Vodafone expects top end profit as German recovery worries hit shares
Vodafone remains on track for top-end annual profits following strong growth in Turkey and Africa. However, shares fell today as German recovery slowed.
Insights:
Vodafone Group Public Limited Company announced on Thursday, February 5, 2026, that it expects adjusted core earnings and free cash flow for the fiscal year ending in March to reach the upper end of its previously issued guidance. The announcement, delivered by Chief Executive Margherita Della Valle margherita della valle alongside third-quarter results, highlights a period of growth where group revenue rose by 6.5% and core earnings increased by 2.3%. The company stated that this outlook is being driven by strong performance in Turkey 
TR and Africa.
TR and Africa.Despite the positive full-year guidance, shares in Vodafone Group Public Limited Company fell by more than 5% during trading. The decline was triggered by results from Germany 
DE, where the company posted 0.7% top-line growth. This figure was slightly below expectations and has raised doubts among investors about the speed of recovery in the German market. The performance in Germany DE stood in contrast to the robust momentum reported in Turkey TR and other international regions.
DE, where the company posted 0.7% top-line growth. This figure was slightly below expectations and has raised doubts among investors about the speed of recovery in the German market. The performance in Germany DE stood in contrast to the robust momentum reported in Turkey TR and other international regions.
