$VOD · VODAFONE GROUP PUBLIC LTD CO
Vodafone's H1 FY27 results (six months ended 30 September 2026) show total revenue up 11.4% to €21.9B and service revenue up 12.8% to €18.4B (5.8% organic). Adjusted EBITDAaL rose 12.6% to €6.5B (6.4% organic). The company swung to a €3.6B loss from a €1.1B profit, driven by a €4.85B Germany impairment and a UK deferred tax asset write-down, partially offset by a Safaricom gain. FY27 guidance was upgraded to Adjusted EBITDAaL of €13.2–13.4B and Adjusted FCF of €2.8–3.0B, implying 7% EBITDAaL and 21% FCF organic growth at mid-points.
- Revenue rose 11.4% to €21.9B; service revenue up 12.8% to €18.4B.
- Adjusted EBITDAaL up 12.6% to €6.5B, margin improved 0.5pp to 29.5%.
- Loss of €3.6B vs €1.1B profit, driven by €4.85B Germany impairment.
- FY27 guidance upgraded to €13.2–13.4B Adjusted EBITDAaL and €2.8–3.0B Adjusted FCF.
- Interim dividend raised 2.5% to 2.306 eurocents per share.
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Vodafone pairs a headline loss from non-cash impairments with an upgraded full-year profit and cash flow outlook, signaling underlying operational momentum despite Germany weakness and the Safaricom legal overhang.
Vodafone's organic service revenue growth of 5.8% and guidance upgrade contrast with ongoing Germany mobile pressure, a key European telecom turnaround watchpoint.
The Safaricom acquisition faces an ongoing Kenyan legal challenge, with the High Court declaring the transaction null and void on 15 September 2026; the Court of Appeal ordered status quo pending determination. Germany remains under pressure, with organic service revenue up only 0.4%.