229 Vodafone Group Plc Annual Report 2026
Strategic report
Governance
Financials
Other information
Non-GAAP measures - Unaudited information (continued)
Reported growth
M&A and Other
Foreign exchange
Organic growth
Reported growth
M&A and
Foreign
Organic growth
Q4 FY26
Q4 FY25
Q3 FY26
Q3 FY25
Other exchange
Quarter ended 31 March 2026
Quarter ended 31 December 2025
€m
€m
%
pps
pps
%
€m
€m
%
pps
pps
%
Service revenue Germany Mobile service revenue Fixed service revenue Mobile service revenue Fixed service revenue UK
Service revenue Germany Mobile service revenue Fixed service revenue Mobile service revenue Fixed service revenue UK
2,723 2,670 1,274 1,242 1,449 1,428 1,958 1,489 1,539 1,057 1,230 1,194 1,732 1,614 8,647 7,720 1,753 1,641 10,400 9,361 419 828 192 432 605 176 (16)
2.0 2.7 1.5 31.5 45.6
(0.7) (1.4) (36.9) – (51.9)
– – –
1.3 2.7 0.1
2,726 2,706 1,295 1,259 1,431 1,447 1,975 1,507 1,565 1,096 1,243 1,201 1,738 1,607 8,506 7,929 1,946 1,882 10,452 9,811 410 671 183 411 776 165 (30)
0.7 2.8 (1.1) 31.1 42.8 (0.2) 3.5 (13.5) 8.2
– – –
– – –
0.7 2.8 (1.1) (0.5) (1.8) 4.8 1.2
5.2 5.8 3.8
(0.2) (0.5) 0.8 1.2
(38.4) (52.1)
6.8 7.5 5.0
(3.0) 3.0
–
–
Other Europe T ü rkiye 1
(1.2) 1.0
(0.6) (4.2) 3.6 1.2 1.0 1.2 3.5 – (0.3) (2.1) 1.9 (0.1)
Other Europe T ü rkiye 1
(1.6) 4.8
(0.7)
36.9 7.3
33.7 10.9
47.2 5.3
38.5 13.5
Africa
–
Africa
–
Common Functions 2 Eliminations Total service revenue Other revenue
Common Functions 2 Eliminations Total service revenue Other revenue
(28)
(33)
12.0 11.1
(8.1) (9.1) (1.5) (3.3) (6.0) 8.1 (3.2)
5.1 3.0
7.3 6.5
(7.8) (9.5) (1.1) (6.1) 2.6 – 5.1
5.9 6.0 4.0 5.0 – (0.9)
5.4 3.0
Revenue
Revenue
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)
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)
2,134 2,062
3.5 4.8 (5.3) (1.0)
3.2 1.5 (7.8) 6.8
2,054 2,051
0.1 (1.8) (4.3) 3.0 (3.5) 6.9 4.3
3.0 (1.8) (5.4) 4.7
616 535 401 137 323 49 128
588 565 405 98 296 44 115
583 536 407 111 309 48 133
594 560 395 115 289 46 113
39.8 9.1 11.4 11.3 26.5 4.2
34.5 11.0 11.3 23.9 37.3 2.3
53.2 5.4 4.1 6.9
54.8 12.3 8.4 24.6 60.0 2.3
– – – –
– – – –
12.6 10.8 0.6
17.7 56.7
43
34
47
30
3.3 5.3
Adjusted EBITDAaL
2,807 2,693
(2.5)
Adjusted EBITDAaL
2,816 2,828
(0.4)
(2.6)
Notes: 1. Reported service revenue growth in Türkiye of 36.9% (Q3 FY26: -13.5%) includes 37.1pps (Q3 FY26: -17.2pps) in relation to the application of IAS 29 ‘Financial Reporting in Hyperinflationary Economies’. Growth in Türkiye excluding the impact of this
hyperinflationary adjustment was -0.2% (Q3 FY26: 3.7%). 2. Comprises corporate functions and shared operations.
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