Vodafone: Steady(ish)
Service revenue trends and themes were broadly consistent with those of last quarter, with management commentary suggesting German EBITDA decline of 8%+ this year.
Strong growth from VodafoneThree, better underlying trends in Germany, and fortuitous currency moves are all likely to be required to hit analyst estimates for next year, and there are reasons to be optimistic about prospects for at least some of them.
VodafoneThree’s mobile strategy seems to be quite defensive for now, save for a foray into the family market, and its approach to FWA looks likely to be quite cautious too.
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17 November 2025Q2 results were something of a mixed bag. Headline growth was solid thanks to 1&1 onboarding, and whilst underlying trends in Germany for both revenue and EBITDA were still firmly negative, the former stabilised and the latter improved.
Tightening of EBITDA guidance in Europe is welcome, implying a flat headline performance and an underlying EBITDA decline of no more than 4%, with the potential for better, we believe.
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