Transforming for growth and resilience
Vodafone has changed. By simplifying our operations, investing in growing segments, and reshaping our portfolio, we're forging a stronger, more agile business. From enhancing customer experience to expanding 5G and IoT, our transformation is building momentum and driving innovation, resilience and sustainable value for our stakeholders.
Our reinvention journey
We needed to fundamentally renew our strategy to address several challenges and harness new opportunities. The aim has been to drive operational excellence through an ongoing transformation centred on enhancing user experience, streamlining operations, and building sustainable growth.
Where we were
Rising costs, complex operations and declining customer satisfaction were all testing our resilience. But we had great strengths, including our powerful brand, robust network, and leading connectivity services. Transforming could open tremendous potential in many markets, including Africa, business services, and IoT.
Where we are
In the last three years, we've made good progress against our strategic priorities – focused on customers, simplicity and growth. We've reshaped our European footprint, strengthened our capital structure, improved customer satisfaction, simplified our operations, and grown business and digital services.
Where we're going
Our robust revenue and profitability growth show this new direction is working. But we have much more to do as our transformation builds momentum. For example, we'll continue our consolidation in Europe, set further efficiency targets, and keep investing in growing areas such as business services and IoT.
PRIORITIES
Our strategic priorities
Since 2023, we’ve performed well against our strategic priorities, which focus on customers, simplicity and growth. We've reshaped our European operations towards fast-growing sectors where we hold strong positions and are large enough locally to have economies of scale. Other strategic actions include resetting our capital structure, improving customer satisfaction, simplifying operations, and growing digital services. We expect more performance uplifts as our transformation gains momentum.
Customers
Going back to basics
We’re delivering a simple and predictable experience our customers expect.
Our customer satisfaction has improved across our markets, and our actions have supported market share, with strong network reliability.
Customers
- Consumer NPS
- Detractors
- Revenue market share
- Network quality
| Consumer NPS rank # | Promoter-to-detractor mix1 | CY25 Revenue market share2 | |
| Germany | 2 | +20% | c.25% |
| UK | 1 | +50% | c.20% |
| Other Europe | 1–2 | – | c.25% |
| Türkiye | 2 | +130% | c.25% |
| South Africa | 1 | +20% | c.45% |
- Promoter-to-detractor mix reflects proportion of promotor customers compared to detractor customers in each market. Period covered FY24 to FY26, with the exception of South Africa which is based on FY25 to FY26.
- Represents Vodafone's share of total telecommunications service revenue as at 31 December 2025, rounded to nearest 5%, based on Vodafone analysis. South Africa market share based on mobile service revenue only.
Network quality
Strong network reliability. With the largest marketable gigabit footprint in Germany and the UK, with network quality recognised by independent tests.
Simplicity
Driving a leaner organisation
By reducing complexity in our business, we're increasing agility and freeing resources to become more competitive.
Our actions support reinvestment, drive productivity enhancements, improve employee engagement and deliver strong satisfaction with Shared Operations.
Simplicity
€ 0.7 BN
Europe opex savings
(FY23-FY26)
11 K
Productivity
role reductions FY24-FY26
+ 83 %
Shared operations NPS
(May '25: 81%)
Notes:
Employee engagement based on average response to two questions: employee satisfaction and recommending us as an employer.
Growth
Our portfolio
We’ve refocused on growing markets where we can win and create value.
Our diversified footprint, disciplined capital allocation and clear operational progress provide us with the confidence in our mid-term value equation.
Growth
+ 5.4 %
Organic service revenue growth
+ 4.5 %
Organic adjusted EBITDAaL growth
€ 2.6 BN
Adjusted free cash flow
Notes:
These are non-GAAP measures. See page 226 of the Annual report FY26 for more information.
STRATEGIC UPDATE
Management briefing
After the transformation of the last three years, we are now a simpler company with a stronger growth outlook. Looking ahead, we will continue to drive continuous improvements across our business, with customer experience as our number one priority.
Our transformation in action
From expanding 5G and IoT to enhancing customer experiences and investing in business services, our change programmes are not isolated initiatives. They're part of our coordinated vision for a more connected, innovative, and inclusive future. We're confident the actions we're taking now will build resilience and growth for years to come.
Reshaping our European portfolio
We've sold our Italian and Spanish operations and refocused on high-growth markets. Our portfolio is now lean, agile, and powered up for performance.
Boosting business growth
Our intense focus on growing cloud, security, IoT and B2B solutions has accelerated organic revenue growth in Vodafone Business.
Driving operational efficiency
We've dramatically improved productivity through initiatives such as commercialising our shared services and giving 50,000 colleagues access to GenAI.
Expanding 5G and network infrastructure
Committed investment in 5G and connectivity infrastructure has expanded our network and improved coverage and reliability.
Best-ever customer experience
We invested €140 million in better experiences, leading to a step change in customer satisfaction across our markets. The UK and Germany achieved record results.
Collaborations shaping our future
Committed, long-lasting partnerships are at the heart of Vodafone's transformation. By working with leaders in AI, 5G, IoT, cloud and financial services, we’re driving innovation and efficiency, and enhancing customer experiences. The combined strength in these alliances also helps us forge resilience and unlock sustainable growth and value for stakeholders.
