Adjusted EBITDAaL & FCF Adjusted EBITDAaL
Free cash flow
(€billion)
(€billion)
11.4
1.2
Adjusted EBITDAaL Interest & tax Working capital & other Net dividends (assoc. & JV) Capital additions Adjusted free cash flow Spectrum 2
(0.1)
(0.1)
(0.4)
(0.1)
(2.0)
11.4
10.9
0.2
+4.5% organic yoy growth
+2.5% organic yoy growth
0.3
(7.3)
FY25
Direct margin
Net A&R
Europe & Shared Operations opex
Other opex
FX, M&A & Other 1
FY26
2.6
(0.4)
• Strong service revenue growth supporting direct margin expansion • Net A&R impacted by higher commercial investment in Germany in the prior year • Efficiencies delivered across Europe offset by incremental investment in customer experience, brand & Business • Other opex increase driven by Türkiye and Africa
Restructuring & integration Free cash flow
(0.4)
1.8
• Adjusted free cash flow growth of 2.9% year-on-year • Capital intensity broadly maintained by market except the UK • Spectrum payments include the first instalments in Türkiye (€174m) & Egypt (€84m)
Vodafone Group Plc FY26 Results ⫶ May 2026
1. FX, M&A & other include the impact of hyperinflation accounting in Türkiye. 2. Working capital & other primarily reflects the cash impact of lease accounting and the reversal of non-cash charges arising from Türkiye hyperinflation accounting and share based payments.
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