Vodafone Posts Strong FY26 Growth as Revenue Hits €40.5bn and Profit Recovers

Vodafone Group  has reported strong financial and operational performance in its FY26 preliminary results, highlighting the company’s transformation into what it described as a “simpler, stronger, growing” business. The telecom giant posted total revenue of €40.5 billion for the financial year ended March 2026, representing an 8% increase from the previous year, while service revenue rose 8.8% to €33.5 billion. Organic service revenue growth reached 5.4%, driven by strong performances in Africa and Türkiye, alongside a return to top-line growth in Germany.

“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, Vodafone Group 

Vodafone’s adjusted EBITDAaL increased 3.8% to €11.4 billion, while operating profit climbed sharply to €2.8 billion from a loss of €0.4 billion in the previous year. The company also achieved adjusted free cash flow of €2.6 billion, meeting the top end of its financial guidance. Shareholders benefited from a 2.5% increase in dividends and the completion of a €2 billion share buyback programme.

The company highlighted major strategic developments across its global markets. In the United Kingdom, Vodafone completed the merger of Vodafone UK and Three UK, creating the country’s largest mobile network operator with more than 28 million customers. Vodafone also announced plans to take full ownership of the joint venture through a £4.3 billion buyout of CK Hutchison’s stake.

Africa remained a key growth engine for the group, with organic service revenue growth of 12.9%. The company cited strong performances in South Africa, Egypt and Vodacom’s international markets, driven by rising demand for mobile data, digital financial services and broadband connectivity. Vodafone also announced plans to strengthen its African footprint through Vodacom’s proposed acquisition of an additional stake in Safaricom Plc, Kenya’s leading telecoms operator.

Looking ahead, Vodafone forecast FY27 adjusted EBITDAaL of between €11.9 billion and €12.2 billion, with adjusted free cash flow expected to range from €2.6 billion to €2.9 billion. The company said it remains focused on customer experience, operational efficiency and growth opportunities across Europe, Africa and digital business services.