Vodafone Greece’s service revenue rose to €286 million in the second quarter of 2026, from €247 million, an increase of 15.8%.
According to the company’s announcement, the increase was driven by higher revenue from mobile and fixed services, while the acceleration in digital services for businesses reflected the delivery of public-sector projects under Greece’s National Recovery and Resilience Plan.
Mobile and networks
In mobile, growth was supported by the contract customer base, which reached 3,958,000 connections, and by an increase in average revenue per user (ARPU) to €11.8.
Mobile data usage also continued to rise, reaching 283,871 TB, supported by Vodafone’s continued investment in expanding and upgrading its mobile network.
The company said the returns on these investments were also reflected in the latest umlaut measurements, which recognised Vodafone as the mobile network that had improved the most since 2023 in overall experience, as well as in voice, data and crowdsourcing performance.
The fixed customer base remained broadly flat.
Meanwhile, Vodafone’s owned fibre-optic network now covers more than 650,000 homes and businesses, while its 5G network covers 96.9% of the population, across 249 cities and 72 islands.
Group performance
At group level, Vodafone’s total revenue rose by 11.4% to €21.9 billion in the first half of financial year 2027 (1H FY26: €19.6 billion). The increase was driven by growth in service revenue and the consolidation of Safaricom, VodafoneThree and Telekom Romania, partly offset by adverse foreign-exchange movements.
Service revenue increased by 12.8% to €18.4 billion (1H FY26: €16.3 billion). On an organic basis, it rose by 5.8%, with growth across all business areas.
In Germany, organic service revenue increased by 0.4%, as growth in wholesale services, fixed-line telephony, broadband and digital services for businesses offset declines in television and pressure in mobile.
In the UK, organic service revenue rose by 0.9%, driven by growth in fixed-line services and higher revenue from wholesale mobile services. In Africa, growth reached 13.4%, with gains across all Vodacom markets in both connectivity and financial services.
Organic service revenue from business customers rose by 5.8%, with growth reaching 6.6% in the second quarter, the highest rate recorded to date. The increase was attributed to double-digit growth in digital services in Europe and improved performance in core connectivity services.
Adjusted EBITDAaL increased by 12.6% to €6.5 billion (1H FY26: €5.7 billion). On an organic basis, it rose by 6.4%, while the adjusted EBITDAaL margin improved by 0.5 percentage points on an organic basis, to 29.5%.
The group recorded a loss of €3.6 billion (first half of financial year 2026: profit of €1.1 billion). This was due to non-cash accounting charges, including an impairment in Germany, mainly reflecting adverse movements in interest rates, and a write-down of deferred tax assets in the UK following VodafoneThree’s acquisition of CK Hutchison Group Telecom Holding Limited. The charges were partly offset by an accounting gain arising from the transaction involving Safaricom.
The interim dividend per share increased by 2.5% to 2.306 euro cents (first half of financial year 2026: 2.25 euro cents).
For financial year 2027, the group upgraded its guidance, putting adjusted EBITDAaL at between €13.2 billion and €13.4 billion and adjusted free cash flow at between €2.8 billion and €3 billion.
Commenting on the financial results, Vodafone Group Chief Executive Margherita Della Valle said:
“We have made a strong start to Vodafone’s new chapter of growth, with organic service revenue up 5.8%. This included our strongest growth in Vodafone Business to date, with record performance in digital services as we focus on smart and secure solutions for our business customers and the public sector.”
“I am very pleased with the overall performance of our group, although Germany is not yet where it needs to be. We have a clear action plan under way that will help simplify our operations in Germany and improve customer satisfaction across all our services.”
“Strong growth in group revenue, combined with our continued focus on improving productivity, drove a 6.4% increase in adjusted EBITDAaL in the first half. Today, we are upgrading our guidance for both earnings and cash flow for the financial year and expect to deliver more than 20% organic growth in adjusted free cash flow, in the first year of a multi-year period of double-digit cash flow growth.”