Vodafone Group PLC (LON: VOD, NASDAQ: VOD) continues its €500m buyback programme, edges higher in London, and gains a boost from improving sentiment around Vodafone Idea. Here’s what VOD investors need to know on 26 November 2025.
London, 26 November 2025 — Vodafone Group Public Limited Company is back under the spotlight today as it logs another “Transaction in Own Shares” RNS, sees its London stock nudge higher, and rides improving sentiment around its Indian affiliate Vodafone Idea after fresh clarity on long‑running AGR dues. [1]
At the same time, analysts and industry writers are digesting Vodafone’s stronger H1 FY26 results, its newly announced progressive dividend policy, and a bold growth strategy centred on digital services, fibre and emerging markets. [2]
Key takeaways for 26 November 2025
- New RNS today: Vodafone has issued another “Transaction in Own Shares” notice dated 26 November 2025 as part of its ongoing €500 million buyback programme. [3]
- Treasury share pile grows: TradingView notes that, following the latest buyback transactions, Vodafone now holds about 1.87 billion shares in treasury out of 23.79 billion issued, roughly 7.8% of its share capital. [4]
- Share price edges higher: On the London Stock Exchange, Vodafone closed today at around 93p, up about 0.6% and roughly 30% higher than a year ago, with a dividend yield just over 4%. [5]
- ADR strength in New York: Vodafone’s US‑listed ADRs (NASDAQ: VOD) closed yesterday at $12.22, up 3.3% on the day, and technical analysts have recently upgraded the stock to a short‑term “buy candidate”. [6]
- India in focus: A widely read column today argues India’s telecom sector may finally be stabilising as the Supreme Court allows reassessment of Vodafone Idea’s AGR dues, while trading data show exceptional volume in Vodafone Idea’s stock. [7]
Vodafone share price today: VOD in London and New York
In London, Vodafone Group PLC (LON: VOD) finished the 26 November session with: [8]
- Sell / buy: ~93.02p / 93.04p
- Daily move: +0.52p (+0.56%)
- 1‑year performance: +30.16%
- Dividend yield: ~4.1% (based on declared dividends)
Hargreaves Lansdown data also highlight a market capitalisation of around £22.1 billion, with the shares trading comfortably above their 52‑week low of about 62p but below the 96p high. [9]
On Wall Street, Vodafone’s ADRs (NASDAQ: VOD) closed yesterday (25 November) at $12.22, up 3.30% on the day, with a 52‑week range of $8.00–$12.73 and a market cap near $30 billion, according to StockInvest’s technical commentary. [10]
Fresh RNS: more buybacks under Vodafone’s €500m programme
The most concrete corporate news today, 26 November 2025, is another “Transaction in Own Shares” RNS at 07:00 UK time, confirming Vodafone is still actively repurchasing stock as part of its latest buyback wave. [11]
While the full RNS text is behind various data portals’ sign‑ins, a TradingView “Key facts today” note summarises that on 26 November Vodafone completed another buyback transaction with Merrill Lynch, and now holds 1,866,895,247 shares in treasury out of 23,793,533,231 issued. [12]
This builds on:
- €3.0 billion of share buybacks completed since May 2024, with €1.0 billion still to go, as set out in the H1 FY26 results. [13]
- A specific €500 million buyback tranche that started on 11 November 2025 and is scheduled to run until early February 2026, according to TradingView and SEC‑filed materials. [14]
From an investor’s point of view, continued daily RNSs for “Transaction in Own Shares” signal:
- Ongoing capital returns on top of dividends.
- A management view that Vodafone’s equity remains attractively valued versus long‑term prospects.
- A gradually shrinking free‑float as more stock is moved into treasury.
Exactly how supportive buybacks are for the share price will depend on execution and broader market sentiment, but today’s modest rise in London suggests investors remain comfortable with the strategy.
Earnings momentum: H1 FY26 results & new progressive dividend policy
Much of the commentary published today and in recent days is still anchored in Vodafone’s Half‑Year FY26 results, released on 11 November. [15]
Key numbers from the H1 FY26 announcement:
- Total revenue: up 7.3% to €19.6 billion (from €18.3 billion a year earlier), driven by strong service revenue and consolidation of Three UK. [16]
- Service revenue: up 8.1% to €16.3 billion, +5.7% on an organic basis. [17]
- Adjusted EBITDAaL: €5.7 billion, up 5.9% reported / 6.8% organic, showing good operating leverage despite higher commercial investment. [18]
- Operating profit:down 9.2% to €2.2 billion due mainly to higher depreciation and amortisation after bringing Three UK on balance sheet. [19]
- Geography highlights:
- Germany back to positive service‑revenue growth in Q2 (+0.5%).
- UK service revenue growing (+1.2% organic in Q2) with a “fast start” on integrating Vodafone and Three.
- Africa delivering double‑digit organic service‑revenue growth (Q2 +13.5%), powered by data and fintech services. [20]
On the back of this, Vodafone guided that it now expects to deliver the upper end of its FY26 guidance for adjusted EBITDAaL (€11.3–11.6 billion) and adjusted free cash flow (€2.4–2.6 billion). [21]
Dividend: first increase in years
Perhaps the most widely quoted takeaway — and critical for income investors — is Vodafone’s new progressive dividend policy, announced alongside the H1 results: [22]
- Vodafone plans to grow the FY26 full‑year dividend per share by 2.5%, its first increase in many years.
- The interim dividend has been set at 2.25 eurocents per ordinary share, with an ex‑dividend date of 20 November (21 November for ADRs) and payment on 5 February 2026. [23]
- Going forward, the interim dividend will be 50% of the prior full‑year dividend, making the policy more predictable. [24]
Today’s buyback RNS effectively sits on top of that dividend story, reinforcing the message that Vodafone aims to reward shareholders through both cash payouts and share count reduction.
Today’s commentary: “bold growth strategy” and execution risks
A fresh feature piece published today by VoIP Review describes Vodafone’s current approach as a “bold growth strategy” built around three pillars: [25]
- Digital services and fibre rollout – especially in core European markets.
- Cost‑effective access technologies, including fixed wireless access (FWA), to lift average revenue per user (ARPU).
- Emerging‑market exposure across Africa, Türkiye and Eastern Europe, leveraging growing data demand and a rising middle class.
The article notes that Vodafone’s Q2 FY25–26 performance was “optimistic”, but also flags several headwinds:
- Fierce broadband competition squeezing margins.
- Geopolitical and regulatory risk in markets such as Albania and the DRC.
- Ongoing complexity around mergers and acquisitions, even after completing the Three UK deal and acquisitions like Telekom Romania. [26]
Management continuity is also in focus: Vodafone appointed Pilar López, a senior Microsoft executive and former Telefónica leader, as its next chief financial officer. She takes over from Luka Mucic on 1 December 2025, strengthening the company’s technology and capital‑markets credentials. [27]
India spotlight: AGR clarity and a surge in Vodafone Idea trading
Although Vodafone Idea Limited is now only a 16.1% associate of Vodafone Group following spectrum‑dues‑for‑equity conversions and subsequent dilution, developments around the Indian carrier still matter for sentiment — especially given lingering AGR liabilities. [28]
Two big India‑linked stories are circulating today:
1. Supreme Court clarity & hopes for a relief package
An in‑depth blog on ETTelecom, published on 26 November 2025, argues that India’s troubled telecom sector could finally be on the verge of more stable days. Key points: [29]
- The Supreme Court of India has clarified that the government can reassess and reconcile Vodafone Idea’s past adjusted gross revenue (AGR) dues up to FY17.
- If the government — now Vodafone Idea’s largest shareholder with roughly 49% — uses that framework to design a long‑term relief package, it could speed up the telco’s long‑delayed debt raise and improve survival prospects.
- Vodafone Idea recently reported its lowest net loss in almost five years, helped by lower interest costs, reduced FX volatility, and steady growth in 4G/5G users and data consumption.
- The company has rolled out 5G in 29 cities across 17 priority markets and is aiming to migrate a large base of non‑4G customers to higher‑value plans, boosting ARPU.
The blog suggests that a meaningful waiver of interest and penalties on AGR dues could deliver NPV relief estimated at around ₹580 billion, potentially enabling banks to extend a long‑pending ₹25,000 crore credit line to Vodafone Idea. [30]
2. Exceptional trading volume in Vodafone Idea stock
Separately, MarketsMojo reports that Vodafone Idea shares are among the most actively traded telecom stocks today (26 November 2025), with exceptional trading volume despite only modest price moves. The article frames this as a sign of intense investor positioning around regulatory and funding outcomes for the company. [31]
A third, earlier piece from Developing Telecoms reminds readers that India’s Department of Telecommunications (DoT) is still pushing Vodafone Idea and Bharti Airtel for about INR 94.5 billion (~US$1.1 billion) in additional AGR charges, underlining that the legal and regulatory saga is far from fully resolved. [32]
For Vodafone Group shareholders, the takeaway is two‑sided:
- On the plus side, any credible relief package or debt‑raise at Vodafone Idea would reduce tail risk around the associate and the Indian mobile market structure.
- On the downside, the situation still involves material uncertainty, and Vodafone Group’s stake — while reduced — could still be affected by future restructurings.
Spain & fibre: repositioning via FiberPass stake sale
Just ahead of today’s session, Vodafone Spain was also in the news for its role in a joint fibre venture shake‑up:
- On 25 November 2025, Mobile World Live reported that Telefónica and Vodafone Spain are selling stakes in their FiberPass fibre‑to‑the‑home (FTTH) joint venture to institutional investor AXA IM Alts. [33]
- Under the proposed terms, Vodafone Spain’s stake would fall from 37% to just 5%, while AXA IM Alts takes 40% and Telefónica retains control with 55%. [34]
- FiberPass currently passes 3.7 million premises and serves about 1.4 million customers. [35]
Although this deal was announced yesterday, it’s very much part of today’s investor conversation, reinforcing a broader pattern: Vodafone is increasingly partnering and recycling capital in infrastructure rather than owning everything on‑balance‑sheet.
How today’s developments fit into the bigger VOD investment story
Putting it all together:
- Operationally, Vodafone is showing real top‑line momentum, especially in Germany, the UK and Africa, while still grappling with margin pressure and higher depreciation from recent M&A. [36]
- Financially, management is committing to both dividend growth and sustained buybacks, signalling confidence in medium‑term cash‑flow growth. [37]
- Strategically, today’s articles highlight a focus on digital services, fibre, emerging markets and disciplined portfolio moves such as the FiberPass deal. [38]
- Risk‑wise, India remains a wild card, but today’s AGR‑related coverage suggests the direction of travel may be more constructive than in recent years — albeit with big caveats. [39]
For investors, the 26 November 2025 news flow doesn’t fundamentally change the Vodafone story, but it reinforces the current narrative:
A high‑yield European telecom group mid‑turnaround, leaning on buybacks and dividend growth, pushing for organic growth in core markets, and gradually de‑risking a complex portfolio.
As always, this article is for information only and is not investment advice. Anyone considering VOD stock should look at their own financial situation, risk tolerance and do independent research or speak to a licensed adviser.
Quick FAQ
Is Vodafone still buying back shares?
Yes. Vodafone has an active €500 million buyback programme running from 11 November 2025 to early February 2026, and today’s 26 November “Transaction in Own Shares” RNS shows the company is continuing to repurchase stock on the market. [40]
What is Vodafone’s current dividend outlook?
Vodafone has introduced a progressive dividend policy, targeting 2.5% growth in the FY26 dividend per share and setting the interim dividend at 2.25 eurocents, payable on 5 February 2026. The interim will generally equal 50% of the prior year’s total dividend going forward. [41]
How important is Vodafone Idea to Vodafone Group today?
According to Vodafone’s H1 FY26 results, its stake in Vodafone Idea was diluted to about 16.1% in April 2025 after spectrum dues were converted into equity. That means Vodafone Idea is now an associate, not a controlled subsidiary — still relevant, but far less central to the group’s balance sheet than in the past. [42]
References
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