LONDON, March 11, 2026, 16:10 GMT
- On Wednesday, Vodafone hovered near 107.25p, slipping under the 108.40p average it shelled out for the 2 million shares it repurchased Tuesday.
- Even after the 1 billion euro VodafoneZiggo transaction and 3.5 billion euros’ worth of buybacks, the stock remains roughly 10.8% below its Feb. 18 high.
- All eyes are on Germany, with investors also watching VodafoneThree execution and a softer FTSE 100 showing.
Vodafone Group Plc shares edged lower in London on Wednesday, trading below the average price Vodafone paid in its most recent buyback—a signal that buybacks haven’t pushed the stock up yet. Shares were last at 107.25 pence, off 0.56% on a 20-minute delay. According to a filing, Vodafone picked up 2 million shares on March 10 at a volume-weighted average price of 108.40 pence.
The timing is notable: Vodafone shares had surged through mid-February after Liberty Global sealed a deal to acquire its 50% stake in VodafoneZiggo for 1 billion euros in cash. Chief Executive Margherita Della Valle described the sale as an “attractive valuation” and pointed to “further value creation” ahead. Still, the stock closed Tuesday at 107.85 pence—leaving it 10.8% under its Feb. 18, 52-week peak of 120.95 pence, according to FT data. Reuters
Investors have moved past focusing on disposals and buybacks; now comes the tough part. Vodafone’s Feb. 5 trading update showed third-quarter revenue climbed 6.5%, with adjusted EBITDAaL—core profit including lease costs—up 2.3%. That kept guidance for full-year profit and cash flow at the top end, but shares still tumbled over 5% that day after Germany posted just 0.7% revenue growth, slightly below expectations.
London shares lost ground Wednesday, with the FTSE 100 sliding 0.6% by 1103 GMT. Oil stayed above $90 a barrel, sparking renewed investor anxiety over stubborn inflation tied to Middle East energy prices, Reuters said.
Vodafone’s newest disclosure spells out the details: on Tuesday, the company grabbed 2 million shares, paying prices between 107.80 pence and 108.85 pence. That buy pushed its treasury stock to roughly 1.758 billion shares—shares Vodafone holds on its own books, available for cancellation or a future reissue.
Goldman Sachs International is handling the current tranche, which can run up to May 11, 2026. Vodafone kicked off the 500 million euro program back in February, telling investors the only goal was to cut share capital—basically reducing the total shares out there. By the time this tranche began, Vodafone’s investor site showed buybacks had already totaled 3.5 billion euros.
Della Valle sees signs of improvement in the operating environment, though investors remain unconvinced. Back in February, she told Reuters that in Germany, “every quarter customer experience goes one step higher.” After the tie-up with Three in the UK, her expectations were clear: “We expect to see good growth this year.” Reuters
The competitive landscape is still intense. Back on Feb. 26, Virgin Media O2 rolled out what it’s calling Europe’s first smartphone satellite service. Then, Orange followed on March 2, announcing a partnership with AST SpaceMobile and Vodafone-backed Satellite Connect Europe for direct-to-cell offerings. Vodafone, for its part, said it’s “looking to space,” tapping Amazon’s Leo network to link up remote 4G and 5G masts starting in Germany this year, with plans to cover both Europe and Africa. Reuters
Vodafone says it’s confident about capturing £700 million in annual cost and capex synergies from VodafoneThree. Still, if Germany remains inconsistent or the UK deal drags before delivering cash flow, the buyback could end up softening the blow for the shares rather than driving a real rerating.
Investors aren’t rushing in. While buybacks are trimming shares outstanding, Vodafone hovered in the 106–108 pence range on Wednesday, holding steady instead of moving closer to its February high.
