-GAAP measures
|
Non-GAAP measure
|
|
Purpose
|
|
Definition
|
|
Adjusted
EBITDAaL
|
|
Adjusted
EBITDAaL is used in conjunction with financial measures such as
operating profit to assess our operating performance and
profitability.It is a key external metric used by the investor
community to assess performance of our operations.It is our segment
performance measure in accordance with IFRS 8 (Operating
Segments).
|
|
Adjusted
EBITDAaL is operating profit after depreciation on lease-related
right of use assets and interest on lease liabilities but excluding
depreciation, amortisation and gains/losses on disposal of owned
assets and excluding share of results of equity accounted
associates and joint ventures, impairment losses/reversals,
restructuring costs arising from discrete restructuring plans,
other income and expense and significant items that are not
considered by management to be reflective of the underlying
performance of the Group.
|
|
Adjusted
EBITDAaL margin
|
|
|
|
Adjusted
EBITDAaL margin is Adjusted EBITDAaL divided by
Revenue.
|
The
tables below provide the reconciliations of: (i) Group Adjusted
EBITDAaL to Group Operating profit which is the closest equivalent
GAAP measure; (ii) Reported growth in Group Adjusted EBITDAaL to
organic growth in Group Adjusted EBITDAaL; and (iii) Reported
growth in the Group Adjusted EBITDAaL margin and the organic growth
in the Group Adjusted EBITDAaL margin.
|
|
|
|
Reported growth
|
M&A and Other
|
Foreign exchange
|
Organic growth
|
|
|
|
Q1 FY27
|
Q1 FY26
|
|
|
|
€m
|
€m
|
%
|
pps
|
pps
|
%
|
|
Group Adjusted EBITDAaL
|
2,932
|
2,748
|
6.7
|
(1.2)
|
0.7
|
6.2
|
|
Restructuring costs
|
(107)
|
(24)
|
|
|
|
|
|
Interest on lease liabilities
|
164
|
137
|
|
|
|
|
|
(Loss)/profit on disposal of property, plant and equipment and
intangible assets
|
(7)
|
1
|
|
|
|
|
|
Depreciation and amortisation of owned assets
|
(2,165)
|
(1,955)
|
|
|
|
|
|
Share of results of equity accounted associates and joint
ventures
|
80
|
(7)
|
|
|
|
|
|
Other income
|
2,976
|
115
|
|
|
|
|
|
Group Operating
profit1
|
3,873
|
1,015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage point change in Adjusted EBITDAaL margin
|
28.5
|
29.3
|
(0.8)
|
1.4
|
-
|
0.6
|
Note:
1.
See page 10 for
information on the basis of preparation.
Definitions
Key
terms are defined below. See page 11 for the location of
definitions for non-GAAP measures.
|
Term
|
Definition
|
|
Africa
|
Comprises
the Vodacom Group.
|
|
ARPU
|
Average
revenue per user, defined as customer revenue and incoming revenue
divided by average customers.
|
|
Common
Functions
|
Comprises
corporate functions and shared operations.
|
|
Depreciation
and amortisation
|
The
accounting charge that allocates the cost of tangible or intangible
assets, whether owned or leased, to the income statement over its
useful life. The measure includes the profit or loss on disposal of
property, plant and equipment, software and leased
assets.
|
|
Eliminations
|
Refers
to the removal of intercompany transactions to derive the
consolidated financial statements.
|
|
Europe
|
Comprises
the Group’s European businesses and the UK.
|
|
Fixed
service revenue
|
Service
revenue (see below) relating to the provision of fixed line and
carrier services.
|
|
GAAP
|
Generally
Accepted Accounting Principles.
|
|
IFRS
|
International
Financial Reporting Standards.
|
|
Incoming
revenue
|
Comprises
revenue from termination rates for voice and messaging to Vodafone
customers.
|
|
Internet
of Things (‘IoT’)
|
The
network of physical objects embedded with electronics, software,
sensors, and network connectivity, including built-in mobile SIM
cards, that enable these objects to collect data and exchange
communications with one another or a database.
|
|
MDU
|
Multi
Dwelling Units.
|
|
Mobile
service revenue
|
Service
revenue (see below) relating to the provision of mobile
services.
|
|
Other
Europe
|
Other
Europe markets comprise Portugal, Ireland, Greece, Romania, Czech
Republic and Albania.
|
|
Other
revenue
|
Other
revenue principally includes equipment revenue, interest income,
income from partner market arrangements and lease revenue,
including in respect of the lease out of passive tower
infrastructure.
|
|
Reported
growth
|
Reported
growth is based on amounts reported in euros and determined under
IFRS.
|
|
Revenue
|
The
total of Service revenue (see below) and Other revenue (see
above).
|
|
Roaming
|
Roaming
allows customers to make calls, send and receive texts and data on
our and other operators’ mobile networks, usually while
travelling abroad.
|
|
Service
revenue
|
Service
revenue is all revenue related to the provision of ongoing services
to the Group’s consumer and enterprise customers, together
with roaming revenue, revenue from incoming and outgoing network
usage by non-Vodafone customers and interconnect charges for
incoming calls.
|
|
Vodacom
Internationals
|
Comprises
Vodacom’s network operations in the Democratic Republic of
the Congo (‘DRC’), Lesotho, Mozambique and
Tanzania.
|
|
Vodafone
Business
|
Vodafone
Business supports organisations in a digital world. With
Vodafone’s expertise in connectivity, our leading IoT
platform and our global scale, we deliver the results that
organisations need to progress and thrive. We support businesses of
all sizes and sectors.
|
Notes
1.
References to
Vodafone Group are to Vodafone Group Plc and its subsidiaries
unless otherwise stated. Vodafone, the Vodafone Speech Mark
Devices, Vodacom and everyone.connected are trademarks owned by
Vodafone. Other product and company names mentioned herein may be
the trademarks of their respective owners.
2.
All growth rates
reflect a comparison to the quarter ended 30 June 2025 unless
otherwise stated.
3.
References to
“Q1”, “Q2”, “Q3” and
“Q4” are to the three months ended 30 June, 30
September, 31 December and 31 March. References to the
“year”, “financial year” or
“FY27” are to the financial year ending 31 March 2027.
References to “last year”, “last financial
year” or “FY26” are to the financial year ended
31 March 2026.
4.
Vodacom refers to
the Group’s interest in Vodacom Group Limited and
subsidiaries in South Africa, Egypt, Kenya, Ethiopia, DRC,
Tanzania, Mozambique and Lesotho.
5.
This document
contains references to websites. Information on any website is not
incorporated into this update and should not be considered part of
this update.
Forward-looking statements and other matters
This
document contains ‘forward-looking statements’ within
the meaning of the US Private Securities Litigation Reform Act of
1995 with respect to the Group’s financial condition, results
of operations and businesses and certain of the Group’s plans
and objectives. In particular, such forward-looking statements
include, but are not limited to, statements with respect to: the
Group’s portfolio transformation plan; expectations regarding
the Group’s financial condition or results of operations and
the guidance for Adjusted EBITDAaL and Adjusted free cash flow for
the financial year ending 31 March 2027; the integration of
Skaylink, Telekom Romania and VodafoneThree; the acquisition of an
increased shareholding in Safaricom; the announced agreement to
acquire full ownership of VodafoneThree; general expectations for
the Group’s future performance; expectations for the
Group’s dividend policy; expectations regarding the operating
environment and market conditions and trends, including customer
usage, competitive position and macroeconomic pressures, price
trends and opportunities in specific geographic markets; intentions
and expectations regarding the development, launch and expansion of
products, services and technologies, either introduced by Vodafone
or by Vodafone in conjunction with third parties or by third
parties independently; expectations regarding the integration or
performance of current and future investments, associates, joint
ventures, non-controlled interests and newly acquired businesses;
the impact of regulatory and legal proceedings involving the Group
and of scheduled or potential regulatory changes; certain of the
Group’s plans and objectives, including the Group’s
strategy.
Forward-looking
statements are sometimes but not always identified by their use of
a date in the future or such words as ‘will’,
‘may’, ‘expects’, 'believes',
‘continue’, ‘plans’, ‘further’,
‘ongoing’, ‘progress’,
‘targets’ or ‘could’. By their nature,
forward-looking statements are inherently predictive, speculative
and involve risk and uncertainty because they relate to events and
depend on circumstances that will occur in the future. There are a
number of factors that could cause actual results and developments
to differ materially from those expressed or implied by these
forward-looking statements. These factors include, but are not
limited to the following: general economic and political conditions
in the jurisdictions in which the Group operates and changes to the
associated legal, regulatory and tax environments; increased
competition; levels of investment in network capacity and the
Group’s ability to deploy new technologies, products and
services, including artificial intelligence; the Group’s
ability to optimise its portfolio in line with its business
transformation plan; evolving cyber threats to the Group’s
services and confidential data; rapid changes to existing products
and services and the inability of new products and services to
perform in accordance with expectations; the ability of the Group
to integrate new technologies, products and services with existing
networks, technologies, products and services; the Group’s
ability to generate and grow revenue; slower than expected impact
of new or existing products, services or technologies on the
Group’s future revenue, cost structure and capital
expenditure outlays; slower than expected customer growth, reduced
customer retention, reductions or changes in customer spending and
increased pricing pressure; the Group’s ability to extend and
expand its spectrum resources, to support ongoing growth in
customer demand for mobile data services; the Group’s ability
to secure the timely delivery of high-quality products from
suppliers; loss of suppliers, disruption of supply chains,
shortages and greater than anticipated prices of new mobile
handsets; changes in the costs to the Group of, or the rates the
Group may charge for, terminations and roaming minutes; the impact
of a failure or significant interruption to the Group’s
telecommunications, data centres, networks, IT systems or data
protection systems; the Group’s ability to realise expected
benefits from acquisitions, partnerships, joint ventures,
associates, franchises, brand licences, platform sharing or other
arrangements with third parties, including the combination of
Vodafone’s UK business with Three UK, the mobile network
sharing agreement with Virgin Media O2 and the Group’s
strategic partnerships with Microsoft and Google; acquisitions and
divestments of Group businesses and assets and the pursuit of new,
unexpected strategic opportunities; the Group’s ability to
integrate acquired business or assets; the extent of any future
write-downs or impairment charges on the Group’s assets, or
restructuring charges incurred as a result of an acquisition or
disposal; developments in the Group’s financial condition,
earnings and distributable funds and other factors that the Board
takes into account in determining the level of dividends; the
Group’s ability to satisfy working capital requirements;
changes in foreign exchange rates; changes in the regulatory
framework in which the Group operates; the impact of legal or other
proceedings against the Group or other companies in the
communications industry; and changes in statutory tax rates and
profit mix.
A
review of the reasons why actual results and developments may
differ materially from the expectations disclosed or implied within
forward-looking statements can be found in the summary of our
principal risks in the Group’s Annual Report for the year
ended 31 March 2026. The Annual Report can be found on the Vodafone
Group’s website (vodafone.com/investors).
All subsequent written or oral forward-looking statements
attributable to Vodafone or any member of the Vodafone Group or any
persons acting on their behalf are expressly qualified in their
entirety by the factors referred to above. No assurances can be
given that the forward-looking statements in this document will be
realised. Subject to compliance with applicable law and
regulations, Vodafone does not intend to update these
forward-looking statements and does not undertake any obligation to
do so.
Copyright
© Vodafone Group 2026
-End-
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorised.
|
|
VODAFONE
GROUP
|
|
|
PUBLIC
LIMITED COMPANY
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
Date:
July 27, 2026
|
By: /s/ M D B
|
|
|
Name: Maaike de Bie
|
|
|
Title: Group General Counsel and Company Secretary
|






















































































