H1 FY26 Results
"Whilst we have more to do, we delivered good strategic progress in the half year, driving further operational improvements across the business, expanding our customer satisfaction initiatives, and making a fast start in integrating the Vodafone and Three networks in the UK."
- Margherita Della Valle
Group service revenue growth (%)
Annual Report
We continued to use a simplified digital approach to our reporting, reflecting how we operate as a business.
Share and dividend performance
In line with the ambition to grow the dividend within the capital allocation policy announced in February 2024 and having now completed the right-sizing of our portfolio, we are committing to a progressive dividend policy, reflecting our medium-term outlook for Adjusted free cash flow growth. For FY26 we expect to grow the full year dividend per share by 2.5%. Going forward, the interim dividend will be set each year at 50% of the prior full year dividend.
Key performance indicators
We measure our success by tracking key performance indicators that reflect our strategic, operational and financial progress and performance.
€16.3bn
Service revenue
Grew on a like-for-like basis in H1 FY26
€5.7bn
Adjusted EBITDAaL
Grew on a like-for-like basis in H1 FY26
7.2%
Return on capital employed (ROCE)
H1 FY26 pre-tax ROCE broadly unchanged year-on-year
Share and dividend
Analyst coverage