4 Vodafone Group Plc Annual Report 2026
Strategic report
Governance
Financials
Other information
Investment case
We operate in markets with sustainable structures, where we hold strong positions with scale. We have compelling structural growth drivers in Vodafone Business, Africa and in our portfolio of investments and are focused on delivering operational excellence across our strategic priorities of Customers, Simplicity and Growth.
1. Strong positions in good markets
2. Structural growth drivers
We operate with scale and strong positions, in markets typically with three players. CY25 revenue market share
Digital services +14.2% digital services growth in FY26
Financial services 59m financial services customers
Investment and innovation €1bn cash proceeds for the announced sale of our interests in VodafoneZiggo Our non-controlled operations are managed centrally through Vodafone Investments, reflecting that these assets need a different governance and oversight structure to support their growth and maximise value creation.
c.25% Germany (0.2)% 1
c.20% 2 UK 0.3% 1
c.25% Other Europe 0.5% 1
c.25% Türkiye 45.2% 1
c.45% Africa 12.9% 1
Europe Consumer We deliver leading customer experiences through digital and AI‑enabled care. Focused on customers, simplicity and growth, we streamline operations, build best‑in‑class networks and are positioned to drive convergence.
Africa Consumer We are growing our customer base by expanding smartphone access and data use, delivering connectivity at scale, diversifying revenue and geographies, advancing digital inclusion and supporting health and education.
Vodafone Business We are the largest B2B connectivity provider in Europe and Africa. We serve businesses of all sizes whilst diversifying products and services, by accelerating growth in digital services.
We have unique scale and capabilities, and are expanding our portfolio of products and services into growth areas such as unified communications, cloud and security, and loT.
Together with Vodacom’s VodaPay super-app, and the M-Pesa and Vodafone Cash payment platforms, we are a leading provider of financial services, as well as business and merchant services in Africa.
4. Sustainable and predictable financial profile
3. Focus on driving operational excellence
Simplicity Driving a leaner organisation +83% shared operations NPS 3 By reducing complexity in our business, we’re increasing agility and freeing resources to become more competitive. Our actions support reinvestment, drive productivity enhancements, improve employee engagement and deliver strong satisfaction with Shared Operations.
Growth Our portfolio +5.4% organic service revenue growth We’ve refocused on growing markets where we can win and create value. Our diversified footprint, disciplined capital allocation and clear operational progress provide us with the confidence in our mid-term value equation.
Customers Back to basics 10 markets with leading NPS positions We’re delivering a simple, predictable experience our customers expect. Our customer satisfaction has improved across our markets, and our actions have supported market share, with strong network reliability.
Robust balance sheet 2.2x leverage position (target range of 2.25–2.75x)
Attractive returns 4e u. 6r1o2c5e n t s growing the dividend Cash flow €2.6bn adjusted free cash flow 4
Share buyback €4bn of share buybacks since May 2024
Notes 1. Organic FY26 service revenue growth. 2. R epresents 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. Based on shared operations net promoter scores. 4. This is a non-GAAP measures. See page 226 for more information.
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