Highlights
Q1 service revenue growth
+5.5%
Encouraging progress in line with expectations
Europe Q1 service revenue
-1.3%
Group Q1 Adj. EBITDAaL
+4.9%
Germany Q1 service revenue
-3.2%
Germany delivering expected service revenue improvements
Germany Q1 service revenue (excl. MDU)
-0.3%
1&1 customers migrated by end of Q1
7.7m
Merger completed on 31 May 2025
VodafoneThree merger complete, forming the UK’s leading mobile operator
Financial results consolidated from 1 June 2025
Commenced integration plan
FY26 Guidance 1
FY26 financial guidance reiterated including impact of UK merger
Adjusted EBITDAaL
€11.3 - €11.6 billion
Adjusted FCF
€2.4 - €2.6 billion
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 9.
Q1 FY26 Trading Update ⫶ July 2025
2
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