Vodafone Group’s performance in Germany, its biggest market, was hampered by a TV law change and intensified competition in the mobile sector during its fiscal Q3 2025 (calendar Q4 2024), though declines there were offset by revenue gains elsewhere.

Revenue in Germany dropped 7.6 per cent year-on-year to €3.1 billion, attributed to the impact of a law enacted in July 2024 affecting its TV business, a lower broadband customer base and a cut in mobile ARPU.

Despite the revenue drop, Vodafone CEO Margherita Della Valle indicated it was seeing improving customer trends in the country and continued to invest in the “turnaround of our German business”.

The executive, however, noted “conditions have become more challenging in the mobile market”.

Across the group, revenue adjusted to strip out discontinued operations in Italy and Spain grew 5.2 per cent to €9.8 billion, attributed to a “step-up in the UK”, and “strong performance” in Turkey and Africa.

In its earnings report, Della Valle noted a merger of its UK operation with rival 3 UK is expected to finalise in the next “few months”, completing the restructure of its European business.

Having sold its operations in Italy at the end of December 2024 for €8 billion and Vodafone Spain in May 2024 for €5 billion, she noted when the UK deal is done it will have “fully executed Vodafone’s reshaping for growth”, which is expected to deliver a “stronger Vodafone in the years ahead”.

The company did not break out net profit figures for the quarter.