228 Vodafone Group Plc Annual Report 2026
Strategic report
Governance
Financials
Other information
Non-GAAP measures - Unaudited information (continued)
Reported growth
M&A and
Foreign
Organic growth
Reported growth
M&A and
Foreign
Organic growth
FY26 €m
FY25 €m
Other exchange
FY26 €m
FY25 €m
Other exchange
Year ended 31 March 2026 Service revenue Germany Mobile service revenue Fixed service revenue
Year ended 31 March 2026 Adjusted EBITDAaL
%
pps
pps
%
%
pps
pps
%
10,874 5,148 5,726 7,597 5,966 1,631 4,888 2,826 6,653 763 33,480 6,981 40,461 (121)
10,876 4,998 5,878 5,887 4,261 1,626 4,805 2,484 6,172 663 30,758 6,690 37,448 (129)
-
(0.2) (0.3) –
– – –
(0.2) 3.0 (2.9) 0.3 (0.4) 3.1 0.5 45.2 12.9
Germany
4,243 4,384 1,881 1,558 1,574 1,510 2,834 2,593 983 842
(3.2) 4.2 16.7 9.3
(0.1)
-
(3.3) 4.5 3.7 47.6 14.0
3.0 (2.6)
UK
20.7 (19.7)
3.5 (0.7) 29.2 4.7
Other Europe T ü rkiye
0.2 1.7
UK
29.0 (32.4) 40.0 (44.4)
3.7 4.0 2.8
Mobile service revenue Fixed service revenue
Africa
-
0.3 1.7 13.8 7.8
–
Common Functions 2 Eliminations
(164)
45
Other Europe T ü rkiye 1
(0.7) 3.0
(0.5)
–
–
28.4
Group
11,351 10,932
3.8
(2.4)
3.1
4.5
Africa
–
5.1
Common Functions 2 Eliminations Total service revenue Other revenue
Percentage point change in Adjusted EBITDAaL margin
8.8 8.0
(6.7) (7.7) (1.2) (0.8) (4.9) 2.8 2.1
3.3 3.4
5.4 3.7
Germany
35.0% 36.0% 20.5% 22.0% 27.5% 26.5% 28.7% 27.3% 33.9% 33.3% 28.1% 29.2%
(1.0) (1.5) 1.0 1.4 0.6 (1.1)
0.1 2.9 0.6 0.1
- -
(0.9) 1.4 1.5 1.4 0.5 0.2
UK
Revenue
Other Europe T ü rkiye
(0.1) (0.1) (0.1)
Other growth metrics Vodafone Business ('VB') - Service revenue Germany - VB service revenue UK - VB service revenue Other Europe - VB service revenue T ü rkiye - VB service revenue Africa - Vodacom Business service revenue South Africa - Financial services revenue Vodacom International M-Pesa revenue Egypt - Financial services revenue (Vodafone Cash)
Africa Group
-
8,179 2,369 2,129 1,571 456 1,204 185 494
8,003 2,366 2,179 1,561 375 1,126 176 428
2.2 0.1 (2.3) 0.6
2.2 2.7 – (0.4)
3.2 (0.7) (4.5) 3.0
1.3
–
21.6 6.9 5.1 15.4 37.7
30.3 4.4 3.0 7.7 10.5
54.0 11.3 8.1 23.1 48.2
– – – –
157
114
Notes: 1. Reported service revenue growth in Türkiye of 13.8% includes 3.0pps in relation to the application of IAS 29 ‘Financial Reporting in Hyperinflationary Economies’. Growth in Türkiye excluding the impact of this hyperinflationary adjustment was 10.8%. 2. Comprises corporate functions and shared operations.
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