---
title: "Vodafone Posts €4.79B Loss Due to Germany, But Raises Full-Year Profit Forecast"
description: "Vodafone reported a net loss of €4.79 billion in the first half due to asset impairments in Germany, but raised its full-year adjusted profit forecast to €13.4 billion."
date: 2026-11-10T12:52:42.040Z
lang: en
url: https://xab.info/en/posts/vodafone-loss-germany-profit-forecast-raised
tags: [vodafone, germany, telecom, earnings, job-cuts, xavier-niel, ftse-100]
author: "Andrey Kosynko"
publisher: "XAB.info"
---

# Vodafone Posts €4.79B Loss Due to Germany, But Raises Full-Year Profit Forecast

## Key Points

- Vodafone reported a net loss of €4.79 billion in H1 2025/26 due to €4.85 billion in asset write-downs in Germany
- The company announced 2,300 job cuts in Germany and 3,000 across Europe during the half-year
- Revenue rose 11.4% to €21.9 billion driven by the consolidation of VodafoneThree and integration of Safaricom and Telekom Romania
- Full-year adjusted profit forecast raised to €13.2–13.4 billion
- Vodafone shares fell 0.8% following the earnings release

On Monday evening, telecommunications giant Vodafone released its earnings report for the first half of the 2025/26 financial year (ending in September), reporting a net loss of €4.79 billion. Simultaneously with the financial data release, Vodafone announced the elimination of 2,300 jobs in Germany, the group's largest market. The loss was driven by asset write-downs totaling €4.85 billion ($5.45 billion), which the company stated was 'primarily caused by adverse interest rate movements.'

### Germany: Structural Challenges and Legislative Factor

In its report, Vodafone emphasizes that the German market remains the most problematic area for the group. In recent years, the telecommunications company has faced severe difficulties in Germany after local legislation banned housing associations from including television contracts in rental costs. This decision significantly reduced Vodafone's distribution channels in the household segment. CEO Margherita Della Valle stated in a press release: 'I am very pleased with the overall results of the group, but Germany is not yet where it needs to be.' Previously, before accounting for impairments, the company reported an after-tax profit of €829 million for the same period.

### Revenue Growth Driven by Consolidation

Despite significant write-downs, Vodafone's total revenue in the first half grew by 11.4% to reach €21.9 billion. This was largely made possible by the consolidation of VodafoneThree after the company bought out CK Hutchison's stake in the UK joint venture. Revenue growth was also boosted by the integration of Kenyan operator Safaricom and Romanian Telekom Romania. Additionally, the report featured a €2.2 billion write-down related to UK taxation, which was partially offset by strong operational performance.

### Raised Forecast and Cost-Saving Program

Looking ahead, Vodafone raised its full-year adjusted profit forecast to a range of €13.2–13.4 billion, compared to the previous guidance of €13–13.3 billion. In the first half of the year, the company saved over €200 million by cutting 3,000 employees across Europe. These measures are part of a large-scale reform program initiated by Della Valle in 2023, which includes thousands of job cuts as well as the sale of businesses in Italy and Spain to concentrate resources on its core markets in Germany and the UK.

### Market Reaction and Largest Shareholder's Stance

In July 2026, French tycoon Xavier Niel paid €5.1 billion to become Vodafone's largest shareholder. Following the publication of the updated financial data, the company's shares fell by 0.8%, although they had risen at the market open as part of the London Stock Exchange's FTSE 100 benchmark index. AJ Bell Investment Director Russ Mould commented: 'Niel’s presence is likely to keep the pressure on, and ongoing struggles in Germany will be the next major hurdle to clear.'

## Fact-Check & Sources

- [Vodafone понесла убыток €4,79 млрд из‑за Германии, но повысила годовой прогноз](https://ru.euronews.com/2026/11/10/vodafone-suffers-huge-net-loss-due-to-germany-impact-but-raises-full-year-outlook) - All key figures (€4.79B loss, €4.85B write-down, €21.9B revenue, €13.2–13.4B forecast, 2,300 and 3,000 job cuts, Niel's €5.1B stake) are taken from the source text. Quotes from Della Valle and Mould are reported verbatim.

## FAQ

### Why did Vodafone report a loss in Germany?

The loss was driven by €4.85 billion in asset write-downs, which the company attributed to adverse interest rate movements. An additional factor was German legislation banning housing associations from bundling television contracts into rental costs.

### How many jobs is Vodafone cutting?

The company announced 2,300 job cuts in Germany. Across Europe, 3,000 employees were laid off in the first half, saving over €200 million.

### Why did Vodafone's revenue grow by 11.4%?

Revenue growth to €21.9 billion was supported by the consolidation of VodafoneThree following the buyout of CK Hutchison's stake in the UK, as well as the integration of Kenya's Safaricom and Romania's Telekom Romania.

### Who became Vodafone's largest shareholder?

In July 2026, French tycoon Xavier Niel acquired a stake worth €5.1 billion, becoming the company's largest shareholder.