STOCK TITAN

Vodafone begins €500M repurchase to reduce share capital

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

Vodafone Group (VOD) announced a share repurchase programme of up to €500 million. The company has given a non-discretionary instruction to Merrill Lynch International to buy ordinary shares as riskless principal starting 11 November 2025 and ending no later than 4 February 2026. Shares purchased will be on-sold to Vodafone.

The stated purpose is to reduce share capital. Purchases will occur on the London Stock Exchange and eligible multilateral trading facilities, in line with UK Listing Rules and the buyback price/volume conditions under applicable UK-retained regulations. Vodafone’s 2025 AGM granted authority to repurchase up to 3,715,558,736 ordinary shares. Acquired shares will be held in treasury and then either cancelled or used to satisfy employee share awards as they fall due.

Positive

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Insights

€500M buyback returns cash and targets capital reduction.

Vodafone initiated a buyback of up to €500 million, executed by Merrill Lynch International as riskless principal. The stated purpose is capital reduction, with shares held in treasury before cancellation or allocation to employee awards.

The programme runs from 11 November 2025 to no later than 4 February 2026, under UK Listing Rules and buyback regulatory limits. Execution will occur on the LSE and certain MTFs, with activity constrained by price and volume conditions.

Impact on per-share metrics depends on the pace and pricing of repurchases within the authorised window. The cash outlay is limited to the €500 million cap; actual effects will reflect completed purchases disclosed over time.

 
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 November 11, 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 11 November 2025 entitled ‘€500 Million Share Buyback Programme to Commence’.
 
 
11 NOVEMBER 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$0.202021 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 Merrill Lynch International ("MLI") in relation to the purchase by MLI, acting as riskless principal during the period commencing on 11 November 2025 and ending no later than 4 February 2026, of Ordinary Shares for a target expense amount of no greater than €500 million and the simultaneous on-sale of such Ordinary Shares by MLI 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 UK Listing Rules and Vodafone's general authority to make market purchases of Ordinary Shares granted by shareholders at the 2025 Annual General Meeting ("2025 AGM") pursuant to which the Company is authorised to repurchase up to 3,715,558,736 Ordinary Shares. The sole purpose of the Programme is to reduce share capital. Ordinary Shares acquired by MLI 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 2025 AGM can be found within the 2025 Notice of Meeting on our website.
 
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 355 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 over 215 million IoT connections, and we provide financial services to around 92 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.comfollow 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: November 11, 2025
By: /s/ M D B
 
Name: Maaike de Bie
 
Title: Group General Counsel and Company Secretary

 
 
 
 

FAQ

What did Vodafone (VOD) announce in this 6-K?

Vodafone announced a share repurchase programme of up to €500 million to reduce share capital.

What is the timeframe for Vodafone’s €500 million buyback?

The programme commences on 11 November 2025 and ends no later than 4 February 2026.

Who is executing Vodafone’s share repurchases?

Vodafone instructed Merrill Lynch International to purchase shares as riskless principal and on-sell them to Vodafone.

Where will Vodafone’s buyback transactions take place?

Purchases will be on the London Stock Exchange and eligible multilateral trading facilities.

What is the purpose of the buyback programme?

The sole purpose is to reduce share capital; shares will be held in treasury and then cancelled or used for employee awards.

What buyback authority does Vodafone have from shareholders?

The 2025 AGM authorised repurchases of up to 3,715,558,736 ordinary shares.