London, Feb 12, 2026, 08:29 GMT — Regular session
- Vodafone shares down 1.4% in early London trade
- Company disclosed another 13.0 million shares bought back under its new €500 million programme
- Next focus is the May 12 full-year results and buyback pace into the May deadline
Vodafone shares fell 1.4% to 112.9 pence at 0829 GMT on Thursday, giving back some of the prior session’s lift as the telecoms group kept chipping away at its share buyback. (MarketScreener UK)
The move matters because Vodafone’s stock has run hard. It is up about 64% over the past year and has been trading close to its 52-week high, which makes early stumbles stand out. (Investing)
For investors, the near-term story is less about one day’s tape and more about whether capital returns can sit alongside a steadier business in Germany and the UK. Buybacks shrink the share count, which can lift earnings per share, but they do not change how fiercely operators compete for customers.
In a regulatory notice on Thursday, Vodafone said it bought 13,000,307 shares on Feb. 11 at a volume-weighted average price of 113.27 pence, with trades ranging from 111.65 pence to 114.00 pence. It said it would hold the shares in treasury, meaning the company keeps them rather than cancelling them immediately. (London South East)
A day earlier, Vodafone said it had purchased 22,306,532 shares on Feb. 10 at a volume-weighted average price of 113.18 pence. That notice showed prices between 112.30 pence and 114.75 pence. (TradingView)
The shares ended Wednesday up 2.7% at about £1.15, market data showed, after flirting with a multi-year high. Thursday’s dip left the stock still within striking distance of the week’s peak. (MarketWatch)
Vodafone’s pullback came as European shares hit a record high on Thursday, driven by a string of company earnings. Stock-specific moves have been sharp, and Vodafone has not escaped that churn. (Reuters)
Last week, Vodafone stuck to its full-year outlook and said it expected profit and free cash flow — cash left after capital spending — to come in at the upper end of its guidance range. Chief Executive Margherita Della Valle told Reuters the German business was making progress, but “the market remains competitive”. (Reuters)
Vodafone launched the current €500 million repurchase programme on Feb. 5 and said it would run until no later than May 11. Under the structure, Goldman Sachs International buys shares in the market and sells them back to Vodafone, the company said. (London South East)
But there is a clear risk case. If Germany’s recovery fades, or if price pressure forces deeper discounting in mobile and broadband, the buyback may not be enough to steady sentiment, particularly if cash generation misses expectations.
The next hard catalyst is Vodafone’s FY26 results on May 12. Investors will be looking for an update on Germany’s trajectory and how far the company gets through the buyback by its May deadline. (Vodafone)
