Category: Top Story

Vodafone (LSE:VOD) reported group total revenue of €10.5 billion for the third quarter of FY26, representing a 6.5% year-on-year increase, while service revenue rose 7.3% to €8.5 billion. Growth was primarily driven by strong performance across African markets, continued momentum in Türkiye and the consolidation of Three UK and Telekom Romania into group results.

Germany returned to modest service revenue growth during the quarter, while UK performance recorded a small, expected decline, largely reflecting prior-year one-off factors. On an organic basis, service revenue increased 5.4%, while group Adjusted EBITDAaL rose 2.3% organically for the quarter and 5.3% year-to-date.

Vodafone confirmed it expects to deliver results at the upper end of its full-year FY26 guidance ranges for profit and cash flow. However, operating profit declined significantly during the period, primarily due to non-cash accounting impacts associated with mergers and acquisitions activity linked to the company’s restructuring in India.

Management highlighted continued progress integrating the VodafoneThree UK business, which is expected to strengthen the company’s competitive position in the UK market. The group also reported ongoing double-digit organic growth across its African operations, supported in part by expanding financial services offerings.

Vodafone maintained a strong focus on shareholder returns, completing €3.5 billion of share buybacks and confirming plans to increase its FY26 dividend per share. The company said these capital return initiatives reflect confidence in its medium-term cash flow outlook despite near-term accounting pressures.

Vodafone’s outlook combines strategic progress and positive operational momentum with some financial and valuation challenges. Strong technical trading trends and positive earnings sentiment provide support, while ongoing integration activities and corporate developments strengthen long-term growth potential.

More about Vodafone

Vodafone Group Plc is a multinational telecommunications provider offering mobile, fixed-line, broadband and digital connectivity services across Europe, the UK, Türkiye and Africa. The company serves both consumer and enterprise customers, including wholesale connectivity and expanding financial services solutions in African markets. Vodafone has recently strengthened its UK market position through the integration of Three UK operations as part of its broader strategic transformation.

Shell (LSE:SHEL) reported fourth-quarter 2025 income attributable to shareholders of $4.1 billion, representing a significant increase year-on-year but a decline compared with the previous quarter. The quarter-on-quarter reduction reflected unfavourable tax adjustments, lower marketing margins, reduced realised commodity prices and higher operating costs.

Adjusted earnings dropped 40% compared with the prior quarter and declined 22% for the full year to $18.5 billion. Adjusted EBITDA also fell 15% to $56.1 billion, primarily due to weaker liquids and liquefied natural gas prices, softer trading and optimisation performance, and reduced chemicals margins. These pressures were partly offset by stronger production volumes, lower operating costs and supportive tax impacts.

Shell generated operating cash flow of $9.4 billion during the fourth quarter and $42.9 billion for the full year. Annual free cash flow reached $26.1 billion after capital expenditure of $20.9 billion. Net debt increased to $45.7 billion, with gearing rising to 20.7%, largely reflecting strong shareholder distributions.

The company returned $5.5 billion to shareholders during the fourth quarter through a combination of dividends and share buybacks. Shell also announced a new $3.5 billion share repurchase programme, reinforcing its commitment to returning capital to investors despite softer earnings and cash flow compared with 2024.

Strategically, Shell highlighted $5.1 billion in structural cost savings achieved since 2022 and continued investment across its portfolio. The company recently approved final investment decisions for Australia’s Gorgon Stage 3 integrated gas development and Nigeria’s HI gas project, supporting future growth in upstream production and LNG capacity despite a weaker pricing and margin environment.

Shell’s outlook reflects a stable financial position supported by strong operating margins and a resilient balance sheet. Attractive valuation metrics and positive investor sentiment following recent results provide additional support. However, technical trading indicators suggest potential short-term weakness, while slower revenue and cash flow growth remain key risks to monitor.

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Shell plc is a global energy company operating across the oil, natural gas and liquefied natural gas value chains, alongside expanding investments in electricity and lower-carbon energy solutions. The company produces, processes and trades hydrocarbons, supplies fuels and lubricants globally, and continues to develop integrated gas, chemicals and cleaner energy projects to serve industrial, commercial and retail customers worldwide.

BT Group (LSE:BT.A) has reported continued progress in expanding its UK digital infrastructure and customer base, with its full fibre broadband network now reaching 21.4 million premises, including 5.9 million in rural communities. Record numbers of fibre-to-the-premises (FTTP) connections pushed Openreach’s customer take-up rate above 38%, reflecting strong demand for higher-speed connectivity services.

The group also recorded further expansion in its mobile business, with its 5G customer base rising to 14.3 million users. Enhanced 5G+ coverage now reaches 69% of the UK population. BT reported growth across its Consumer segment, with increases in broadband, mobile and TV customers, while EE maintained its position as the UK’s highest-rated mobile network across multiple independent performance assessments.

Despite the operational progress, BT reported that adjusted group revenue for the third quarter declined 4% year-on-year to £5.0 billion, while adjusted EBITDA slipped 1% to £2.1 billion. The decline reflected ongoing reductions in legacy voice services, weaker handset and device sales, and the impact of previous business disposals. Reported profit before tax also fell, partly due to losses linked to the company’s sports joint venture.

Management highlighted continued progress in cost transformation initiatives, including lower labour and energy consumption and improvements in customer satisfaction. BT also confirmed completion of all planned disposals within its International division. The company reiterated that it remains on track to meet its full-year guidance and expects to deliver substantial growth in free cash flow over the medium term.

BT’s outlook reflects solid operational and financial execution, supported by strategic transformation efforts and positive corporate developments. However, technical trading indicators suggest weaker share price momentum. Valuation metrics indicate relatively balanced pricing, supported by an attractive dividend yield.

More about BT Group plc

BT Group plc is one of the UK’s leading telecommunications providers, operating through its Openreach, Consumer, Business and International divisions. The company delivers fixed and mobile connectivity services, including full fibre broadband and 5G mobile networks, alongside television and digital services under brands such as EE, BT and Plusnet. BT continues to focus on expanding next-generation network infrastructure and providing integrated communications solutions for residential, commercial and public sector customers.

GSK (LSE:GSK) said it expects sales growth to moderate in 2026, forecasting revenue growth of between 3% and 5% on a constant-currency basis, down from the 7% increase delivered in 2025. The guidance marks the company’s first forward outlook since the appointment of chief executive Luke Miels.

The group said core earnings per share are expected to increase by 7% to 9% in 2026. Vaccine sales are projected to range from a low single-digit decline to being “stable,” while Specialty Medicines revenue is anticipated to grow by a low double-digit percentage. General Medicines sales are forecast to sit between a low single-digit fall and “stable,” reflecting mixed demand trends across the portfolio.

The outlook comes as GSK looks to navigate upcoming patent expiries linked to its leading HIV treatments by broadening and strengthening its drug development pipeline. “2026 will be a key year of execution and operational delivery,” Miels said in a statement.

For the fourth quarter of 2025, GSK reported core earnings per share of 25.5 pence as turnover rose 8% to £8.62 billion. Total operating profit jumped 65% to £1.1 billion, lifting the operating margin to 12.8%, an improvement of 4.6 percentage points. On a core basis, operating profit increased 18% to £1.63 billion, with the core operating margin rising to 19%, up 1.6 percentage points.

Commenting on the full-year performance, Miels said: “GSK delivered another strong performance in 2025, driven mainly by Specialty Medicines, with double-digit sales growth in Respiratory, Immunology & Inflammation (RI&I), Oncology and HIV.”

SSE plc (LSE:SSE) reported a strong third-quarter performance, supported by a sharp increase in regulated networks spending and higher renewable generation output. Investment in networks rose 64% year on year to £1.8 billion, while renewable generation increased by 7%, helping the group maintain its adjusted earnings per share guidance of 144–152 pence for the 2025/26 financial year despite mixed weather conditions.

The company said it is making rapid progress on its £33 billion “Transformation for Growth” programme, having now secured around three quarters of the key consents required for major transmission projects. SSE has moved a fifth large transmission scheme into full construction, put new bank facilities in place backed by state guarantees, and continued to advance flagship offshore wind developments including Berwick Bank B and Dogger Bank. Management said these milestones reinforce SSE’s pivotal role in the UK’s energy transition and underpin its long-term earnings growth ambitions.

Looking ahead, SSE’s outlook is anchored by its large-scale strategic investment plan and supportive technical indicators. These positives are tempered by concerns around financial performance, particularly cash flow dynamics, as well as a relatively elevated valuation. Even so, recent corporate actions and guidance from management point to a clear strategic direction, supporting a constructive long-term view.

More about SSE plc

SSE plc is a UK-based energy company focused on regulated electricity networks and renewable power generation. Its portfolio includes onshore and offshore wind, hydro and flexible thermal generation, with a strong emphasis on expanding transmission infrastructure in the north of Scotland and growing its low-carbon energy assets.

Gulf Keystone Petroleum Ltd (LSE:GKP) said it is planning to pursue a dual listing of its shares on Euronext Growth Oslo, alongside its existing London Stock Exchange listing, as part of a strategy to enhance trading liquidity, widen its investor base and improve long-term access to capital. The move is also intended to support a future uplisting to the Oslo Stock Exchange’s Main Market.

To meet the requirements for admission in Oslo, the company will launch a fully underwritten retail private placement of new shares, with a total value of up to the Norwegian krone equivalent of €1 million. The shares will be offered to retail investors in Norway and Sweden at a price set at a 10% discount to the London volume-weighted average price. Gulf Keystone said one of its major shareholders has agreed to underwrite the offering and plans to transfer a significant portion of its existing shareholding to the Norwegian market, highlighting strong backing for the dual listing strategy.

Overall, Gulf Keystone’s outlook continues to reflect a solid financial position and supportive corporate developments, balanced against valuation considerations and ongoing operational and geopolitical risks. The company’s ability to maintain cash flow generation and manage regional uncertainties in the Kurdistan Region of Iraq will remain key factors influencing future performance.

More about Gulf Keystone Petroleum Ltd

Gulf Keystone Petroleum Ltd is a London-listed independent oil and gas operator focused on exploration, development and production activities in the Kurdistan Region of Iraq. The company targets both institutional and retail investors across international capital markets.

YouGov plc (LSE:YOU) said its half-year trading update to 31 January 2026 points to low single-digit revenue growth, supported by continued momentum in the Research division and resilient renewals across its Data Products business. Performance in YouGov Shopper was softer, largely reflecting the timing of project delivery rather than a deterioration in demand, according to the company.

Management said targeted investment in artificial intelligence, data automation and platform enhancements is intended to strengthen momentum in the second half of the year, even as broader macroeconomic conditions remain challenging. While YouGov continues to expect modest full-year revenue growth, profitability is likely to depend on tight cost control and the pace at which returns from recent innovation and technology spending begin to materialise. The group confirmed that it will publish its full half-year results on 24 March 2026.

From a market perspective, YouGov’s overall stock profile continues to reflect solid underlying financial performance and a strategy centred on long-term growth initiatives. Technical indicators are mixed, but valuation levels are viewed as reasonable, with the company’s focus on AI integration and product innovation seen as supportive of future expansion. Investors are, however, keeping an eye on geographic and sector-specific pressures, as well as a rise in leverage, as potential risk factors.

More about YouGov plc

YouGov plc is an international research and data analytics company operating across the US, the wider Americas, Europe, the Middle East, India and the Asia-Pacific region. The group leverages a large proprietary online panel and technology platforms to deliver real-time consumer and public opinion insights to media organisations, brands and institutional clients worldwide.