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Dec 31, 2024
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Vodafone Q3 2025 Earnings Report
Vodafone reported improved service revenue growth in Q3 FY25, driven by strong performance in Africa, Türkiye, and the UK, although Germany continued to face challenges.
Key Takeaways
Vodafone delivered solid Q3 FY25 results with group revenue rising to €9.81 billion and service revenue reaching €7.93 billion. Strong momentum in Türkiye and Africa, along with a recovery in the UK, offset continued softness in Germany due to regulatory impacts. Operating profit declined year-over-year despite Adjusted EBITDAaL growth.
Group total revenue increased to €9.81 billion, up from €9.35 billion.
Service revenue grew 5.6% to €7.93 billion, with organic growth of 5.2%.
Operating profit fell 18.4% to €1.02 billion.
Türkiye and Africa delivered standout service revenue growth at 83.4% and 11.6% organically.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Vodafone reaffirmed its FY25 guidance, expecting Adjusted EBITDAaL of around €11 billion and free cash flow of at least €2.4 billion. The company remains focused on executing its strategic reshaping, including completing the UK merger with Three.
Positive Outlook
- UK merger with Three approved, expected to complete in the coming months.
- €8 billion proceeds from the Vodafone Italy sale completed in December 2024.
- Service revenue momentum continues across Africa, Türkiye, and the UK.
- Adjusted EBITDAaL rose to €2.83 billion in Q3 FY25.
- Consumer and B2B customer satisfaction improved in Germany.
Challenges Ahead
- Operating profit declined by 18.4% year-over-year.
- Germany continued to underperform due to regulatory TV law changes.
- Lower broadband service revenue impacted German results.
- ARPU pressure persists in key European markets.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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