Financial highlights ⫶ Growth in Europe & Africa
See our video library for more information on our mid-term guidance
Regional service revenue growth
Group service revenue growth
Adjusted EBITDAaL
• In Europe:
• 5.2% service revenue growth with all segments growing • Vodafone Business +5.0% growth, with accelerating digital services products & improvement in core connectivity
• +6.2% growth on a like-for-like basis driven by service revenue growth & improved operating leverage • EBITDAaL margin improved 0.6 percentage points on a like-for-like basis to 28.5%, with good progress on new efficiencies & synergies initiatives • Expect to deliver the upper end of our updated guidance ranges, which now includes the impact of the Safaricom transaction 2 :
− improved retail revenue trends in Germany − UK momentum accelerating • In Africa service revenue continued to grow double digit with strong connectivity & financial services demand • Türkiye & Egypt continued to grow in euro terms at 8.3% 1 & 25.3% respectively
− Adjusted EBITDAaL of €13.0 - 13.3 billion − Adjusted free cash flow of €2.6 - 2.9 billion
Service revenue growth (organic, %)
Regional service revenue growth (organic %)
Adj. EBITDAaL (€billion)
Europe
Europe (ex. MDU impact)
Africa
Group
Group ex. Türkiye
13.8%
13.5%
13.5%
5.8%
€3.0bn
12.6%
€3.0bn
5.5%
5.4%
10.9%
5.2%
5.1%
€2.8bn
€2.8bn
€2.7bn
3.4%
3.3%
0.9%
0.8%
3.2%
3.2%
0.5%
0.4%
0.2%
2.2%
(1.3%)
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Q1 FY27
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Q1 FY27
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Q1 FY27
1. Growth in euro terms excluding the impact of hyperinflation accounting adjustments. 2. See page 9 for more information.
Vodafone Group Plc Q1 FY27 Trading Update ⫶ July 2026
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