The key facts

  • Net loss of €4.79 billion versus a profit of €829 million a year earlier; impairment in Germany — €4.85 billion
  • Revenue grew by 11.4% to €21.9 billion; the full-year forecast was raised to €13.2–13.4 billion
  • 2,300 jobs are being cut in Germany, and 3,000 across Europe

Loss amid write-downs

Vodafone reported a net loss of €4.79 billion for the first half of the 2025/26 financial year — compared with an after-tax profit of €829 million in the same period a year earlier. The main reason was an impairment of assets in Germany of €4.85 billion ($5.45 billion) over the six months to the end of September, which the company attributed 'primarily to adverse changes in interest rates'. An additional €2.2 billion was written off in connection with taxation in the United Kingdom. This was reported by euronews.

Germany remains a problem market

Difficulties in Germany, the group's key market, have been going on for more than a year: after German legislation banned housing associations from including television contracts in the rent, Vodafone lost a significant part of its subscriber base. Late on Monday evening, the company announced the elimination of 2,300 jobs in Germany specifically — part of a broader reduction of 3,000 employees across Europe, which saved more than €200 million in the first half. Chief Executive Margherita Della Valle said in a press release: 'I am very pleased with the group's overall results, but Germany is not yet where it should be.'

Revenue grows, forecast raised

Against the backdrop of the loss, total revenue for the half-year grew by 11.4% to €21.9 billion — largely due to the consolidation of VodafoneThree after buying out CK Hutchison's stake in the British joint venture, as well as the integration of Kenya's Safaricom and Telekom Romania. Vodafone raised its full-year adjusted profit forecast to €13.2–13.4 billion from the previous €13–13.3 billion. Despite this, the company's shares fell 0.8% after the results were published, although they had initially risen on the FTSE 100 index.

Context: reform and a new shareholder

Della Valle launched a sweeping reform of the company in 2023: thousands of job cuts and the sale of the businesses in Italy and Spain in order to focus on the German and UK markets. In July, the French entrepreneur Xavier Niel paid €5.1 billion, becoming Vodafone's largest shareholder. AJ Bell investment director Russ Mould noted that 'Niel's presence is likely to keep the pressure on, and the ongoing difficulties in Germany will be the next major hurdle to overcome.'