Q1 FY27 Trading Update
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We have made a good start to this financial year, with broad-based growth across all of our segments and organic service revenue increasing by 5.2%. This revenue growth – coupled with the new phase of our multi-year cost initiatives announced in May – has resulted in organic Adjusted EBITDAaL increasing by 6.2%.
Margherita Della Valle, Group Chief Executive
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.
€ 33.5 BN
Service revenue
Grew on a like-for-like basis in FY26
€ 11.4 BN
Adjusted EBITDAaL
Grew on a like-for-like basis in FY26
6.6 %
Return on capital employed (ROCE)
Investor events
