LONDON, March 12, 2026, 20:00 GMT
Vodafone Group Plc shares hovered between 107 and 108 pence on Thursday, as the telecom giant announced it had bought back another 2 million shares under its ongoing capital return initiative. The stock showed minimal movement for the session, according to market data.
These buyback updates keep capital returns front and center as investors look for firmer evidence that Germany is steadying, the UK merger is paying off, and proceeds from asset sales are making their way to the cash pile. Vodafone’s next full-year earnings report lands May 12.
Vodafone on Thursday flagged a buyback of 2 million ordinary shares picked up March 11 at an average 107.14 pence each. The group opted to keep these shares in treasury instead of retiring them right away. Just a day before, the company had reported snapping up another 2 million shares on March 10 at 108.40 pence apiece, both deals part of its €500 million buyback started in February.
Vodafone kicked off the latest tranche following its Feb. 5 disclosure: 3.5 billion euros already spent on buybacks since May 2024, with full-year profit and free cash flow still targeting the high end of guidance. That same update flagged Turkey and Africa carrying most of the weight, while Germany’s rebound lagged.
Back then, Chief Executive Margherita Della Valle noted, “the market remains competitive” in Germany, though “customer experience goes one step higher” every quarter. Cash flow is now more visible, but the earnings rebound hasn’t shown up yet. Reuters
Liberty Global’s deal to pick up Vodafone’s 50% share in VodafoneZiggo last month put 1 billion euros in cash on Vodafone’s balance sheet, and Vodafone hangs on to a 10% stake in the new Ziggo Group. “This transaction delivers 1 billion euros in cash to Vodafone,” Della Valle said, adding that the price was appealing. Reuters
Britain’s shaping up as another proving ground. Back in February, Della Valle pointed to VodafoneThree’s “clear line of sight on £700 million of annual costs and CAPEX synergies”—that’s operating and network savings. But things aren’t standing still: Virgin Media O2 rolled out Europe’s first smartphone satellite service, and Liberty Global, Telefonica, and InfraVia have struck a deal to acquire fibre network Netomnia, aiming to put more pressure on BT’s Openreach. Vodafone
Even with buybacks and asset sales, the stock won’t get much relief if Germany falls short again. CFO Pilar López expects the second half in Germany to look better than the first, but she’s not forecasting a turnaround to positive earnings growth this year. Management also flagged that some parts of the consumer business in Germany are still beyond Vodafone’s reach.
The next big date for the company lands on May 12. Until that arrives, investors will be paying close attention to buyback activity, any moves with the Dutch-sale proceeds, and signs of Germany moving beyond stabilization toward recovery.
