Germany ⫶ Stable service revenue despite mobile and TV
33% of Group Adj. EBITDAaL 1
Customer additions
Service revenue
Adj. EBITDAaL
• Improvement in mobile across all brands and channels in Q2, despite market intensity • Broadband base decline, as we continue to drive inflow ARPU growth (H1: +25% YoY) • Overall value equation driving continued growth in consumer broadband service revenue
• 0.4% service revenue growth in H1: − higher wholesale revenue
• -3.2% Adj. EBITDAaL in H1: − revenue growth
− fixed line growth (B2B and broadband ARPU) − continued mobile ARPU pressure − ongoing TV decline (approx. -1pp service revenue impact) • Q2 growth slowed with lapping of higher 1&1 contribution in the prior year • Q2 includes initial impact of court ruling relating to historic price rises (-0.3pp), with full impact from Q3
− legal provision relating to historic price rises − higher variable costs from Business digital services growth − other costs broadly stable, as A&R normalised and opex efficiencies offsetting inflation
Service revenue growth organic, %
Net additions ‘000s
Adj. EBITDAaL €billion
-3.2% organic YoY growth
Gigabit broadband
DSL
Mobile contract
1.3%
11
1.2%
(1)
10
0.7%
0.5%
2.2
(15) (11)
c. 2pp impact
(47)
(57)
(59)
(62)
2.1
(16)
(31)
(0.5)%
(43)
(36)
(77)
(85)
Q2 FY26
Q3 FY26
Q4 FY26
Q1 FY27
Q2 FY27
H1 FY26
ECJ impact
Direct margin
Other costs
H1 FY27
Q2 FY26
Q3 FY26
Q4 FY26
Q1 FY27
Q2 FY27
2
1. Based on H1 FY27 Adjusted EBITDAaL contribution. 2. Includes A&R, opex and other costs.
Vodafone Group Plc H1 FY27 Results ⫶ November 2026
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