**Vodafone (VOD) Q4 2025 Earnings – Full Coverage** **Key Highlights:** **Financials** – FY 2025 met EBITDA and adj. free cash flow guidance; FY 2026 guidance: adj. EBITDA €11-11.3B ($11.6-11.9B), adj. free cash flow €2.6-2.8B ($2.7-2.9B); UK merger adds €400M ($421M) EBITDA, €200M ($211M) cash flow drag; €2B ($2.1B) buyback completed, €2B new program started. **Operations** – UK: +8% EBITDA, record-low churn, NPS leader; Germany: stable broadband, best-ever NPS; Africa/Turkey: strong growth; 10K role reductions completed; B2B +5.1% in Q4. **Strategy** – CEO Margherita Della Valle emphasized transformation (portfolio reset, customer focus, simplicity); UK merger (Three) targets £700M ($875M) synergies; Germany turnaround via 1:1 migration, fiber upgrades; growth in digital services, sovereign tech. **Outlook** – Expects FY 2026 adj. free cash flow growth (+17% per share), Germany recovery H2 2026; $500B telecom market; tariffs minimal due to multi-year supplier contracts, strong balance sheet (€16B liquidity). **Timestamps:** - [00:00] – Opening Remarks and Introduction - [01:32] – CEO Business Update (Margherita Della Valle) - [06:36] – CFO Financial Update (Luca Maestri) - [08:28] – CEO Closing Remarks (Margherita Della Valle) - [09:49] – Q&A Session Begins - [09:57] – German EBITDA Decline (Akhil Dattani) - [17:14] – UK Network Improvements (Emmett Kelly) - [22:10] – German Revenue Recovery (Andrew Lee) - [28:10] – B2B Market Trends (Joshua Mills) - [34:17] – Africa/Turkey Growth (Carl Murdock-Smith) - [39:27] – Share Buyback Strategy (Adam Foxrumley) - [43:22] – Long-Term Financial Targets (James Ratzer) - [48:54] – UK Merger EBITDA Impact (David Wright) - [55:40] – German Fiber and MDU Competition (Polo Tang) - [1:02:07] – Tariff Impact and Data Growth (Robert Grindle) **Keywords:** Vodafone, Q4 2025 earnings, VOD stock, telecom, UK merger, Germany turnaround, customer experience, free cash flow, share buyback, digital services, tariffs **Buy, Hold, or Sell?** Vodafone (VOD) is a **BUY**. Portfolio reset (Spain/Italy sales, UK merger), strong UK (+8% EBITDA), and Africa/Turkey growth drive +17% free cash flow per share in FY 2026, despite Germany challenges, in a $500B market. **Max Position** – Allocate **3-5%** in a diversified portfolio. **Comment below with your thoughts! Subscribe for more updates!** **Full Details:** [Vodafone Investor Relations](https://investors.vodafone.com/) **Disclaimer:** This video includes segments from the earnings call by Vodafone, used solely for educational and informational purposes under fair use (Section 107, US Copyright Act). No affiliation or endorsement by Vodafone is implied. All rights to the original content remain with the company. For the official call, visit [https://investors.vodafone.com/](https://investors.vodafone.com/). For inquiries or requests for removal, please contact us at fyfullstore@gmail.com.