Vodafone will come under pressure to explain what contingency plans it is making for Greece's possible exit from the euro when the mobile giant reports annual profits on Tuesday.
Analysts at Goldman Sachs warned that Vodafone is experiencing "European pain" as the mobile operator is active in several troubled eurozone markets including Italy and Spain.
However, the US bank was upbeat as it believes "upside in the United States and sustained growth in India, Africa and Turkey can offset the pressures".
But Vodafone's adjustedoperating profits are set to slideto £11.4bn against £11.8bn last year, according to City forecasts. Revenues are likely to be little better than flat at £46.2bn.