Vodafone posts €4.79 billion loss but lifts earnings outlook
A €4.85 billion impairment in Germany weighed on the telecoms group, which also announced plans to cut 2,300 jobs in the country.
Vodafone reported a first-half net loss of €4.79 billion for the six months ending in September, while increasing its full-year earnings forecast. The group recorded an impairment of €4.85 billion in Germany, attributing it mainly to unfavourable interest-rate changes.
The loss compares with an after-tax profit of €829 million for the opening half of its 2025/26 financial year. Vodafone also recorded writedowns that included €2.2 billion relating to UK taxation.
Revenue rose by 11.4 per cent, reaching €21.9 billion. Vodafone said the consolidation of VodafoneThree was a major contributor, following its purchase of CK Hutchison’s holding in the UK joint venture. Bringing Safaricom in Kenya and Telekom Romania into the group also supported revenue.
The company now forecasts full-year adjusted earnings between €13.2 billion and €13.4 billion. Its previous range was €13 billion to €13.3 billion.
Vodafone said it had saved more than €200 million during the first half while cutting 3,000 positions across Europe. It separately announced plans to eliminate 2,300 jobs in Germany. Chief executive Margherita Della Valle said she was pleased with the group’s overall performance but that its German business had not yet reached the required level.
