Our outlook ⫶ Diversified portfolio driving growth FY26 performance Considerations Mid-term ambition 1
Balanced portfolio
Europe Africa
+0.1% +12.9% +3.2% +5.4%
Building trust, focused on value Structural growth opportunities
Türkiye 10% Investments 7%
Revenue growth
B2B
Growing demand, with diverse products & services
Group
Africa 27%
Operating leverage Adj. EBITDAaL growth Disciplined capital allocation
€2bn (gross) efficiency & synergy potential €1bn (net) EU opex reduction opportunity (FY27-FY30) 2, 3
Group Adj. EBITDAaL margin
28.1%
UK 10% Other Europe 13%
Europe: Growth supported by UK synergies Africa: Double-digit EBITDA CAGR
Europe Africa Group
(0.1)% +14.0% +4.5%
18% capital intensity c.3% cost of debt
Broadly stable capital intensity market-by-market Targeting lower half of 2.25-2.75x leverage range
Group
Germany 33%
Double-digit organic growth in Adj. FCF
Euro growth in Adj. FCF
Adj. FCF (FY26 pro forma)
4
Vodafone Group Plc FY26 Results ⫶ May 2026
1. Medium-term financial ambition assume no material change to the structure of the Group (at 31 March 2026), is based on current prevailing assessments of the macroeconomic outlook, including interest rates and inflation, and is at constant foreign exchange rates. 2. Includes Europe, Shared Operations and Corporate services, and committed UK cost synergies. The majority of the previously disclosed £700 million cost & capex synergies is expected to be opex savings.
3. Restructuring and integration costs in FY27 are expected to peak at c.€0.7 billion, which includes integration costs of c.€0.4 billion related to the VodafoneThree merger. 4. Based on FY26 actuals, including proforma for Safaricom. Represents operating free cash flow net of interest, tax and minority dividends.
Page 33
Powered by FlippingBook