Growth ⫶ Delivering on our mid-term ambition
Mid-term ambition 1
H1 FY27
Balanced portfolio
FY26
Considerations
Europe
+0.1%
+0.8%
Building trust, focused on value Structural growth opportunities
Investments 4%
Africa
+12.9% +3.2% +5.4%
+13.4% +5.8% +5.8%
Revenue growth
B2B
Growing demand, with diverse products & services
Africa 29%
Group
Group Adj. EBITDAaL margin
Operating leverage
Annual >€2bn (gross) efficiency & synergy potential >€1bn (net) EU opex reduction target by FY30 2,3
28.1%
29.5%
Türkiye 10%
Other Europe 12%
Europe: Growth supported by UK synergies
Europe
(0.1)%
(1.3)%
Adj. EBITDAaL growth
Africa
+14.0%
+18.0%
Africa: Early-teens EBITDA CAGR
UK 11%
Group
+4.5%
+6.4%
Disciplined capital allocation
c.18% capital intensity
Broadly stable capital intensity market-by-market
Group
Germany 34%
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 (FY27e)
4
1. Medium-term financial ambition assume no material change to the structure of the Group (at 30 September 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 £800 million cost & capex synergies in the UK 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. FY27 estimate based on mid-point of FY27 guidance, including proforma for Safaricom. Represents operating free cash flow net of interest, tax and minority dividends. Excludes cash interest.
Vodafone Group Plc H1 FY27 Results ⫶ November 2026
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