Vodafone Begins €500 Million Stock Repurchase Programme Ending Nov 2025

Rhea-AI Filing Summary

Vodafone Group Plc has filed a Form 6-K announcing the initiation of a €500 million share repurchase programme that begins 24 July 2025 and will end no later than 10 November 2025. Goldman Sachs International will act as riskless principal, purchasing ordinary shares on the London Stock Exchange and other UK-recognised trading venues before on-selling them to Vodafone.

The buyback is executed under the authority granted at the 2024 AGM, which permits repurchases of up to 4,053,092,397 ordinary shares. Acquired shares will be held in treasury and subsequently cancelled or used for employee share awards, with the stated purpose of reducing Vodafone’s share capital. All transactions will follow UK/EU price and volume limits for buyback programmes.

Positive

• €500 million share repurchase delivers direct capital return and reduces share count.
• Non-discretionary mandate with Goldman Sachs enhances execution certainty and compliance.

Negative

• None.

Insights

Equity Research Analyst

TL;DR: €500 m buyback offers near-term capital return and may modestly support EPS.

The programme returns cash equivalent to roughly half a billion euros within a defined 3.5-month window. Its non-discretionary structure via Goldman Sachs minimises execution risk and signals management confidence in intrinsic value. Although the filing does not disclose expected share count impact, reducing treasury shares should be accretive to per-share metrics. No funding details are given, implying use of existing liquidity. Overall effect is shareholder-friendly and incrementally positive.

Corporate Governance Specialist

TL;DR: Routine, well-structured buyback; governance and regulatory boxes are ticked.

The board is using shareholder authority from the 2024 AGM and adhering to UK/EU buyback regulations, limiting legal risk. The mandate’s price/volume safeguards and treasury-share treatment align with best practices. Impact on control structures is immaterial given subsequent cancellation or employee allocation. From a governance standpoint, the disclosure is clear and compliant, but not transformative, hence a neutral overall impact.

FAQ

What is the size of Vodafone's (VOD) new share buyback?

Vodafone authorised a €500 million repurchase of its ordinary shares.

When will Vodafone's €500 m buyback programme run?

Purchases start 24 July 2025 and will conclude no later than 10 November 2025.

Who is executing the Vodafone share repurchase?

Goldman Sachs International will buy the shares as riskless principal and on-sell them to Vodafone.

What is the purpose of the buyback programme?

The sole purpose is to reduce Vodafone’s share capital; repurchased shares will be cancelled or used for employee awards.

Under what authority is Vodafone conducting the buyback?

It relies on the 2024 AGM authorisation allowing up to 4,053,092,397 ordinary shares to be repurchased.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 6-K: How Foreign Companies Report to the SEC →

Accepted by SEC EDGAR 07/24/2025 - 11:17 AM Learn about SEC filing dates

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULES 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

Dated July 24, 2025

Commission File Number: 001-10086

VODAFONE GROUP

PUBLIC LIMITED COMPANY

(Translation of registrant’s name into English)

VODAFONE HOUSE, THE CONNECTION, NEWBURY, BERKSHIRE, RG14 2FN, ENGLAND

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ✓ Form 40-F _

This Report on Form 6-K contains a Stock Exchange Announcement dated 24 July 2025 entitled ‘€500 MILLION SHARE BUYBACK PROGRAMME TO COMMENCE’.

24 JULY 2025

€500 MILLION SHARE BUYBACK PROGRAMME TO COMMENCE

Vodafone Group Plc ("Vodafone") today announces that it will commence a share repurchase programme of ordinary shares in the share capital of Vodafone of  US$0.20 20/21 each (the "Ordinary Shares") up to a maximum consideration of €500 million (the "Programme").

Vodafone announces that it has given a non-discretionary instruction to Goldman Sachs International ("GSI") in relation to the purchase by GSI, acting as riskless principal during the period commencing on 24 July 2025 and ending no later than 10 November 2025, of Ordinary Shares for a target expense amount of no greater than €500 million and the simultaneous on-sale of such Ordinary Shares by GSI to Vodafone.

Any purchase of Ordinary Shares done in relation to this announcement will be carried out on the London Stock Exchange and Multilateral Trading Facilities, as defined by the Directive 2014/65/EU on markets in financial instruments (including the delegated and implementing acts adopted under it) as implemented, retained, amended, extended, re-enacted or otherwise given effect in the United Kingdom from 1 January 2021 and as amended or supplemented in the United Kingdom thereafter, and executed in accordance with the Listing Rules and Vodafone's general authority to make market purchases of Ordinary Shares granted by shareholders at the 2024 Annual General Meeting ("2024 AGM") pursuant to which the Company is authorised to repurchase up to 4,053,092,397 Ordinary Shares. The sole purpose of the Programme is to reduce share capital. Ordinary Shares acquired by GSI will be subsequently repurchased by Vodafone, held as treasury shares and then either cancelled or allocated to employee share awards as they fall due.

The Ordinary Shares will be purchased in accordance with the price and volume conditions set out in the Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the conditions applicable to buyback programmes and stabilisation measures as implemented, retained, amended, extended, re-enacted or otherwise given effect in the United Kingdom from 1 January 2021 and as amended or supplemented in the United Kingdom thereafter.

Details of the authority granted at the 2024 AGM can be found within the 2024 Notice of Meeting on our website.

- ends -

For more information, please contact:
Investor Relations:	investors.vodafone.com	ir@vodafone.co.uk	Media Relations:	Vodafone.com/media/contact	GroupMedia@vodafone.com
Registered Office: Vodafone House, The Connection, Newbury, Berkshire RG14 2FN, England. Registered in England No. 1833679

About Vodafone

Vodafone is a leading European and African telecoms company.  

We serve over 340 million mobile and broadband customers, operating networks in 15 countries with investments in a further five and partners in over 40 more. Our undersea cables transport around a sixth of the world's internet traffic, and we are developing a new direct-to-mobile satellite communications service to connect areas without coverage. Vodafone runs one of the world's largest IoT platforms, with 205 million IoT connections, and we provide financial services to around 88 million customers across seven African countries - managing more transactions than any other provider.

From the seabed to the stars, Vodafone's purpose is to keep everyone connected. 

For more information, please visit www.vodafone.com follow us on X at @VodafoneGroup or connect with us on LinkedIn at www.linkedin.com/company/vodafone.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorised.

	VODAFONE GROUP
	PUBLIC LIMITED COMPANY
	(Registrant)
Date: July 24, 2025	By: /s/ M D B
	Name: Maaike de Bie
	Title: Group General Counsel and Company Secretary