Vodafone Q1 FY26 Trading Update

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

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