Vodafone Group Public Limited Company announced its Q2 FY25 earnings on November 11, 2025, during a conference call led by Chief Executive Margherita Della Valle and Chief Financial Officer Luka Mucic. The call covered the six‑month period ending September 30, 2025, and detailed the company’s financial performance, operational highlights, and outlook for the remainder of fiscal year 2025.
The company reported service revenue of €16.3 billion, up 8.1 % on a reported basis and 5.7 % on an organic basis, driven by growth in the UK, Turkey, and Africa and a return to top‑line growth in Germany. Adjusted EBITDA rose 6.8 % to €2.2 billion, while operating profit fell 9.2 % to €2.2 billion due to higher depreciation and amortisation following the integration of Three UK. Adjusted EBITDA margin expanded to 13.5 % from 12.8 % in the prior year, reflecting improved pricing power and cost discipline.
Segment performance underscored the company’s geographic diversification. In the UK, service revenue grew 4.5 % as the Three UK merger accelerated network expansion and customer acquisition. Turkey and Africa each delivered double‑digit revenue growth, buoyed by strong demand for mobile broadband and enterprise services. Germany, Vodafone’s largest market, returned to growth with service revenue up 0.5 % on an organic basis, overcoming the headwinds from the 2024 TV law change.
Management raised its full‑year outlook, now expecting Adjusted EBITDAaL of €13.3 billion to €13.6 billion and Adjusted Free Cash Flow of €2.4 billion to €2.6 billion, up from the previous guidance of €12.8 billion to €13.1 billion and €2.2 billion to €2.4 billion. The company also announced a progressive dividend policy, targeting a 2.5 % increase in FY26 dividend per share, the first increase in eight years. These upgrades signal confidence in sustained revenue growth, margin expansion, and cash‑flow generation.
Chief Executive Margherita Della Valle emphasized that “Vodafone will now grow” and highlighted the company’s “broad‑based momentum” following the successful integration of Three UK. Chief Financial Officer Luka Mucic confirmed that he will step down no later than early 2026 to become CEO of Vonovia SE, a transition that will not affect the company’s financial trajectory.
Investors responded positively to the results, citing the return to growth in Europe and Germany, the raised full‑year guidance, and the new dividend policy as key drivers of confidence. The market reaction reflected the company’s improved operational performance and strategic positioning.
The earnings release marks a significant turnaround for Vodafone, demonstrating that its transformation strategy, cost‑control initiatives, and strategic mergers are delivering measurable financial benefits. The company’s ability to sustain growth across multiple geographies while raising guidance and dividend expectations positions it well for the remainder of fiscal year 2025 and beyond.
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