Capital allocation
Strong balance sheet position
Disciplined capital investment
Growing dividend
• Committed to a progressive dividend policy from FY26 onwards • FY26 dividend +2.5% to 4.6125 eurocents • Interim FY27 dividend based on 50% of previous full year dividend
• Overall capital intensity broadly stable • Peak year for capex in the UK, with FY27 at €1.6 billion • Includes investment in Business and ongoing fiberisation of German fixed network • Maintaining our strong mobile and fixed positions across our footprint
• At the mid-point of our leverage range of 2.25-2.75x net debt/Adj. EBITDAaL 1 • M&A includes c0.4x impact from UK buyout, offset by €1 billion for sale of 50% of VodafoneZiggo stake • Average fixed cost of debt at c.3%
Dividend eurocents
Leverage 1 & net debt progression 2 €billion
Capital intensity %
2.5x Net debt/ Adj. EBITDAaL
2.5% growth
2.2x Net debt/ Adj. EBITDAaL
19%
33.5
18%
18%
0.5
c.18%
2.306
17%
6.1
2.25
2.25
0.6
25.4
0.8
4
H1 FY25
H1 FY26
H1 FY27
FY23
FY24
FY25
FY26
FY27e
FY26
FCF H1 FY27
Shareholder returns 3
M&A
Other
H1 FY27
1. H1 FY27 ratio includes pro forma adjustment to include 12 months of Safaricom Adjusted EBITDAaL. 2. Movements may not sum due to rounding. 3. Including dividends. 4. Including impact of UK and Safaricom transactions, as well as VodafoneZiggo proceeds.
Vodafone Group Plc H1 FY27 Results ⫶ November 2026
Page 14
Powered by FlippingBook