Vodafone Group Public Ltd Co 6-K, filed Feb 4, 2025
Vodafone Group Public Ltd Co (VOD)
6-K
2025-02-04
For: 2025-02-04
View Original
Added on
July 04, 2026
About this 6-K
Vodafone Group Public Ltd Co filed this 6-K on February 4, 2025.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULES 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
Dated
February 04, 2025
Commission
File Number: 001-10086
VODAFONE GROUP
PUBLIC LIMITED COMPANY
(Translation
of registrant’s name into English)
VODAFONE
HOUSE, THE CONNECTION, NEWBURY, BERKSHIRE, RG14 2FN,
ENGLAND
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form
20-F ✓
Form 40-F _
This
Report on Form 6-K contains a Stock Exchange Announcement dated 04
February 2025 entitled ‘Vodafone Q3 FY25 Trading
Update’.
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Vodafone Group
Plc
Q3
FY25 Trading Update
4
February 2025
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Good Group performance, with portfolio transformation
completing
"Group service revenue growth accelerated to 5.2% in the third
quarter. This was driven by a step-up in the UK and strong
performance in Türkiye and Africa, whilst Germany is impacted
by the TV law change. We are continuing to invest in the turnaround
of our German business and we are starting to see improving
customer trends, although conditions have become more challenging
in the mobile market.
During the quarter, we completed the sale of Italy for €8
billion and received regulatory approval for Vodafone's merger with
Three in the UK. When the UK merger completes in the next few
months, we will have fully executed Vodafone's reshaping for
growth. We are on track to grow in line with our full year guidance
for this year, which we reiterate today, and are looking forward to
a stronger Vodafone in the years ahead."
Margherita Della Valle
Group Chief Executive
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UK merger approval
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€8 billion cash proceeds
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€1.5 billion
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Reiterated
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Completion in the next few months
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Vodafone Italy disposal
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Share buybacks to-date
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FY25 financial guidance
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− Group total
revenue: Increased
by 5.0% to €9.8 billion in Q3 with good organic service
revenue growth partially offset by adverse foreign exchange
movements.
− Group
service revenue: Grew
by 5.6% in Q3 to €7.9 billion and on an organic basis
increased 5.2% (Q2: 4.2%), driven by broad-based growth, excluding
Germany. The acceleration in quarterly trends was driven by the UK
and Africa.
− Germany: Declined
by 6.4% in Q3 (Q2: -6.2%), primarily due to the impact of the TV
law change. Excluding this impact, service revenue declined by 2.6%
in Q3 (Q2: -2.4%), largely due to lower broadband service
revenue.
− UK: Organic
service revenue growth accelerated to 3.3% in Q3 (Q2: 1.2%), as the
significant investments we have made to our customer experience are
driving growth in Consumer.
− Other
Europe & Türkiye: In
Q3, organic service revenue growth in Other Europe remained stable
at 2.6% and service
revenue growth in Türkiye remained strong, increasing by
53.1% in
euro terms, excluding the hyperinflationary
adjustment.
− Africa: Organic
service revenue growth improved to 11.6% in Q3 (Q2: 9.7%),
supported by an acceleration in South Africa and above-inflation
growth in Egypt, driven by demand for data and price
actions.
− Business: Our
growth momentum continued, with organic service revenue growth of
4.3% in Q3 (Q2: 4.0%) driven
by double-digit growth in digital services, including cloud &
security.
− Group
Adjusted EBITDAaL: Increased
by 2.2% on an organic basis to €2.8 billion, as service
revenue growth in most markets and lower energy costs in Europe
more than offset the impact of the TV law change in
Germany. The
Adjusted EBITDAaL margin of 28.8% was 0.5 percentage points lower
year-on-year on an organic basis. On
a year-to-date basis, Adjusted EBITDAaL increased by 3.2% on an
organic basis to €8.2 billion. Operating profit decreased by
18.4% to €1.0 billion (see basis of preparation on page
7).
− Share
buybacks: Third
€0.5 billion tranche completed 22 January 2025, with 1.8
billion shares repurchased for €1.5 billion since May 2024.
Final €0.5 billion tranche from the initial €2 billion
buyback programme commencing today.
− Group
FY25 guidance reiterated: On
track to deliver Group Adjusted EBITDAaL of c.€11 billion and
Group Adjusted free cash flow of at least €2.4
billion.
− UK
merger: In
December 2024, the UK's Competition and Markets Authority approved
the combination of Vodafone and Three in the UK. We expect the
merger to formally complete in the next few
months.
− Vodafone
Italy disposal: The
sale of Vodafone Italy to Swisscom AG for €8 billion in cash
completed on 31 December 2024. Proceeds have been used to reduce
net debt and the Board will target to return up to €2.0
billion via share buybacks once the current programme has
completed.
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For more information, please contact:
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Investor Relations:
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investors.vodafone.com
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ir@vodafone.co.uk
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Media Relations:
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Vodafone.com/media/contact
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GroupMedia@vodafone.com
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Registered
Office: Vodafone House, The Connection, Newbury, Berkshire RG14
2FN, England. Registered in England No. 1833679
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A webcast Q&A session will be held at 10:00 GMT on 4 February
2025. The webcast and supporting information can be accessed
at investors.vodafone.com
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Segment performance
In the financial year ended 31
March 2024, in accordance with International Financial Reporting
Standards ('IFRS'), we updated our financial reporting to recognise
that Vodafone Spain and Vodafone Italy are discontinued operations.
The results
of discontinued operations are excluded from the Group's segment
reporting. The Q3 FY24 comparatives in the tables below have been
re-presented to reflect that Vodafone Spain and Vodafone Italy were
classified as discontinued operations in that period and should be
used as the basis of comparison to our Q3 FY25 results. The
disposals of Vodafone Spain and Vodafone Italy completed on 31 May
2024 and 31 December 2024, respectively.
Geographic performance summary
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Service revenue
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Other revenue
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Total revenue
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|||
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Re-presented1
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Re-presented1
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Re-presented1
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Q3 FY25
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Q3 FY24
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Q3 FY25
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Q3 FY24
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Q3 FY25
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Q3 FY24
|
|
|
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€m
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€m
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€m
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€m
|
€m
|
€m
|
|
Germany
|
2,706
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2,892
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384
|
451
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3,090
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3,343
|
|
|
UK
|
1,507
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1,400
|
358
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340
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1,865
|
1,740
|
|
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Other Europe
|
1,201
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1,175
|
235
|
236
|
1,436
|
1,411
|
|
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Türkiye
|
776
|
393
|
187
|
139
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963
|
532
|
|
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Africa
|
1,607
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1,543
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465
|
389
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2,072
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1,932
|
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Common Functions
|
165
|
137
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268
|
306
|
433
|
443
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|
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Eliminations
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(33)
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(35)
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(15)
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(20)
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(48)
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(55)
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Group
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7,929
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7,505
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1,882
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1,841
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9,811
|
9,346
|
|
Note:
1.
The results for the quarter ended 31 December 2023 have been
re-presented to reflect that the results of Vodafone Spain and
Vodafone Italy are now reported as discontinued operations. See
note above.
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Service revenue growth
|
FY24
|
|
FY25
|
|||||||||||||||||||||||
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Q1
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Q2
|
H1
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Q3
|
Q4
|
H2
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Total
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Q1
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Q2
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H1
|
Q3
|
|||||||||||||||
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%
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%
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%
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%
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%
|
%
|
%
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|
%
|
%
|
%
|
%
|
|||||||||||||||
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Germany
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(1.3)
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1.0
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(0.1)
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0.3
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0.6
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0.5
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0.2
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|
(1.5)
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(6.2)
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(3.9)
|
(6.4)
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||||||||||||||
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UK
|
3.0
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5.1
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4.1
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5.5
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6.8
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6.2
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5.1
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|
2.0
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2.9
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2.4
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7.6
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||||||||||||||
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Other Europe
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(7.4)
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(7.2)
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(7.3)
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(7.8)
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0.3
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(4.0)
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(5.7)
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1.6
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2.1
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1.9
|
2.2
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||||||||||||||
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Türkiye
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(8.5)
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21.6
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7.4
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6.8
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15.6
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11.7
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9.6
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54.7
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18.8
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33.2
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97.5
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||||||||||||||
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Africa
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(14.3)
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(14.8)
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(14.6)
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(7.5)
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1.2
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(3.4)
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(9.2)
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1.6
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0.3
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0.9
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4.1
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||||||||||||||
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Group
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(4.7)
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(1.9)
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(3.3)
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(1.5)
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2.9
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0.7
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(1.3)
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|
3.2
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0.2
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1.7
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5.6
|
||||||||||||||
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|
|
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|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Organic service revenue growth1
|
FY24
|
|
FY25
|
|||||||||||||||||||||||
|
Q1
|
Q2
|
H1
|
Q3
|
Q4
|
H2
|
Total
|
|
Q1
|
Q2
|
H1
|
Q3
|
|||||||||||||||
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%
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%
|
%
|
%
|
%
|
%
|
%
|
|
%
|
%
|
%
|
%
|
|||||||||||||||
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Germany
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(1.3)
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1.1
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(0.1)
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0.3
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0.6
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0.5
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0.2
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|
(1.5)
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(6.2)
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(3.9)
|
(6.4)
|
||||||||||||||
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UK
|
5.7
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5.5
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5.6
|
5.2
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3.6
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4.4
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5.0
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|
-
|
1.2
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0.6
|
3.3
|
||||||||||||||
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Other Europe
|
4.1
|
3.8
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3.9
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3.6
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5.5
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4.6
|
4.2
|
|
2.3
|
2.6
|
2.5
|
2.6
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||||||||||||||
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Türkiye
|
74.1
|
85.0
|
79.3
|
90.4
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105.6
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97.8
|
88.5
|
|
91.9
|
89.1
|
90.3
|
83.4
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||||||||||||||
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Africa
|
9.0
|
9.0
|
9.0
|
8.8
|
10.0
|
9.4
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9.2
|
|
10.0
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9.7
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9.9
|
11.6
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||||||||||||||
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Group
|
5.4
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6.6
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6.0
|
6.3
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7.1
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6.7
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6.3
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|
5.4
|
4.2
|
4.8
|
5.2
|
||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Group profitability
|
FY24
|
|
FY25
|
|
||||||||||||||||||||||
|
Q1
|
Q2
|
H1
|
Q3
|
Q4
|
H2
|
Total
|
|
Q1
|
Q2
|
H1
|
Q3
|
|
||||||||||||||
|
Operating profit (€m)2
|
1,081
|
776
|
1,857
|
1,252
|
556
|
1,808
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3,665
|
|
1,545
|
837
|
2,382
|
1,022
|
|
|||||||||||||
|
Adjusted EBITDAaL (€m)1
|
2,626
|
2,801
|
5,427
|
2,795
|
2,797
|
5,592
|
11,019
|
|
2,681
|
2,730
|
5,411
|
2,828
|
|
|||||||||||||
|
Adjusted EBITDAaL margin %1
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29.9
|
30.5
|
30.2
|
29.9
|
29.8
|
29.8
|
30.0
|
|
29.7
|
29.5
|
29.6
|
28.8
|
|
|||||||||||||
|
Organic Adjusted EBITDAaL growth %1
|
|
|
3.3
|
|
|
1.2
|
2.2
|
|
5.1
|
2.5
|
3.8
|
2.2
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
1.
Non-GAAP measure. See page 8 for more
information.
2.
See page 7 for more information on the basis of
preparation.
|
Germany ⫶ Customer
trends improving, despite challenging market
conditions
|
|||||
|
|
|
|
|
|
|
|
34% of
Group service revenue
|
Q3 FY25
|
Q3 FY24
|
Reported
|
Organic
|
|
|
|
€m
|
€m
|
change %
|
change %1
|
|
|
Total revenue
|
3,090
|
3,343
|
(7.6)
|
|
|
|
- Service revenue
|
2,706
|
2,892
|
(6.4)
|
(6.4)
|
|
|
- Other revenue
|
384
|
451
|
|
|
|
Note:
1. Non-GAAP
measure. See page 8 for more information.
Growth
Total revenue decreased by 7.6% to €3.1 billion as a result
of lower service and equipment revenue. As anticipated, the service
revenue reduction in Q3 remained broadly consistent with Q2,
declining by 6.4% (Q2: -6.2%). The decline was primarily due to a
-3.8 percentage point impact (Q2: -3.8 percentage points) from the
end to bulk TV contracting in Multi Dwelling Units ('MDU'), which
came into full effect from July 2024, as well as a lower broadband
customer base and lower mobile ARPU. Other contributing factors
included fully lapping broadband price increases in the prior year
and a slowdown in Business mobile, which were partially offset by
an easier prior year comparative in Q3 versus Q2 in
mobile.
Fixed service revenue decreased by 10.7% in Q3 (Q2: -9.7%) due to
the cumulative impact of TV and broadband customer losses. The MDU
transition had a -6.8 percentage point impact (Q2: -6.9 percentage
points) on fixed service revenue growth in Q3. Performance in the
quarter was also impacted by the lapping of the final phase of
price increases implemented last year, and the cumulative impact of
customer losses.
Mobile service revenue decreased by 1.0% in Q3 (Q2: -1.8%) as ARPU
pressure, due to higher competitive intensity in the market which
we highlighted in November, and lower mobile termination rates,
were only partially offset by a higher contract customer base.
During Q3, 1&1 began migrating their customers onto our network
as part of our long-term national roaming agreement, however this
has been slower than expected. We expect the migration to ramp-up
in the following quarters and reach full run-rate during H2
FY26.
Vodafone Business service revenue declined by 3.0% in Q3 (Q2:
-1.7%), as lower mobile ARPU, in particular from large corporate
contract renewals, was partially offset by digital services demand.
The quarterly slowdown was due to project revenue and IoT usage
phasing.
Customers
We are pleased to see positive momentum in the development of our
customer base, with a further sequential improvement. Our broadband
customer base declined by 7,000 during the quarter (Q2: -33,000),
and our
gigabit-capable customer base increased by 1,000 (Q2: -9,000). We
are the largest provider of fixed line gigabit connectivity in
Germany, supported by our wholesale agreements with Deutsche
Telekom & Deutsche Glasfaser, and we can now market gigabit
speeds to almost 5 million households beyond our own cable
footprint of 25 million households.
We have now largely completed the migration of our MDU TV customer
base following the change in TV law that came into force in July
2024. By the end of December 2024, we had retained 4.1 million
households (49% of affected customers), which is in line with our
50% expectation. We will continue to engage with the remaining
households affected by the law change. Our total TV customer base
declined by 66,000 during the quarter, primarily due to the MDU
transition.
Despite higher competitive intensity in the mobile market, our
Consumer mobile contract customer base increased by 23,000 in the
quarter (Q2: 39,000), as our increased focus on higher value
branded and direct sales channels was offset by the continued loss
of low-margin customers through resellers' channels. In addition,
we saw 5,000 net losses (Q2: -5,000) from Business accounts, partly
driven by some large contract tenders in the prior
year.
Investing in the turnaround
The continued investment in the turnaround, together with more
challenging mobile market conditions and one-off items will result
in Germany Adjusted EBITDAaL being lower in the second half of FY25
compared to the first half of FY25.
Our new management team is now in place, with new directors for
Business, Consumer, IT and HR. We are also making good progress
with the simplification of our German operations, being halfway
through the implementation of our 3,100 role reduction plan. In Q3,
we stabilised our gigabit broadband customer base and completed the
operational execution of the MDU transition in line with our
initial expectations. We continue to invest in the customer
experience, our brand and B2B. These investments are already
leading to year-on-year improvements in customer satisfaction &
non-user consideration.
|
UK ⫶ Market-leading
customer experience supporting growth
|
|||||
|
|
|
|
|
|
|
|
19% of
Group service revenue
|
Q3 FY25
|
Q3 FY24
|
Reported
|
Organic
|
|
|
|
€m
|
€m
|
change %
|
change %1
|
|
|
Total revenue
|
1,865
|
1,740
|
7.2
|
|
|
|
- Service revenue
|
1,507
|
1,400
|
7.6
|
3.3
|
|
|
- Other revenue
|
358
|
340
|
|
|
|
Note:
1. Non-GAAP
measure. See page 8 for more information.
Growth
Total revenue increased by 7.2% to €1.9 billion due to
service revenue growth and the appreciation of the pound sterling
versus the euro.
Service revenue increased by 7.6% (Q2: 2.9%), with organic growth
in service revenue of 3.3% (Q2: 1.2%). Organic growth was driven by
Consumer and wholesale revenue, and partially offset by a decline
in Business. Growth was also supported by positive foreign exchange
movements.
Mobile service revenue grew by 6.0% (Q2: 0.6%), and organic growth
in mobile service revenue was 1.8% (Q2: -1.1%). The return to
organic growth in the quarter was supported by customer base growth
in Consumer and the delivery of project milestones in
Business.
Fixed service revenue grew by 12.3% (Q2: 9.6%) and organic growth
in fixed service revenue was 7.6% (Q2: 8.0%) due to continued
growth in the customer base, supported by successful seasonal
campaigns, and higher Consumer ARPU.
Vodafone Business service revenue grew by 3.7% (Q2: 0.2%) but on an
organic basis, service revenue declined by 0.4%
(Q2: -1.7%). The appreciation of the pound sterling versus the euro
and growth in fixed from project work was offset by a decline in
mobile, primarily driven by ARPU pressure and a lower customer
base. The improvement in quarterly organic trends was supported by
the phasing of project revenue.
Customers
In mobile, our Consumer contract customer base increased by 37,000
in the quarter, supported by our customer experience improvements.
This was offset by contract disconnections in Business and a
reclassification of part of the mobile customer base to IoT,
meaning our total contract customer base increased by 1,000 in
Q3.
In fixed, we continue to be one of the fastest growing broadband
providers in the UK. Our broadband net additions grew by a record
72,000 in Q3, in part supported by the launch of the 'One Touch
Switching' in September 2024. Our fibre coverage has reached 18.4
million households and we offer faster speeds of up to 2.2Gbps in
more locations than any other provider.
In Q3, we achieved another strong brand Net Promoter Score, with
all of our services scoring the highest in the market. We also
reduced the level of Consumer 'detractors' to a record low. These
achievements reflect the significant investments we have made to
our customer experience.
Merger of Vodafone UK and Three UK
In June 2023, we announced a binding agreement to combine our UK
business with Three UK to create a sustainable and competitive
third scaled network operator in the UK. In December 2024, the UK's
Competition and Markets Authority ('CMA') approved the combination
of Vodafone and Three in the UK. Following the merger, which we
expect to formally complete in the next few months, Vodafone and CK
Hutchison will own 51% and 49% of the combined business,
respectively. This combination will provide customers with greater
choice and more value, drive greater competition, and enable
increased investment with a clear £11 billion plan to create
one of Europe's most advanced 5G networks. Full details of the
transaction can be found here: investors.vodafone.com/merger-of-vodafone-uk-and-three-uk.
|
Other Europe1 ⫶ Growth
momentum sustained
|
|||||
|
|
|
|
|
|
|
|
15% of
Group service revenue
|
Q3 FY25
|
Q3 FY24
|
Reported
|
Organic
|
|
|
|
€m
|
€m
|
change %
|
change %2
|
|
|
Total revenue
|
1,436
|
1,411
|
1.8
|
|
|
|
- Service revenue
|
1,201
|
1,175
|
2.2
|
2.6
|
|
|
- Other revenue
|
235
|
236
|
|
|
|
Notes:
1. Other
Europe markets comprise Portugal, Ireland, Greece, Romania, Czech
Republic and Albania.
2. Non-GAAP
measure. See page 8 for more information.
Growth
Total revenue grew by 1.8% to €1.4 billion with higher
service revenue being partially offset by the depreciation of local
currencies versus the euro. Service revenue increased by 2.2% (Q2:
2.1%) as organic growth in service revenue of 2.6% (Q2: 2.6%) was
partially offset by adverse foreign exchange movements. Organic
growth was supported by price actions in most markets and public
sector project work, partly offset by lower mobile termination
rates.
In Portugal, our Consumer and Business segments continued to
perform well in Q3. In response to a new entrant, we launched our
new second brand, Amigo. In Ireland, service revenue returned to
growth in Q3, supported by Business demand for fixed connectivity.
In Greece, service revenue increased, driven by continued growth in
the public sector and a higher Consumer mobile contract customer
base.
Vodafone Business service revenue increased by 5.3% (Q2: 6.6%) as
organic growth in Vodafone Business service revenue of 5.8% in Q3
(Q2: 7.5%) was partly offset by adverse foreign exchange movements.
Organic growth was mainly driven by demand for digital services and
fixed connectivity, as well as public sector project work in Greece
and Romania.
Customers
We added 153,000 mobile contract customers and 4,000 fixed
customers across our six markets in Q3.
Portfolio
In November 2024, we announced that, along with Digi Romania, we
have signed a memorandum of understanding with Hellenic
Telecommunications in relation to a potential acquisition of
separate parts of its subsidiary Telekom Romania. The discussions
are at an advanced stage with the regulatory approval process also
underway.
|
|
|
|
|
|
|
|
Türkiye ⫶ Continued
growth in euro terms
|
|||||
|
|
|
|
|
|
|
|
10% of
Group service revenue
|
Q3 FY25
|
Q3 FY24
|
Reported
|
Organic
|
|
|
|
€m
|
€m
|
change %
|
change %1,2
|
|
|
Total revenue
|
963
|
532
|
81.0
|
|
|
|
- Service revenue
|
776
|
393
|
97.5
|
83.4
|
|
|
- Other revenue
|
187
|
139
|
|
|
|
Notes:
1. Non-GAAP
measure. See page 8 for more information.
2. Türkiye
was designated as a hyperinflationary economy on 1 April 2022 in
line with IAS 29 'Financial Reporting in Hyperinflationary
Economies'. Organic growth metrics exclude the impacts of the
hyperinflation adjustment and foreign exchange
translation.
Growth
Total revenue increased by 81.0% to €1.0 billion, with
service revenue growth partly offset by the depreciation of the
local currency versus the euro in prior quarters. Service revenue
increased in euro terms by 97.5% (Q2: 18.8%) as reported under IAS
29, with organic growth in service revenue of 83.4% (Q2: 89.1%).
Excluding the impact of the hyperinflationary adjustment, service
revenue increased by 53.1% (Q2: 49.5%) in euro terms. Growth was
primarily driven by ongoing repricing actions and value accretive
base management activities and only partially offset by adverse
foreign exchange movements in prior periods.
Vodafone Business service revenue increased in euro terms by 117.0%
(Q2: 32.8%) as reported under IAS 29 and organic growth of service
revenue was 102.8% (Q2: 109.9%) during the quarter, primarily
supported by Business demand for our digital services and fixed
line connectivity, as well as mobile repricing
actions.
Customers
We added 341,000 mobile contract customers during the quarter,
including migrations of prepaid customers.
|
Africa ⫶ Growth
accelerating
|
|||||
|
|
|
|
|
|
|
|
20% of
Group service revenue
|
Q3 FY25
|
Q3 FY24
|
Reported
|
Organic
|
|
|
|
€m
|
€m
|
change %
|
change %1
|
|
|
Total revenue
|
2,072
|
1,932
|
7.2
|
|
|
|
- Service revenue
|
1,607
|
1,543
|
4.1
|
11.6
|
|
|
- Other revenue
|
465
|
389
|
|
|
|
Note:
1. Non-GAAP
measure. See page 8 for more information.
Growth
Total revenue increased by 7.2% to €2.1 billion as higher
service and equipment revenue and an appreciation of the South
African rand versus the euro were partly offset by the depreciation
of the Egyptian pound versus the euro in March 2024. Service
revenue increased by 4.1% (Q2: 0.3%) and organic growth in service
revenue was 11.6% (Q2: 9.7%), with growth in South Africa, Egypt
and all of Vodacom's international markets, apart from
Mozambique.
In South Africa, service revenue growth accelerated, supported by
the Consumer mobile prepaid segment, which benefited from seasonal
campaigns and an improved consumer environment in the quarter, as
well as Business demand for fixed connectivity.
Service revenue in Egypt continued to grow above inflation during
the quarter due to sustained customer base growth, price actions,
and demand for data. In December, we implemented a further price
increase across mobile and fixed services following the
introduction of new regulatory price floors. Our financial services
product, 'Vodafone Cash' continued to grow with revenue increasing
to €30.4 million, and now represents 8.4% of Egypt's service
revenue.
In Vodacom's international markets, service revenue growth was
supported by a higher customer base and continued M-Pesa demand.
M-Pesa revenue grew by 9.7% to €103.5 million, and now
represents 27.8% of service revenue.
Vodacom Business service revenue grew by 6.6% (Q2: 3.0%) and
organic growth in Vodacom Business service revenue was 10.8% (Q2:
9.2%), with growth in South Africa accelerating due to Business
demand for fixed connectivity, including cloud
services.
Customers
In South Africa, we added 61,000 mobile contract customers in the
quarter, and now have a mobile contract base of 7.0 million. Across
our active customer base, 78.2% of our mobile customers now use
data services. Our 'VodaPay' super-app continued to gain traction
with 10.1 million registered users.
In Egypt, we added 167,000 contract customers and 669,000 prepaid
mobile customers during the quarter, and we now have 50.7 million
mobile customers. 'Vodafone Cash' reached 10.5 million active users
with 0.9 million users added during the quarter.
In Vodacom's international markets, we added 2.3 million mobile
customers in Q3, and our mobile customer base is now 58.4 million,
with 68.4% of active customers using our data services. Our M-Pesa
customer base now totals 24.7 million active users with 0.9 million
users added during the quarter.
Investor Briefing
Vodacom Group is hosting an investor briefing on 19 February 2025,
which will encompass a series of presentations and showcases
covering the Vodacom Group's medium-term strategy and the key
growth opportunities across its markets and products.
Further information on our operations in Africa can be accessed
here: vodacom.com.
Notes to the Q3 FY25 Trading update
Basis of preparation
Adjusted EBITDAaL and Operating profit has been extracted from the
Group's unaudited consolidated financial statements for the nine
months ended 31 December 2024.
These financial statements, insofar as they are applicable to the
calculation of Adjusted EBITDAaL and Operating profit, include all
adjustments necessary for a fair statement of Adjusted EBITDAaL and
Operating profit for the periods presented and apply the same
accounting policies, presentation and methods of calculation as
those followed in the preparation of the Group's consolidated
financial statements for the year ended 31 March 2024, which were
prepared in accordance with UK-adopted International Accounting
Standards ('IAS'), with International Financial Reporting Standards
('IFRS') as issued by the IASB and with the requirements of the UK
Companies Act 2006, except no goodwill impairment assessment in
accordance with IAS 36 "Impairment of Assets" has been conducted at
31 December 2024.
The preparation of the unaudited consolidated financial statements
requires management to make certain estimates and assumptions that
affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the end of the
reporting period, and the reported amounts of revenue and expenses
during the period. Actual results could vary from these estimates.
These estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised if the revisions affect
only that period or in the period of the revision and future
periods if the revision affects both current and future
periods.
Critical accounting judgements and estimates
The Group's critical accounting judgements and estimates are
disclosed in the Group's Annual Report for the year ended 31 March
2024.
Judgements relating to goodwill impairment testing
Updated expectations of the future financial performance of
Vodafone Germany will be reflected in the Group's impairment
testing as well as considering the valuation implications of
changes in other factors such as discount rates and the assessment
of long-term growth rates, the results of which will be reported as
part of our FY25 financial results in May. Given the limited
headroom between the recoverable amount and the carrying value of
Vodafone Germany as at 30 September 2024, the financial performance
discussed on page 3 increases the likelihood of an impairment
charge.
Non-GAAP measures
In the discussion of the Group's reported operating results,
non-GAAP measures are presented to provide readers with additional
financial information that is regularly reviewed by management.
This additional information presented is not uniformly defined by
all companies including those in the Group's industry. Accordingly,
it may not be comparable with similarly titled measures and
disclosures by other companies. Additionally, certain information
presented is derived from amounts calculated in accordance with
IFRS but is not itself a measure defined under GAAP. Such measures
should not be viewed in isolation or as an alternative to the
equivalent GAAP measure. The non-GAAP measures discussed in this
document are listed below.
|
Non-GAAP measure
|
Defined on page
|
Closest equivalent GAAP measure
|
Reconciled on page
|
|
Performance metrics
|
|
|
|
|
Organic
revenue growth
|
Page
8
|
Revenue
|
Pages 9
and 10
|
|
Organic
service revenue growth
|
Page
8
|
Service
revenue
|
Pages 9
and 10
|
|
Organic
mobile service revenue growth
|
Page
8
|
Service
revenue
|
Pages 9
and 10
|
|
Organic
fixed service revenue growth
|
Page
8
|
Service
revenue
|
Pages 9
and 10
|
|
Organic
Vodafone Business service revenue growth
|
Page
8
|
Service
revenue
|
Pages 9
and 10
|
|
Service
revenue growth in Türkiye excluding the impact of the
hyperinflationary adjustment
|
Page
8
|
Service
revenue
|
Pages 9
and 10
|
|
Group
Adjusted EBITDAaL
|
Page
11
|
Operating
profit1
|
Page
11
|
|
Organic
Group Adjusted EBITDAaL growth
|
Pages 8
and 11
|
Operating
profit1
|
Page
11
|
|
Group
Adjusted EBITDAaL margin
|
Page
11
|
Operating
profit1
|
Page
11
|
|
Organic
percentage point change in Group Adjusted EBITDAaL
margin
|
Pages 8
and 11
|
Operating
profit1
|
Page
11
|
Note:
1.
See page 7 for more information on the basis of
preparation.
Performance metrics
Organic growth
Organic growth presents performance on a comparable basis,
excluding the impact of foreign exchange rates, mergers and
acquisitions, the hyperinflation adjustment in Türkiye and
other adjustments to improve the comparability of results between
periods.
Organic growth is calculated for revenue and profitability metrics,
as follows:
- Revenue;
- Service
revenue;
- Mobile
service revenue;
- Fixed
service revenue;
- Vodafone
Business service revenue;
- Group
Adjusted EBITDAaL; and
- Group
Adjusted EBITDAaL margin
Whilst organic growth is not intended to be a substitute for
reported growth, nor is it superior to reported growth, we believe
that the measure provides useful and necessary information to
investors and other interested parties for the following
reasons:
- It
provides additional information on underlying growth of the
business without the effect of certain factors unrelated to its
operating performance;
- It
is used for internal performance analysis; and
- It
facilitates comparability of underlying growth with other companies
(although the term 'organic' is not a defined term under GAAP and
may not, therefore, be comparable with similarly-titled measures
reported by other companies).
We have not provided a comparative in respect of organic growth
rates as the current rates describe the change between the
beginning and end of the current period, with such changes being
explained by the commentary in this document. If comparatives were
provided, significant sections of the commentary for prior periods
would also need to be included, reducing the usefulness and
transparency of this document.
Service revenue growth in Türkiye excluding the impact of the
hyperinflationary adjustment
This growth metric presents performance in Türkiye excluding
hyperinflationary adjustment recorded in the Group's consolidated
financial statements in accordance with IAS 29 'Financial Reporting
in Hyperinflationary Economies'.
Non-GAAP measures
|
Quarter ended 31 December 2024
|
|
|
|
|
|
|
|
|
|
|
|
Re-presented1
|
Reported
growth
|
M&A and
Other
|
Foreign
exchange
|
Organic
growth
|
|
|
|
Q3 FY25
|
Q3 FY24
|
||||
|
|
|
€m
|
€m
|
%
|
pps
|
pps
|
%
|
|
Service revenue
|
|
|
|
|
|
|
|
|
Germany
|
2,706
|
2,892
|
(6.4)
|
-
|
-
|
(6.4)
|
|
|
|
Mobile service revenue
|
1,259
|
1,272
|
(1.0)
|
-
|
-
|
(1.0)
|
|
|
Fixed service revenue
|
1,447
|
1,620
|
(10.7)
|
-
|
-
|
(10.7)
|
|
UK
|
1,507
|
1,400
|
7.6
|
-
|
(4.3)
|
3.3
|
|
|
|
Mobile service revenue
|
1,096
|
1,034
|
6.0
|
-
|
(4.2)
|
1.8
|
|
|
Fixed service revenue
|
411
|
366
|
12.3
|
-
|
(4.7)
|
7.6
|
|
Other Europe
|
1,201
|
1,175
|
2.2
|
-
|
0.4
|
2.6
|
|
|
Türkiye2
|
776
|
393
|
97.5
|
13.7
|
(27.8)
|
83.4
|
|
|
Africa
|
1,607
|
1,543
|
4.1
|
-
|
7.5
|
11.6
|
|
|
Common Functions
|
165
|
137
|
|
|
|
|
|
|
Eliminations
|
(33)
|
(35)
|
|
|
|
|
|
|
Total service revenue
|
7,929
|
7,505
|
5.6
|
(0.2)
|
(0.2)
|
5.2
|
|
|
Other revenue
|
1,882
|
1,841
|
|
|
|
|
|
|
Revenue
|
9,811
|
9,346
|
5.0
|
(0.1)
|
(0.8)
|
4.1
|
|
|
|
|
|
|
|
|
|
|
|
Other growth metrics
|
|
|
|
|
|
|
|
|
Vodafone Business - Service revenue
|
2,051
|
1,943
|
5.6
|
(0.2)
|
(1.1)
|
4.3
|
|
|
Germany - Vodafone Business service revenue
|
594
|
612
|
(3.0)
|
-
|
-
|
(3.0)
|
|
|
UK - Vodafone Business service revenue
|
560
|
540
|
3.7
|
-
|
(4.1)
|
(0.4)
|
|
|
Other Europe - Vodafone Business service revenue
|
395
|
375
|
5.3
|
-
|
0.5
|
5.8
|
|
|
Türkiye - Vodafone Business service revenue
|
115
|
53
|
117.0
|
15.4
|
(29.6)
|
102.8
|
|
|
Africa - Vodacom Business service revenue
|
289
|
271
|
6.6
|
-
|
4.2
|
10.8
|
|
Notes:
1. The
results for the quarter ended 31 December 2023 have been
re-presented to reflect that the results of Vodafone Spain and
Vodafone Italy are reported as discontinued operations. The
disposals of Vodafone Spain and Vodafone Italy completed on 31 May
2024 and 31 December 2024, respectively.
2. Reported
service revenue growth in Türkiye of 97.5% includes 44.4pps in
relation to the application of IAS 29 'Financial Reporting in
Hyperinflationary Economies'. Growth in Türkiye
excluding the impact of these hyperinflationary adjustment was
53.1%.
Non-GAAP measures
|
Quarter ended 30 September 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported
growth
|
M&A and
Other
|
Foreign
exchange
|
Organic
growth
|
|
|
|
Q2 FY25
|
Q2 FY24
|
||||
|
|
|
€m
|
€m
|
%
|
pps
|
pps
|
%
|
|
Service revenue
|
|
|
|
|
|
|
|
|
Germany
|
2,722
|
2,903
|
(6.2)
|
-
|
-
|
(6.2)
|
|
|
|
Mobile service revenue
|
1,266
|
1,290
|
(1.8)
|
-
|
-
|
(1.8)
|
|
|
Fixed service revenue
|
1,456
|
1,613
|
(9.7)
|
-
|
-
|
(9.7)
|
|
UK
|
1,462
|
1,421
|
2.9
|
-
|
(1.7)
|
1.2
|
|
|
|
Mobile service revenue
|
1,063
|
1,057
|
0.6
|
-
|
(1.7)
|
(1.1)
|
|
|
Fixed service revenue
|
399
|
364
|
9.6
|
-
|
(1.6)
|
8.0
|
|
Other Europe
|
1,230
|
1,205
|
2.1
|
-
|
0.5
|
2.6
|
|
|
Türkiye1
|
588
|
495
|
18.8
|
37.4
|
32.9
|
89.1
|
|
|
Africa
|
1,502
|
1,498
|
0.3
|
-
|
9.4
|
9.7
|
|
|
Common Functions
|
176
|
151
|
|
|
|
|
|
|
Eliminations
|
(36)
|
(47)
|
|
|
|
|
|
|
Total service revenue
|
7,644
|
7,626
|
0.2
|
1.0
|
3.0
|
4.2
|
|
|
Other revenue
|
1,596
|
1,564
|
|
|
|
|
|
|
Revenue
|
9,240
|
9,190
|
0.5
|
1.3
|
2.8
|
4.6
|
|
|
|
|
|
|
|
|
|
|
|
Other growth metrics
|
|
|
|
|
|
|
|
|
Vodafone Business - Service revenue
|
1,979
|
1,935
|
2.3
|
0.5
|
1.2
|
4.0
|
|
|
Germany - Vodafone Business service revenue
|
598
|
609
|
(1.7)
|
-
|
-
|
(1.7)
|
|
|
UK - Vodafone Business service revenue
|
532
|
531
|
0.2
|
-
|
(1.9)
|
(1.7)
|
|
|
Other Europe - Vodafone Business service revenue
|
389
|
365
|
6.6
|
-
|
0.9
|
7.5
|
|
|
Türkiye - Vodafone Business service revenue
|
85
|
64
|
32.8
|
42.0
|
35.1
|
109.9
|
|
|
Africa - Vodacom Business service revenue
|
276
|
268
|
3.0
|
-
|
6.2
|
9.2
|
|
Note:
1. Reported
service revenue growth in Türkiye of 18.8% includes 30.7pps in
relation to the application of IAS 29 'Financial Reporting in
Hyperinflationary Economies'. Growth in Türkiye
excluding the impact of these hyperinflationary adjustment was
49.5%.
Non-GAAP measures
|
Non-GAAP measure
|
Purpose
|
Definition
|
|
Group
Adjusted EBITDAaL
|
Adjusted
EBITDAaL is used in conjunction with financial measures such as
operating profit to assess our operating performance and
profitability.
It is a
key external metric used by the investor community to assess
performance of our operations.
It is
our segment performance measure in accordance with IFRS 8
(Operating Segments).
|
Adjusted
EBITDAaL is operating profit after depreciation on lease-related
right of use assets and interest on lease liabilities but excluding
depreciation, amortisation and gains/losses on disposal of owned
assets and excluding share of results of equity accounted
associates and joint ventures, impairment losses/reversals,
restructuring costs arising from discrete restructuring plans,
other income and expense and significant items that are not
considered by management to be reflective of the underlying
performance of the Group.
|
|
Group
Adjusted EBITDAaL margin
|
|
Group
Adjusted EBITDAaL margin is Group Adjusted EBITDAaL divided by
Revenue.
|
The tables below provide the reconciliations of: (i) Group Adjusted
EBITDAaL to Group Operating profit which is the closest equivalent
GAAP measure; (ii) Reported growth in Group Adjusted EBITDAaL to
organic growth in Group Adjusted EBITDAaL; and (iii) Reported
growth in the Group Adjusted EBITDAaL margin and the organic growth
in the Group Adjusted EBITDAaL
margin.
|
|
|
|
Reported
growth
|
M&A and
Other
|
Foreign
exchange
|
Organic
growth
|
|
|
|
|
Q3 FY25
|
Q3 FY24
|
||||
|
|
|
€m
|
€m
|
%
|
pps
|
pps
|
%
|
|
Group Adjusted EBITDAaL
|
2,828
|
2,795
|
1.2
|
(1.2)
|
2.2
|
2.2
|
|
|
Restructuring costs
|
(40)
|
(9)
|
|
|
|
|
|
|
Interest on lease liabilities
|
127
|
113
|
|
|
|
|
|
|
(Loss)/profit on disposal of property, plant and equipment and
intangible assets
|
(4)
|
6
|
|
|
|
|
|
|
Depreciation and amortisation of owned assets
|
(2,018)
|
(1,851)
|
|
|
|
|
|
|
Share of results of equity accounted associates and joint
ventures
|
(26)
|
(70)
|
|
|
|
|
|
|
Other income
|
155
|
268
|
|
|
|
|
|
|
Group Operating
profit1
|
1,022
|
1,252
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage point change in Adjusted EBITDAaL margin
|
28.8
|
29.9
|
(1.1)
|
0.2
|
0.4
|
(0.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported
growth
|
M&A and
Other
|
Foreign
exchange
|
Organic
growth
|
|
|
|
|
YTD FY25
|
YTD FY24
|
||||
|
|
|
€m
|
€m
|
%
|
pps
|
pps
|
%
|
|
Group Adjusted EBITDAaL
|
8,239
|
8,222
|
0.2
|
0.8
|
2.2
|
3.2
|
|
|
Restructuring costs
|
(98)
|
(111)
|
|
|
|
|
|
|
Interest on lease liabilities
|
347
|
330
|
|
|
|
|
|
|
Loss on disposal of property, plant and equipment and intangible
assets
|
(16)
|
(12)
|
|
|
|
|
|
|
Depreciation and amortisation of owned assets
|
(5,690)
|
(5,464)
|
|
|
|
|
|
|
Share of results of equity accounted associates and joint
ventures
|
(66)
|
(121)
|
|
|
|
|
|
|
Impairment reversal
|
-
|
64
|
|
|
|
|
|
|
Other income
|
688
|
201
|
|
|
|
|
|
|
Group Operating
profit1
|
3,404
|
3,109
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage point change in Adjusted EBITDAaL margin
|
29.3
|
30.1
|
(0.8)
|
0.3
|
0.2
|
(0.3)
|
|
Note:
1. See
page 7 for more information on the basis of
preparation.
Definitions
Key terms are defined below. See page 8 for the location of
definitions for non-GAAP measures.
|
Term
|
Definition
|
|
Africa
|
Comprises
the Vodacom Group.
|
|
ARPU
|
Average
revenue per user, defined as customer revenue and incoming revenue
divided by average customers.
|
|
Common
Functions
|
Comprises
central teams and business functions.
|
|
Depreciation
and amortisation
|
The
accounting charge that allocates the cost of tangible or intangible
assets, whether owned or leased, to the income statement over its
useful life. The measure includes the profit or loss on disposal of
property, plant and equipment, software and leased
assets.
|
|
Eliminations
|
Refers
to the removal of intercompany transactions to derive the
consolidated financial statements.
|
|
Europe
|
Comprises
the Group's European businesses and the UK.
|
|
Fixed
service revenue
|
Service
revenue (see below) relating to the provision of fixed line and
carrier services.
|
|
GAAP
|
Generally
Accepted Accounting Principles.
|
|
IFRS
|
International
Financial Reporting Standards.
|
|
Incoming
revenue
|
Comprises
revenue from termination rates for voice and messaging to Vodafone
customers.
|
|
Internet
of Things ('IoT')
|
The
network of physical objects embedded with electronics, software,
sensors, and network connectivity, including built-in mobile SIM
cards, that enable these objects to collect data and exchange
communications with one another or a database.
|
|
MDU
|
Multi
Dwelling Units.
|
|
Mobile
service revenue
|
Service
revenue (see below) relating to the provision of mobile
services.
|
|
NPS
|
Net
Promoter Score.
|
|
Other
Europe
|
Other
Europe markets comprise Portugal, Ireland, Greece, Romania, Czech
Republic and Albania.
|
|
Other
revenue
|
Other
revenue principally includes equipment revenue, interest income,
income from partner market arrangements and lease revenue,
including in respect of the lease out of passive tower
infrastructure.
|
|
Reported
growth
|
Reported
growth is based on amounts reported in euros and determined under
IFRS.
|
|
Revenue
|
The
total of Service revenue (see below) and Other revenue (see
above).
|
|
Roaming
|
Roaming
allows customers to make calls, send and receive texts and data on
our and other operators' mobile networks, usually while travelling
abroad.
|
|
Service
revenue
|
Service
revenue is all revenue related to the provision of ongoing services
to the Group's consumer and enterprise customers, together with
roaming revenue, revenue from incoming and outgoing network usage
by non-Vodafone customers and interconnect charges for incoming
calls.
|
|
Vodafone
Business
|
Vodafone
Business supports organisations in a digital world. With Vodafone's
expertise in connectivity, our leading IoT platform and our global
scale, we deliver the results that organisations need to progress
and thrive. We support businesses of all sizes and
sectors.
|
Notes
1. References
to Vodafone are to Vodafone Group Plc and references to Vodafone
Group are to Vodafone Group Plc and its subsidiaries unless
otherwise stated. Vodafone, the Vodafone Speech Mark Devices,
Vodacom and everyone.connected are trademarks owned by Vodafone.
Other product and company names mentioned herein may be the
trademarks of their respective owners.
2. All
growth rates reflect a comparison to the quarter ended 31 December
2023 unless otherwise stated.
3. References
to "Q1", "Q2", "Q3" and "Q4" are to the three months ended 30 June,
30 September, 31 December and 31 March. References to the "year",
"financial year" or "FY25" are to the financial year ending 31
March 2025. References to "last year", "last financial year" or
"FY24" are to the financial year ended 31 March 2024. References to
"YTD" are to the nine months ended 31
December.
4. Vodacom
refers to the Group's interest in Vodacom Group Limited ('Vodacom')
as well as its operations, including subsidiaries in South Africa,
Egypt, DRC, Tanzania, Mozambique and
Lesotho.
5. This
document contains references to our and our affiliates' websites.
Information on any website is not incorporated into this update and
should not be considered part of this update.
Forward-looking
statements and other matters
This document contains 'forward-looking statements' within the
meaning of the US Private Securities Litigation Reform Act of 1995
with respect to the Group's financial condition, results of
operations and businesses and certain of the Group's plans and
objectives. In particular, such forward-looking statements include,
but are not limited to, statements with respect to: the Group's
portfolio transformation plan; expectations regarding the Group's
financial condition or results of operations and the guidance for
Adjusted EBITDAaL and Adjusted free cash flow for the financial
year ending 31 March 2025; completion of the merger of Vodafone UK
and Three UK; the mobile network sharing agreement with Virgin
Media O2; the announced potential acquisition of Telekom Romania;
changes to German TV laws and the migration of users to individual
TV customer contracts; expectations for the Group's future
performance generally; the Group's share buyback programme;
expectations regarding the operating environment and market
conditions and trends, including customer usage, competitive
position and macroeconomic pressures, price trends and
opportunities in specific geographic markets; intentions and
expectations regarding the development, launch and expansion of
products, services and technologies, either introduced by Vodafone
or by Vodafone in conjunction with third parties or by third
parties independently; expectations regarding the integration or
performance of current and future investments, associates, joint
ventures, non-controlled interests and newly acquired businesses;
the impact of regulatory and legal proceedings involving the Group
and of scheduled or potential regulatory changes; certain of the
Group's plans and objectives, including the Group's
strategy.
Forward-looking statements are sometimes but not always identified
by their use of a date in the future or such words as 'will',
'may', 'expects', 'believes', 'continue', 'plans', 'further',
'ongoing', 'progress', 'targets' or 'could'. By their nature,
forward-looking statements are inherently predictive, speculative
and involve risk and uncertainty because they relate to events and
depend on circumstances that will occur in the future. There are a
number of factors that could cause actual results and developments
to differ materially from those expressed or implied by these
forward-looking statements. These factors include, but are not
limited to the following: general economic and political conditions
in the jurisdictions in which the Group operates and changes to the
associated legal, regulatory and tax environments; increased
competition; levels of investment in network capacity and the
Group's ability to deploy new technologies, products and services,
including artificial intelligence; the
Group's ability to optimise its portfolio in line with its business
transformation plan; evolving
cyber threats to the Group's services and confidential data; rapid
changes to existing products and services and the inability of new
products and services to perform in accordance with expectations;
the ability of the Group to integrate new technologies, products
and services with existing networks, technologies, products and
services; the Group's ability to generate and grow revenue; slower
than expected impact of new or existing products, services or
technologies on the Group's future revenue, cost structure and
capital expenditure outlays; slower than expected customer growth,
reduced customer retention, reductions or changes in customer
spending and increased pricing pressure; the Group's ability to
extend and expand its spectrum resources, to support ongoing growth
in customer demand for mobile data services; the Group's ability to
secure the timely delivery of high-quality products from suppliers;
loss of suppliers, disruption of supply chains, shortages and
greater than anticipated prices of new mobile handsets; changes in
the costs to the Group of, or the rates the Group may charge for,
terminations and roaming minutes; the impact of a failure or
significant interruption to the Group's telecommunications, data
centres, networks, IT systems or data protection systems; the
Group's ability to realise expected benefits from acquisitions,
partnerships, joint ventures, associates, franchises, brand
licences, platform sharing or other arrangements with third
parties, including the combination of Vodafone's UK business with
Three UK, the mobile network sharing agreement with Virgin Media O2
and the Group's strategic partnership with Microsoft; acquisitions
and divestments of Group businesses and assets and the pursuit of
new, unexpected strategic opportunities; the Group's ability to
integrate acquired business or assets; the extent of any future
write-downs or impairment charges on the Group's assets, or
restructuring charges incurred as a result of an acquisition or
disposition; developments in the Group's financial condition,
earnings and distributable funds and other factors that the Board
takes into account in determining the level of dividends; the
Group's ability to satisfy working capital requirements; changes in
foreign exchange rates; changes in the regulatory framework in
which the Group operates; the impact of legal or other proceedings
against the Group or other companies in the communications
industry; and changes in statutory tax rates and profit
mix.
A review of the reasons why actual results and developments may
differ materially from the expectations disclosed or implied within
forward-looking statements can be found in the summary of our
principal risks in the Group's Annual Report for the year ended 31
March 2024 and under "Risk factors" and "Forward-looking statements
and other matters" in the Vodafone Group Plc H1 Results for the six
months ended 30 September 2024. The Annual Report can be found on
the Vodafone Group's website (investors.vodafone.com/results).
All subsequent written or oral forward-looking statements
attributable to Vodafone or any member of the Vodafone Group or any
persons acting on their behalf are expressly qualified in their
entirety by the factors referred to above. No assurances can be
given that the forward-looking statements in this document will be
realised. Subject to compliance with applicable law and
regulations, Vodafone does not intend to update these
forward-looking statements and does not undertake any obligation to
do so.
Copyright © Vodafone Group
2025
-End-
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorised.
|
|
VODAFONE
GROUP
|
|
|
PUBLIC
LIMITED COMPANY
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
Date:
February 04, 2025
|
By: /s/ M D B
|
|
|
Name: Maaike de Bie
|
|
|
Title: Group General Counsel and Company Secretary
|