Other Europe & Türkiye
21% of Group Adj. EBITDAaL 1
Other Europe ⫶ Consistent service revenue growth
Türkiye ⫶ Strong euro growth
• -4.6% Adj. EBITDAaL growth in H1:
• 1.4% service revenue growth in H1:
• 32.8% service revenue growth in H1:
− legal one-off in Portugal in the prior year − partially offset by service revenue growth • First synergies in Romania following the acquisition of Telekom Romania assets: − over 485k customers successfully migrated − network integration progressing, with national roaming supporting customer experience
− good performance across most markets − partially offset by continued ARPU pressure in Portugal and Romania • Q2 driven by B2B growth from public sector projects in Greece ahead of Sep’26 ERF 2 deadline • Broadband base remained stable, with mobile contract base decline driven by Romania
− ongoing pricing actions in mobile and fixed − data usage growth, supported by biggest nationwide 5G launch • 32.7% Adj. EBITDAaL growth in H1 due to service revenue growth and cost efficiencies • Service revenue and Adj. EBITDAaL growing double-digit in euros in H1 4 • Reported euro Adj. EBITDAaL and Operating free cash flow has grown c.50% in two years 5
Service revenue growth organic, %
Service revenue growth reported EUR 4 , %
Adj. EBITDAaL €billion
1.8%
-4.6% organic YoY growth
1.2%
1.2%
17.0%
1.0%
14.8%
0.83
8.3%
3.7%
0.77
(0.5)%
(0.2)%
H1 FY26
M&A & FX
Prior year one-offs
Direct margin
Other Costs
H1 FY27
Q2 FY26
Q3 FY26
Q4 FY26
Q1 FY27
Q2 FY27
Q2 FY26
Q3 FY26
Q4 FY26
Q1 FY27
Q2 FY27
3
5. Based on reported Adjusted EBITDAaL, and Operating free cash flow (defined as Adjusted EBITDAaL, less capital additions) in H1 FY27 and H2 FY26 vs. H1 FY25 and H2 FY24.
1. Based on H1 FY27 Adjusted EBITDAaL contribution. 2. European Recovery Fund. 3. Includes A&R, opex and other costs. 4. Growth in euro terms excluding the impact of hyperinflation accounting adjustments.
Vodafone Group Plc H1 FY27 Results ⫶ November 2026
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