London, Jan 16, 2026, 09:28 GMT — Regular session.
- Vodafone shares edged up in early London trading following a fresh share buyback announcement.
- Investors await the group’s February trading update alongside the interim dividend announcement.
Vodafone Group shares edged up 0.2% to 100.95 pence early Friday in London, staying close to the peak of their 52-week band. The stock fluctuated between 100.4p and 101.45p during the session. 1
Right now, the buyback stands out as one of the rare straightforward boosts for the stock. Investors are holding on, waiting for firmer evidence that cash flow is steadying in Vodafone’s key European markets.
The next major event is coming up fast. Vodafone plans to release its third-quarter trading update on Feb. 5, the same day it will pay the FY26 interim dividend, per its calendar. 2
Vodafone announced on Friday that it repurchased 2,908,415 ordinary shares on January 15 via Merrill Lynch International, at a volume-weighted average price of 100.98 pence each. The company said it will keep these shares in treasury, bringing its total treasury holdings to roughly 1.44 billion shares. 3
Treasury shares refer to stock that a company keeps on its own books instead of leaving it out for investors, which cuts down the shares available on the market. VWAP, or volume-weighted average price, calculates the day’s average price but gives more weight to trades with higher volumes.
Just one day before, Vodafone revealed a bigger buyback: 3,932,315 shares snapped up on Jan. 14 at a VWAP of 99.37 pence, again through Merrill Lynch International. 4
Vodafone kicked off a buyback programme last November, aiming to repurchase up to 500 million euros worth of shares by February 4. The operation is being handled by Merrill Lynch International as a riskless principal. Vodafone made clear the buyback’s “sole purpose” is to trim share capital. Shares bought back will be held in treasury, then either cancelled or allocated for employee share awards. 5
Vodafone is pushing capital returns more aggressively, betting the reorganized group will produce more reliable cash flow. In its half-year update, CEO Margherita Della Valle acknowledged there is “more to do” but highlighted “good strategic progress” during the period. The company also signaled a progressive dividend policy for FY26. 6
Buybacks don’t erase the bigger risks lurking in the background, like legal and regulatory shocks abroad. A Reuters rundown this week of major tax disputes involving foreign firms in India highlighted Vodafone’s protracted case linked to its 2007 acquisition, which once featured a $2 billion claim. 7
Investors are zeroing in on Vodafone’s Feb. 5 trading update to see if service revenue and cash flow trends can sustain the stock through the buyback period and beyond into the next quarter.
