Vodafone Swings to Fiscal First-half Loss Amid Restructuring, Stays Positive on Growth

05:43 AM EST, 11/10/2026 (MT Newswires) -- Vodafone Group (VOD.L) recorded a loss in the fiscal first half of 2027, weighed down by an impairment charge at its German business, but remains optimistic on delivering growth as it progresses with its restructuring efforts. For the six months ended Sept. 30, the UK-headquartered telecommunications group swung to a loss attributable to owners of the parent of 4.79 billion euros from a year-ago profit of 829 million euros, according to a Tuesday earnings release. The result was impacted by a 4.85 billion-euro impairment charge at its business in Germany and a write-down of deferred tax assets in the UK following the group's buyout of CK Hutchison's 49% stake in VodafoneThree. The group also saw restructuring costs widen over the period to 317 million euros from 186 million euros. In contrast, revenue climbed year over year to 21.85 billion euros from 19.61 billion euros, while adjusted earnings before interest, taxes, depreciation, amortization and leases jumped 12.6% to 6.45 billion euros. "I am very happy about our overall Group performance, but Germany is not yet where it needs to be. We have a clear action plan in progress, which is structurally simplifying our German operations and improving customer satisfaction across all of our services," Chief Executive Officer Margherita Della Valle said. "Today, we are upgrading our guidance for both profit and cash flow for the year, and we now expect to deliver over 20% organic Adjusted Free Cash Flow growth in year one of our multi-year double-digit cash flow growth trajectory." Looking ahead, Vodafone Group revised its fiscal 2027 guidance for adjusted EBITDAaL to between 13.2 billion euros and 13.4 billion euros, up from the previous forecast of 13 billion euros to 13.3 billion euros. Adjusted free cash flow, including the impact of consolidating Safaricom, is now expected to reach between 2.8 billion euros and 3 billion euros, against the prior projection of 2.6 billion euros to 2.9 billion euros. In terms of shareholder returns, the board declared an interim dividend of 0.02306 euro per share, up 2.5% year over year, in line with the group's progressive dividend policy.