LONDON, March 16, 2026, 21:19 GMT
- Vodafone closed Monday in London with a 0.37% gain at 109.6 pence. 1
- The company reported buying back 2 million shares as part of its current €500 million repurchase plan. 2
- Next up: Vodafone’s FY26 numbers on May 12. That’s when investors hope to get clearer signals on the Germany and UK integration story. 3
Vodafone ticked up 0.37% to close at 109.6 pence on Monday, as the telecom giant revealed it had bought back another 2 million shares in its ongoing repurchase plan. 2
Cash payouts and portfolio shifts are key right now, not just operational progress. The buyback, along with last month’s VodafoneZiggo disposal, has landed well with investors. Still, Germany is where their attention is fixed. 4
Vodafone disclosed in a Monday filing that it snapped up 2 million ordinary shares on March 13, paying a volume-weighted average of 109.68 pence per share via Goldman Sachs International. Those shares are headed to treasury, so they’ll sit with the company. After this move, around 23.11 billion ordinary shares remain in circulation, excluding treasury stock, according to the filing. 2
The buy is part of Vodafone’s ongoing €500 million repurchase program, which kicked off Feb. 5. Back then, Vodafone reported third-quarter revenue up 6.5% to €10.5 billion, with a 2.3% gain in its core earnings figure. Management kept full-year earnings and free cash flow at the high end of guidance. Since May 2024, €3.5 billion in buybacks have already wrapped up. 5
Back in February, Chief Executive Margherita Della Valle expressed satisfaction with how things were shaping up in Germany, but noted the competitive landscape hasn’t eased. She also described the Three integration in Britain as going “very good progress.” 6
Last month, Vodafone took another step in its overhaul, agreeing to offload its 50% holding in VodafoneZiggo—its Dutch joint venture—to Liberty Global. The deal: €1 billion in cash, plus a 10% stake in a new Ziggo Group that’s targeting an Amsterdam listing in 2027. Della Valle called the valuation “attractive” and pointed to the retained stake’s potential for “further value creation.” 7
Berenberg’s Nick Lyall stuck with his Buy call on Vodafone on Monday, maintaining a 119 pence price target. Lyall argued that European telcos offer more than just a defensive play. Vodafone made his favorites list, alongside BT, Deutsche Telekom, and Orange. 8
Still, Germany remains a sore spot. Vodafone’s telecom service sales in the country edged up 0.7% in its fiscal third quarter—marking a second consecutive quarter of growth, but missing the 1.02% gain analysts were hoping for. Shares dropped around 5% when those figures landed in February. Should Germany falter again, even a ramped-up buyback might not be enough to lift the stock. 6
Vodafone will deliver its FY26 results on May 12—a date that could shape sentiment on Germany, UK integration progress, and what’s next for shareholder returns. Investors looking for more certainty will be watching that update. 3
