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Vodafone Group (VOD) investor relations material
Vodafone Group Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary11 Nov, 2025
Executive summary
Group reshaping completed, including Vodafone-Three UK merger and Telekom Romania asset acquisition, positioning all operations at scale with sustainable structures.
Strong H1 FY26 performance with service revenue up 5.8% and adjusted EBITDAaL up 6.8% year-over-year, driven by growth in Europe, Africa, and Türkiye.
Operational transformation advanced, boosting customer satisfaction, simplifying operations, and expanding digital and financial services.
UK merger integration is ahead of schedule, Germany is improving, and a progressive dividend policy has been introduced.
Interim dividend per share held at 2.25 eurocents, with a new progressive dividend policy targeting a 2.5% increase for FY26.
Financial highlights
Group Q2 service revenue grew 5.8% year-over-year; H1 FY26 total revenue rose 7.3% to €19.6bn, with strong growth in Europe, Africa, and Türkiye.
Adjusted EBITDAaL reached €5.7bn in H1 FY26, up 6.8% organically; margin at 29.2%.
Over €5 billion returned to shareholders via buybacks and dividends in the last 18 months; €3bn in buybacks since May 2024, with €1bn more planned.
Statutory profit for H1 FY26 was €1,052m; basic EPS from continuing operations at 3.38c.
Net debt increased to €25.9bn, mainly due to the Three UK merger, share buybacks, and dividend payments.
Outlook and guidance
Expecting to close the year at the upper end of previously set growth guidance; FY26 adjusted EBITDAaL guidance raised to €11.3–11.6bn and adjusted FCF €2.4–2.6bn.
Progressive dividend policy introduced, targeting annual growth starting with 2.5% for FY26.
Leverage ratio expected in the lower half of the 2.25–2.75x range.
Germany anticipated to continue improving in H2 as MDU impact dissipates and wholesale migration completes.
Emerging markets' growth contribution expected to moderate as inflation slows.
What is the remaining impact of Germany's TV law change?
Quantify network improvements from UK merger
Update on UK loyalty penalty claim
Germany: Path to underlying revenue growth
UK merger: When do sizable synergies impact EBITDA?
Digital services: Future growth contribution & strategy
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Next Vodafone Group earnings date
Q3 2026 TU5 Feb, 2026
Next Vodafone Group earnings date
Q3 2026 TU5 Feb, 2026
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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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