London, May 18, 2026, 14:05 (BST)
Vodafone Group Plc shares ticked up in London Monday, taking back a bit of ground after last week’s drop. The stock got a lift from the company’s improved profit outlook, but traders kept an eye on ongoing weakness in Germany, Vodafone’s largest market.
Vodafone was quoted at 111.20p/111.25p in delayed dealings, up 0.45p, or 0.41%. Shares finished Friday at 110.80p, down 4.48% after a choppy week. The stock touched 122.05p on May 11, then fell back after its results.
The change happened in regular London Stock Exchange trading. The exchange is open from 8:00 a.m. to 4:30 p.m. BST, with the next break set for May 25. Reuters said the FTSE 250 slipped amid inflation concerns and politics, but the FTSE 100 held a small gain earlier in the day.
Vodafone’s turnaround trade had momentum, but last week’s results bring things back to execution. Disposals, mergers and buybacks are no longer enough, which is why it matters now.
Vodafone reported full-year revenue up 8.0% at €40.5 billion and service revenue climbing 8.8% to €33.5 billion. Adjusted EBITDAaL, which strips out lease costs, was €11.4 billion, a 4.5% organic increase. CEO Margherita Della Valle said Vodafone is “a simpler company with a stronger growth outlook.” Investegate
Vodafone said it expects adjusted EBITDAaL of €11.9 billion to €12.2 billion for the year and sees adjusted free cash flow between €2.6 billion and €2.9 billion. Adjusted free cash flow, which is cash generation after operating and investment uses but before some items, is what investors are watching.
Vodafone pointed to Germany as a trouble spot. Organic service revenue there dropped 0.2% for the year. The fourth quarter showed a bit of a rebound, rising 1.3%. But mobile competition and the last of the TV-law changes still hurt results. “Germany remains Vodafone’s toughest nut to crack,” wrote Matt Britzman, senior equity analyst at Hargreaves Lansdown. He said prices and subscriber numbers are still under pressure in Vodafone’s branded business. HL
Vodafone is set to take full control of VodafoneThree after agreeing to buy CK Hutchison’s 49% stake for £4.3 billion. That puts Britain’s biggest mobile operator entirely under Vodafone, after passing BT’s EE and O2 from Telefónica and Liberty Global. The company has a goal of £700 million in savings by fiscal 2030.
Vodafone flagged a board change with a German angle on Friday. The company said Olaf Koch, the ex-Metro AG CEO, will become a non-executive director after the 2026 annual meeting, if shareholders agree. Chair Jean-François van Boxmeer said Koch’s background in company transformations and his German market expertise would support Vodafone’s plans.
But there’s risk to the upside case. Mobile prices in Germany may remain weak, VodafoneThree’s promised savings could be slower, and high debt can still restrict capital returns. Vodafone flagged trading, energy bills, and currency swings as the main uncertainties for this year. The company also said it expects restructuring and integration costs to hit a peak of around €0.7 billion in FY27, with about €0.4 billion of that linked to VodafoneThree.
Vodafone shares are still working their way back. On Monday, the price stayed well under the recent 122.05p peak from last week, but held above the 52-week low of 70.90p.
Monday’s bounce looks more like a breather than a clear signal. Investors see a stripped-down Vodafone, but they still want evidence on Germany, UK integration, and cash flow all improving together.
