In depth: headline numbers mask Vodafone’s in-market challenge

Joe Purnell2026-02-24T16:38:00

Source: Vodafone

Q3 FY25–26: Vodafone’s Q3 followed a familiar narrative of missed expectations, but optimism untouched. Management has brushed aside concern that headwinds will continue into the next FY in both Germany and the UK, with claims that the foundations are in place to propel the Group’s largest OpCos to growth. Resilient performance elsewhere kept Vodafone on the straight and narrow.

This article includes:

Themes: ARPU pressure; Earnings outlook; FWA strategy; Market stabilisation; Merger integration; Organic growth; Service revenue trends; Strategic turnaround; Value over volume.
Events: Vodafone Group Q3 FY25–26 earnings.
People: Margherita Della Valle; Pilar López; Shameel Joosub.
Geographic: Africa; Germany; Turkey; UK.
Organisations: BT/EE; Maziv; Safaricom; Skaylink; Telekom Romania Mobile Communications; Three; Vantage Towers; Vodafone; Vodafone Business; Vodafone Germany; Vodafone Romania; VodafoneThree; Vodacom.

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