Vodafone Group Plc Annual Report 2025 19
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Our financial performance Results in-line with expectations
Group financial performance
– Total revenue: Increased by 2.0% to €37.4 billion (FY24: €36.7 billion) as strong service revenue growth was partially offset by adverse foreign exchange movements. – Service revenue: Increased by 5.1% on an organic basis, and by 2.8% on a reported basis to €30.8 billion (FY24: €29.9 billion). An anticipated slowdown in Germany was more than offset by growth across the rest of Europe, Africa and Türkiye. Vodafone Business continued to grow, by 4.0% during the year, supported by strong demand for digital services, – Adjusted EBITDAaL: Increased by 2.5% on an organic basis, supported by service revenue growth. Adjusted EBITDAaL in Germany declined 12.6%, including a 7.5 percentage point impact related to the MDU TV law change, offset by good performance across the rest of Europe, Africa and Türkiye. – Operating loss/profit: Reversed to a loss of €0.4 billion (FY24: profit of €3.7 billion), due to non-cash impairment charges for Germany and Romania totalling €4.5 billion. See note 4 ‘Impairment losses’ in the consolidated financial statements for more information. – Earnings per share: Basic loss per share from continuing operations was 15.86 eurocents in FY25, compared to earnings per share of 4.45 eurocents in the prior year, the decrease primarily due to impairment charges in Germany and Romania. Adjusted basic earnings per share was 7.87 eurocents compared to 7.47 eurocents in the prior year. – Discontinued operations: The results of Vodafone Spain and Vodafone Italy are reported as discontinued operations and are therefore excluded from continuing operations and the Group’s segment reporting. The disposals completed on 31 May 2024 and 31 December 2024, respectively. See note 7 ‘Discontinued operations and assets for sale’ in the consolidated financial statements for more information.
FY25 1 €m
FY24 €m
Reported change %
Revenue
37,448 36,717 30,758 29,912 10,932 11,019 6,805
2.0 2.8
– Service revenue – Other revenue Adjusted EBITDAaL 2,3 Restructuring costs Interest on lease liabilities 4
6,690 (164) 488 (25) (7,569) (123) (4,515) 565 (411) 864 (1,931) (1,478) (2,246) (3,724) (22) (3,746) (4,169) (3,746) (15.86)c (15.94)c 7.87c 423
(0.8)
(703) 440 (34) (7,397) 372 3,665 581 (2,626) (96) 64 1,620 1,570 1,505 1,140 365 (50) (65) 1,505 4.45c 4.21c 7.47c
Loss on disposal of property, plant and equipment and intangible assets Depreciation and amortisation of owned assets Share of results of equity accounted associates and joint ventures
Impairment (charge)/reversal Operating (loss)/profit Investment income Other income (Loss)/profit before taxation Income tax expense Financing costs
(111.2)
(Loss)/profit for the financial year – Continuing operations Loss for the financial year – Discontinued operations (Loss)/profit/(loss) for the financial year
Attributable to: – Owners of the parent – Non-controlling interests (Loss)/profit for the financial year
Basic (loss)/earnings per share – Continuing operations Basic (loss)/earnings per share – Total Group Adjusted basic earnings per share 2
Notes: 1. The FY25 results reflect average foreign exchange rates of €1:£0.84, €1:INR 90.79, €1:ZAR 19.58, €1:TRY 36.71 and €1: EGP 52.56. 2. Adjusted EBITDAaL and Adjusted basic earnings per share are non-GAAP measures. See page 213 for more information. 3. Includes depreciation on leased assets of €3,205 million (FY24: €3,003 million). 4. Reversal of interest on lease liabilities included within Adjusted EBITDAaL under the Group’s definition of that metric, for re-presentation in financing costs.
Find out more Click or scan to watch our Group Chief Executive, Margherita Della Valle and Group Chief Financial Officer, Luka Mucic, talk about our financial performance: investors.vodafone.com/videos
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