A new chapter ⫶ A well-positioned Vodafone Operating in good markets, with scale and strong positions
With a reset capital structure
MARKET
VODAFONE
Capital intensity (%)
• Capital intensity broadly maintained • Includes investment in B2B & German networks • Strong mobile positions across all markets • €8bn net debt reduction over 3 years, largely driven by M&A • At lower end of leverage range of 2.25-2.75x net debt / Adj. EBITDAaL • Returned €9bn to shareholders over three years • Of which, €4bn returned to shareholders via buybacks since May ’24 • Progressive dividend, with FY26 +2.5%
Disciplined & stable capital investment
Growth
Structure
Scale
CX
19% 17% 18% 18%
CY23-25 revenue growth 1
# MNOs
CY25 revenue market share 2
NPS rank #
FY23 FY24 FY25 FY26 Net debt progression (€ billion)
Flat
3+1 players
c.25%
2
33.4
9.2
(6.3)
Stronger balance sheet
25.4
c.1%
3 players
c.20%
1
(10.9)
2.5x
2.2x
FY23 Adjusted FCF
M&A Shareholder returns
FY26
c.2%
Mostly 3 players
c.25%
1-2
Shareholder returns (€ billion)
1.9 3.7
2.0 3.1
2.4 2.4
Substantial shareholder returns
c.15%
3 players
c.25%
2
1.8
1.1
c.3%
2+1 player
c.45%
1
FY24
FY25
FY26
3
Dividend Buybacks
Vodafone Group Plc FY26 Results ⫶ May 2026
1. Market telecommunications revenue compound average growth rate (2023-2025), based on Vodafone analysis. Growth rates presented in local currency, except for Türkiye, which has been presented in euro. 2. Represents Vodafone’s share of total telecommunications service revenue as at 31 December 2025, rounded to nearest 5%, based on Vodafone analysis. South Africa market share based on mobile service revenue only.
3. Following the right-sizing of the portfolio with the sale of Vodafone Spain and Vodafone Italy in 2024, the dividend was rebased from FY25 onwards.
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