London, Feb 24, 2026, 08:55 GMT — Regular session
Vodafone Group Public Limited Company edged up 0.2% to 116.75 pence early Tuesday in London, holding close to recent peaks. Investors sifted through another standard update from the telecoms group. (Investing.com)
Right now, it’s all about how Vodafone handles its cash. The company has turned to buybacks and tightening up its balance sheet, pitching this as a way to shore up its equity case—even as growth keeps getting squeezed by price battles, regulatory pressure, and hefty network investments across the sector.
It’s relevant right now: bond markets remain edgy, and telecom stocks aren’t commanding much of a premium. Just a slight change in funding costs, leverage, or dividends can rapidly sway sentiment—even if trading volume stays muted.
Vodafone announced it’s calling its 4.375% dollar notes maturing May 2028, setting the redemption price at either par or, if higher, via a “make-whole” formula linked to U.S. Treasury yields plus 25 basis points. (A basis point equals one-hundredth of a percentage point.) (Investegate)
The group also reported snapping up 1.5 million shares on Feb. 23 as part of its buyback program, shelling out a volume-weighted average of 116.03 pence apiece. (This average takes trade sizes into account.) (Investegate)
Beyond the numbers, Vodafone joined four other European telecoms to announce what they’re calling the first “pan-European federated Edge Continuum”—the aim: developers can roll out applications over several different operators’ edge networks. Christine Knackfuß-Nikolic, Chief Sovereign Officer at T-Systems, put it bluntly: “This federation proves that Europe is not just talking about digital sovereignty. We are building it.” Vodafone’s Marco Zangani added the project hands Europe a “single-entry point” for federated infrastructure. (Vodafone)
Equity investors might find that edge push intriguing, but it’s not yet reflected in the figures. The immediate question: can Vodafone keep up its cash returns without skimping on network upgrades or letting debt pile up?
There are risks here. “Make-whole” clauses can make early bond redemptions pricey, and if cash flow weakens—or if rivals start pushing steeper discounts in key markets—buybacks get tougher to defend.
Vodafone reports its FY26 numbers on May 12, with investors watching for more specifics on leverage, cash flow, and whether the present buyback rate is sustainable. (Vodafone)
