Vodafone Group(US:VOD) Jing Ji Guan Cha Wang·2026-02-12 18:50Core Viewpoint - Vodafone (VOD.US) reported a total revenue of €10.5 billion for Q3 of FY2026, reflecting a year-on-year growth of 6.5%, with organic service revenue growth of 5.4%. However, service revenue growth in Germany, its largest market, was only 0.7%, falling short of market expectations, leading to a 6.8% drop in stock price. The company reaffirmed its full-year guidance, expecting adjusted EBITDAaL and free cash flow to be at the upper end of the guidance range [1]. Financial Performance - The company announced its Q3 financial results on February 5, 2026, reaffirming its FY2026 performance guidance, with expected adjusted EBITDAaL between €11.3 billion and €11.6 billion and free cash flow between €2.4 billion and €2.6 billion, projected to be at the upper end of the range [2]. Capital Movements - Vodafone continues to implement a progressive dividend policy, planning to increase the dividend per share by 2.5% year-on-year in FY2026. Additionally, the company has initiated a €500 million share buyback program, following the completion of €3.5 billion in buybacks since May 2024 [3]. Strategic Progress - The business revitalization plan led by CEO Margherita Della Valle has been ongoing for over two years, focusing on core markets. The company has completed the divestiture of its operations in Italy and Spain and is continuing the merger integration with Three UK in the UK market, committing to invest approximately £11 billion over the next decade [4]. Business Status - Despite short-term impacts from timing changes in payments and other one-off factors, the company is gradually recovering wholesale business revenue through collaboration with 1&1 AG. The negative effects of previous regulatory changes in Germany (prohibiting bundling of TV packages with rent) have largely dissipated, although increased competition remains a concern [5].