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Vodafone Group Plc Annual Report 2026
Vodafone Group Plc Annual Report 2026
Strategic report
Governance
Financials
Other information
FY26 highlights
Adjusted EBITDAaL 6
Vodafone, a new chapter Since May 2023, Vodafone has been through a period of significant transformation, covering all aspects of our business, including portfolio, capital structure and operating model. Three years on, we are entering a new chapter as a simpler business. We have a clear strategy and through continued execution, we are in a strong position to grow. Achieved top end of FY26 guidance range €3.1 billion total shareholder return in FY26 4.6125 eurocents full year dividend per share, a 2.5% increase year-on-year, in line with our commitment €4 billion share buybacks since May 2024 Notes: 1. Promoter-to-detractor mix reflects proportion of promotor customers compared to detractor customers in each market. Period covered FY24 to FY26, with the exception of South Africa which is based on FY25 to FY26. 2. Represents Vodafone’s share of total telecommunications service revenue as at 31 December 2025, rounded to nearest 5%, based on Vodafone analysis. South Africa market share based on mobile service revenue only. 3. Excluding cumulative re-investments. 4. Based on shared operations net promoter scores. 5. Based on average response to two questions: employee satisfaction and recommending us as an employer. 6. This is a non-GAAP measures. See page 226 for more information. 7. Organic growth. See page 227 for more information. 8. Pre-tax controlled Return on Capital Employed. 9. Based on number of ordinary shares (excluding treasury shares) on 31 March for each period. FY27 estimate based on mid-point of FY27 guidance and number of ordinary shares (excluding treasury shares) as at 1 May 2026.
Customers Consumer NPS rank #
Growth Organic service revenue growth 6,7 +5.4% (FY25:+5.1%) Reported service revenue growth +8.8% (FY25: +2.8%) Adjusted EBITDAaL 6 €11.4bn (FY25: €10.9bn) Operating Profit €2.8bn (FY25: €(0.4)bn) Adjusted free cash flow 6 €2.6bn (FY25: €2.5bn) Net cash inflow/(outflow) for the year €(1.8)bn (FY25: €4.9bn) Return on Capital Employed 6,8 +6.6% (FY25:+7.0%) Return on Capital Employed using GAAP measures +3.2% (FY25: (0.4)%)
Promoter-to- detractor mix 1
CY25 Revenue market share 2
4.5% organic yoy growth 7-
2 1 2 1
+20% c.25% +50% c.20% +130% c.25% +20% c.45% – c.25%
Germany
UK
Other Europe 1–2
€11.4bn
€10.9bn
Türkiye
South Africa
29.2% adj. EBITDAaL margin
28.1% adj. EBITDAaL margin
Network quality Strong network reliability. With the largest marketable gigabit footprint in Germany and the UK, with network quality recognised by independent tests.
FY25
FY26
Growing Adjusted FCF per share 9 (eurocents)
Simplicity Europe opex savings 3 €0.7bn (FY23–FY26)
c12.0
11.4
10.2
Productivity (role reductions) 11k (FY24 - FY26 vs. 10k in 3-year plan) Shared operations NPS 4 83% (May’25: 81%) Employee engagement 5 81% (May’25: 75%)
FY25
FY26
FY27 est.
R ead more about our financial performance in FY26 on pages 12 to 22
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