Vodafone H1 Adjusted EPS €0.0148 vs €0.05 Est; Q2 Organic Service Revenue +6.4%

The split between Vodafone's revenue beat and its EPS miss, paired with negative adjusted free cash flow in the half, shows top-line momentum is not yet translating into bottom-line delivery — a gap that matters for a group leaning on its dividend. The full-year free cash flow guidance range is now the key anchor: it implies a sharp second-half swing from the negative first-half figure, so the credibility of that back-half weighting is the open question. With the interim dividend declared despite the cash outflow, whether cash generation catches up to the payout is what to watch.