12 Vodafone Group Plc Annual Report 2026
Strategic report
Governance
Financials
Other information
Results in-line with expectations
Group financial performance
– Total revenue: Increased 8.0% to €40.5 billion (FY25: €37.4 billion), due to strong service revenue growth and the consolidation of Three UK, partially offset by foreign exchange movements. – Service revenue: Grew 8.8% to €33.5 billion (FY25: €30.8 billion) and on an organic basis increased 5.4% with growth in all segments except Germany. Vodafone Business grew 2.2% in FY26, and 3.2% on an organic basis, with double-digit growth in digital services revenue. – Adjusted EBITDAaL: Increased 3.8% to €11.4 billion (FY25: €10.9 billion), and 4.5% on an organic basis, as service revenue growth was only partially offset by continued commercial investment. – Operating profit: Increased by €3.2 billion to €2.8 billion (FY25: loss of €0.4 billion), due to Adjusted EBITDAaL growth and non-cash impairment charges in the prior year, partially offset by higher depreciation and amortisation following the consolidation of Three UK. – Earnings per share: Basic loss per share from continuing operations was 1.20 eurocents in FY26, compared to a loss per share of 15.86 eurocents in the prior year, following the impairment charges in FY25. Adjusted basic earnings per share was 10.72 eurocents compared to 7.87 eurocents in the prior year.
FY25 €m
FY26 1 €m
Reported change %
Revenue
40,461 37,448 33,480 30,758 11,351 10,932
8.0 8.8 3.8
– Service revenue – Other revenue Adjusted EBITDAaL 2,3 Restructuring costs Interest on lease liabilities 4
6,981 (370) 615
6,690 (164) 488 (25) (7,569) (123) 565 (411) 864 (1,931) (1,478) (2,246) (22) (3,746) (4,169) (3,746) 423
Gain/(loss) on disposal of property, plant and equipment and intangible assets Depreciation and amortisation of owned assets Share of results of equity accounted associates and joint ventures
199
(8,481) (382) (88) 2,844 1,395 (2,375) 1,864 (1,805)
Impairment charge Other (expense)/income Operating profit/(loss) Investment and other income Profit/(loss) before taxation Income tax expense Financing costs Loss for the financial year Attributable to: – Owners of the parent – Non-controlling interests Loss for the financial year
– (4,515)
792.0
Profit/(loss) for the financial year – Continuing operations Loss for the financial year – Discontinued operations
59 (3,724)
(108) (49) (397) 348 (49)
Basic loss per share – Continuing operations Basic loss per share – Total Group Adjusted basic earnings per share 2
(1.20)c (15.86)c (1.65)c (15.94)c
10.72c
7.87c
Notes: 1. The FY26 results reflect average foreign exchange rates of €1:GBP 0.87, €1:ZAR 20.10, €1:TRY 48.02 and €1: EGP 56.60. 2. Adjusted EBITDAaL and Adjusted basic earnings per share are non-GAAP measures. See page 226 for more information. 3. Includes depreciation on leased assets of €3,674 million (FY25: €3,205 million). 4. Reversal of interest on lease liabilities included within Adjusted EBITDAaL under the Group’s definition of that metric, for re-presentation in financing costs.
Find out more Click or scan to watch our Group Chief Executive, Margherita Della Valle and Group Chief Financial Officer, Pilar López, talk about our financial performance: vodafone.com/videos
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