Chief Executive’s statement and strategic roadmap Simpler, Stronger, Growing 7 Vodafone Group Plc Annual Report 2026 Vodafone Group Plc Annual Report 2026
Strategic report
Governance
Financials
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A new chapter: Following our transformation actions, we are entering a new chapter as a simpler and stronger business, and our external environment is creating new opportunities, with new demand for high quality connectivity and a more supportive regulatory context. A clear strategy: Vodafone’s strategy is focused delivering operational progress across three clear priorities: Customers, Simplicity and Growth. Together, improving performance and providing us with strong foundations for future growth. A growth outlook: Our diversified footprint, disciplined capital allocation and clear operational progress provide us with confidence in our medium-term ambition to deliver double-digit Adjusted free cash flow growth. This will drive continued Adjusted free cash flow growth in euro terms. After the transformation of the last three years, we are now a simpler company with a stronger growth outlook. Our strategic progress has generated good Group service revenue momentum for the year, together with profit and cash flow at the upper end of our guidance range. We returned to top line growth in Germany, alongside strong performances across Africa and in Türkiye. Our early successes from the UK merger integration reinforce our confidence in its potential and I am delighted that we are now gaining full ownership. Looking ahead, we will continue to drive continuous improvements across our business, with customer experience as our number one priority. We are now well set for mid-term growth. Margherita Della Valle Group Chief Executive
A new chapter… SIMPLER
A clear strategy… STRONGER
Our outlook… GROWING
A simpler Vodafone with a clear operating model
A customer experience reset with improving networks & satisfaction
Attractive opportunities in Europe, Africa, and B2B
A well-positioned Vodafone with scale in good markets
A more productive Vodafone with motivated teams
Scaled operations building once, deploying at scale
A new connectivity era with favourable external tailwinds
Delivering growth across key metrics
Organic Adj. FCF growth double-digit in mid-term
Supporting ambition to deliver Adjusted FCF growth in euro terms
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