Vodafone Group PLC released its third‑quarter 2026 results on February 5, 2026, reporting total revenue of €10.5 billion, a 6.5 % year‑over‑year increase, and service revenue of €8.5 billion, up 7.3 % YoY. Organic service revenue grew 5.4 % in the quarter, a slight deceleration from 5.8 % in Q2, but the company reiterated its full‑year guidance, targeting the upper end of its Adjusted EBITDAaL range of €11.3 billion to €11.6 billion and Adjusted free cash flow of €2.4 billion to €2.6 billion.
The growth mix was uneven. Africa delivered a 13.5 % jump in organic service revenue, while Turkey’s reported revenue fell 14.5 % on a currency‑adjusted basis, dragging the overall figure below some analyst forecasts. Germany posted modest 0.7 % growth, below expectations, and the UK saw a 0.5 % decline in organic service revenue, a trend that management had warned about in prior guidance.
Operating profit fell 52.7 % to €0.5 billion from €1.02 billion a year earlier, largely due to one‑time M&A‑related charges and accounting adjustments from the simplification of the Indian business. Adjusted EBITDAaL margin slipped to 26.9 % from 27.5 % YoY, reflecting the impact of the lower‑margin Turkish performance and the cost of integrating the Three UK acquisition.
Chief Executive Margherita Della Valle said the company had “maintained good service revenue momentum across Europe and Africa, supported by strong growth in Germany and contributions from Turkey and Africa.” She added that the integration of the UK business was progressing well and that Vodafone was on track to deliver at the upper end of its guidance. The reaffirmation of full‑year targets signals management’s confidence that the current headwinds are temporary and that the company’s portfolio transformation will continue to drive long‑term value.
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