UK telecommunications group Vodafone is expecting to deliver earnings between €11 and €11.3 billion despite German subscriber losses.
The company, which enjoyed growth in the UK and Africa, has been hit by new German laws on Multiple Dwelling Units (MDUs). It means tenants can now select their own TV and broadband providers rather than accept one offered by their landlord.
The result is that organic service revenue has fallen by 5%. The rate of decline has subsequently slowed to 6% during the final three months of the year, from 6.4% in the three months previous.
By the end of March 2025, Vodafone had retained 4.2 million households under new commercial terms, is in line with initial expectations that it would retain around 50% of the 8.5 million MDU TV households.
Vodafone’s chief executive Margherita Della Valle said: “Since I set out my plans to transform Vodafone two years ago, Vodafone has changed. We have reshaped Europe, we are seeing the positive impact of our drive for customer satisfaction in all our markets – most noticeably in the UK and Germany – and we have delivered strong operational improvements across the business.”
