Spend: capex down, opex up as Vodafone reaches ‘appropriate’ scale

Joe Purnell2025-11-20T14:19:00

Source: Vek Labs / Unsplash

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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