Despite facing losses in its largest single market, Germany, Vodafone recorded growing revenues in Q4 2024. The Vodafone Group reported a 5% year-on-year revenue increase, reaching €9.8 billion. Adjusted operating profit (EBITDA) also saw growth, rising by 2.2% to €2.8 billion. The company reaffirmed its annual targets, aiming for an adjusted EBITDA of €11 billion before the financial year concludes in approximately two months.
Germany experienced a 6.4% decline in service revenue, contrasting with growth in other markets. CEO Margherita Della Valle highlighted a 5.2% increase in overall service revenues to €7.9 billion, attributed to strong performances in the UK, Turkey, and Africa. She noted a gradual improvement in the German market. Vodafone Deutschland CEO Marcel de Groot commented, “We are in a transition year with market challenges. But we aim to grow again soon and are setting the course for that.”
A significant factor impacting the German market was a new law implemented on July 1, 2024, granting tenants the freedom to choose their TV service provider. This resulted in a substantial customer loss of over 2 million in Q3 2024. However, the decline in Q4 2024 was significantly smaller – 66,000 customers, resulting in a total of 8.83 million. Vodafone attributes this decrease to the lingering effects of the legal change and typical business fluctuations. According to de Groot, the decline in TV customers has “almost stopped,” and the company anticipates retaining over half of the affected TV users.