Highlights
Group Q2 service revenue Europe Q2 service revenue Group H1 Adj. EBITDAaL
+5.8% +0.5% +6.8%
Good performance in the first half, with Germany & Europe back to service revenue growth
Merger completed on 31 May 2025 Financial results consolidated from 1 June 2025 Commenced integration & network investment plan
VodafoneThree merger completed & fast integration start
Germany ⫶ OXG households passed UK ⫶ VodafoneThree integration Africa ⫶ Financial services customers
350k
Operational progress with our strategic priorities
Fast start
94m
FY26 Adjusted EBITDAaL 1
€11.3-€11.6 billion €2.4-€2.6 billion
Expecting to deliver at the upper end of our FY26 financial guidance range
FY26 Adjusted FCF 1
Progressive dividend policy
+2.5% for FY26
H1 FY26 Results ⫶ November 2025
Basis of preparation: Unless otherwise stated, growth rates represent organic growth. Organic growth represents performance on a comparable basis, excluding the impact of foreign exchange rates, mergers and acquisitions, and the hyperinflation adjustments in Türkiye, to improve the comparability of results between periods. The Group is consolidating VodafoneThree into its financial results from 1 June 2025.
1. Further information on FY26 guidance on page 13.
3
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