Vodafone Group plc news today (19 November 2025): share buyback update, £3bn lawsuit risk, dividend countdown and growth outlook

London-listed Vodafone Group plc (LON: VOD) is back in the news on 19 November 2025 as investors digest fresh share‑buyback activity, an approaching ex‑dividend date, and ongoing legal and strategic developments that could shape the telecom giant’s next leg of its turnaround.

Vodafone share price today: rally cools but gains hold

Vodafone’s shares traded around 92.7p in London on Wednesday, edging lower by roughly 0.4% on the day after a strong run since its half‑year results earlier this month. The stock’s intraday range on 19 November sits between about 92.4p and 93.4p, with daily volume a little over 6.6 million shares. ^[1]

Despite today’s pause, the share price remains close to its recent 52‑week high of 96.3p, well above the 62.4p low recorded a year ago. Over the last 12 months, Vodafone shares have climbed by just over 30%, giving the group a market capitalisation of around £22.2 billion. ^[2]

Technical indicators tracked by TradingView currently tilt towards a short‑term “buy” signal, reflecting improving momentum after years of underperformance, even as the stock still trades far below its early‑2000s highs. ^[3]

€500m share buyback: fresh 13,000‑share purchase disclosed today

The headline corporate news from Vodafone on 19 November is another small tranche under its €500 million share repurchase programme, which began on 11 November and is due to run until early February 2026. ^[4]

In a regulatory filing this morning, Vodafone confirmed that on 18 November 2025 it bought 13,000 ordinary shares on the London Stock Exchange via Merrill Lynch International, at a volume‑weighted average price of 92.93p, within a 91.90p–93.38p range. The group plans to hold these shares in treasury. ^[5]

Following this transaction, Vodafone now holds about 1.82 billion shares in treasury, leaving just under 23.84 billion shares in issue (excluding treasury stock). ^[6]

The current buyback programme, announced alongside the half‑year results, authorises purchases of up to €500m of ordinary shares between 11 November 2025 and no later than 4 February 2026. The stated purpose is to reduce share capital, with treasury stock ultimately either cancelled or used to satisfy employee share schemes. ^[7]

At recent prices near 93p and using a typical euro‑sterling exchange rate, the programme could retire roughly 2% of Vodafone’s share count, modest in size but still supportive for earnings per share and dividend capacity over time.

Dividend countdown: interim payout, ex‑dividend date and new policy

Income‑focused investors are watching Vodafone closely this week because the shares go ex‑dividend on Thursday 20 November 2025 for the FY26 interim dividend. ^[8]

Key dates for the interim payout are:

Ex‑dividend date (LSE ordinary shares): 20 November 2025
ADR ex‑dividend date: 21 November 2025
Record date: 21 November 2025
Payment date: 5 February 2026
Interim dividend amount: 2.25 eurocents per share ^[9]

The interim payout is unchanged year‑on‑year, but it sits inside a new “progressive” dividend policy announced with the H1 FY26 results. Management now expects the full‑year FY26 dividend per share to grow by 2.5% from a base of 4.5 eurocents in FY25. The interim dividend will continue to be set at 50% of the previous full‑year dividend, effectively locking in a higher base if the full‑year payout rises. TechStock²+1

With the shares around 93p and using recent FX assumptions, this points to a forward dividend yield of a little over 4%, which, alongside the buyback, is a central part of Vodafone’s “total return” story for investors.

Legal overhang: £3bn+ ‘loyalty penalty’ class action moves forward

Balancing out the capital‑return story is a renewed focus on legal risk in the UK.

Last week, the UK’s Competition Appeal Tribunal (CAT) issued a ruling allowing a multi‑billion‑pound collective action to proceed against Vodafone, BT/EE, O2 and Three UK, alleging that the operators overcharged millions of mobile customers. ^[10]

What the case is about

The claim, led by consumer advocate Justin Gutmann, accuses the operators of imposing a so‑called “loyalty penalty” by continuing to charge customers for handsets after their minimum contract terms had expired, instead of moving them to cheaper SIM‑only deals. ^[11]
The action seeks over £3 billion in damages on behalf of around 28 million customers who took out combined handset‑and‑airtime contracts. ^[12]

The tribunal ruled that claims relating to the period before 1 October 2015 are time‑barred, trimming part of the case, but it allowed claims from October 2015 onwards to go to trial. ^[13]

All four operators deny wrongdoing. Vodafone has previously said the allegations are “without merit” and that any potential financial impact cannot yet be quantified. ^[14]

For shareholders, the implications are twofold:

Financial risk – In a worst‑case scenario, an adverse judgment or settlement could dent future free cash flow, though any resolution would likely take several years and costs could be shared across operators. ^[15]
Regulatory and reputational risk – The case feeds into a broader UK narrative about “loyalty penalties” in telecoms and utilities, increasing the chance of tougher consumer‑protection rules that could pressure margins. ^[16]

Half‑year numbers: growth returns in core markets

The legal drama is unfolding against a backdrop of improving operating performance.

On 11 November 2025, Vodafone reported H1 FY26 results showing:

Total revenue up 7.3% year‑on‑year to €19.6bn
Service revenue up 8.1% to €16.3bn (about 5.7% growth on an organic basis)
Adjusted EBITDAaL (its main profit metric) up 5.9% to roughly €5.7bn ^[17]

Management said it now expects to land at the upper end of FY26 guidance for both adjusted EBITDAaL (target range €11.3–€11.6bn) and adjusted free cash flow (€2.4–€2.6bn). ^[18]

Operationally, the half‑year update showed:

Germany, long considered a problem area, returned to service‑revenue growth in the second quarter, helped by wholesale deals and the fading impact of earlier TV‑law changes. ^[19]
The UK, now reported as the merged VodafoneThree business, delivered mid‑teens organic service‑revenue growth, reflecting integration benefits and stronger network positioning. ^[20]
Africa, mainly through Vodacom and associated operations, continued to post double‑digit service‑revenue growth, supported by rising data usage and the expansion of mobile‑financial services. ^[21]

Combined with disposals of lower‑return businesses in Spain and Italy, these trends underpin a story of a leaner, more focused Vodafone that is finally converting its restructuring efforts into growth. ^[22]

Strategy and deals: Skaylink acquisition and tax overhang in India

Skaylink: buying cloud and AI muscle

On 30 October 2025, Vodafone announced a deal to acquire 100% of Skaylink GmbH, a European cloud and digital‑transformation specialist, for €175 million. ^[23]

Skaylink employs more than 500 experts and focuses on Microsoft Azure and Amazon Web Services environments, cyber‑security and AI‑enabled business solutions. Vodafone says the acquisition will strengthen Vodafone Business as it seeks higher‑growth revenue streams in managed cloud, security and digital services. Completion is expected by March 2026, subject to regulatory approvals. ^[24]

For investors, Skaylink is relatively small financially but strategically important: it nudges Vodafone further into enterprise IT and AI‑driven services, which generally carry better margins than traditional mobile connectivity.

India: major tax case finally withdrawn

Earlier this month, Vodafone also received welcome news from India, where the Income‑Tax Department dropped an ₹8,500‑crore (approx. €950m) transfer‑pricing case tied to the sale of Vodafone India’s call‑centre business. ^[25]

The dispute, which dates back to transactions in 2007–08, had lingered for years despite a favourable ruling for Vodafone India from the Bombay High Court. The tax authority’s withdrawal follows a recent Supreme Court decision allowing the government to craft a special relief package around Vodafone Idea’s adjusted‑gross‑revenue liabilities. ^[26]

While this case sat outside the listed Vodafone Group for accounting purposes, its resolution removes another legal and reputational overhang that had coloured investor sentiment towards the brand in India.

IoT and connectivity: new NB‑IoT offer using Vodafone’s network

In the UK, today also brought fresh evidence of Vodafone’s role as a wholesale connectivity provider.

IoT connectivity specialist KeySIM announced a new Narrowband IoT (NB‑IoT) and LTE‑M SIM tariff priced at £0.95 per month, designed for low‑bandwidth applications like sensors, alarms and metering. The service runs on Vodafone and EE’s networks, underscoring Vodafone’s importance in the UK’s machine‑to‑machine connectivity ecosystem even when the brand is not front‑of‑house. ^[27]

Although such wholesale deals are small individually, they collectively support Vodafone’s ambition to be a leading IoT platform provider, an area where the group already boasts more than 200 million IoT connections worldwide. ^[28]

Analyst and market sentiment: cautious optimism

The market reaction to Vodafone’s improving fundamentals remains mixed:

A recent note from Deutsche Bank Research re‑affirmed a “Buy” rating on Vodafone with a price target of 140p, implying roughly 50% upside from current levels. ^[29]
Aggregated broker data referenced in recent coverage still shows a subdued overall consensus, with many analysts sitting on Hold or Sell ratings despite the stronger earnings momentum and capital‑return plans. TechStock²+1

For now, institutional investors appear to be waiting for more proof that Vodafone can deliver consistent growth and maintain higher cash generation, especially in capital‑intensive European markets.

What today’s news means for Vodafone shareholders

Putting together the developments around 19 November 2025, the Vodafone investment story looks like this:

Key positives

Operational momentum – Revenue and EBITDAaL are growing again, with formerly weak Germany back to growth and strong contributions from the UK, Türkiye and Africa. ^[30]
Capital returns – A €500m buyback and a progressive dividend policy suggest management is confident enough in cash generation to reward shareholders more generously. ^[31]
Simpler, higher‑quality portfolio – Exits from Spain and Italy, the planned Skaylink acquisition and ongoing portfolio reshaping (including the VodafoneThree merger and potential options around VodafoneZiggo) point to a more focused group. TechStock²+2DirectorsTalk Interviews+2
Legal clean‑up in India – The withdrawal of the large Indian transfer‑pricing case reduces long‑running legal noise around the Vodafone name. ^[32]

Main risks and uncertainties

UK “loyalty penalty” lawsuit – The CAT’s decision to let a £3bn‑plus class action go forward introduces significant legal and regulatory uncertainty, even if any financial impact is years away and spread across several operators. ^[33]
Capital intensity – Vodafone still operates large fixed and mobile networks that demand heavy, ongoing capex for 5G, fibre and TV platform upgrades, limiting how far margins can expand. ^[34]
Sentiment gap – Despite the recent rally, analyst and institutional scepticism means the shares could remain a “show‑me” story until the company delivers several clean quarters in a row. TechStock²+2TradingView+2

Bottom line

On 19 November 2025, Vodafone Group plc stands at an interesting junction:

The numbers are improving, the dividend is growing again and a substantial buyback is underway.
At the same time, the company faces a major UK class action, ongoing heavy investment needs and lingering caution from parts of the analyst community.

For now, Vodafone looks like a classic telecom turnaround in progress: today’s news reinforces the sense that management is executing on strategy, but the market is still asking for more evidence before fully rerating the stock.

This article is for information purposes only and does not constitute investment advice. Investors should do their own research or consult a regulated financial adviser before buying or selling any securities.

FTSE flat in early trades, Vodafone jumps on share buyback - Market Report