Financial highlights 1 ⫶ Strong first half performance
H1 FY26
H1 FY27
Organic growth
€billion
Adjusted EBITDAaL
€billion
Total revenue
19.6
21.9
4.7%
6.4% organic YoY growth
• Accelerating organic growth • Leverage in line with our target range of 2.25x-2.75x • Interim dividend per share growing +2.5%
• Strong service revenue growth and operating leverage • Delivered €0.2 billion of gross EU opex savings in H1 • Adj. EBITDAaL margin +0.5pp like-for-like
Service revenue
16.3
18.4
5.8%
Adj. EBITDAaL
5.7
6.5
6.4%
Capital additions
(2.8)
(3.3)
6.5
Adj. free cash flow
(0.6)
(0.4)
5.7
Free cash flow
(0.8)
(0.8)
29.2% Adj. EBITDAaL margin
29.5% Adj. EBITDAaL margin
Net debt/Adj. EBITDAaL leverage 2 Interim dividend per share (eurocents)
2.5x
2.3x
2.25
2.306
H1 FY26
H1 FY27
Service revenue growth
Return on capital employed
pre-tax controlled 3 , %
organic, %
• Service revenue growth of 5.8% in H1, with Europe & Africa growing • Q2 acceleration in most markets • Best-ever growth in Business at 6.6% in Q2
Group
Africa
Europe
0.7pp
14.0%
13.5% 13.5%
7.2%
12.6%
• Pre-tax ROCE impacted by Three UK consolidation • Partially offset by improving Group performance
6.7%
6.0%
14.1%
10.9%
(1.2)pp
12.1%
5.0%
10.1%
4.0%
6.4%
5.8%
5.4%
5.2%
8.1%
5.1%
3.0%
6.1%
2.0%
0.8% 0.9% 0.6%
0.5%
4.1%
0.4%
1.0%
2.1%
0.1%
-
Q2 FY26
Q3 FY26
Q4 FY26
Q1 FY27
Q2 FY27
H1 FY26
UK merger impact
Markets performance
H1 FY27
4
4. Impact on Group service revenue growth of 0.6pp in Q2, driven by consolidation of Safaricom.
1. Unless otherwise stated, H1 FY27 results include three months of Safaricom. 2. H1 FY27 ratio includes pro forma adjustment to include 12 months of Safaricom Adjusted EBITDAaL. 3. Pre-tax ROCE for controlled operations only. ROCE is calculated by dividing adjusted Operating profit by the average adjusted Capital employed.
Vodafone Group Plc H1 FY27 Results ⫶ November 2026
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