Vodafone posts €4.79bn loss on Germany writedown

Vodafone reported a 4.79 billion euro net loss for its first half on Tuesday, mainly because of a Germany writedown, while raising its full-year earnings outlook after revenue increased.

The British telecoms group booked a 4.85 billion euro impairment in Germany for the six months to the end of September. It had reported an 829 million euro profit after tax in the first half of its 2025/26 fiscal year.

Chief executive Margherita Della Valle said Vodafone's overall group performance was strong, but that Germany was not yet where it needed to be. Vodafone said the Germany impairment was primarily driven by adverse changes in interest rates.

Total revenue rose 11.4 percent to 21.9 billion euros, helped by the consolidation of VodafoneThree after Vodafone bought CK Hutchison's stake in the UK joint venture. Revenue was also boosted by the integration of Kenya's Safaricom and Telekom Romania.

Vodafone said it now expects adjusted earnings of 13.2 billion to 13.4 billion euros for the full year, up from a previous range of 13 billion to 13.3 billion euros.

The company said it made more than 200 million euros in savings in the first half as it cut 3,000 staff across Europe. Vodafone late Monday said it would cut 2,300 jobs in Germany.