LONDON, March 31, 2026, 20:03 BST
Vodafone Group Plc ramped up its buyback on Tuesday, snapping up 5.4 million ordinary shares from Goldman Sachs International for treasury—part of the February program. That haul was more than twice Monday’s 2.7 million-share disclosure.
Vodafone’s timing comes right at the close of its financial year, keeping capital return strategies in the spotlight as shareholders watch for signs that the Three UK merger and ongoing asset disposals will finally stabilize cash flow. Back in February, the company said its 500 million-euro buyback program would wrap up by May 11 at the latest, following 3.5 billion euros of repurchases since May 2024.
Vodafone’s filing on Tuesday put the average share price at 111.74 pence, with trades spanning 110.95 to 112.35 pence. These repurchased shares are headed to treasury, boosting Vodafone’s total to 1,239,755,127 on the books, while outstanding shares (excluding treasury) now stand at 23,088,623,462.
The buyback comes as part of a bigger shake-up. Back on March 23, Vodafone wiped out 549.6 million treasury shares. A month before that, it inked a deal to sell its holding in VodafoneZiggo, the Dutch joint venture, to Liberty Global for 1 billion euros in cash. Vodafone’s holding doesn’t disappear entirely—after the sale, it keeps 10% of the now-larger Benelux operation. Chief Executive Margherita Della Valle called the deal “attractive” and said it brings “further value creation.” SEC
Britain’s in focus too. Vodafone and CK Hutchison wrapped up the Three UK merger in June 2025, forming VodafoneThree—a new entity the companies claim will leapfrog both BT’s EE and Virgin Media O2 to take the top spot. Back in February, Della Valle described the integration as “very good progress,” adding Vodafone looked for “good growth” from the deal this year. Reuters
But the capital return isn’t just a straight drop in share count. Vodafone disclosed last week it’s seeking to list 286.1 million new shares on or about March 31—nearly all linked to its 2023 employee incentive program. Germany continues to pose challenges. “Every quarter customer experience goes one step higher,” Della Valle said, though “the market remains competitive.” Investegate
Back in February, Vodafone held its line on forecasts, saying it still expects adjusted core earnings and free cash flow for the year to March 31 to come in at the top ends of its previously stated ranges—11.3 billion to 11.6 billion euros and 2.4 billion to 2.6 billion euros. That sets the stage for the buyback. The key issue: can the company’s operations pick up pace to match the cash it’s sending back to shareholders?
Back when the UK cleared the merger, Enders Analysis’s Karen Egan summed it up: “three high quality networks instead of four inferior ones” would be a win for customers and businesses. Vodafone’s latest filing on Tuesday edges the company closer to translating that merger playbook into something tangible for shareholders—hard cash. Reuters
