$VOD · VODAFONE GROUP PUBLIC LTD CO

Vodafone filed a 6-K containing its VodafoneThree Investor Briefing presentation dated October 8, 2026. The company upgraded its annual cost-savings target for the merged UK entity to £1 billion by FY32 (previously £0.7 billion by FY30), set a mid-to-high single-digit Adjusted EBITDAaL CAGR target for FY25-32, and guided for operating free cash flow to more than triple by FY32 versus FY25. The briefing outlines a 10-year £11 billion network investment plan to build a 5G standalone, AI-ready network across the UK.

Extended-hours trading shows VOD at $16.47, down 1.91% from the regular close of $16.79, suggesting initial skepticism about the long-dated FY32 targets despite the upgraded cost-savings ambition.

Vodafone is staking its UK growth narrative on VodafoneThree delivering £1 billion in annual savings and tripling free cash flow — ambitious multi-year targets that will define the merger's success or

VodafoneThree, formed from the June 2025 merger of Vodafone UK and Three UK, is now the UK's largest mobile operator. The upgraded targets signal confidence in consolidation-driven value creation in a mature European telecom market where scale is increasingly critical for network investment returns.

All targets are aspirational and not profit forecasts; cost savings and synergies may not be achieved, may be delayed, or may differ materially from estimates. The £11 billion network investment plan carries execution risk over a 10-year horizon.