IV ⫶ Net debt, liquidity & total funding obligations
Net debt progression 1
Total funding obligations
(€billion)
H1 FY27
FY26
33.5
0.5
€m
€m
Bonds
(36,092) (2,578) (4,027) (42,697)
(33,828) (1,383) (3,393) (38,604)
6.1
0.6
25.4
0.8
Bank loans
Other borrowings including spectrum
H1 FY27 2.5x Net debt/ Adj. EBITDAaL
FY26 2.2x Net debt/ Adj. EBITDAaL
Gross debt
Cash and cash equivalents
5,133
8,982
Non-current investments in sovereign securities
407
915
Short-term investments
3,257
3,431
FY26
Free Cash Flow H1 FY27
Shareholder returns (incl. dividend)
M&A (incl. UK, Safaricom & VodafoneZiggo)
Other
H1 FY27
Derivative financial instruments
489 (62)
340
Net collateral liabilities
(475)
Net debt (a)
(33,473)
(25,411)
Bond maturity profile
Other funding obligations Lease liabilities
(12,777)
(12,388)
(€billion)
Pension liabilities
(178)
(206)
Current Liquidity Hybrid Senior
Guarantees over Australia joint ventures loans
(1,038)
(1,031)
0.8
Equity content of hybrid bonds
3,797
3,797
Total funding obligations (b)
(43,669)
(35,239)
2.0
Adjusted EBITDAaL (c)
12,074
11,351
8.7
Depreciation on right of use assets
3,899
3,674
13.2
Interest on leases
663
615
9.3
0.8
Adjusted EBITDAaL before leases (d)
16,636
15,640
1.5 1.8
0.7
2.2
0.5
1.8
0.6
Ratio of net debt to adjusted EBITDAaL 1 (a/c)
2.5x 2.6x
2.2x 2.3x
Current Liquidity FY27
FY28
FY29
FY30
FY31
FY32-FY39 FY40+
Ratio of total funding obligations to adjusted EBITDAaL before leases 1 (b/d)
c.3% average fixed cost of debt
avg. €1 billion p.a. senior refinancing needs (FY27 – FY31)
13 years average life of bonds
BBB all three credit rating agencies
1. Movements may not sum due to rounding. 2. H1 FY27 ratio is pro forma for 9 months of Safaricom Adjusted EBITDAaL.
Vodafone Group Plc H1 FY27 Results ⫶ November 2026
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