London, 12 Feb 2026, 08:29 GMT — Regular session
- Vodafone shares dropped 1.4% in early trading in London
- The company revealed it repurchased an additional 13.0 million shares as part of its fresh €500 million buyback programme
- The next key date: May 12, when full-year results drop and the buyback pace hits its May deadline
Vodafone’s shares dropped 1.4% to 112.9 pence by 0829 GMT on Thursday, slipping back after gains the day before as the telecom giant continued its steady share buyback. 1
Vodafone’s stock has surged roughly 64% in the last year, hovering near its 52-week peak. That’s why any early slip-ups are drawing attention. 2
For investors, the immediate focus isn’t just on daily market moves but on whether capital returns can coexist with a more stable business in Germany and the UK. Buybacks reduce the number of shares outstanding, potentially boosting earnings per share, but they don’t alter the intensity of competition among operators for customers.
Vodafone revealed in a regulatory update Thursday that it purchased 13,000,307 shares on Feb. 11, paying a volume-weighted average price of 113.27 pence per share. The trades ranged between 111.65 pence and 114.00 pence. The company plans to hold these shares in treasury, meaning they won’t be cancelled right away. 3
On Feb. 10, Vodafone disclosed buying 22,306,532 shares at a volume-weighted average price of 113.18 pence. The deal ranged from 112.30 pence up to 114.75 pence. 4
Shares climbed 2.7% on Wednesday, closing around £1.15, according to market data, after nearing a multi-year high. Though Thursday saw a pullback, the stock remains close to its weekly peak. 5
Vodafone slipped back even as European shares surged to a record high on Thursday, fueled by a wave of strong earnings reports. Individual stocks saw volatile swings, and Vodafone was no exception. 6
Last week, Vodafone reaffirmed its full-year forecast, expecting both profit and free cash flow—cash remaining after capital expenditures—to hit the high end of its guidance. CEO Margherita Della Valle told Reuters the German unit was improving, though she noted that “the market remains competitive.” 7
Vodafone kicked off its €500 million share buyback programme on February 5, set to wrap up by May 11 at the latest. The plan involves Goldman Sachs International purchasing shares on the open market and then reselling them to Vodafone, the company confirmed. 8
There’s a real risk here. If Germany’s recovery stalls or if price pressures push mobile and broadband discounts deeper, the buyback might fall short of calming nerves—especially if cash flow comes in below projections.
Vodafone’s FY26 results land on May 12, marking a key moment. Investors want clarity on Germany’s progress and the buyback status as the company approaches its May deadline. 9
