Vodafone Group Public Limited Company · VOD · FY2026 Q4 · Calendar Q2 2026
Vodafone’s FY26 momentum meets Germany and integration tests
The supplied call analysis describes a business balancing growth in Africa, broadband and B2B digital services against Germany’s expected EBITDA pressure and the execution demands of integrating VodafoneThree. The investment case will depend on whether growth and cost synergies translate into the stated cash-flow trajectory while leverage remains controlled.
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Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
Management said FY26 results came in at the upper end of expectations and maintained FY27 guidance. The call analysis highlighted renewed mid-term double-digit organic free cash flow growth ambitions and the full VodafoneThree acquisition, with expected cost and capex synergies and expanded UK fixed-wireless reach.
Guidance delta
Guidance was described as maintained: FY27 targets double-digit organic free cash flow growth, with stable EBITDA outlook apart from expected pressure in Germany. The analysis also notes a reinstated mid-term double-digit organic free cash flow growth outlook.
Key takeaways
- Africa service-revenue growth was described as the strongest in almost 20 years, with fintech and connectivity expansion among the drivers.
- Management identified consumer broadband and B2B digital services as growth areas, alongside AI uses in network operations, customer care and procurement.
- The VodafoneThree integration is expected to bring cost and capex synergies, while Germany is an exception to the stable EBITDA outlook.
Management priorities
- Capture cost and capex synergies from VodafoneThree integration and portfolio simplification.
- Extend UK fixed-wireless access and continue developing consumer broadband.
- Scale Africa fintech and connectivity and expand B2B digital services across Europe and Africa.
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Analyst 52W Price Targets
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 11, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Barclays | Underweight | Equal Weight | Downgrade | Oct 20, 2026 |
| UBS | Sell | Neutral | Downgrade | Nov 3, 2025 |
| JP Morgan | Underweight | Neutral | Downgrade | Apr 23, 2025 |
| Goldman Sachs | Buy | Buy | Maintain | Oct 12, 2023 |
| B of A Securities | Buy | Neutral | Upgrade | Jan 12, 2023 |
| Bernstein | Market Perform | Outperform | Downgrade | Aug 1, 2022 |
| Berenberg | Hold | Buy | Downgrade | Apr 5, 2022 |
| Argus Research | Hold | Buy | Downgrade | Jan 20, 2022 |
| CFRA | Buy | Buy | Maintain | May 13, 2020 |
| HSBC | Buy | Hold | Upgrade | May 24, 2019 |
| Macquarie | Outperform | Neutral | Upgrade | Mar 20, 2019 |
| Exane BNP Paribas | Neutral | Outperform | Downgrade | Mar 8, 2019 |
| Bank of America | Buy | Neutral | Upgrade | Feb 6, 2019 |
| Raymond James | Market Perform | Strong Buy | Downgrade | Oct 9, 2018 |
| Jefferies | Hold | Buy | Downgrade | Oct 8, 2018 |
| Standpoint Research | Buy | Reduce | Upgrade | Sep 11, 2018 |
| Citigroup | Buy | Neutral | Upgrade | Sep 6, 2018 |
| Argus | Buy | Buy | Maintain | Jun 13, 2018 |
| Nomura | Buy | Neutral | Upgrade | Jun 23, 2015 |
| Santander | Underweight | Underweight | Maintain | Jun 12, 2015 |
| Deutsche Bank | Buy | Buy | Maintain | Oct 14, 2014 |
| Redburn Partners | Buy | Neutral | Upgrade | Aug 4, 2014 |
| Espirito Santo | Sell | Neutral | Downgrade | Jul 11, 2014 |
| Oriel | Reduce | Hold | Downgrade | Mar 18, 2014 |
| Baird | Neutral | Outperform | Downgrade | Aug 30, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $15.6. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Goldman Sachs | Andrew Lee | $20.93 | $16.58 | +34.2% | Sep 4, 2026 |
| Goldman Sachs | Analyst unavailable | $11.58 | $15.57 | -25.7% | Feb 16, 2026 |
| Goldman Sachs | Analyst unavailable | $10.09 | $10.74 | -35.3% | Jul 31, 2025 |
| CFRA | Adrian Ng | $9.5 | $8.61 | -39.1% | Mar 18, 2024 |
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Start freeCompany context
Snapshot as of publicationVodafone Group Public Limited Company, established in 1984 and based in Newbury, UK, is a global telecommunications leader delivering services across Europe and internationally. The company provides fundamental mobile services, enabling customers to make calls, send texts, and access data. Its fixed-line offerings encompass broadband internet, television packages, and voice telephony. Vodafone also integrates these services into converged solutions under brand names like GigaKombi and Vodafone One. Beyond core telecom functions, it innovates with value-added services such as a comprehensive Internet of Things (IoT) portfolio, including logistics, fleet management, smart metering, insurance, cloud computing, and security, alongside automotive and health solutions. Furthermore, Vodafone operates M-Pesa, a prominent African payment platform that facilitates money transfers, financial services, and business and merchant payments. The company expands its reach by offering services to other operators through partner market agreements and holds a strategic partnership with Open Fiber.
Historical context
All VOD earningsCommunication Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| ASTS AST SpaceMobile, Inc. | FY2026 Q3 · Calendar Q4 2026 | -8.9% | -2.3% | AST SpaceMobile: Q3 execution milestones, with launch and scale risks |
| TTD The Trade Desk, Inc. | FY2026 Q3 · Calendar Q4 2026 | +783.5% | +15.5% | Flat Q3 revenue meets outlook as Trade Desk points to product gains and Q4 growth |
| TU TELUS Corporation | FY2026 Q3 · Calendar Q4 2026 | -8.0% | -3.3% | TELUS Holds Guidance as Savings and Deleveraging Lead Q3 Strategy |
| CHTR Charter Communications, Inc. | FY2026 Q3 · Calendar Q4 2026 | -330.3% | -6.2% | Charter pivots toward internet growth as Cox integration reshapes priorities |
Latest beats and misses
Who reports nextBeat on EPS
- VGFY2026 Q3 · November 10, 2026+92.7% EPS+1.7% move
- TDGFY2026 Q4 · November 10, 2026+1.9% EPS+0.5% move
- ONONFY2026 Q3 · November 10, 2026+39.9% EPS-7.5% move
- CRWVFY2026 Q3 · November 10, 20260.0% EPS-0.5% move
- OXYFY2026 Q3 · November 9, 2026+30.8% EPS+2.0% move
- MGREFY2026 Q3 · November 9, 2026+8.1% EPS+0.6% move
Missed on EPS
- EMBJFY2026 Q3 · November 10, 2026-49.4% EPS+7.0% move
- VODFY2027 Q2 · November 10, 2026-72.8% EPS-1.2% move
- SEFY2026 Q3 · November 10, 2026-5.1% EPS-1.5% move
- BAPFY2026 Q3 · November 9, 2026-2.6% EPS+3.3% move
- JBSFY2026 Q3 · November 9, 2026-28.6% EPS-5.5% move
- CIBFY2026 Q3 · November 9, 2026-10.1% EPS-4.0% move
Get the VOD recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-05-17T18:09:50.152611+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-11-11T00:00:45.065245+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-11T00:00:45.061981+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-11. For educational purposes only; not investment advice.