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olivLaw · US equity research

Vodafone Group Plc VOD

Radiotelephone Communications · SIC 4812 · Vertical: Radiotelephone Communications (SIC 4812)

16.28USD+4.23% · 1 dayClose 04 Nov 2026

Vodafone Group Plc is a global telecommunications operator providing mobile and fixed services across several European and African markets. The company operates in an increasingly dynamic competitive environment, where price pressure, the integration of VodafoneThree in Germany and cyber and regulatory risks shape its strategic agenda for the fiscal year ended 31 March 2026.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Vodafone Group Plc (VOD) stock was 16.28 USD (+4.23% on the day), with beta 0.35, 52-week range 11.27–17.68 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
unavailable
shares as of 31 Mar 2021
P/E (TTM)
unavailable
Diluted EPS TTM -0.16 · TTM to 31 Mar 2025
E/P (TTM)
unavailable
TTM to 31 Mar 2025
Dividend yield
unavailable
Beta (2y)
0.35
Volatility (1y) 32%
52-week range
11.2717.68

Price history

Loading chart…

Technical reading

RSI (14)
55.1
strong (55–70)
Bollinger (20, 2)
15.26 – 16.34
in the upper half of the band · %B 0.95 · band width 6.8%
SMA 50 / 200
16.35 / 15.42
mixed trend
MACD (12, 26, 9)
-0.13 / -0.18
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−3.0%−1.1%−1.9 pp—
3 months+6.3%−0.5%+6.8 pp—
6 months+0.9%+4.4%−3.5 pp—
Year to date+23.2%+12.3%+10.9 pp—
1 year+45.4%+13.5%+31.8 pp+6.6%
3 years+67.0%+76.4%−9.4 pp+5.8%
5 years+7.5%+63.7%−56.2 pp—
Max drawdown (1y)
−20.3%
11 May 2026 → 01 Jul 2026
Max drawdown (5y)
−57.5%
09 Feb 2022 → 10 Jan 2025
Compound annual growth (5y)
+1.4%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

the price (USD) and the reports are in different currencies

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue46.6 bn43.7 bn45.0 bn43.8 bn37.0 bn37.7 bn36.7 bn37.4 bn
Revenue YoY−2.2%−6.2%+3.0%−2.6%−15.5%+1.8%−2.5%+2.0%
Net income2.4 bn-8.0 bn-920.0 m59.0 m2.2 bn11.8 bn1.1 bn-4.2 bn
Net income YoYunavailable−428.8%unavailableunavailable+3,691.5%+429.2%−90.4%−465.7%
Diluted EPS0.09-29.05-0.030.000.080.430.04-0.16
Diluted EPS YoYunavailable−33,262.1%unavailableunavailable+3,740.0%+454.9%−90.1%−479.5%
net %5.2%-18.4%-2.0%0.1%6.0%31.4%3.1%-11.1%
Free cash flow8.7 bn7.9 bn12.2 bn11.8 bn13.5 bn13.1 bn12.3 bn11.0 bn

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Mar 2025

Cash
11.0 bn EUR
Financial debt
46.1 bn EUR
Net debt
35.1 bn EUR
Equity
53.9 bn EUR
Total assets
128.5 bn EUR
Debt / equity
0.85x
Current ratio
unavailable
ROE
-7.3%
ROA
-3.1%
FCF margin
29.5%

Financial statements (source on every figure)

Revenue and net income (EUR)

Margins

Income statement · EUR

Revenue
2023
37.7 bn
2024
36.7 bn
2025
37.4 bn

SEC (XBRL)· 06 Jun 2025verified

Cost of revenue
2023
24.4 bn
2024
24.5 bn
2025
24.9 bn

SEC (XBRL)· 06 Jun 2025verified

Gross profit
2023
13.3 bn
2024
12.3 bn
2025
12.5 bn

SEC (XBRL)· 06 Jun 2025verified

Operating income
2023
14.5 bn
2024
3.7 bn
2025
-411.0 m

SEC (XBRL)· 06 Jun 2025verified

Depreciation & amortisation
2023
10.3 bn
2024
10.4 bn
2025
10.8 bn

SEC (XBRL)· 06 Jun 2025verified

EBITDA
2023
24.7 bn ≈
2024
14.1 bn ≈
2025
10.4 bn ≈

SEC (XBRL)· 06 Jun 2025derived

Interest expense
2023
1.6 bn
2024
2.6 bn
2025
1.9 bn

SEC (XBRL)· 06 Jun 2025verified

Pre-tax income
2023
13.1 bn
2024
1.6 bn
2025
-1.5 bn

SEC (XBRL)· 06 Jun 2025verified

Income tax
2023
492.0 m
2024
50.0 m
2025
2.2 bn

SEC (XBRL)· 06 Jun 2025verified

Net income
2023
11.8 bn
2024
1.1 bn
2025
-4.2 bn

SEC (XBRL)· 06 Jun 2025verified

Diluted EPS
2023
0.43
2024
0.04
2025
-0.16

SEC (XBRL)· 06 Jun 2025verified

Weighted average diluted shares
2023
27.8 bn
2024
27.2 bn
2025
26.1 bn

SEC (XBRL)· 06 Jun 2025verified

Dividend per share
2023
—
2024
—
2025
—

SEC (XBRL)· 23 Jun 2021verified

Balance sheet · EUR

Cash
2023
11.7 bn
2024
6.2 bn
2025
11.0 bn

SEC (XBRL)· 06 Jun 2025verified

Receivables
2023
10.7 bn
2024
8.6 bn
2025
9.4 bn

SEC (XBRL)· 06 Jun 2025verified

Inventories
2023
956.0 m
2024
568.0 m
2025
617.0 m

SEC (XBRL)· 06 Jun 2025verified

Current assets
2023
30.7 bn
2024
—
2025
—

SEC (XBRL)· 21 Jun 2023verified

Property, plant & equipment, net
2023
25.9 bn
2024
19.4 bn
2025
20.4 bn

SEC (XBRL)· 06 Jun 2025verified

Goodwill
2023
27.6 bn
2024
25.0 bn
2025
20.5 bn

SEC (XBRL)· 06 Jun 2025verified

Intangibles (excl. goodwill)
2023
19.6 bn
2024
13.9 bn
2025
12.9 bn

SEC (XBRL)· 06 Jun 2025verified

Total assets
2023
155.5 bn
2024
144.4 bn
2025
128.5 bn

SEC (XBRL)· 06 Jun 2025verified

Accounts payable
2023
18.2 bn
2024
13.4 bn
2025
14.1 bn

SEC (XBRL)· 06 Jun 2025verified

Short-term debt
2023
—
2024
—
2025
—

SEC (XBRL)· 16 Jun 2022verified

Long-term debt
2023
53.7 bn
2024
49.3 bn
2025
46.1 bn

SEC (XBRL)· 06 Jun 2025verified

Current liabilities
2023
34.6 bn
2024
—
2025
—

SEC (XBRL)· 21 Jun 2023verified

Equity
2023
64.5 bn
2024
61.0 bn
2025
53.9 bn

SEC (XBRL)· 06 Jun 2025verified

Shares outstanding at year end
2023
—
2024
—
2025
—

SEC (XBRL)· 23 Jun 2021verified

Cash flow · EUR

Operating cash flow
2023
18.1 bn
2024
16.6 bn
2025
15.4 bn

SEC (XBRL)· 06 Jun 2025verified

Capex
2023
5.0 bn
2024
4.2 bn
2025
4.3 bn

SEC (XBRL)· 06 Jun 2025verified

Free cash flow
2023
13.1 bn ≈
2024
12.3 bn ≈
2025
11.0 bn ≈

SEC (XBRL)· 06 Jun 2025derived

Investing cash flow
2023
-379.0 m
2024
-6.1 bn
2025
4.8 bn

SEC (XBRL)· 06 Jun 2025verified

Financing cash flow
2023
-13.4 bn
2024
-15.9 bn
2025
-15.3 bn

SEC (XBRL)· 06 Jun 2025verified

Share repurchases
2023
1.9 bn
2024
0
2025
1.9 bn

SEC (XBRL)· 06 Jun 2025verified

Computed indicators

Growth

Revenue growth (YoY)
2.0%
computed by olivLawFY 2025
Revenue CAGR 3Y
0.4%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
-3.6%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
-111.2%
computed by olivLawFY 2025
Net income growth (YoY)
-465.7%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
-479.5%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
-10.4%
computed by olivLawFY 2025

Profitability

Gross margin
33.4%
computed by olivLawFY 2025
EBITDA margin
27.8%
computed by olivLawFY 2025
EBIT margin
-1.1%
computed by olivLawFY 2025
Net margin
-11.1%
computed by olivLawFY 2025
FCF margin
29.5%
computed by olivLawFY 2025

Returns

ROE
-7.4%
computed by olivLawFY 2025 · balance sheet at 31 Mar 2025
ROA
-3.1%
computed by olivLawFY 2025 · balance sheet at 31 Mar 2025
ROIC
-0.4%
computed by olivLawFY 2025 · balance sheet at 31 Mar 2025
ROCE
unavailable
input data missing
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
35.1 bn EUR
computed by olivLawbalance sheet at 31 Mar 2025
Net debt / EBITDA
3.4x
computed by olivLawFY 2025 · balance sheet at 31 Mar 2025
Debt / equity
0.9x
computed by olivLawbalance sheet at 31 Mar 2025
Interest coverage
-0.2x
computed by olivLawFY 2025

Liquidity

Current ratio
unavailable
input data missing
Quick ratio
unavailable
input data missing
Cash ratio
unavailable
input data missing

Cash

Operating cash flow
15.4 bn EUR
computed by olivLawFY 2025
Capital expenditure
4.3 bn EUR
computed by olivLawFY 2025
Free cash flow
11.0 bn EUR
computed by olivLawFY 2025
FCF conversion
unavailable
insufficient data
Cash conversion
147.9%
computed by olivLawFY 2025

Efficiency

Days sales outstanding
88 days
computed by olivLawFY 2025 · balance sheet at 31 Mar 2025
Days inventory outstanding
9 days
computed by olivLawFY 2025 · balance sheet at 31 Mar 2025
Days payables outstanding
201 days
computed by olivLawFY 2025 · balance sheet at 31 Mar 2025
Cash conversion cycle
-105 days
computed by olivLawFY 2025 · balance sheet at 31 Mar 2025

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
Earnings yield
unavailable
input data missing
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 41.7% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

16.28 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Price and reporting are in different currencies; market indicators are unavailable.

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
-7.4%
computed by olivLawFY 2025 · balance sheet at 31 Mar 2025
Net margin
-11.1%
computed by olivLawFY 2025
Revenue growth (YoY)
2.0%
computed by olivLawFY 2025
Dividend yield
unavailable
input data missing

Coverage and freshness

33/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Mar 2025
Latest balance sheet date: 31 Mar 2025
Share count (cover of the latest filing), as of: 31 Mar 2021
Source: SEC (XBRL)published 06 Jun 2025
verified 339

The data is older than the freshness threshold.

Score by group

42% · Insufficient data

Estimated value range

Low
30.77
EUR per share
Mid
35.55
EUR per share
High
42.20
EUR per share
Price: unavailable
Potential to the central value: unavailable (value / price − 1)
Margin of safety: unavailable (1 − price / value)
Agreement between methods: low · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.35 – 83.45 EUR.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (EUR per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDA0.35 – 0.95 (Mid 0.48)
    4 companies used · median multiple 4.7x · quartiles 4.3x – 6.0x
    AD, CHT, IHS, TMUS
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)61.20 – 83.45 (Mid 70.62)
Multiple comparisons use the SIC vertical: Radiotelephone Communications (SIC 4812)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
3.0%
Equity risk premium
5.5%
Beta (default)
1.00
Cost of equity
8.5%
Terminal growth
2.0%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 41.7% of at least 60%

FactorValueScoreWeight used
ROIC · Quality-0.4%0 (vs peers)25%
Net margin · Quality-11.1%17 (vs peers)15%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth0.4%3 (on a fixed band)20%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheet3.4x0 (vs peers)25%
Interest coverage · Balance sheet-0.2x0 (on a fixed band)15%
Current ratio · Balance sheetunavailableunavailable—
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet0/100 · 2/3 factors with a value
  • Growth· partial3/100 · 1/2 factors with a value
  • Quality6/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partialunavailable · 0/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

VODAFONE GROUP PUBLIC LTD CO (VOD). Latest full fiscal year: 2025; data up to 2025-03-31.

Figures computed from the financial statements: revenue 37.4 bn EUR in 2025; YoY growth 2.0%; net margin -11.1%; ROE -7.4%; net debt/EBITDA 3.4x.

The estimated value range is 30.77–42.20 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 41.7% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • ROIC: -0.4%
  • Net margin: -11.1%
  • Revenue CAGR 3Y: 0.4%
  • Net debt / EBITDA: 3.4x
  • Interest coverage: -0.2x
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Radiotelephone Communications (SIC 4812) · same industry (4-digit SIC) · compared with 12 companies

Multiples and returns vs the median

P/E
—
vertical median 17.8x
EV/EBITDA
—
vertical median 4.7x
P/S
—
vertical median 2.5x
P/B
—
vertical median 2.4x
ROE
-7.4%
vertical median 10.8%
below median (−168.3%)
Net margin
-11.1%
vertical median 11.4%
below median (−197.8%)
EBIT margin
-1.1%
vertical median 20.5%
below median (−105.3%)
Revenue YoY
2.0%
vertical median 2.7%
below median (−27.3%)
Net debt/EBITDA
3.4x
vertical median -0.0x
above median
Dividend yield
—
vertical median 2.7%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
CHTChunghwa Telecom Co., Ltd.380.0 bn326.59.4%16.2%−3.8%+17% / +29%
TMUST-Mobile Us, Inc.168.6 bn15.419.4%12.0%+8.5%−24% / +6%
VEONVEON Ltd.146.1 bn263.448.5%13.4%+9.9%+48% / +294%
TIGOMillicom International Cellular SA13.0 bn9.836.2%22.6%+0.3%+45% / +357%
KYIVKyivstar Group Ltd.3.1 bn23.910.4%10.7%+25.9%−4% / unavailable
ADArray Digital Infrastructure, Inc.2.9 bn5.418.3%250.8%+58.3%−32% / −27%
IHSIHS Holding Ltd2.8 bn20.2—9.1%+3.6%+19% / +82%
SPOKSpok Holdings, Inc.252.6 m13.612.8%13.9%+1.5%−9% / −28%
SIDUSidus Space, Inc.18.7 m—-27.0%-970.3%−27.6%+49% / −82%
CHAICore Ai Holdings, Inc.3.6 m—-1,196.1%-57.2%+58.6%−93% / −100%
SKMSK Telecom Co., Ltd.——10.8%7.0%+1.9%+55% / +39%
TUTelus Corp——7.1%5.4%+0.6%−30% / −49%
VODVodafone Group Public Ltd Co——-7.4%-11.1%+2.0%+45% / +67%

1- and 3-year price returns: for VOD from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 22 May 2026; since then the company filed 6-K (02 Nov 2026), 6-K (30 Oct 2026), 6-K (29 Oct 2026), 6-K (28 Oct 2026), 6-K (27 Oct 2026), 6-K (22 Oct 2026).

In brief

Vodafone Group Plc is a global telecommunications operator providing mobile and fixed services across several European and African markets. The company operates in an increasingly dynamic competitive environment, where price pressure, the integration of VodafoneThree in Germany and cyber and regulatory risks shape its strategic agenda for the fiscal year ended 31 March 2026 1.

SWOT

Strengths

  • Extensive network coverage and a portfolio of mobile and fixed services across several markets, supported by continued investment in 5G and FTTH 1.
  • A debt structure with a long average maturity, which reduces short-term refinancing risk and offers financial stability 1.
  • A risk management framework applied consistently across all markets and a governance system that links risks to clearly named executive owners 1.

Weaknesses

  • Dependence on key equipment suppliers and exposure to geopolitical restrictions on certain vendors increase supply chain vulnerability 1.
  • Legacy IT systems that may be hard to adapt to customer requirements and that can prolong incidents when outages occur 1.
  • The complexity of several large transformation programmes running in parallel may complicate execution and raise operating costs 1.

Opportunities

  • Development of AI-based services and software-defined connectivity could open new revenue sources 1.
  • Partnerships with technology companies and protections under the Digital Markets Act may help strengthen customer relationships 1.
  • Expansion of FTTH and 5G coverage could support growth in data and fixed connectivity revenues 1.

Threats

  • Aggressive price competition and customer migration to digital providers may reduce market share and pricing power 1.
  • Cyber attacks and data privacy risks can lead to disruption, regulatory sanctions and loss of trust 1.
  • Volatile macroeconomic conditions and a higher cost of capital may limit access to funding and affect investment plans 1.

Risks

  • Adverse regulatory changeshigh

    Changes in the regulatory and policy environment could raise compliance costs and create competitive disadvantages if not addressed in time 1.

  • Macroeconomic and funding riskhigh

    A severe economic contraction or volatility in financial markets could reduce cash flow and increase the cost of refinancing debt 1.

  • Competitive pressuremedium

    Accelerated competition and the risk of disintermediation by new technologies could reduce market share and profitability if adoption of 5G and FTTH falls short of expectations 1.

  • Cyber security and datamedium

    Cyber attacks, data breaches and regulatory sanctions could affect reputation and lead to customer losses 1.

  • Network outages and supply chainmedium

    Major network outages or restrictions on equipment vendors could delay deployment and reduce service quality 1.

Investment thesis

What would need to be true (bull case)

  • If the integration of VodafoneThree in Germany meets its efficiency goals, the company could improve operating margins in its largest market 1.
  • The long debt structure and fixed-rate financing of bond debt could provide stability even in a volatile interest-rate environment 1.
  • Partnerships with technology companies and the expansion of 5G and FTTH networks could support data service revenues over the long term 1.

What would break the thesis

  • Price pressure and customer migration to digital providers could reduce mobile and fixed service revenues faster than management expects 1.
  • If geopolitical tensions intensify, supply costs and cyber risks could rise and slow investment 1.
  • Simultaneous transformation of several programmes may create operational disruption and unplanned costs if not coordinated effectively 1.

What to watch

  • Progress of the VodafoneThree integration in Germany and its effect on costsFiscal 2027
  • Trends in price competition and the rate of customer migrationQ2 2027
  • Pace of 5G and FTTH adoption compared with management expectationsNext annual report

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 22 May 2026; since then the company filed 6-K (02 Nov 2026), 6-K (30 Oct 2026), 6-K (29 Oct 2026), 6-K (28 Oct 2026), 6-K (27 Oct 2026), 6-K (22 Oct 2026).

The business

The transformation strategy includes multiple cost-efficiency programmes, IT system modernisation and adoption of AI-based services. Management seeks greater cost transparency and better-informed commercial decisions, highlighted as priorities in the report for fiscal 2026 1.

The company maintains a financing structure described as resilient, with the longest average debt maturity among European peers according to the report, which reduces short-term refinancing needs 1. This supports the capacity to invest in the network even during periods of volatility.

Segments

European markets

European operations include Germany, where the company focuses on efficiency and adapting to a changing competitive environment while integrating VodafoneThree. European activity represents the group's main field of competition and investment 1.

African markets

The group has operations in Africa, where network and climate risks such as flooding and strong winds caused localised disruptions in fiscal 2026, particularly in Mozambique 1. The stake in Safaricom PLC is mentioned as a subject of management's strategic assessments 1.

European fixed network

Development of fibre to the home and the cable network is part of the strategy to support fixed revenues. The source mentions continued upgrading of cable networks as a response to market competition 1.

Market context

The European and African mobile telecommunications market is characterised by intense price competition, a shift toward software-defined connectivity and large investment in 5G and fibre. The report indicates that investment by satellite providers and hyperscalers is reshaping the connectivity ecosystem 1.

The macroeconomic environment remains volatile, with inflationary pressures, high energy prices and uncertainty around international trade and US tariff policy, factors that could affect consumer spending and the cost of capital 1.

Trends

  • Market consolidation and VodafoneThree integrationmixed

    Integration of VodafoneThree in Germany could ease competitive pressure, but also carries risks of operational disruption. If managed correctly, it could support cost efficiency 1.

  • Competition from digital playersheadwind

    The growing influence of large technology companies and OTT providers could reduce the relevance of traditional operators and could accelerate customer churn 1.

  • Adoption of 5G and FTTHtailwind

    Development of 5G and fibre to the home could support mobile and fixed service revenues if customer adoption progresses as expected 1.

  • Geopolitical tensions and regulationheadwind

    Geopolitical conflicts and restrictions on equipment vendors could raise costs and delay network deployment, but may also create opportunities for supply chain diversification 1.

Competitive position

Vodafone competes with other telecommunications operators in each market where it is active, as well as with new digital entrants and satellite providers. The report highlights aggressive pricing pressure and the role of second brands in the value segment as tools to defend market share 1.

The company says that protections under the Digital Markets Act and partnerships with technology companies help preserve customer ownership, while investment in spectrum and coverage aims to maintain its network advantage 1.

  • Large technology companies (hyperscalers)

    The source mentions their investment in connectivity and the risk of disintermediating traditional operators, without naming a specific entity listed in the US 1.

  • Satellite service providers

    Investment by satellite providers is identified in the report as a factor reshaping the connectivity ecosystem and competition for data services 1.

  • OTT communication service providers

    Over-the-top services are cited as pressure on voice and messaging revenues, reducing the appeal of traditional services 1.

  • Other mobile operators in operating markets

    The report mentions local competitors pursuing aggressive pricing that could accelerate customer migration, without naming specific entities 1.

News & filings

In the press

Sources

  1. [1] Form 20-F, fiscal year ended 2026-03-31 · SEC / Vodafone Group Plc · 22 May 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.