Vodafone Group Public Limited Company Q2 2027 Earnings Recap

Vodafone’s shares were nearly flat, down 0.3%, as the company upgraded FY27 guidance after a strong first half. The update was balanced by management’s acknowledgment that Germany still needs substantial improvement.

Key Takeaways

• Group service revenue growth accelerated to 6.4% in Q2, its highest level in three years; Vodafone Business grew 6.6%.
• First-half adjusted EBITDAaL growth accelerated to 6.4%, supported by top-line growth and margin expansion.
• The upgraded guidance midpoint implies organic growth of 7% in adjusted EBITDAaL and 21% in adjusted free cash flow for FY27.
• Vodafone delivered over €200 million of gross cost savings in the first half, with a full-year net OpEx reduction of over €200 million in view; its longer-term target is over €1 billion in annual net OpEx savings.
• Germany remains a work in progress: Vodafone announced 2,300 role reductions and said headcount there will be down 40% since the transformation began.