London, January 26, 2026, 09:31 GMT — Regular session
Vodafone Group Plc shares nudged higher in early London trading Monday following a fresh update on its ongoing share buyback. The telecom giant climbed roughly 0.1% to 104.2 pence, near the peak of its 52-week range, after closing Friday at 104.05 pence.
This disclosure is significant as Vodafone continues its €500 million share buyback plan, set to conclude by Feb. 4, according to a U.S. filing. The telecom giant has tasked Merrill Lynch International with purchasing shares on the open market and then selling them to Vodafone. These shares are held in treasury—recorded on the books but not instantly cancelled—before they’re either cancelled or allocated to employee share awards.
Investors are turning their focus to Vodafone’s Q3 FY26 trading update set for Feb. 5. This report, listed on Vodafone’s investor site, could provide fresh insight into cash flow and any changes in the company’s outlook.
Vodafone announced Monday it purchased 2,609,338 shares on Jan. 23 from Merrill Lynch International. The volume-weighted average price was 103.78 pence, with individual trades between 103.30 and 104.15 pence. The company plans to hold these shares in treasury, bringing its total treasury stock to 1,453,458,790 shares. There are 23,424,501,967 shares outstanding excluding treasury shares.
VWAP — volume-weighted average price — calculates the day’s average price but puts more emphasis on larger trades over smaller ones.
Buybacks offer some support, but seldom shift the narrative by themselves. Traders are eyeing whether Vodafone maintains momentum as the programme nears its end.
The update on Feb. 5 is drawing the most attention for now. Investors zero in on service revenue—those steady subscription fees—and free cash flow, since they directly impact dividends and buybacks.
Risks persist. A harsher pricing environment, increased investment demands, or surprise expenses could squeeze cash flow right when the buyback window shuts, limiting funds available for capital returns.
Vodafone’s shares often react sharply to operating updates since the stock is mostly owned for its yield rather than fast growth — even minor shifts in outlook can have a big impact.
The next major event is the Q3 FY26 trading update on Feb. 5. The buyback programme is set to end no later than the day before.
