Vodafone publishes H1 FY27 results transcript

VOD•2026-11-10

Vodafone raised its FY27 adjusted EBITDAaL and adjusted free cash flow guidance, implying more than 20% cash flow growth at the midpoint. Second-quarter group service revenue growth accelerated to 6.4%, while first-half adjusted EBITDAaL rose 6.4%.

1. Guidance and cost targets

Vodafone raised its FY27 adjusted EBITDAaL and adjusted free cash flow guidance, implying over 20% cash flow growth at the midpoint. The company increased its UK annual synergy target to £800 million from £700 million by FY30 following full ownership of VodafoneThree. Across Europe and shared operations, annual operating cost savings targets exceed €2 billion gross and €1 billion net by FY30.

2. First-half results

CEO Margherita Della Valle and CFO Pilar López presented the first-half results, highlighting Germany as a continuing focus. Group service revenue growth accelerated to 6.4% in the second quarter, and first-half adjusted EBITDAaL rose 6.4%.