Vodafone Group
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Vodafone Group (VOD) investor relations material

Vodafone Group Q3 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2026 earnings summary5 Feb, 2026

Executive summary

  • Group service revenue grew 5.4% in Q3, with strong contributions from Africa, Türkiye, and Germany, and continued growth in Europe; UK performance in line with expectations despite a decline due to tough prior year comparatives.

  • Adjusted EBITDAaL increased 2.3% in Q3 and 5.3% year-to-date, supporting expectations to deliver at the upper end of FY26 guidance.

  • Strategic priorities advanced, including improved customer experience in Germany, accelerated network investment in the UK, and successful integration of Three UK and Telekom Romania assets.

  • Acquisition of Skaylink completed to support digital and cloud services growth.

  • Vodacom's acquisition of a 20% stake in Safaricom announced, reinforcing African leadership.

Financial highlights

  • Group service revenue up 5.4% year-over-year in Q3; Europe up 0.4%, Africa up 13.5%, Türkiye up 3.7% in euro terms, and Egypt up 33.1% in euro terms.

  • Adjusted EBITDAaL grew 2.3% in Q3 and 5.3% year-to-date to €8.5bn.

  • Group total revenue rose 6.5% year-over-year to €10.5 billion in Q3, driven by Africa and asset consolidations.

  • New customer ARPU in Germany up 21% year-over-year, stabilizing consumer broadband revenues.

  • Net Promoter Scores increasing across the group.

Outlook and guidance

  • On track to deliver at the upper end of FY26 guidance for Adjusted EBITDAaL (€11.3–11.6 billion) and Adjusted free cash flow (€2.4–2.6 billion).

  • FY26 dividend per share expected to grow by 2.5%, reflecting medium-term free cash flow growth.

  • Leverage ratio expected in the lower half of the 2.25–2.75x range.

  • U.K. to see a step up in CapEx in 2027, coinciding with peak investment in the 5G network.

  • Multi-year growth trajectory for adjusted free cash flow and EBITDA remains intact through 2027.

Germany's broadband ARPU growth sustainability?
Inwit impairment impact on FY26 results?
Safaricom acquisition's capital allocation impact?
Detail UK merger synergy progress
Germany's ARPU strategy effectiveness?
Vodafone Business digital services outlook?
Germany broadband: competitor response to value strategy
FY27 adjusted free cash flow: key moving parts
EU Digital Networks Act: long-term strategic impact
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Frequently asked questions

London Calling

Vodafone Group Plc., recognized by its speech-mark logo, is a prominent player in the telecommunications business. Founded in 1982 and headquartered in London, Vodafone has grown to be a prominent global presence across multiple continents. The company provides a wide range of services including mobile voice, messaging, data, fixed communications, unified communications, cloud and hosting, and Internet of Things (IoT) services.

Growth Through M&A

Vodafone's journey started in the UK and has since grown to offer services in over 65 countries worldwide. Apart from growing organically, the evolution of Vodafone has been driven by a series of strategic acquisitions and mergers. The largest, and most famous, of these was the complex merger with Mannesmann AG in 2000, which at the time was the biggest takeover in business history. Vodafone then continued to expand through acquisitions like that of Hutchison Essar in India in 2007, and strategic partnerships like the joint venture with Verizon Communications in the United States. Today, Vodafone has a broad and diverse customer base that extends across Europe, Africa, and Asia-Pacific.

Not Just Telephones

Its services go beyond traditional mobile telephony to provide broadband connectivity, IoT devices, digital payments, and other advanced digital solutions. A key part of Vodafone's strategy is its focus on IoT, and it has become one of the leading global providers of IoT connectivity. The company has connected various devices ranging from Volkswagen cars to heating systems, and it is also a major provider of managed IoT services to corporate clients.

5G and Beyond

In an era where fast, reliable connectivity is more important than ever, Vodafone has placed a large emphasis on 5G technology deployment. The company has launched 5G services in numerous markets across Europe, promising greater speed, lower latency, and improved capacity compared to the existing 4G networks common today. The company has also been investing in other areas such as artificial intelligence, cloud computing, and advanced data analytics, indicating its intent to continue to adapt and evolve as the world moves into a new digital era.

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