Executive Strategy Brief

Vodafone Germany (VOD (parent)) — Financial Dashboard

Latest Quarter: H1 FY2026 Stock Period: 3-Year (VOD) Lens: Network Domain · 5G · Broadband · AI/Software Generated: April 17, 2026 03:06 Sources: Vodafone Germany IR · SEC EDGAR · Yahoo Finance
H1 FY2026 Key Performance Indicators
H1 FY2026 (Apr–Sep 2025) vs H1 FY2025 (Apr–Sep 2024). Source: Vodafone Group H1 FY2026 results (November 2025).
Revenue (6-month)
€6.0B
▲ 7.1% vs prior year Q
Adj. EBITDAaL
€1.8B
▲ 20.0% vs prior year Q
EBITDAaL Margin
30.00%
▲ 11.9% vs prior year Q
Mobile Customers
39.0M
▼ 1.3% vs prior year Q
Broadband/Cable
2.6M
▼ 3.7% vs prior year Q
5G Coverage
95.00%
▲ 3.3% vs prior year Q
Segment note: Vodafone Germany is a segment within Vodafone Group plc (VOD: LSE/NASDAQ). Fiscal year Apr–Mar. H1 FY2026 = Apr–Sep 2025. Germany CapEx/FCF not separately disclosed from Group. €4.35B impairment charge was taken in FY2025 due to competitive headwinds (excluded from EBITDAaL). Values in EUR. Approx. USD at €1 = $1.09 noted in footer.
Revenue & EBITDAaL Trend
Semi-annual trend FY2024 through H1 FY2026. H1 FY2026 shows first revenue growth inflection after 2+ years of declines.
TV-law (MDU regulation) impacted revenue H2 FY2024–H2 FY2025. Impact now abating in H1 FY2026. 1&1 migration completed Sep 2024 adding wholesale revenue. Vodafone FY = Apr–Mar.
Annual Financial Performance
FY2024–H1 FY2026 annual figures. EBITDAaL margin recovering after TV-law trough. H1 FY2026 is 6-month figure.
FY2025 included €4.35B impairment (not in EBITDAaL). EBITDAaL declined due to TV-law regulation and mobile ARPU pressure. Recovery visible in H1 FY2026.
5G coverage reaching ~95% Germany population by H1 FY2026. Mid-band 3.6 GHz densification ongoing. OXG fiber JV expanding fixed network.
Network Domain — 5G, Fiber JV & Strategic Initiatives
Vodafone Germany: Europe's largest B2B telecom + second-largest mobile operator in Germany. Key initiatives: 5G densification, OXG fiber JV, enterprise private networks.
Mobile sub decline reflects competition from 1&1 (new entrant), O2/TEF, and Telekom. Broadband steady; OXG fiber JV to address fixed growth gap.
Stock shows Vodafone Group (parent VOD) vs European telecom peers. Germany represents ~35% of Group service revenue. VOD undergoes portfolio transformation (Vantage Towers, Indus Towers).
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Market Stabilisation
Returning to growth in H1 FY2026
  • H1 FY2026 service revenue +0.5% YoY — first positive print in 2+ years
  • TV-law (MDU regulation) negative impact now abating
  • 1&1 network migration completed (12M customers moved to Vodafone)
  • Wholesale revenue growing at higher margins vs retail ARPU
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5G Network Leadership
~95% Germany population coverage
  • 95% Germany population 5G coverage target (H1 FY2026)
  • 5G Standalone deployment for network slicing / low-latency
  • C-band spectrum (3.6 GHz) mid-band densification ongoing
  • 5G FWA (GigaCube) gaining traction in rural areas
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OXG Fiber JV
Fiber expansion via joint venture
  • OXG JV with Telefónica Germany — shared fiber build
  • 1M+ households now commercially available on fiber (FY2025)
  • Asset-light model: reduces Vodafone DE CapEx burden
  • Targets 7M+ homes passed by end of 2030
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Enterprise & IoT
B2B and private 5G networks
  • Largest enterprise customer base in Germany (~250K business customers)
  • Private 5G networks: manufacturing, logistics, smart factories
  • IoT connections: 100M+ globally; Germany a key hub
  • SD-WAN and SASE (managed networking) fast-growing
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Network AI & Automation
Group-wide Gigabit Operations
  • Vodafone Group 'Gigabit Operations' programme targets 30% opex savings
  • AI-powered network self-healing and proactive fault management
  • RAN optimization using ML for interference management
  • Customer-facing AI (TOBi chatbot) reducing contact centre load
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Fixed-Mobile Convergence
GigaKombi bundle strategy
  • GigaKombi (cable/DSL + mobile) bundle drives ARPA growth
  • Convergence customers have materially lower churn
  • DSL + cable footprint: ~2.6M broadband customers
  • TV/entertainment remains a differentiator vs pure-play mobile
H1 FY2026 Performance & Outlook
From Vodafone Group H1 FY2026 results (November 2025). Germany on path to return to growth; TV-law headwinds abating; 1&1 migration complete.
H1 FY2026 Revenue
€6.0B
+7% vs H1 FY2025
EBITDAaL Margin
30%
Recovery from 25.5% trough
5G Coverage
~95%
Germany population
Broadband/Cable
~2.6M
Stable; fiber JV ramping
FY2026 Strategic Priorities
  • Return Germany service revenue to sustained growth
  • Scale OXG fiber JV to 2M+ homes commercially available
  • 5G Advanced deployment for enterprise private networks
  • Drive EBITDAaL margin back toward 30%+ by FY2027
Market Position (Germany)
  • #2 mobile operator in Germany (~26% market share)
  • Largest enterprise B2B telecoms provider in Germany
  • 5G coverage ~95% Germany — competitive with Telekom
  • OXG JV: shared fiber build reduces standalone CapEx need