London, Feb 20, 2026, 09:34 GMT — Regular session
- Vodafone climbed roughly 0.2% early Friday, following the VodafoneZiggo stake sale struck on Wednesday.
- The company revealed new buyback purchases under its current program.
- Eyes are on deal sign-offs and Vodafone’s FY26 numbers, due out May 12.
Vodafone ticked up early in London on Friday, adding around 0.2% to 115.7 pence by 0930 GMT. Investors were still working through news of its exit from the Netherlands joint venture, VodafoneZiggo, and the latest buyback update. Shares had moved in a tight 114.6p to 116.0p band during the morning. (Source: https://www.investing.com/equities/vodafone)
These steps are significant for Vodafone, which has turned to asset sales and stricter capital discipline to reshape its narrative following prolonged sluggish growth in some European markets. Investors are also watching for evidence that proceeds from sales will shore up the balance sheet and support more consistent shareholder returns, instead of just fueling additional network investment.
Liberty Global struck a deal Wednesday to purchase Vodafone’s 50% share in VodafoneZiggo for 1 billion euros in cash, the two companies confirmed, though Vodafone will hang on to a 10% stake in a newly formed Benelux entity called Ziggo Group. Liberty Global is looking to merge VodafoneZiggo with Belgium’s Telenet, then take the combined company public in Amsterdam in 2027—pending shareholder approval. (Source: https://www.reuters.com/business/vodafone-sell-50-stake-vodafoneziggo-118-billion-2026-02-18/)
Liberty Global CEO Mike Fries called the merger a “regional powerhouse.” Vodafone’s Margherita Della Valle described the transaction as happening “at an attractive valuation.” Vodafone added it plans to deliver services like brand licensing to VodafoneZiggo, with anticipated charges totaling 625 million euros spread across 10 years. (Source: https://www.vodafone.com/news/newsroom/corporate-and-financial/vodafone-sells-stake-in-vodafoneziggo)
The deal price now sets a more transparent benchmark for telecom valuations, coming as European operators push for relaxed regulations and bigger mergers. According to Vodafone, the sale values VodafoneZiggo at 7.1 times its adjusted EBITDA, based on VodafoneZiggo’s projected 2025 figures. That profit metric leaves out certain one-off items.
Vodafone reported additional buyback moves in a Friday filing, disclosing it purchased 31.84 million shares on Feb. 19 via Goldman Sachs International at a volume-weighted average price of 115.42 pence. The group plans to keep those shares in treasury. (Source: https://www.tradingview.com/news/reuters.com%2C2026-02-20%3Anewsml_RST7428Ta%3A0-reg-vodafone-group-plc-transaction-in-own-shares/)
Vodafone kicked off its next 500 million euro buyback earlier this month, following the 3.5 billion euros completed since May 2024. The company stuck to its outlook, saying adjusted core earnings and free cash flow for the year ending March should land at the top end of its guidance range. Della Valle called Germany a “competitive environment,” while saying VodafoneThree’s integration in Britain is “making very good progress.” (Source: https://www.reuters.com/business/vodafone-says-growth-turkey-africa-germany-supports-profit-guidance-2026-02-05/)
Liberty Global also tossed in a separate UK move: teaming up with partners to acquire fibre network Netomnia. That deal could turn up the competitive heat on BT’s Openreach — yet another headache for the sector.
Still, risks linger. Regulatory sign-off is required for the VodafoneZiggo transaction, and with a closing not likely before the back half of 2026, any holdup could slow cash payouts or muddy Liberty Global’s spin-off timeline. Then there’s the operational uncertainty for Vodafone: sustaining revenue growth in major European markets could get tough if pricing pressure doesn’t let up.
The next key date for investors is May 12, when Vodafone will report FY26 results. That’s when updates are expected on the timing of the deal, the pace of the buyback, and where cash will be directed. (Source: https://www.vodafone.com/investors/performance-and-reports/financial-calendar)
