Spend: capex down, opex up as Vodafone reaches ‘appropriate’ scale
Q2/H1 FY25–26: with the Group’s capital structure ‘reset’, CEO Margherita Della Valle considers investment levels to be at the right level in each market: spend balloons at newly scaled UK, Germany finds efficiencies and reduces capex, broadly stable elsewhere.
This article includes:
- Themes: Capital allocation; Capital expenditure (capex); Competitive landscape; Customer experience investment; Digital transformation; Incremental investment; Integration impact; Market scale; Operational efficiency; Operational expenditure (opex); Operational transformation; Strategic priorities.
- Events: Vodafone Group earnings report Q2/H1 FY25–26.
- People: Margherita Della Valle.
- Geographic: Africa; Albania; Czech Republic; Germany; Greece; Ireland; Portugal; Romania; Turkey; UK.
- Organisations: Vodafone; Vodafone Group; Vodafone Turkey.
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