Vodafone CEO Highlights Progress in H1

Vodafone Group CEO Margherita Della Valle pointed out positive performances from operations in the UK, Germany, Africa, and Turkey in its fiscal H1. She also highlighted the quick progress being made in its UK network integration.

In its results statement for the six months to end-September, the executive noted that there was good strategic progress in the period, with operational improvements across the business. Discussing its ongoing transformation, she said that Vodafone has built broad-based momentum. “In the second quarter, we saw service revenue accelerating, with good performances in the UK, Turkiye, and Africa, and a return to top-line growth in Germany”.

Although highlighting there was more to do, Della Valle indicated it had made broad improvements, citing the expansion of customer satisfaction initiatives and a fast start to integrating network assets with those from 3 UK, following the completion of a merger at the end of May 2025. “Based on our stronger performance, we are now expecting to deliver at the upper end of our [annual] guidance range for both profit and cash flow,” she added, noting the company was “introducing a new progressive dividend policy”.

For the period, revenue increased 7.3% year-over-year to €19.6 billion. Operating profit was down by 9.2% to €2.2 billion. Vodafone noted that growth in adjusted EBITDA had been offset by higher depreciation and amortisation following the consolidation of 3 UK, as well as lower other income.