London, Feb 8, 2026, 08:54 GMT — The market has closed.
- VOD.L clawed back 1.47% to finish at 110.6p Friday, following Thursday’s 4.68% slide.
- Vodafone kicked off its new buyback by snapping up 27.1 million shares.
- Attention now turns to how Germany’s service revenue is trending, plus the buyback pace, as Monday’s open approaches.
Vodafone Group VOD.L resumed its share buyback program this week, snapping up 27,056,765 shares on Feb. 5 at an average price of 108.53 pence, according to an exchange filing. Shares finished Friday at 110.6 pence, gaining 1.47%. The stock had touched 116.45 pence on Feb. 4 before pulling back the following session.
This week, Vodafone’s share price sits in the crosshairs of two competing themes: cash returns and the speed of any German recovery. The buyback props up demand for now. Still, the real debate—fixing the business—remains unresolved.
Vodafone’s third-quarter FY26 update showed group service revenue climbing 5.4%, with adjusted EBITDAaL—its core post-lease earnings metric—up 2.3% organically. Germany, responsible for 32% of service revenue this quarter, eked out 0.7% growth. The UK didn’t keep pace, dipping 0.5%. The group stuck to its FY26 guidance and said it’s still eyeing the top end of its forecast range.
The stock took a hit right after the update, with some analysts flagging Germany’s growth as just missing the mark. Chief Executive Margherita Della Valle commented to reporters, “Every quarter customer experience goes one step higher,” but she also cautioned that the German market is still fiercely competitive. Reuters
Vodafone’s latest buyback kicks off Feb. 5 and wraps up by May 11 at the latest, the company said. Goldman Sachs International is handling the market purchases, offloading the acquired shares to Vodafone. The intent: trim share capital, with treasury shares earmarked for cancellation down the line or used for employee awards.
Monday’s action could hinge on the buyback tape. With headlines light, daily purchase disclosures have the potential to steer trading—especially coming off last week’s volatility.
Germany remains the key operational focus. Traders are tracking service-revenue growth, looking for gains that don’t come at the cost of heavier discounts. Attention is also on broadband and mobile performance—both under pressure as competitive intensity ramps up in the market.
In the UK, it’s a question of execution. Vodafone is anchoring some of its pitch to the Three merger and pushing ahead with network upgrades—a play that often gets discounted by investors until both the expenses and potential returns are clearly laid out.
Still, there’s a hitch here. A stalled German recovery, or tougher-than-expected price pressures, would leave buybacks as a bandage for the stock price—not a cure for the actual business. That makes defending guidance a taller order.
Vodafone’s next big event isn’t until May 12, with FY26 results on the docket. In the meantime, traders will be watching for fresh buyback details, signals out of Germany, and whatever sector hints come from rival earnings and guidance.
Related articles: LSE:VOD.L
