Highlights

• Vodafone lifted FY27 adjusted EBITDAaL guidance to €13.2–13.4bn and adjusted free Cash Flow guidance to €2.8–3.0bn.

• Group service Revenue reached €18.4bn in the half, with organic growth of 5.8% across its markets.

• A €4.85bn Goodwill Impairment in Germany and a €2.2bn UK tax write-down pushed Vodafone to a €3.6bn loss.

• The board declared an Interim Dividend of 2.306 eurocents per share, payable to shareholders on 3 February 2027.

Vodafone Group Plc (LSE:VOD) delivered organic service revenue growth of 5.8% in the six months to 30 September 2026, and on Tuesday, 10 November, the FTSE 100 telecoms group paired it with higher full-year targets. The headline growth arrived alongside a statutory loss of €3.6bn, however, as large non-cash charges in Germany and the UK cut through the period's numbers.

Vodafone H1 FY27 results: the key numbers

Total revenue rose 11.4% to €21.9bn, helped by the consolidation of Safaricom, VodafoneThree and Telekom Romania. Reported service revenue climbed 12.8% to €18.4bn.

Adjusted EBITDAaL increased 12.6% to €6.5bn, equal to organic growth of 6.4% and a Margin of 29.5%.

Operating profit fell 76.1% to €517m. The loss for the period came to €3.6bn, against a profit of €1.1bn a year earlier. The half absorbed a €4.85bn goodwill impairment in Germany and a €2.2bn write-down of a UK deferred tax asset, partly offset by a €3.0bn non-cash gain linked to Safaricom.

Guidance upgrade and the CEO's message

Vodafone (LSE:VOD) now expects FY27 adjusted EBITDAaL of €13.2–13.4bn, up from €13.0–13.3bn. Its adjusted free cash flow range moved to €2.8–3.0bn from €2.6–2.9bn.

Chief Executive Margherita Della Valle said the group had made a good start to its new growth chapter, with organic service revenue increasing by 5.8%. She also highlighted "our best-ever growth in Vodafone Business, with a record performance in digital services".

First-half adjusted free cash flow was a €440m outflow, €143m better year on year.

Market by market: Africa and Türkiye lead, Germany lags

Africa posted organic service revenue growth of 13.4%, while its adjusted EBITDAaL rose 18.0% organically to €2.1bn. In Türkiye, organic service revenue jumped 32.8%.

UK organic service revenue edged up 0.9%, with adjusted EBITDAaL up 5.9% organically at €984m. Vodafone completed the £4.3bn buyout of the 49% VodafoneThree stake in July 2026, taking full ownership, and has raised its synergy target to £0.8bn of annual savings by FY30.

Germany remains the soft spot. Organic service revenue inched up 0.4%, but adjusted EBITDAaL declined 3.2% organically to €2.1bn. Della Valle acknowledged that "Germany is not yet where it needs to be". The impairment there reflected a higher discount rate, tied to rising German government bond yields, and an updated plan.

Debt, legal questions and what to watch

Net Debt rose to €33.5bn from €25.4bn at 31 March 2026, reflecting the VodafoneThree and Safaricom transactions. Restructuring and integration costs are expected to peak at about €0.7bn.

The Safaricom transaction carries legal uncertainty. Vodacom raised its stake to 55% on 30 June 2026, but a Kenyan High Court declared the deal "null and void" on 15 September 2026. A Court of Appeal order keeps the status quo in place pending the appeal.

Dividend timetable for Vodafone shareholders

The interim payout of 2.306 eurocents from Vodafone (LSE:VOD) compares with 2.25 eurocents a year earlier and was set at half of the prior full-year dividend under the group's progressive policy. The ex-dividend date is 19 November 2026. The group repurchased €92m of shares in the half, and its buyback programme has since been completed.