Germany ⫶ Turnaround actions supporting revenue improvement • -0.2% service revenue growth in FY26: − final MDU transition impact (FY26: -0.8pp) − higher wholesale revenue − strong demand for Business digital services − mobile ARPU pressure from competitive intensity & ongoing TV decline • Fixed line stabilised in Q4 despite TV headwinds, supported by growth in Consumer broadband & Business digital services Service revenue − higher wholesale revenue offsetting challenging market conditions − final MDU transition impact (FY26: -1.1pp) − higher commercial investment in the prior year to support turnaround − higher Business digital services variable costs − partially offset by cost efficiency Adj. EBITDAaL • -3.3% Adj. EBITDAaL growth in FY26: • Mobile contract net additions impacted by market intensity & B2B disconnections • Broadband base decline due to fewer new customer wins as we focus on value • Higher broadband inflow ARPU (Q4: +30%) driven by pricing actions: − reduced promotions and increase in one-time & hardware fees in 2025 − ‘more-for-more’ speed upgrades in January 2026 Customer additions
37% of Group Adj. EBITDAaL 1
Ex. MDU transition impact Service revenue growth (organic, %)
Net additions (‘000s)
Adj. EBITDAaL (€billion)
Gigabit broadband
DSL
Mobile contract
-3.3%
(4) (3) 12
11
1.3%
0.7%
(1)
0.5%
(0.3)%
4.4
4.2
(15) (8) (36)
(2.7)%
(15) (11)
(47) (16)
(59) (31)
-€0.2bn
(3.2)%
(6.0)%
(77) Q4 FY26
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
FY25
Service Revenue
MDU impact
A&R
Other Costs
FY26
Vodafone Group Plc FY26 Results ⫶ May 2026
1. Based on FY26 Adjusted EBITDAaL contribution.
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