Overview

• Vodafone recorded a €1.4bn pre-tax loss for the year ending March 2025, driven by €4.5bn in impairment charges primarily in Germany and Romania.
• The German division, Vodafone's largest market, saw revenues decline 6%, impacted by a regulatory ban on bundled TV packages and intense competition.
• CEO Margherita Della Valle highlighted ongoing transformation efforts, including the sale of Italian and Spanish operations and the clearance of the Three UK merger.
• Vodafone launched a €2bn share buy-back program and forecasts German sales growth in the coming year despite global economic uncertainties.
• CFO Luka Mucic plans to depart by spring 2026, coinciding with Vodafone's strategic overhaul and leadership changes.