Vodafone Group Plc (LSE: VOD) reports its FY26 full-year results on 12 May 2026, and the telecoms giant enters the occasion on its strongest footing in years following a share price recovery and a series of transformative deals.
Having hit a multi-decade low in early 2025, Vodafone shares have surged approximately 68% over the past year to around 118.65p, valuing the Group at roughly £27.33 billion.
The recovery has been driven by CEO Margherita Della Valle’s turnaround strategy, which has focused on asset disposals, accelerated share buybacks (€3.5bn completed since May 2024), and Vodafone’s first dividend increase in eight years — announced at the H1 FY26 results in November 2025.
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Analyst Consensus Expectations
Analysts are expecting full-year revenue of around €40.42bn and Adjusted EBITDAaL of approximately €11.5bn — broadly in line with the upper end of management’s own guidance range.
Adjusted Free Cash Flow consensus sits at roughly €2.5bn. These figures provide the key benchmark: a beat on EBITDAaL or FCF would likely be well received, while any miss — particularly on cash generation — could see the recent share price momentum tested.
Guidance
Management reaffirmed at Q3 that the Group is “on track to deliver at the upper end” of its full-year guidance ranges: Adjusted EBITDAaL of €11.3–11.6bn and Adjusted Free Cash Flow of €2.4–2.6bn. Through nine months, EBITDAaL stood at €8.544bn on organic growth of +5.3%, putting the upper end firmly within reach.
Key Themes
Germany remains the crucial swing factor — organic service revenue growth improved sequentially to +0.7% in Q3 but fell short of expectations, sending shares down 5% on results day in February.
Africa (Vodacom) continues to fire on all cylinders with +13.5% organic service revenue growth. The UK integration of VodafoneThree is progressing well, with 28.6 million customers and 1.77 million broadband subscribers.
Investors will also watch for the first formal FY27 guidance, particularly given the Group’s announcement just days before results that it will buy out CK Hutchison’s 49% stake in VodafoneThree for £4.3bn, targeting £700 million in annual savings by 2030.
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