UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULES 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
Dated
February 05, 2026
Commission
File Number: 001-10086
VODAFONE GROUP
PUBLIC LIMITED COMPANY
(Translation
of registrant’s name into English)
VODAFONE
HOUSE, THE CONNECTION, NEWBURY, BERKSHIRE, RG14 2FN,
ENGLAND
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form
20-F ✓
Form 40-F _
This
Report on Form 6-K contains a Stock Exchange Announcement dated 05
February 2026 entitled ‘Vodafone Q3 FY26 Trading
Update’.
|
Vodafone
Group Plc
Q3 FY26 Trading Update
5 February 2026
|
 |
|
Good Group performance, with growth in Europe and
Africa
"We maintained good service revenue momentum in the third quarter
across both Europe and Africa, supported by top-line growth in
Germany, and strong contributions from Türkiye and Africa.
After a fast start, we are making very good progress with the
integration of our UK business.
Looking ahead, we are on track to deliver at the upper end of our
guidance range for both profit and cash flow."
Margherita Della Valle
Group Chief Executive
|
|
Expecting to deliver at the upper end
of FY26
financial guidance
|
€3.5 billion
Share
buybacks to-date
|
2.3%
Adjusted
EBITDAaL growth
|
- Group total
revenue: Increased by 6.5%
to €10.5 billion in Q3 with strong
service revenue growth, primarily supported by continued strong
growth in Africa and the consolidation of Three UK and Telekom
Romania assets, partially offset by foreign exchange
movements.
- Group service
revenue: Grew by
7.3% in Q3 to €8.5 billion as higher revenue from the
consolidation of Three UK and Telekom Romania assets were partially
offset by foreign exchange movements. On an organic basis, service
revenue increased 5.4% (Q2: 5.8%), with strong contributions from
Türkiye and Africa.
- Germany:
Continued service revenue growth of
0.7% (Q2: 0.5%), supported by higher wholesale
revenue.
- UK:
As expected, organic service revenue
declined by 0.5% (Q2: 1.2%), reflecting the previously flagged
prior year one-off project revenue in Business. The integration of
VodafoneThree is progressing well and firmly on
track.
- Other
Europe & Türkiye: Organic service revenue in Other Europe grew by
1.2% (Q2: -0.5%), as growth in most markets was offset by
competitive intensity in Portugal and Romania. Service revenue in
Türkiye increased by 3.7% in euro terms1.
- Africa:
Continued strong organic service
revenue growth of 13.5% (Q2: 13.5%), with continued growth across
all markets, including an acceleration in financial
services.
- Business:Organic
service revenue grew by 3.0% (Q2: 2.9%), driven by continued demand
for digital services and strong growth in Türkiye and Africa,
partially offset by a tougher prior year comparative in the
UK.
- Group Adjusted
EBITDAaL: Increased
by 2.3% on an organic basis to
€2.8 billion, with phasing in line with our full year
guidance expectations. On a year-to-date basis, Adjusted EBITDAaL
increased by 5.3% on an organic basis to €8.5
billion.
- Operating
profit: Decreased
by 52.7% to €0.5 billion in Q3 (see basis of preparation on
page 7), due to M&A including the temporary non-cash accounting
impacts of our Indian simplification
activities.
- Shareholder
returns: €3.5 billion of share buybacks now complete
(since May 2024). Our next €500 million tranche commences
today.
- FY26 guidance
reiterated2:
We continue to expect to deliver the
upper end of our FY26 guidance ranges of Adjusted EBITDAaL of
€11.3-11.6 billion and Adjusted free cash flow of
€2.4-2.6 billion.
- Progressive dividend
policy: Reflecting
our medium-term outlook for Adjusted free cash flow growth, in
November 2025 we announced that we expect to grow the FY26 dividend
per share by 2.5%.
Note:
1Excluding the impact of
hyperinflationary accounting adjustments
2FY26 UK merger impact on a
10-month basis of €0.3 billion Adjusted EBITDAaL and
-€0.2 billion Adjusted free cash flow
For more information, please contact:
|
Investor Relations:
|
vodafone.com
|
Media Relations:
|
Vodafone.com/media/contacts
|
Registered Office: Vodafone House, The Connection, Newbury,
Berkshire RG14 2FN, England. Registered in England No.
1833679
A webcast Q&A session will be held at 10:00 GMT on 5 February
2026. The webcast and supporting information can be accessed
at vodafone.com
Segment performance
Geographic performance summary
|
|
|
Service revenue
|
Other revenue
|
Total revenue
|
|
||||||||||||||||||||||||||
|
|
|
Q3 FY26
|
Q3 FY25
|
Q3 FY26
|
Q3 FY25
|
Q3 FY26
|
Q3 FY25
|
|
|||||||||||||||||||||||
|
|
|
€m
|
€m
|
€m
|
€m
|
€m
|
€m
|
|
|||||||||||||||||||||||
|
Germany
|
2,726
|
2,706
|
366
|
384
|
3,092
|
3,090
|
|
||||||||||||||||||||||||
|
UK
|
1,975
|
1,507
|
466
|
358
|
2,441
|
1,865
|
|
||||||||||||||||||||||||
|
Other Europe1
|
1,243
|
1,201
|
266
|
235
|
1,509
|
1,436
|
|
||||||||||||||||||||||||
|
Türkiye
|
671
|
776
|
152
|
187
|
823
|
963
|
|
||||||||||||||||||||||||
|
Africa
|
1,738
|
1,607
|
470
|
465
|
2,208
|
2,072
|
|
||||||||||||||||||||||||
|
Common Functions
|
183
|
165
|
245
|
268
|
428
|
433
|
|
||||||||||||||||||||||||
|
Eliminations
|
(30)
|
(33)
|
(19)
|
(15)
|
(49)
|
(48)
|
|
||||||||||||||||||||||||
|
Group
|
8,506
|
7,929
|
1,946
|
1,882
|
10,452
|
9,811
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Service revenue growth
|
FY25
|
|
FY26
|
|
|||||||||||||||||||||||||||
|
Q1
|
Q2
|
H1
|
Q3
|
Q4
|
H2
|
Total
|
|
Q1
|
Q2
|
H1
|
Q3
|
|
|||||||||||||||||||
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
|
%
|
%
|
%
|
%
|
|
|||||||||||||||||||
|
Germany
|
(1.5)
|
(6.2)
|
(3.9)
|
(6.4)
|
(6.0)
|
(6.2)
|
(5.0)
|
|
(3.2)
|
0.5
|
(1.4)
|
0.7
|
|
||||||||||||||||||
|
UK
|
2.0
|
2.9
|
2.4
|
7.6
|
5.7
|
6.7
|
4.5
|
|
15.2
|
38.0
|
26.7
|
31.1
|
|
||||||||||||||||||
|
Other Europe1
|
1.6
|
2.1
|
1.9
|
2.2
|
1.1
|
1.7
|
1.8
|
|
0.3
|
0.1
|
0.2
|
3.5
|
|
||||||||||||||||||
|
Türkiye
|
54.7
|
18.8
|
33.2
|
97.5
|
15.2
|
50.4
|
42.3
|
|
22.1
|
18.7
|
20.3
|
(13.5)
|
|
||||||||||||||||||
|
Africa
|
1.6
|
0.3
|
0.9
|
4.1
|
8.8
|
6.4
|
3.7
|
|
7.3
|
8.4
|
7.9
|
8.2
|
|
||||||||||||||||||
|
Group
|
3.2
|
0.2
|
1.7
|
5.6
|
2.3
|
4.0
|
2.8
|
|
5.3
|
10.8
|
8.1
|
7.3
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Organic service revenue growth
2
|
FY25
|
|
FY26
|
||||||||||||||||||||||||||||
|
Q1
|
Q2
|
H1
|
Q3
|
Q4
|
H2
|
Total
|
|
Q1
|
Q2
|
H1
|
Q3
|
||||||||||||||||||||
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
|
%
|
%
|
%
|
%
|
||||||||||||||||||||
|
Germany
|
(1.5)
|
(6.2)
|
(3.9)
|
(6.4)
|
(6.0)
|
(6.2)
|
(5.0)
|
|
(3.2)
|
0.5
|
(1.4)
|
0.7
|
|||||||||||||||||||
|
UK
|
-
|
1.2
|
0.6
|
3.3
|
3.1
|
3.2
|
1.9
|
|
0.9
|
1.2
|
1.1
|
(0.5)
|
|||||||||||||||||||
|
Other Europe1
|
2.3
|
2.6
|
2.5
|
2.6
|
0.8
|
1.7
|
2.1
|
|
0.2
|
(0.5)
|
(0.1)
|
1.2
|
|||||||||||||||||||
|
Türkiye
|
91.9
|
89.1
|
90.3
|
83.4
|
73.2
|
78.1
|
83.4
|
|
63.8
|
48.4
|
55.6
|
38.5
|
|||||||||||||||||||
|
Africa
|
10.0
|
9.7
|
9.9
|
11.6
|
13.5
|
12.6
|
11.3
|
|
13.8
|
13.5
|
13.7
|
13.5
|
|||||||||||||||||||
|
Group
|
5.4
|
4.2
|
4.8
|
5.2
|
5.4
|
5.3
|
5.1
|
|
5.5
|
5.8
|
5.7
|
5.4
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Group profitability
|
FY25
|
|
FY26
|
|
|||||||||||||||||||||||||||
|
Q1
|
Q2
|
H1
|
Q3
|
Q4
|
H2
|
Total
|
|
Q1
|
Q2
|
H1
|
Q3
|
|
|||||||||||||||||||
|
Operating profit/(loss) (€m)
|
1,545
|
837
|
2,382
|
1,022
|
(3,815)
|
(2,793)
|
(411)
|
|
1,015
|
1,147
|
2,162
|
483
|
|
||||||||||||||||||
|
Adjusted EBITDAaL (€m)2
|
2,681
|
2,730
|
5,411
|
2,828
|
2,693
|
5,521
|
10,932
|
|
2,748
|
2,980
|
5,728
|
2,816
|
|
||||||||||||||||||
|
Adjusted EBITDAaL margin %2
|
29.7
|
29.5
|
29.6
|
28.8
|
28.8
|
28.8
|
29.2
|
|
29.3
|
29.1
|
29.2
|
26.9
|
|
||||||||||||||||||
|
Organic Adjusted EBITDAaL growth %2
|
5.1
|
2.5
|
3.8
|
2.2
|
0.3
|
1.3
|
2.5
|
|
4.9
|
8.7
|
6.8
|
2.3
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
1.Other
Europe markets comprise Portugal, Ireland, Greece, Romania, Czech
Republic and Albania.
2.Non-GAAP
measure. See page 8 for more information.
|
Germany⫶Continued
service revenue growth
|
|||||
|
|
|
|
|
|
|
|
32% of Group service revenue
|
Q3 FY26
|
Q3 FY25
|
Reported
|
Organic
|
|
|
|
€m
|
€m
|
change %
|
change %1
|
|
|
Total revenue
|
3,092
|
3,090
|
0.1
|
|
|
|
- Service revenue
|
2,726
|
2,706
|
0.7
|
0.7
|
|
|
- Other revenue
|
366
|
384
|
|
|
|
Note:
1.
Non-GAAP measure. See page 8 for more information.
Growth
Total revenue increased by 0.1% to €3.1 billion as service
revenue growth was offset by lower equipment revenue. Service
revenue increased by 0.7% (Q2: 0.5%) due to higher wholesale
revenue and strong demand for digital services in Business,
partially offset by mobile ARPU pressure due to competitive
intensity. The sequential improvement in growth in the quarter was
driven by higher mobile wholesale revenue, which was partially
offset by the phasing of service provider payments.
Mobile service revenue grew by 2.8% in Q3 (Q2: 3.8%) as higher
wholesale revenue was partially offset by continued ARPU pressure,
and the phasing of service provider payments. By the end of the
quarter, we had successfully completed the migration of 1&1
customers onto our network. We now have more than 12 million
1&1 customers using our nationwide 5G network and expect the
revenue contribution to reach full run-rate in Q4
FY26.
Fixed service revenue decreased by 1.1% in Q3 (Q2: -2.3%), as TV
headwinds were partially offset by strong demand for digital
services in Business. Consumer broadband revenue has now stabilised
supported by the retail pricing actions that we implemented between
March 2025 and October 2025. As a result of these actions,
broadband ARPU from new customers in the quarter was the highest in
3 years (+21.0% year-on-year). In January 2026, we announced
additional changes to our broadband portfolio which are expected to
further support ARPU trends.
Vodafone Business service revenue declined by 1.8% in Q3 (Q2:
-1.6%), as lower mobile ARPU from customer contract renewals and
pressure in core connectivity services were partially offset by
strong digital services demand. In December 2025, we completed the
acquisition of Skaylink, a cloud, digital transformation and
security specialist. The acquisition will support the acceleration
of our growth in key areas, such as professional and managed
services, cloud and security in Germany and across
Europe.
Customers
Despite continued competitive intensity in the mobile market, our
Consumer contract customer base increased by 42,000 (Q2: 1,000) in
the quarter. Growth in our total mobile contract customer base
included 31,000 Business disconnections. We connected a further 2.6
million IoT devices, driven by good demand from the automotive
sector.
Our broadband customer base declined by 63,000 during the quarter
(Q2: -26,000), including a 47,000 decline
(Q2: -15,000) in customers on our gigabit capable network. The
greater decline was primarily due to our focus on value as we
continue to drive ARPU improvements for new customers. We continue
to be the largest provider of fixed line gigabit connectivity in
Germany, as we market gigabit speeds to almost 75% of German homes
with 5 million fibre households beyond our own cable footprint of
25 million households. Our OXG joint venture's buildout is
continuing to progress with 460,000 homes passed and we are now
able to market to 1.5 million homes.
Our TV customer base declined by 6,000 (Q2: 62,000). The structural
decline in demand for standalone linear TV services was partially
offset by our strategy to bundle basic TV with our broadband
services.
Value-focused actions
We continue to focus on delivering value across our mobile and
broadband products through our enhanced propositions. In broadband,
higher ARPU from new customers was delivered through our price
actions which included reduced promotions and an increase in
one-time connection and in-home equipment fees. This will be
further supported by 'more-for-more' speed upgrades launched in
January 2026. In mobile, our Vodafone branded customer base
continued to increase, driven by our enhanced product propositions
and the continued growth in our customer satisfaction
quarter-after-quarter, underpinned by our value-focused
strategy.
|
UK⫶
Good progress in line with
expectations
|
|||||
|
|
|
|
|
|
|
|
23% of Group service revenue
|
Q3 FY26
|
Q3 FY25
|
Reported
|
Organic
|
|
|
|
€m
|
€m
|
change %
|
change %1
|
|
|
Total revenue
|
2,441
|
1,865
|
30.9
|
|
|
|
- Service revenue
|
1,975
|
1,507
|
31.1
|
(0.5)
|
|
|
- Other revenue
|
466
|
358
|
|
|
|
Note:
1.Non-GAAP
measure. See page 8 for more information.
Growth
Total revenue increased by 30.9% to €2.4 billion due to the
consolidation of Three UK's financial results following the
completion of the merger on 31 May 2025. Service revenue increased
by 31.1% (Q2: 38.0%). As expected, organic service revenue declined
0.5% (Q2: 1.2%), reflecting strong prior year comparatives
offsetting continued good commercial momentum in both Consumer and
Wholesale.
Mobile service revenue increased by 42.8% (Q2: 51.6%), and, as
anticipated, organic growth in mobile service revenue was -1.8%
(Q2: 0.4%), primarily due to a strong comparative in both Business
and Wholesale in the prior year.
Fixed service revenue declined by 0.2% (Q2: 1.8%) and organic
growth in fixed service revenue was 4.8% (Q2: 4.3%) with strong
growth in Consumer broadband, partially offset by a decline in
Business due to the continued impact of planned managed services
contract terminations.
Vodafone Business service revenue declined by 4.3% (Q2: 1.5%). On
an organic basis, Vodafone Business service revenue decreased by
5.4% (Q2: -1.7%). The step down in the quarter was due to the
previously flagged one-off project revenue in the prior
year.
Customers
In mobile, our contract customer base declined by 73,000 in the
quarter, primarily driven by the disconnection of 53,000 very
low-value Business SIMs. Three UK Consumer customer losses
continued but, customer loyalty continued to improve across all
brands, supported by our best-in-class customer experience, with
Consumer contract churn reducing 1.7 percentage points
year-on-year. Our prepaid brands, VOXI and SMARTY, continued to
grow with 38,000 customer additions in Q3.
In fixed, we are the fastest growing broadband provider in the UK
and our customer base increased by 64,000 in Q3. We now have the
ability to serve 22 million households with gigabit speeds. In the
quarter, we added 11,000 fixed wireless access (FWA) customers,
reported under the mobile segment.
VodafoneThree Integration
On 31 May 2025, we completed the merger of Vodafone UK and Three
UK. Full details of the transaction can be found here:
Completion
of Vodafone and Three merger in the UK.
VodafoneThree is now the biggest mobile network operator in the UK
with over 28 million customers, with a multi-brand mobile strategy
in Consumer through the Vodafone, Three, VOXI, SMARTY and
Talkmobile brands. In November 2025, we launched our 'Vodafone
Together Family' proposition which enables households to combine
mobile and broadband services and rewards, alongside 'Vodafone
Secure Net', our market leading security platform.
We have made a fast start with our merger integration including
significant network improvements as part of our promise to deliver
a best-in-class experience. Our spectrum and network sharing
activation is ahead of plan, with 28.6 million Vodafone and Three
customers already benefiting from seamlessly using both networks
and we have upgraded over 8,000 radio sites, removing a total of
16,500 km2 of
'not spot' areas. Seven million Three and SMARTY customers are
benefiting from improved 4G speeds of up to 40%, through sharing of
combined spectrum.
|
Other Europe1⫶
Reacceleration supported by Business
growth
|
|||||
|
|
|
|
|
|
|
|
15% of Group service revenue
|
Q3 FY26
|
Q3 FY25
|
Reported
|
Organic
|
|
|
|
€m
|
€m
|
change %
|
change %2
|
|
|
Total revenue
|
1,509
|
1,436
|
5.1
|
|
|
|
- Service revenue
|
1,243
|
1,201
|
3.5
|
1.2
|
|
|
- Other revenue
|
266
|
235
|
|
|
|
Notes:
1.Other
Europe markets comprise Portugal, Ireland, Greece, Romania, Czech
Republic and Albania.
2.Non-GAAP
measure. See page 8 for more information.
Growth
Total revenue increased 5.1% to €1.5 billion due to the
consolidation of Telekom Romania Mobile Communications S.A's
financial results following the completion of the asset acquisition
on 1 October 2025. Service revenue increased by 3.5% (Q2: 0.1%) and
organic growth in service revenue was 1.2% (Q2: -0.5%) as growth in
Albania, Czech Republic, Ireland and Greece was partially offset by
continued ARPU pressure in Portugal and higher competitive
intensity in Romania. The improved performance in Q3 compared with
Q2 was primarily driven by Business revenue.
In Portugal, service revenue declined in the quarter as a result of
competitive intensity in the market, which continued to impact
mobile ARPU. Despite this, both our mobile contract and broadband
customer base continued to grow. In Ireland, service revenue growth
was supported by a higher customer base and price actions across
mobile and fixed.
Vodafone Business service revenue increased by 3.0% (Q2: -1.0%) in
Q3, with organic growth of 4.7% (Q2: -1.4%) mainly driven by
project delivery in Greece and Romania, as well as demand for
digital services.
Customers
We added 80,000 mobile contract customers and 4,000 broadband
customers across our six markets in Q3. This was despite the net
loss of 70,000 mobile contract customers on the newly acquired
Telekom Romania brand in Romania.
Portfolio
On 1 October 2025, we completed the acquisition of assets of
Telekom Romania Mobile Communications S.A for €30 million,
strengthening our position in the market. The integration is fully
underway and we are migrating the contract customer
base.
|
Türkiye⫶
Continued strong organic growth
despite inflation moderating
|
|||||
|
|
|
|
|
|
|
|
8% of Group service revenue
|
Q3 FY26
|
Q3 FY25
|
Reported
|
Organic
|
|
|
|
€m
|
€m
|
change %
|
change %1,2
|
|
|
Total revenue
|
823
|
963
|
(14.5)
|
|
|
|
- Service revenue
|
671
|
776
|
(13.5)
|
38.5
|
|
|
- Other revenue
|
152
|
187
|
|
|
|
Notes:
1.Non-GAAP
measure. See page 8 for more information.
2.Türkiye
was designated as a hyperinflationary economy on 1 April 2022 in
line with IAS 29 'Financial Reporting in Hyperinflationary
Economies'. Organic growth metrics exclude the impacts of the
hyperinflation adjustment and foreign exchange
translation.
Growth
Total revenue declined by 14.5% to €0.8 billion, with service
revenue growth offset by depreciation of the local currency.
Organic service revenue increased by 38.5% (Q2: 48.4%). As reported
under IAS 29, service revenue growth in euro terms declined by
13.5% (Q2: 18.7%). Excluding the impact of hyperinflationary
accounting adjustments, service revenue increased by 3.7% in euro
terms (Q2: 14.8%), driven by ongoing price actions, value accretive
base management and strong growth in Business.
Vodafone Business service revenue increased by 54.8% (Q2: 59.8%) on
an organic basis, supported by demand for digital services and core
connectivity.
Customers
We added 212,000 mobile contract customers during the quarter,
including migrations of prepaid customers.
5G Spectrum
On 16 October 2025, Vodafone Türkiye successfully acquired a
total of 100 MHz of spectrum in the country's 5G auction, for
US$627 million (€539 million). Payments will be phased
equally over three financial years. Vodafone Türkiye will
launch 5G services during 2026. We also renewed all of our existing
spectrum holdings, which were due to expire in 2029, until
2042.
|
Africa⫶
Continued growth across all
markets
|
|||||
|
|
|
|
|
|
|
|
20% of Group service revenue
|
Q3 FY26
|
Q3 FY25
|
Reported
|
Organic
|
|
|
|
€m
|
€m
|
change %
|
change %1
|
|
|
Total revenue
|
2,208
|
2,072
|
6.6
|
|
|
|
- Service revenue
|
1,738
|
1,607
|
8.2
|
13.5
|
|
|
- Other revenue
|
470
|
465
|
|
|
|
Notes:
1.Non-GAAP
measure. See page 8 for more information.
2.Based
on the Euro to Kenyan shilling exchange rate at announcement date
(4 December 2025) of €1 : 150.5 KES.
Growth
Total revenue increased by 6.6% to €2.2 billion as higher
service revenue was partly offset by the depreciation of local
currencies. Service revenue increased by 8.2% (Q2: 8.4%) and
organic service revenue growth was 13.5% (Q2: 13.5%), with growth
across all Vodacom markets.
In South Africa, service revenue increased as good growth in
Business was partially offset by a strong prior year comparative in
the mobile prepaid segment. Financial services growth accelerated
in the quarter with organic growth of 8.4% (Q2: 6.9%), supported by
demand for insurance products.
Service revenue growth in Egypt remained well above inflation
during the quarter due to sustained customer base growth and strong
data demand. This was partially offset by the anniversary of price
increases implemented in the prior year following increased
regulatory price floors. Our financial services product, 'Vodafone
Cash' continued to grow at a strong rate with revenue increasing by
60.0% on an organic basis to €47 million in Q3, now
representing 9.9% of Egypt's service revenue.
In Vodacom's international markets, there was a continued
improvement in trends in Mozambique and an acceleration in the DRC.
Service revenue growth in international markets was supported by an
acceleration in M-Pesa revenue and strong demand for data. M-Pesa
revenue grew by 24.6% on an organic basis to €133 million and
now represents 30.2% of service revenue.
Vodacom Business service revenue grew by 6.9% (Q2: 5.8%) and
organic growth in Vodacom Business service revenue was 12.3% (Q2:
10.8%), supported by strong demand for mobile connectivity and
digital services, in particular IoT.
Customers
In South Africa, we gained 471,000 mobile customers in the quarter
and now have a mobile customer base of over 49 million. Across our
active customer base, 73.6% of our mobile customers now use data
services.
In Egypt, we added 130,000 mobile contract customers and 959,000
mobile prepaid customers, supported by our market-leading NPS, and
we now have a total of 55.2 million mobile customers. 'Vodafone
Cash' reached 13.5 million active users, with 0.9 million users
added during the quarter.
In Vodacom's international markets, we added 2.0 million mobile
customers in Q3, and our mobile customer base is now 65.7 million,
with 66.3% of active customers using our data services. Our M-Pesa
customer base now totals 28.4 million active users, with 1.2
million users added during the quarter.
Portfolio
In November 2025, the Communications Authority of South Africa,
ICASA, approved Vodacom's proposed fibre joint venture with Maziv
Proprietary Limited and the transaction closed on 1 December 2025.
This transaction increases the scale of the country's leading open
access fibre platform and strengthens our fixed growth prospects in
South Africa.
In December 2025, we announced that Vodacom Group Limited had
agreed to acquire an effective 20% of the issued share capital in
Safaricom Plc, Kenya's leading telecoms operator (the
"Acquisition"). Vodacom will acquire 15% from the Government of
Kenya for a cash consideration of €1.36
billion2 and
5% from Vodafone for a cash consideration of €0.45
billion2.
Following completion of the Acquisition, Safaricom will be owned by
Vodacom (55%), the Government of Kenya (20%) and public investors
(25%). Safaricom will be consolidated by both Vodacom and
Vodafone.
The Acquisition provides both Vodafone and Vodacom with an
opportunity to gain controlling ownership of one of Africa's most
successful telecoms and financial services businesses. Completion
of the Acquisition is subject to a number of conditions, including,
but not limited to, regulatory approvals in Kenya, South Africa and
Ethiopia. The Acquisition is expected to close in the first quarter
of the 2026 calendar year.
Notes to the Q3 FY26 Trading update
Basis of preparation
Adjusted EBITDAaL and Operating profit has been extracted from the
Group's unaudited consolidated financial statements for the nine
months ended 31 December 2025.
These financial statements, insofar as they are applicable to the
calculation of Adjusted EBITDAaL and Operating profit, include all
adjustments necessary for a fair statement of Adjusted EBITDAaL and
Operating profit for the periods presented and apply the same
accounting policies, presentation and methods of calculation as
those followed in the preparation of the Group's consolidated
financial statements for the year ended 31 March 2025, which were
prepared in accordance with UK-adopted International Accounting
Standards ('IAS'), with International Financial Reporting Standards
('IFRS') as issued by the IASB and with the requirements of the UK
Companies Act 2006, except no impairment assessment in accordance
with IAS 36 "Impairment of Assets" or IAS 28 "Investments in
Associates and Joint Ventures" has been conducted at 31 December
2025.
The preparation of the unaudited consolidated financial statements
requires management to make certain estimates and assumptions that
affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the end of the
reporting period, and the reported amounts of revenue and expenses
during the period. Actual results could vary from these estimates.
These estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised if the revisions affect
only that period or in the period of the revision and future
periods if the revision affects both current and future periods.
The purchase price allocations for the acquisitions of Three UK on
31 May 2025, and of a non-controlling interest in Maziv Proprietary
Limited ('Maziv') on 1 December 2025, remain
provisional.
Merger of Vodafone UK and Three UK
On 31 May 2025, the Group and CK Hutchison Group Telecom Holdings
Limited ('CKHGT'), a wholly owned subsidiary of CK Hutchison
Holdings Limited ('Hutchison'), transferred their UK
telecommunication businesses, respectively Vodafone UK and Three
UK, into VodafoneThree Holdings Limited ('VTHL'). Following
completion, VTHL is a subsidiary of the Group, in which the Group
owns 51% of the issued share capital and CKHGT indirectly owns 49%.
The Group is consolidating VodafoneThree into its financial results
from 1 June 2025.
Acquisition of a non-controlling interest in Maziv
On 1 December 2025, the Group acquired a 30% stake in the issued
share capital of Maziv in exchange for certain Vodacom fibre
assets, and cash. The Group has included its share of results from
this date within 'Share of results of equity accounted associates
and joint ventures'.
Critical accounting judgements and estimates
The Group's critical accounting judgements and estimates are
disclosed in the Group's Annual Report for the year ended 31 March
2025.
Judgements relating to impairment testing
Oak Holdings 1 GmBH, a 50% owned Joint Venture of the Group,
retains a 37.6% interest in Infrastrutture Wireless Italiane S.p.A.
('Inwit'). During the three months ended 31 December 2025, the
Inwit share price declined significantly. The implications of this
decline in share price will be reflected in impairment testing to
be performed by Oak Holdings 1 GmBH, the results of which will be
reported as part of our FY26 financial results in May.
Non-GAAP measures
In the discussion of the Group's reported operating results,
non-GAAP measures are presented to provide readers with additional
financial information that is regularly reviewed by management.
This additional information presented is not uniformly defined by
all companies including those in the Group's industry. Accordingly,
it may not be comparable with similarly titled measures and
disclosures by other companies. Additionally, certain information
presented is derived from amounts calculated in accordance with
IFRS but is not itself a measure defined under GAAP. Such measures
should not be viewed in isolation or as an alternative to the
equivalent GAAP measure. The non-GAAP measures discussed in this
document are listed below.
|
Non-GAAP measure
|
Defined on page
|
Closest equivalent GAAP measure
|
Reconciled on page
|
|
Performance metrics
|
|
|
|
|
Organic
revenue growth
|
Page
8
|
Revenue
|
Pages 9
and 10
|
|
Organic
service revenue growth
|
Page
8
|
Service
revenue
|
Pages 9
and 10
|
|
Organic
mobile service revenue growth
|
Page
8
|
Service
revenue
|
Pages 9
and 10
|
|
Organic
fixed service revenue growth
|
Page
8
|
Service
revenue
|
Pages 9
and 10
|
|
Organic
Vodafone Business service revenue growth
|
Page
8
|
Service
revenue
|
Pages 9
and 10
|
|
South
Africa: Financial services organic revenue growth
|
Page
8
|
Service
revenue
|
Pages 9
and 10
|
|
Vodacom
International: M-Pesa organic revenue growth
|
Page
8
|
Service
revenue
|
Pages 9
and 10
|
|
Egypt:
Financial services (Vodafone Cash) organic revenue
growth
|
Page
8
|
Service
revenue
|
Pages 9
and 10
|
|
Group
Adjusted EBITDAaL
|
Page
11
|
Operating
profit
|
Page
11
|
|
Organic
Group Adjusted EBITDAaL growth
|
Pages 8
and 11
|
Operating
profit
|
Page
11
|
|
Organic
Group Adjusted EBITDAaL margin growth
|
Pages 8
and 11
|
Operating
profit
|
Page
11
|
Performance metrics
Organic growth
Organic growth presents performance on a comparable basis,
excluding the impact of foreign exchange rates, mergers and
acquisitions, the hyperinflation adjustment in Türkiye and
other adjustments to improve the comparability of results between
periods.
Whilst organic growth is not intended to be a substitute for
reported growth, nor is it superior to reported growth, we believe
that the measure provides useful and necessary information to
investors and other interested parties for the following reasons:
(i) It provides additional information on underlying growth of the
business without the effect of certain factors unrelated to its
operating performance; (ii) It is used for internal performance
analysis; and (iii) It facilitates comparability of underlying
growth with other companies (although the term 'organic' is not a
defined term under GAAP and may not, therefore, be comparable with
similarly-titled measures reported by other
companies).
We have not provided a comparative in respect of organic growth
rates as the current rates describe the change between the
beginning and end of the current period, with such changes being
explained by the commentary in this document. If comparatives were
provided, significant sections of the commentary for prior periods
would also need to be included, reducing the usefulness and
transparency of this document.
Service revenue growth in Türkiye excluding the impact of the
hyperinflationary adjustment
This growth metric presents performance in Türkiye excluding
hyperinflationary adjustment recorded in the Group's consolidated
financial statements in accordance with IAS 29 'Financial Reporting
in Hyperinflationary Economies'.
Non-GAAP measures
|
Quarter ended 31 December 2025
|
|||||||
|
|
Q3 FY26
|
Q3 FY25
|
Reported
growth
|
M&A and
Other
|
Foreign
exchange
|
Organic
growth
|
|
|
|
€m
|
€m
|
%
|
pps
|
pps
|
%
|
|
|
Service revenue
|
|
|
|
|
|
|
|
|
Germany
|
2,726
|
2,706
|
0.7
|
-
|
-
|
0.7
|
|
|
Mobile service revenue
|
1,295
|
1,259
|
2.8
|
-
|
-
|
2.8
|
|
|
Fixed service revenue
|
1,431
|
1,447
|
(1.1)
|
-
|
-
|
(1.1)
|
|
|
UK
|
1,975
|
1,507
|
31.1
|
(38.4)
|
6.8
|
(0.5)
|
|
|
Mobile service revenue
|
1,565
|
1,096
|
42.8
|
(52.1)
|
7.5
|
(1.8)
|
|
|
Fixed service revenue
|
410
|
411
|
(0.2)
|
-
|
5.0
|
4.8
|
|
|
Other Europe
|
1,243
|
1,201
|
3.5
|
(1.6)
|
(0.7)
|
1.2
|
|
|
Türkiye1
|
671
|
776
|
(13.5)
|
4.8
|
47.2
|
38.5
|
|
|
Africa
|
1,738
|
1,607
|
8.2
|
-
|
5.3
|
13.5
|
|
|
Common Functions
|
183
|
165
|
|
|
|
|
|
|
Eliminations
|
(30)
|
(33)
|
|
|
|
|
|
|
Total service revenue
|
8,506
|
7,929
|
7.3
|
(7.8)
|
5.9
|
5.4
|
|
|
Other revenue
|
1,946
|
1,882
|
|
|
|
|
|
|
Revenue
|
10,452
|
9,811
|
6.5
|
(9.5)
|
6.0
|
3.0
|
|
|
|
|
|
|
|
|
|
|
|
Other growth metrics
|
|
|
|
|
|
|
|
|
Vodafone Business - Service revenue
|
2,054
|
2,051
|
0.1
|
(1.1)
|
4.0
|
3.0
|
|
|
Germany - Vodafone Business service revenue
|
583
|
594
|
(1.8)
|
-
|
-
|
(1.8)
|
|
|
UK - Vodafone Business service revenue
|
536
|
560
|
(4.3)
|
(6.1)
|
5.0
|
(5.4)
|
|
|
Other Europe - Vodafone Business service revenue
|
407
|
395
|
3.0
|
2.6
|
(0.9)
|
4.7
|
|
|
Türkiye - Vodafone Business service revenue
|
111
|
115
|
(3.5)
|
5.1
|
53.2
|
54.8
|
|
|
Africa - Vodacom Business service revenue
|
309
|
289
|
6.9
|
-
|
5.4
|
12.3
|
|
|
South Africa - Financial services revenue
|
48
|
46
|
4.3
|
-
|
4.1
|
8.4
|
|
|
Vodacom International M-Pesa revenue
|
133
|
113
|
17.7
|
-
|
6.9
|
24.6
|
|
|
Egypt - Financial services revenue (Vodafone Cash)
|
47
|
30
|
56.7
|
-
|
3.3
|
60.0
|
|
Note:
1.Reported
service revenue growth in Türkiye of -13.5% includes -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
3.7%.
Non-GAAP measures
|
Quarter ended 30 September 2025
|
|||||||
|
|
Q2 FY26
|
Q2 FY25
|
Reported
growth
|
M&A and
Other
|
Foreign
exchange
|
Organic
growth
|
|
|
|
€m
|
€m
|
%
|
pps
|
pps
|
%
|
|
|
Service revenue
|
|
|
|
|
|
|
|
|
Germany
|
2,737
|
2,722
|
0.5
|
-
|
-
|
0.5
|
|
|
Mobile service revenue
|
1,315
|
1,266
|
3.8
|
-
|
-
|
3.8
|
|
|
Fixed service revenue
|
1,422
|
1,456
|
(2.3)
|
-
|
-
|
(2.3)
|
|
|
UK
|
2,018
|
1,462
|
38.0
|
(40.3)
|
3.5
|
1.2
|
|
|
Mobile service revenue
|
1,612
|
1,063
|
51.6
|
(55.1)
|
3.9
|
0.4
|
|
|
Fixed service revenue
|
406
|
399
|
1.8
|
-
|
2.5
|
4.3
|
|
|
Other Europe
|
1,231
|
1,230
|
0.1
|
-
|
(0.6)
|
(0.5)
|
|
|
Türkiye1
|
698
|
588
|
18.7
|
1.4
|
28.3
|
48.4
|
|
|
Africa
|
1,628
|
1,502
|
8.4
|
-
|
5.1
|
13.5
|
|
|
Common Functions
|
196
|
176
|
|
|
|
|
|
|
Eliminations
|
(39)
|
(36)
|
|
|
|
|
|
|
Total service revenue
|
8,469
|
7,644
|
10.8
|
(8.1)
|
3.1
|
5.8
|
|
|
Other revenue
|
1,755
|
1,596
|
|
|
|
|
|
|
Revenue
|
10,224
|
9,240
|
10.6
|
(9.2)
|
3.2
|
4.6
|
|
|
|
|
|
|
|
|
|
|
|
Other growth metrics
|
|
|
|
|
|
|
|
|
Vodafone Business - Service revenue
|
2,027
|
1,979
|
2.4
|
(1.7)
|
2.2
|
2.9
|
|
|
Germany - Vodafone Business service revenue
|
589
|
598
|
(1.6)
|
-
|
-
|
(1.6)
|
|
|
UK - Vodafone Business service revenue
|
540
|
532
|
1.5
|
(5.9)
|
2.7
|
(1.7)
|
|
|
Other Europe - Vodafone Business service revenue
|
385
|
389
|
(1.0)
|
-
|
(0.4)
|
(1.4)
|
|
|
Türkiye - Vodafone Business service revenue
|
109
|
85
|
28.2
|
1.5
|
30.1
|
59.8
|
|
|
Africa - Vodacom Business service revenue
|
292
|
276
|
5.8
|
-
|
5.0
|
10.8
|
|
|
South Africa - Financial services revenue
|
45
|
44
|
2.3
|
-
|
4.6
|
6.9
|
|
|
Vodacom International - M-Pesa revenue
|
121
|
101
|
19.8
|
-
|
2.8
|
22.6
|
|
|
Egypt - Financial services revenue (Vodafone Cash)
|
36
|
27
|
33.3
|
-
|
9.7
|
43.0
|
|
Note:
1.Reported
service revenue growth in Türkiye of 18.7% includes 3.9pps in
relation to the application of IAS 29 'Financial Reporting in
Hyperinflationary Economies'. Growth in Türkiye
excluding the impact of this hyperinflationary adjustment was
14.8%.
Non-GAAP measures
|
Non-GAAP measure
|
Purpose
|
Definition
|
|
Adjusted
EBITDAaL
|
Adjusted
EBITDAaL is used in conjunction with financial measures such as
operating profit to assess our operating performance
and
profitability. It is a key external metric used by the investor
community to assess performance of our
operations.
It is
our segment performance measure in accordance with IFRS 8
(Operating Segments).
|
Adjusted
EBITDAaL is operating profit after depreciation on lease-related
right of use assets and interest on lease liabilities but excluding
depreciation, amortisation and gains/losses on disposal of owned
assets and excluding share of results of equity accounted
associates and joint ventures, impairment losses/reversals,
restructuring costs arising from discrete restructuring plans,
other income and expense and significant items that are not
considered by management to be reflective of the underlying
performance of the Group.
|
|
Adjusted
EBITDAaL margin
|
|
Adjusted
EBITDAaL margin is Adjusted EBITDAaL divided by
Revenue.
|
The tables below provide the reconciliations of: (i) Group Adjusted
EBITDAaL to Group Operating profit which is the closest equivalent
GAAP measure; (ii) Reported growth in Group Adjusted EBITDAaL to
organic growth in Group Adjusted EBITDAaL; and (iii) Reported
growth in the Group Adjusted EBITDAaL margin and the organic growth
in the Group Adjusted EBITDAaL margin.
|
|
Q3 FY26
|
Q3 FY25
|
Reported growth
|
M&A and Other
|
Foreign exchange
|
Organic growth
|
|
|
€m
|
€m
|
%
|
pps
|
pps
|
%
|
|
Group Adjusted EBITDAaL
|
2,816
|
2,828
|
(0.4)
|
(2.6)
|
5.3
|
2.3
|
|
Restructuring costs
|
(143)
|
(40)
|
|
|
|
|
|
Interest on lease liabilities
|
158
|
127
|
|
|
|
|
|
Profit/(loss) on disposal of property, plant and equipment and
intangible assets
|
13
|
(4)
|
|
|
|
|
|
Depreciation and amortisation of owned assets
|
(2,206)
|
(2,018)
|
|
|
|
|
|
Share of results of equity accounted associates and joint
ventures
|
(30)
|
(26)
|
|
|
|
|
|
Other (expense)/income
|
(125)
|
155
|
|
|
|
|
|
Group Operating
profit1
|
483
|
1,022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage point change in Adjusted EBITDAaL margin
|
26.9
|
28.8
|
(1.9)
|
1.8
|
(0.1)
|
(0.2)
|
|
|
|
|
|
|
|
|
|
|
YTD FY26
€m
|
YTD FY25
€m
|
Reported growth
%
|
M&A and Other
pps
|
Foreign exchange
pps
|
Organic growth
%
|
|
Group Adjusted EBITDAaL
|
8,544
|
8,239
|
3.7
|
(2.3)
|
3.9
|
5.3
|
|
Restructuring costs
|
(329)
|
(98)
|
|
|
|
|
|
Interest on lease liabilities
|
450
|
347
|
|
|
|
|
|
Profit/(loss) on disposal of property, plant and equipment and
intangible assets
|
168
|
(16)
|
|
|
|
|
|
Depreciation and amortisation of owned assets
|
(6,301)
|
(5,690)
|
|
|
|
|
|
Share of results of equity accounted associates and joint
ventures
|
152
|
(66)
|
|
|
|
|
|
Other (expense)/income
|
(39)
|
688
|
|
|
|
|
|
Group Operating
profit1
|
2,645
|
3,404
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage point change in Adjusted EBITDAaL margin
|
28.4
|
29.3
|
(0.9)
|
1.2
|
-
|
0.3
|
Note:
1.See
page 7 for information on the basis of
preparation.
Definitions
Key terms are defined below. See page 8 for the location of
definitions for non-GAAP measures.
|
Term
|
Definition
|
|
Africa
|
Comprises
the Vodacom Group.
|
|
ARPU
|
Average
revenue per user, defined as customer revenue and incoming revenue
divided by average customers.
|
|
Common
Functions
|
Comprises
central teams and business functions.
|
|
Depreciation
and amortisation
|
The
accounting charge that allocates the cost of tangible or intangible
assets, whether owned or leased, to the income statement over its
useful life. The measure includes the profit or loss on
disposal of property, plant and equipment, software and leased
assets.
|
|
Eliminations
|
Refers
to the removal of intercompany transactions to derive the
consolidated financial statements.
|
|
Europe
|
Comprises
the Group's European businesses and the UK.
|
|
Fixed
service revenue
|
Service
revenue (see below) relating to the provision of fixed line and
carrier services.
|
|
GAAP
|
Generally
Accepted Accounting Principles.
|
|
IFRS
|
International
Financial Reporting Standards.
|
|
Incoming
revenue
|
Comprises
revenue from termination rates for voice and messaging to Vodafone
customers.
|
|
Internet
of Things ('IoT')
|
The
network of physical objects embedded with electronics, software,
sensors, and network connectivity, including built-in mobile SIM
cards, that enable these objects to collect data and
exchange communications with one another or a
database.
|
|
MDU
|
Multi
Dwelling Units.
|
|
Mobile
service revenue
|
Service
revenue (see below) relating to the provision of mobile
services.
|
|
NPS
|
Net
Promoter Score.
|
|
Other
Europe
|
Other
Europe markets comprise Portugal, Ireland, Greece, Romania, Czech
Republic and Albania.
|
|
Other
revenue
|
Other
revenue principally includes equipment revenue, interest income,
income from partner market arrangements and lease revenue,
including in respect of the lease out of passive tower
infrastructure.
|
|
Reported
growth
|
Reported
growth is based on amounts reported in euros and determined under
IFRS.
|
|
Revenue
|
The
total of Service revenue (see below) and Other revenue (see
above).
|
|
Roaming
|
Roaming
allows customers to make calls, send and receive texts and data on
our and other operators' mobile networks, usually while
travelling abroad.
|
|
Service
revenue
|
Service
revenue is all revenue related to the provision of ongoing services
to the Group's consumer and enterprise customers, together
with roaming revenue, revenue from incoming and
outgoing network usage by non-Vodafone customers and interconnect
charges for incoming calls.
|
|
Vodafone
Business
|
Vodafone
Business supports organisations in a digital world. With Vodafone's
expertise in connectivity, our leading IoT platform and our
global scale, we deliver the results that organisations need
to progress and thrive. We support businesses of all sizes and
sectors.
|
Notes
1. References
to Vodafone are to Vodafone Group Plc and references to Vodafone
Group are to Vodafone Group Plc and its subsidiaries unless
otherwise stated. Vodafone, the Vodafone Speech Mark Devices,
Vodacom and everyone.connected are trademarks owned by Vodafone.
Other product and company names mentioned herein may be the
trademarks of their
respective
owners.
2. All
growth rates reflect a comparison to the quarter ended 31 December
2024 unless otherwise stated.
3. References
to "Q1", "Q2", "Q3" and "Q4" are to the three months ended 30 June,
30 September, 31 December and 31 March. References to the "year",
"financial year" or "FY26" are to the financial year ending 31
March 2026. References to "last year", "last financial year" or
"FY25" are to the financial year ended 31 March 2025. References to
"YTD" are to
the
nine months ended 31 December.
4. Vodacom
refers to the Group's interest in Vodacom Group Limited ('Vodacom')
as well as its operations, including subsidiaries in South Africa,
Egypt, DRC, Tanzania, Mozambique and Lesotho.
5. This
document contains references to our and our affiliates' websites.
Information on any website is not incorporated into this update and
should not be considered part of this update.
Forward-looking statements and other matters
This document contains 'forward-looking statements' within the
meaning of the US Private Securities Litigation Reform Act of 1995
with respect to the Group's financial condition, results of
operations and businesses and certain of the Group's plans and
objectives. In particular, such forward-looking statements include,
but are not limited to, statements with respect to: the Group's
portfolio transformation plan; expectations regarding the Group's
financial condition or results of operations and the guidance for
Adjusted EBITDAaL and Adjusted free cash flow for the financial
year ending 31 March 2026; the integration of Skaylink, Telekom
Romania and VodafoneThree; the acquisition of Safaricom;
expectations for the Group's future performance generally;
expectations for the Group's dividend policy; the Group's share
buyback programme; expectations regarding the operating environment
and market conditions and trends, including customer usage,
competitive position and macroeconomic pressures, price trends and
opportunities in specific geographic markets; intentions and
expectations regarding the development, launch and expansion of
products, services and technologies, either introduced by Vodafone
or by Vodafone in conjunction with third parties or by third
parties independently; expectations regarding the integration or
performance of current and future investments, associates, joint
ventures, non-controlled interests and newly acquired businesses;
the impact of regulatory and legal proceedings involving the Group
and of scheduled or potential regulatory changes; certain of the
Group's plans and objectives, including the Group's
strategy.
Forward-looking statements are sometimes but not always identified
by their use of a date in the future or such words as 'will',
'may', 'expects', 'believes', 'continue', 'plans', 'further',
'ongoing', 'progress', 'targets' or 'could'. By their nature,
forward-looking statements are inherently predictive, speculative
and involve risk and uncertainty because they relate to events and
depend on circumstances that will occur in the future. There are a
number of factors that could cause actual results and developments
to differ materially from those expressed or implied by these
forward-looking statements. These factors include, but are not
limited to the following: general economic and political conditions
in the jurisdictions in which the Group operates and changes to the
associated legal, regulatory and tax environments; increased
competition; levels of investment in network capacity and the
Group's ability to deploy new technologies, products and services,
including artificial intelligence;the Group's ability to optimise
its portfolio in line with its business transformation
plan;evolving cyber threats to the Group's services and
confidential data; rapid changes to existing products and services
and the inability of new products and services to perform in
accordance with expectations; the ability of the Group to integrate
new technologies, products and services with existing networks,
technologies, products and services; the Group's ability to
generate and grow revenue; slower than expected impact of new or
existing products, services or technologies on the Group's future
revenue, cost structure and capital expenditure outlays; slower
than expected customer growth, reduced customer retention,
reductions or changes in customer spending and increased pricing
pressure; the Group's ability to extend and expand its spectrum
resources, to support ongoing growth in customer demand for mobile
data services; the Group's ability to secure the timely delivery of
high-quality products from suppliers; loss of suppliers, disruption
of supply chains, shortages and greater than anticipated prices of
new mobile handsets; changes in the costs to the Group of, or the
rates the Group may charge for, terminations and roaming minutes;
the impact of a failure or significant interruption to the Group's
telecommunications, data centres, networks, IT systems or data
protection systems; the Group's ability to realise expected
benefits from acquisitions, partnerships, joint ventures,
associates, franchises, brand licences, platform sharing or other
arrangements with third parties, including the combination of
Vodafone's UK business with Three UK, the mobile network sharing
agreement with Virgin Media O2 and the Group's strategic
partnerships with Microsoft and Google; acquisitions and
divestments of Group businesses and assets and the pursuit of new,
unexpected strategic opportunities; the Group's ability to
integrate acquired business or assets; the extent of any future
write-downs or impairment charges on the Group's assets, or
restructuring charges incurred as a result of an acquisition or
disposal; developments in the Group's financial condition, earnings
and distributable funds and other factors that the Board takes into
account in determining the level of dividends; the Group's ability
to satisfy working capital requirements; changes in foreign
exchange rates; changes in the regulatory framework in which the
Group operates; the impact of legal or other proceedings against
the Group or other companies in the communications industry; and
changes in statutory tax rates and profit mix.
A review of the reasons why actual results and developments may
differ materially from the expectations disclosed or implied within
forward-looking statements can be found in the summary of our
principal risks in the Group's Annual Report for the year ended 31
March 2025 and under "Risk factors" and "Forward-looking statements
and other matters" in the Vodafone Group Plc H1 results for the six
months ended 30 September 2025. The Annual Report can be found on
the Vodafone Group's website (vodafone.com/investors). All subsequent written or oral forward-looking
statements attributable to Vodafone or any member of the Vodafone
Group or any persons acting on their behalf are expressly qualified
in their entirety by the factors referred to above. No assurances
can be given that the forward-looking statements in this document
will be realised. Subject to compliance with applicable law and
regulations, Vodafone does not intend to update these
forward-looking statements and does not undertake any obligation to
do so.
Copyright © Vodafone Group 2026
-End-
|
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorised.
|
|
VODAFONE
GROUP
|
|
|
PUBLIC
LIMITED COMPANY
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
Date:
February 05, 2026
|
By: /s/ M D B
|
|
|
Name: Maaike de Bie
|
|
|
Title: Group General Counsel and Company Secretary
|