Adjusted EBITDAaL & FCF
Adjusted EBITDAaL
Free cash flow
€billion
€billion
Adjusted EBITDAaL
6.5
0.3
Interest & tax Working capital & other Net dividends (assoc. & JV)
0.2
0.5
(1.1)
6.5
0.0
(0.2)
(2.2)
2
5.7
(0.3)
+6.4% organic YoY growth
+6.8% organic YoY growth
Capital additions
(3.3)
Adjusted free cash flow
(0.4)
Spectrum
(0.0)
H1 FY26
Direct margin
Net A&R
Gross opex savings in Europe & Shared Operations
Other opex (incl. inflation)
FX, M&A & Other 1
H1 FY27
Restructuring & integration
(0.4)
Free cash flow
(0.8)
• Service revenue growth across all segments driving direct margin expansion • Delivering €0.2 billion of gross opex savings in Europe and Shared Operations, including €50 million of UK synergies • Other opex increase driven by inflation incl. network costs and wages • For more detail about the next phase of our opex transformation journey, see page 26
• Adjusted free cash flow improved €140 million year-on-year • H1 cash outflow reflecting usual in-year working capital phasing − c.60% of capital expenditure spend in H2 − annual sale of handset receivables in Q4 • Restructuring and integration driven by peak UK integration impact
1. FX, M&A & Other include the impact of hyperinflation accounting in Türkiye. 2. Working capital & other primarily reflects the cash impact of lease accounting and the reversal of non-cash charges arising from Türkiye hyperinflation accounting and share based payments.
Vodafone Group Plc H1 FY27 Results ⫶ November 2026
Page 12
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