FY26 guidance ⫶ Including impact of UK merger
Capital Intensity
Adjusted EBITDAaL
Adjusted FCF
• Broadly maintained market by market
(€billion)
FY25 actual
10.9
2.5
Leverage ratio
• Lower half of 2.25-2.75x range
Impact of exchange rates
(0.3)
(0.1)
Remove Türkiye hyperinflation accounting
0.2
-
Expectation for Europe
FY25 rebased 1,2
10.8
2.4
• €7.5 -7.7bn Adj. EBITDAaL range for FY26 (including UK merger)
Growth
0.2-0.5
0.2-0.4
FY26 guidance 1,3
11.0-11.3
2.6-2.8
UK merger considerations for FY26
10-month FY26 UK merger impact
0.3
(0.2)
• 3UK fully consolidated on completion • EBITDAaL €0.3bn FY26 view under Vodafone accounting policies • MergeCo capex – higher than two businesses combined, due to accelerated network deployment (c.€1.5bn proforma) • Interest +c.€50m (incremental €2bn debt)
FY26 guidance (incl. UK merger) 1,3,4
11.3-11.6
2.4-2.6
1. Excluding the impact of hyperinflation accounting in Türkiye. 2. FY25 re-based outcome based on FY26 guidance FX rates. 3. FY26 guidance FX rates (to €): ZAR 20.59, TRY 43.42, EGP 56.74, GBP 0.85. 4. FY26 UK merger impact on a 10- month basis of €0.3bn Adjusted EBITDAaL and - €0.2bn Adjusted free cash flow.
Q1 FY26 Trading Update ⫶ July 2025
9
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