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Vodafone Business generated £1.85 billion in service revenue in 2025/26, equal to about 27% of VodafoneThree’s total for the year, and its investor day deck makes clear where that money comes from: mobile services account for 50% of divisional revenue while fixed, cloud, security and digital comms split the rest. The presentation, and comments attributed to Vodafone Business director Nick Gliddon and networks chief Andrea Donà, show an emphasis on pragmatic network features — slicing, FWA and AI-RAN infrastructure — rather than an AI-first sales push. The slides also disclose scale: 6.5 million mobile connections, 15.3 million IoT connections (adding 11,500 IoT connections per day) and a SaaS service-revenue growth rate of 41%.
“We’re strong in SoHo and private; we’ve got headroom to grow In SME and public,” said Vodafone Business director Nick Gliddon.
Nick Gliddon, Vodafone Business director
Key takeaways
- Revenue: Vodafone Business made £1.85 billion in service revenue in 2025/26, about 27% of VodafoneThree's total in the period.
- Connections: The division has 6.5 million mobile connections and 15.3 million IoT connections, with IoT additions running at 11,500 per day.
- Product mix: Mobile accounts for 50% of Vodafone Business service revenue; fixed is 26%, cloud 8%, security 7%, digital comms 7% and IoT 6%.
- Market position: Vodafone claims a 41% share of UK enterprise mobile (Analysys Mason), while its fixed share is 14% versus BT/EE at 47% and VMO2 at 33%.
Table of contents
- Key takeaways
- What Vodafone Business looks like now
- Where the money comes from and where it is forecast to go
- AI, AI‑RAN and the tone of Vodafone’s technical pitch
- Gaps, opportunities and strategic tensions
- How Vodafone Business could succeed or stall
- What to be careful about
- Frequently asked questions
What Vodafone Business looks like now
Vodafone Business is presented as the group’s tech-forward, enterprise-facing unit, and the investor slides make its scale explicit: £1.85 billion in service revenue for 2025/26 and a set of customer bases that range from SoHo to public-sector organisations. The slides break revenue by customer segment: SoHo firms account for 27% of divisional revenue (and 20% of UK business revenues), SMEs 23% (30% of UK business revenues), larger private enterprises 31% (27% of UK business revenues) and public sector 19% (23% of UK business revenues). Those splits show where Vodafone already earns most of its money and where management says there is headroom to grow.
Operational scale appears alongside product breadth: 6.5 million mobile connections sit with 15.3 million IoT connections, and the deck reports IoT growth at 11,500 connections per day. Vodafone also flagged a 41% growth rate in SaaS service revenue, though the slides do not publish an absolute SaaS number. Taken together, the figures show a division with clear strengths in mobile and SME/SoHo segments and a mixed picture elsewhere.
Where the money comes from and where it is forecast to go
The investor deck divides Vodafone Business revenue by product: mobile contributes 50% of service revenue; fixed services 26%; cloud 8%; security 7%; digital comms 7%; and IoT only 6%. Vodafone’s presentation also included CAGR forecasts to 2030 for those disciplines: mobile 0.9% and fixed 1.5% are modest, while slicing is forecast to grow 31% from a small base. FWA and SD-WAN are shown at 14% and 13% CAGR respectively, and cloud and security at 14% and 10%. Those projections frame where Vodafone expects future upside and where incremental investment could be justified.
Market-share figures in the slides position Vodafone as the UK mobile leader in enterprise, with a 41% share cited from Analysys Mason; by contrast the fixed market is shown as an area of relative weakness, with Vodafone at 14% versus BT/EE at 47% and VMO2 at 33%. The mix explains why Vodafone’s growth narrative leans on mobile-led features such as private networks, slicing and FWA, and why cloud and security are listed as higher-growth adjacencies.
AI, AI‑RAN and the tone of Vodafone’s technical pitch
AI appears in the investor day but it is not foregrounded as a sales theme. Andrea Donà, Vodafone’s networks chief, is cited for comments about AI infrastructure and AI‑RAN that the writer describes as pragmatic and distinctly non-hyped. The slides referenced slicing repeatedly and flagged AI-RAN as an operational area; however, AI did not dominate product messaging, and the only extended discussion in the deck concerned the technical enablers of slicing and RAN automation rather than AI-powered enterprise applications.
That posture matters because it signals a British-style emphasis on reliable network primitives over a pure software- or platform-first AI sell. Vodafone is positioning slicing, FWA and private‑network use cases as immediate commercial levers while treating AI as part of the infrastructure stack to support automation and optimisation. The investor material offered few concrete AI product metrics or revenue lines tied to AI specifically, so the division’s AI strategy reads as cautious and technical rather than market-facing and promotional.
Gaps, opportunities and strategic tensions
The slides make the company’s strategic trade-offs visible. Vodafone’s strength in enterprise mobile (41% share) and its installed base of mobile and IoT connections are clear assets, while fixed and IoT revenue shares look constrained: IoT contributes only 6% of service revenue and fixed sits at 26% with a modest 14% market share. That mix creates a tension between harvesting mobile strength and investing to close gaps in fixed, cloud and security where the slides forecast faster growth.
Slicing’s projected 31% CAGR to 2030 and double-digit growth in cloud and security are the most compelling avenues for expansion, but capturing that upside depends on turning technical capability into packaged offers for SMEs and public-sector buyers. The deck also flags the migration of one million Three business connections and the site consolidation work of the network integration; those operational tasks are necessary but create near-term execution risk for the customer and product teams trying to sell higher-value services.
| Segment | Divisional revenue share | Share of UK business revenues |
|---|---|---|
| SoHo (single site, <10 staff) | 27% | 20% |
| SME (<250 staff, multi-site) | 23% | 30% |
| Larger private enterprises | 31% | 27% |
| Public sector (all sizes) | 19% | 23% |
How Vodafone Business could succeed or stall
The case for
- Slicing, forecast to grow 31% to 2030, could create new premium mobile offers that leverage Vodafone's 41% enterprise mobile share (Analysys Mason).
- Double-digit CAGR in cloud (14%) and security (10%) offers routes to higher-margin revenue if Vodafone converts technical capability into packaged services for SMEs and public buyers.
The case against
- IoT represents only 6% of service revenue, limiting near-term upside from the 15.3 million IoT connections unless monetisation improves.
- Vodafone trails in fixed at 14% market share versus BT/EE at 47% and VMO2 at 33%, making fixed-market expansion expensive and slow.
What to be careful about
- Low monetisation of IoT: 15.3 million IoT connections account for just 6% of service revenue.
- Fixed-network disadvantage: Vodafone’s 14% fixed share leaves it behind BT/EE (47%) and VMO2 (33%), constraining end-to-end enterprise offers.
- Execution risk from network integration and the migration of one million Three business connections during site consolidation.
- AI is mentioned but not quantified; absence of clear AI product metrics raises the risk that infrastructure work will not translate into new revenue lines.
The bottom line
Vodafone Business is a sizeable, mobile-led enterprise unit with clear strengths in SoHo and private customers and an explicit roadmap that privileges slicing, FWA and cloud/security adjacencies. The investor slides show where Vodafone expects growth — slicing, cloud and security — but they also reveal constraints: IoT is a small share of revenue and fixed-market share lags incumbents. AI is present in the investor narrative as an operational enabler rather than a standalone revenue driver. The company’s task is converting technical RAN and slicing capability into packaged offers for SMEs and public buyers while managing the integration work and One million Three business‑connection migration the slides disclose.
What to watch
- watch for Vodafone to publish a follow-up investor update with quantified AI or AI‑RAN investments; no date has been set.
- watch for detailed product announcements that package slicing and private‑network features for SMEs; no date has been set.
Frequently asked questions
How large is Vodafone Business now?
Vodafone Business reported £1.85 billion in service revenue for 2025/26, which the investor deck says is about 27% of VodafoneThree’s total for that period.
What products drive Vodafone Business revenue?
Mobile services drive half the division’s service revenue (50%), with fixed at 26%, cloud 8%, security 7%, digital comms 7% and IoT 6%.
Is AI central to Vodafone Business’s commercial pitch?
No: AI appears as part of infrastructure and AI‑RAN comments from Andrea Donà, but the deck emphasised slicing, FWA and private‑network features rather than AI-led revenue lines.
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