Vodafone Group CEO Margherita Della Valle (pictured) claimed the company is close to completing a programme designed to reshape for growth with deals in the UK and Italy nearing conclusion, as it delivered a mixed set of fiscal H1 2025 earnings.

In a results statement, Della Valle explained the company is making good progress “on our strategy to change Vodafone”, as prospects of getting the nod to complete a merger with 3 UK were boosted last week by the UK’s competition watchdog. In Italy, it is in the process of selling its business to Swisscom, with completion expected in Q1 2025.

Della Valle described the year so far as “one of transition” and its results in the first half have been consistent with expectations, stating it had delivered a good performance across all its markets with the exception of Germany.

Germany was indeed a dour spot, with service revenue in the market in Q2 dropping 6.2 per cent year-on-year, put down to the impact of a new law preventing housing associations from bundling TV with rent.

The picture was slightly rosier in other markets, with service revenue in Turkey up 18.8 per cent and UK increasing by 2.9 per cent.

Vodafone added its business unit continued to grow at an accelerated pace during the period, with revenue up 4 per cent, supported by demand for digital services, particularly cloud and security.

For H1 2025, overall revenue increased by 1.6 per cent to €18.3 billion. Profit during the period hit €1.2 billion, driven by asset sales.