FY27 guidance ⫶ Upgrading Group guidance ranges
Adjusted EBITDAaL
Adjusted free cash flow
(€billion)
FY26 actual – reported basis
11.4
2.6
Europe FY27 expectations • €7.6 – 7.9 billion Adj. EBITDAaL
Impact of exchange rates
(0.1)
(0.1)
Remove impact of Türkiye hyperinflation accounting
0.1
–
Impact of M&A transactions 1
–
(0.1)
Restructuring & integration costs • FY27 to peak at c.€0.7bn, incl. c.€0.4bn related to the UK integration
FY26 rebased 2,3
11.4
2.4
Growth
0.5 – 0.8
0.2 – 0.5
Original FY27 guidance 2,4
11.9 – 12.2
2.6 – 2.9
9-month FY27 Safaricom consolidation impact 5
1.1
–
Updated FY27 guidance provided in July 2026 (incl. Safaricom) 2,4
13.0 – 13.3
2.6 – 2.9
Upgraded FY27 guidance (incl. Safaricom) 2,4,5
13.2 – 13.4
2.8 – 3.0
Implied organic growth
c.6% – 8% c.17% – 25%
4. The FY27 guidance reflects the following foreign exchange rates: €1: GBP 0.87; €1: ZAR 19.60; €1: TRY 53.07; €1: EGP 62.53; €1: KES 159.66. The guidance assumes no material change to the structure of the Group. 5. The transaction is subject to a legal challenge. See note 11 ‘Contingent liabilities and legal proceedings’ for further information, on page 44 of our results announcement.
1. M&A transactions include the impact of the disposal of VodafoneZiggo. 2. Excluding the impact of hyperinflation accounting in Türkiye. 3. The FY26 rebased outcome is derived by applying FY27 guidance foreign exchange rates.
Vodafone Group Plc H1 FY27 Results ⫶ November 2026
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