Our outlook ⫶ Diversified portfolio driving growth
See our video library for more information on our mid-term guidance
Mid-term ambition 1
FY26 performance
Balanced portfolio
Considerations
Europe
+0.1%
Building trust, focused on value
Investments 7%
Revenue growth
Africa
+12.9%
Structural growth opportunities
Türkiye 10%
B2B
+3.2%
Growing demand, with diverse products & services
Group
+5.4%
Africa 27%
Operating leverage
€2bn (gross) efficiency & synergy potential €1bn (net) EU opex reduction opportunity (FY27-FY30) 2, 3
Group Adj. EBITDAaL margin
28.1%
Other Europe 13%
Europe: Growth supported by UK synergies
Adj. EBITDAaL growth
Europe
(0.1)%
Africa
+14.0%
Africa: Early-teens EBITDA CAGR
UK 10%
Group
+4.5%
Disciplined capital allocation
18% capital intensity
Broadly stable capital intensity market-by-market
Group
Germany 33%
Targeting lower half of 2.25-2.75x leverage range
c.3% cost of debt
Double-digit organic growth in Adj. FCF
Euro growth in Adj. FCF
Adj. FCF (FY26 pro forma)
4
1. Medium-term financial ambition assume no material change to the structure of the Group (at 30 June 2026), is based on current prevailing assessments of the macroeconomic outlook, including interest rates and inflation, and is at constant foreign exchange rates. 2. Includes Europe, Shared Operations and Corporate services, and committed UK cost synergies. The majority of the previously disclosed £700 million cost & capex synergies is expected to be opex savings.
3. Restructuring and integration costs in FY27 are expected to peak at c.€0.7 billion, which includes integration costs of c.€0.4 billion related to the VodafoneThree merger. 4. Based on FY26 actuals, including proforma for Safaricom. Represents operating free cash flow net of interest, tax and minority dividends.
Vodafone Group Plc Q1 FY27 Trading Update ⫶ July 2026
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