H1 FY26 Results
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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 (%)
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.
FY26 key performance indicators
We measure our success by tracking key performance indicators that reflect our strategic, operational and financial progress and performance.
€ 16.3 BN
Service revenue
Grew on a like-for-like basis in H1 FY26
€ 5.7 BN
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
Investor events
