FY26 guidance
Capital Intensity • Broadly maintained market by market
Adjusted EBITDAaL
Adjusted FCF
(€ billion)
at least 2.4
FY25 guidance
c.11.0
Leverage ratio
• Lower half of 2.25-2.75x range
FY25 outcome – guidance basis 1,2
11.0 (0.1) 10.9 (0.3)
2.5
Impact of exchange rates & Türkiye hyperinflation accounting
-
• 3UK fully consolidated on completion • EBITDAaL €0.4bn preliminary FY26 proforma view under Vodafone accounting policies • MergeCo capex – higher than two businesses combined, due to accelerated network deployment (c.€1.5bn proforma) • Interest +c.€50m (incremental €2bn debt) UK merger considerations for FY26 Expectation for Europe • €7.2-7.4bn Adj. EBITDAaL range for FY26 (ex. UK merger)
FY25 actual
2.5 (0.1)
Impact of exchange rates
Remove Türkiye hyperinflation accounting
0.2
-
10.8
2.4
FY25 rebased 2,3
Growth
0.2-0.5
0.2-0.4 2.6-2.8
11.0-11.3
FY26 guidance 2,4,5
Proforma full year FY26 UK merger impact
0.4
(0.2)
1. FY25 outcome based on FY25 guidance FX rates (to €): ZAR 20.58, TRY 34.98, EGP 51.75, GBP 0.86. 2. Excluding the impact of hyperinflation accounting in Türkiye. 3. FY25 re-based outcome based on FY26 guidance FX rates. 4. FY26 guidance FX rates (to €): ZAR 20.59, TRY 43.42, EGP 56.74, GBP 0.85. 5. The guidance assumes no material change to the structure of the Group, excludes the UK merger impact and is subject to macro economic conditions .
FY25 results ⫶ May 2025
15
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