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Vodafone (VOD) investor relations material
Vodafone Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved 5.5% service revenue growth and 4.9% adjusted EBITDAaL growth in Q1 FY26, with strong performance in emerging markets and the UK merger completed and integration underway.
Germany showed improvement trajectory, with churn at a four-year low, while Africa and Türkiye delivered robust growth.
Full-year guidance for profit and cash flow growth reiterated, including the impact of the UK merger.
Focus remains on value over volume in key European markets, especially Germany and the UK.
Integration of UK operations underway, with immediate network and customer experience improvements.
Financial highlights
Group service revenue up 5.5% year-over-year to €7.9bn; organic growth driven by Europe and Africa.
Adjusted EBITDAaL increased 4.9% year-over-year to €2.7bn, with margin up 0.2pp to 29.3%.
UK service revenue growth slowed sequentially, impacted by B2B contract losses and Three UK integration.
Africa delivered strong growth, especially in Egypt (+43.9% YoY) and Vodacom Internationals (+12.6% YoY).
Operating profit down 34.3% to €1.0bn due to prior year one-off gain from Indus Towers sale.
Outlook and guidance
FY26 guidance reiterated: Adjusted EBITDAaL €11.3–€11.6bn, Adjusted free cash flow €2.4–€2.6bn, including UK merger impact.
UK merger expected to contribute €0.3bn EBITDAaL and -€0.2bn FCF for 10 months in FY26.
Germany anticipated to return to service revenue growth as MDU headwinds subside.
Other Europe to remain in growth territory, with stronger H2 performance expected, especially in B2B.
Leverage ratio expected in the lower half of the 2.25–2.75x range.
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Frequently asked questions
London Calling
Vodafone Group Plc., recognized by its speech-mark logo, is a prominent player in the telecommunications business. Founded in 1982 and headquartered in London, Vodafone has grown to be a prominent global presence across multiple continents. The company provides a wide range of services including mobile voice, messaging, data, fixed communications, unified communications, cloud and hosting, and Internet of Things (IoT) services.
Growth Through M&A
Vodafone's journey started in the UK and has since grown to offer services in over 65 countries worldwide. Apart from growing organically, the evolution of Vodafone has been driven by a series of strategic acquisitions and mergers. The largest, and most famous, of these was the complex merger with Mannesmann AG in 2000, which at the time was the biggest takeover in business history. Vodafone then continued to expand through acquisitions like that of Hutchison Essar in India in 2007, and strategic partnerships like the joint venture with Verizon Communications in the United States. Today, Vodafone has a broad and diverse customer base that extends across Europe, Africa, and Asia-Pacific.
Not Just Telephones
Its services go beyond traditional mobile telephony to provide broadband connectivity, IoT devices, digital payments, and other advanced digital solutions. A key part of Vodafone's strategy is its focus on IoT, and it has become one of the leading global providers of IoT connectivity. The company has connected various devices ranging from Volkswagen cars to heating systems, and it is also a major provider of managed IoT services to corporate clients.
5G and Beyond
In an era where fast, reliable connectivity is more important than ever, Vodafone has placed a large emphasis on 5G technology deployment. The company has launched 5G services in numerous markets across Europe, promising greater speed, lower latency, and improved capacity compared to the existing 4G networks common today. The company has also been investing in other areas such as artificial intelligence, cloud computing, and advanced data analytics, indicating its intent to continue to adapt and evolve as the world moves into a new digital era.
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