Financial highlights ⫶ Results at upper end of guidance (€billion) FY26 FY25
Adjusted EBITDAaL
Total revenue Service revenue Adj. EBITDAaL Capital additions Adj. free cash flow
40.5 33.5 11.4 (7.3)
37.4 30.8 10.9 (6.9)
(€billion)
• Results in line with expectations & growth across key financial metrics • Leverage at the bottom end of our target range • 2.5% increase in dividend per share year-on-year
4.5% organic yoy growth
• FY26 supported by service revenue growth across markets • Despite final MDU impact in Germany & continued commercial investment • Adj. EBITDAaL margin impacted by Three UK consolidation, +0.2pp on a like-for-like basis
11.4
10.9
2.6 1.8
2.5 1.9
Free cash flow
29.2% Adj. EBITDAaL margin
28.1% Adj. EBITDAaL margin
Net debt/Adj. EBITDAaL leverage Dividends per share (eurocents) 2
2.2x
2.0x
4.6
4.5
FY25
FY26
Service revenue growth
Return on capital employed
(pre-tax controlled 1 , %)
(organic, %)
Group
Group ex. Türkiye
1.8pp
• Pre-tax ROCE 1 impacted by the consolidation of Three UK • Headwinds from German MDU TV law change impact • Improved returns in all other segments
• 5.4% service revenue growth in FY26 with both Europe & Africa growing • Vodafone Business growing 3.2% in Q4 – Germany back to growth & decline in UK
5.8%
7.0%
5.5%
5.4%
5.4% 3.3%
6.6%
5.1% 3.2%
(1.6)pp
(0.9)pp
3.2%
2.2%
1.7%
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
FY25
UK Merger impact
German MDU impact
Other
FY26
Vodafone Group Plc FY26 Results ⫶ May 2026
1. Pre-tax ROCE for controlled operations only. ROCE is calculated by dividing adjusted Operating profit by the average adjusted Capital employed. 2. Total dividends per share are 4.6125 eurocents in FY26 (FY25: 4.5 eurocents) including a final dividend per share of 2.3625 eurocents.
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