integrated telecoms operator (mobile and fixed) · global · high complexity
Deep-Dive · Company Intelligence
Vodafone turned a £1.5bn after-tax profit in FY2024 into a £3.75bn loss in FY2025 while cash nearly doubled.
Origin
Vodafone Group Public Limited Company is the ultimate listed parent of one of the world's largest mobile and fixed telecoms groups, operating across Europe and Africa. As the plc holding entity, it also performs group management functions (SIC 70100) for subsidiaries spanning 77 countries.
At a glance
Timeline
Big year-on-year change
Profit after tax more than doubled — from £536.0m to £2.77bn in a single year (+417%).
Big year-on-year change
Operating profit more than doubled — from -£951.0m to £4.10bn in a single year (+531%).
Big year-on-year change
Profit after tax collapsed 374% — from £2.79bn to -£7.64bn.
Where our data starts
Earliest analysed accounts: FY2018. 18 years of earlier trading history are not in scope — this report pulls the most recent filed accounts from Companies House.
Name changed
Previously incorporated as Vodafone Airtouch Public Limited Company.
Name changed
Previously incorporated as Vodafone Group Public Limited Company.
Company founded
Vodafone Group Public Limited Company was registered at Companies House on 1984-07-17.
02 · Financials
Scene 01 · Revenue
From £46.57bn in FY2018 to £37.45bn in FY2025 — a 20% decline.
FY2018 – FY2025 · Companies House
Scene 02 · Metrics
Financial health
Computed from · cash · net assets · current ratio · debt to equity · total liabilities
Scene 03 · Trends
Eight years of revenue, profit and operating performance side-by-side. Hover any dot for the full year cross-section.
Revenue, profitability and operating growth over time
Scene 05 · Full detail
All metrics across FY2018–FY2025, now fully contextualised by the story above.
| Metric | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Δ YoY |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | £46.57bn | £43.67bn | £44.97bn | £43.81bn | £45.58bn | £45.71bn | £36.72bn | £37.45bn | ▲ 2% |
| Cost of sales | -£32.77bn | -£30.16bn | -£30.68bn | -£30.09bn | -£30.57bn | -£30.85bn | -£24.46bn | -£24.93bn | ▼ 2% |
| Gross profit | £13.80bn | £13.51bn | £14.29bn | £13.72bn | £15.01bn | £14.86bn | £12.26bn | £12.52bn | ▲ 2% |
| Other operating income | £213.0m | -£148.0m | £4.28bn | £568.0m | £50.0m | £9.10bn | £372.0m | £565.0m | ▲ 52% |
| Administrative expenses | -£5.12bn | -£5.41bn | -£5.81bn | -£5.35bn | -£5.71bn | -£6.09bn | -£5.77bn | -£5.45bn | ▲ 6% |
| Other operating costs derived | -£4.60bn | -£8.90bn | -£8.66bn | -£3.84bn | -£3.53bn | -£3.57bn | -£3.20bn | -£8.05bn | — |
| Operating profit | £4.30bn | -£951.0m | £4.10bn | £5.10bn | £5.81bn | £14.30bn | £3.67bn | -£411.0m | ▼ 111% |
| Finance income | £685.0m | £433.0m | £248.0m | £330.0m | £254.0m | £248.0m | £581.0m | £864.0m | ▲ 49% |
| Finance costs | -£1.07bn | -£2.09bn | -£3.55bn | -£1.03bn | -£1.96bn | -£1.73bn | -£2.63bn | -£1.93bn | ▲ 26% |
| Profit before tax | £3.88bn | -£2.61bn | £795.0m | £4.40bn | £4.10bn | £12.82bn | £1.62bn | -£1.48bn | ▼ 191% |
| Tax | £819.0m | -£1.50bn | -£1.25bn | -£3.86bn | -£1.33bn | -£481.0m | -£50.0m | -£2.25bn | ▼ 4392% |
| Profit after tax | £2.79bn | -£7.64bn | -£455.0m | £536.0m | £2.77bn | £12.34bn | £1.50bn | -£3.75bn | ▼ 349% |
| EBITDA (memo) | £13.78bn | £13.86bn | — | — | — | — | — | — | — |
| Metric | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Δ YoY |
|---|---|---|---|---|---|---|---|---|---|
| Intangible assets | £43.28bn | £41.01bn | £54.01bn | £53.55bn | £53.24bn | £47.21bn | £38.85bn | £33.44bn | ▼ 14% |
| Tangible assets | £28.32bn | £27.43bn | £40.11bn | £41.24bn | £40.80bn | £37.99bn | £28.50bn | £30.71bn | ▲ 8% |
| Investments | £7.79bn | £4.82bn | £6.62bn | £5.59bn | £6.40bn | £12.17bn | £11.04bn | £10.04bn | ▼ 9% |
| Total fixed assets | £107.66bn | £103.28bn | £135.33bn | £126.79bn | £126.47bn | £124.86bn | £104.79bn | £99.90bn | ▼ 5% |
| Stocks | £581.0m | £714.0m | £598.0m | £676.0m | £836.0m | £956.0m | £568.0m | £617.0m | ▲ 9% |
| Debtors | £14.00bn | £17.36bn | £22.12bn | £15.70bn | £11.02bn | £10.71bn | £14.56bn | £15.84bn | ▲ 9% |
| Cash at bank | £4.67bn | £13.64bn | £13.56bn | £5.82bn | £7.50bn | £11.71bn | £6.18bn | £11.00bn | ▲ 78% |
| Total current assets | £24.13bn | £39.82bn | £33.25bn | £27.01bn | £27.58bn | £30.66bn | £20.51bn | £28.62bn | ▲ 40% |
| Trade creditors | -£16.24bn | -£17.65bn | -£6.70bn | -£6.74bn | -£19.66bn | -£18.25bn | -£5.61bn | -£6.16bn | ▼ 10% |
| Bank loans (current) | -£4.17bn | -£4.17bn | -£1.38bn | -£658.0m | -£3.0m | £0 | -£365.0m | -£204.0m | ▲ 44% |
| Total current liabilities | £28.02bn | £25.52bn | £33.38bn | £28.71bn | £33.65bn | £34.58bn | £22.35bn | £22.75bn | ▲ 2% |
| Net current assets | -£3.89bn | £14.29bn | -£139.0m | -£1.70bn | -£6.07bn | -£3.92bn | -£1.84bn | £5.87bn | ▲ 419% |
| Total assets less current liabilities | £117.59bn | £117.34bn | £134.78bn | £126.35bn | £120.40bn | £120.94bn | £122.00bn | £105.77bn | ▼ 13% |
| Bank loans (non-current) | -£48.69bn | -£48.69bn | -£1.50bn | -£761.0m | -£2.0m | -£2.0m | -£402.0m | -£1.01bn | ▼ 151% |
| Long-term liabilities | £37.98bn | £53.89bn | £72.16bn | £68.54bn | £63.33bn | £56.45bn | £54.08bn | £51.85bn | ▼ 4% |
| Provisions | £1.96bn | £2.40bn | £2.53bn | £2.64bn | £2.55bn | £2.25bn | £2.45bn | £2.50bn | ▲ 2% |
| Net assets | £68.61bn | £63.45bn | £62.62bn | £57.82bn | £57.07bn | £64.48bn | £61.00bn | £53.92bn | ▼ 12% |
| Total equity | £68.61bn | £63.45bn | £62.62bn | £57.82bn | £57.07bn | £64.48bn | £61.00bn | £53.92bn | ▼ 12% |
| Metric | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Δ YoY |
|---|---|---|---|---|---|---|---|---|---|
| Net cash from operating activities | £13.60bn | £12.98bn | £17.38bn | £17.21bn | £18.08bn | £18.05bn | £16.56bn | £15.37bn | ▼ 7% |
| Net cash used in investing activities | -£9.84bn | -£9.22bn | -£8.09bn | -£9.26bn | -£6.87bn | -£379.0m | -£6.12bn | £4.76bn | ▲ 178% |
| Net cash used in financing activities | -£7.23bn | £4.44bn | -£9.35bn | -£15.20bn | -£9.71bn | -£13.43bn | -£15.86bn | -£15.28bn | ▲ 4% |
| Net increase / (decrease) in cash | -£3.48bn | £8.20bn | -£61.0m | -£7.24bn | £1.51bn | £4.25bn | -£5.42bn | £4.85bn | ▲ 190% |
| Cash at end of year | £5.39bn | £13.61bn | £13.29bn | £5.79bn | £7.37bn | £11.63bn | £6.11bn | £10.89bn | ▲ 78% |
Scene 04 · Waterfall
How each cost layer eats into the top-line on the way down to profit after tax. Cascade chart coming in the next release — for now the table below shows the same flow.
FY2025 accounts · cascade view
03 · Risk
Working capital + cash
Four numbers that tell you how stretched the balance sheet is today. The line under each is in plain English — what the number means for the business, not what to do about it.
Principal risks
Risk of losing customers or market share due to failure to deliver simple and predictable customer experiences, particularly in Germany where turnaround is ongoing.
Significant revenue and EBITDA decline in Germany driven by MDU TV law change, broadband customer losses and high competitive intensity.
Adverse foreign exchange movements, hyperinflation in Türkiye and Ethiopia, and broader macroeconomic pressures impacting reported results.
Risk of cyber attacks or data breaches affecting customer data and critical network infrastructure across 15+ countries.
Operating in heavily regulated markets across Europe and Africa; changes in spectrum, licensing, competition law and TV regulation can materially impact performance.
Screening status
Governance & subsequent events
Completion of the merger between Vodafone UK and Three UK on 31 May 2025, creating a scaled third UK network operator with Vodafone and CK Hutchison owning 51% and 49% respectively.
Second €2.0 billion share buyback programme commenced.
Vodafone Idea Limited's shareholding diluted from 24.4% to 16.1% following government conversion of US$4.3 billion of spectrum dues to equity.
Announcement that Luka Mucic will step down as Chief Financial Officer no later than early 2026.
Compliance signals
Three individuals returned potential matches under UK sanctions regimes, though all are low-to-medium confidence partial hits requiring manual verification to rule out false positives.
Severity · high
Five outstanding or part-satisfied charges are registered against the company, indicating a material level of secured financial obligations that may affect counterparty risk.
Severity · high
58 directors have resigned against 13 currently active, raising concerns around governance continuity and the potential use of nominee arrangements.
Severity · medium
Seven directors served fewer than 12 months, compounding turnover concerns and warranting scrutiny of appointment and exit circumstances.
Severity · medium
Ownership pattern
What we can't see
Trust beneficial owners are recorded on HMRC's Trust Registration Service, which is not publicly accessible. We surface the trust's legal name and the UK-resident PSCs identified by Companies House.
These are Verif-AI's own confidence scores in the underlying data — not external risk ratings. Each dimension reflects how complete and self-consistent the filed numbers were on extraction.
04 · Market
Industry classification
Information & communication
Companies House records the SIC2007 classification for this entity under 2 codes: 61900, 70100.
Sector context · thin
This filing doesn't carry segment reporting, concentration analysis, or a stated-priorities block — typical for small / micro-entity filings where the disclosure threshold is lower. The SIC classification above is the load-bearing market signal.
05 · People
Every named director was cross-checked against the full UK Companies House appointments dataset (27.8 million records). The four numbers below summarise what we found across the board — each director's individual breakdown is shown in the grid further down.
Each director, individually
| Role | Director | Career boards | Concurrent | Prior-failure rate | Joined | Other UK boards |
|---|---|---|---|---|---|---|
| Director · active |
Jean-Francois Maurice Louis Van Boxmeer
Belgian · Belgium
|
1 | — | — | 2020-07-28 | — |
| Director · active |
Deborah Kerr
American · United States
|
1 | — | — | 2022-03-01 | — |
| Director · active |
Maria Amparo Moraleda Martinez
Spanish · Spain
|
1 | — | — | 2017-06-01 | — |
| Director · active |
Maria Pilar Lopez Alvarez
Spanish · United Kingdom
|
1 | — | — | 2025-12-01 | — |
| Director · active |
MRS Kandimathie Christine Ramon
South African · South Africa
|
2 | 2 | — | 2006-08-25 | — |
| Director · active |
MR Hatem Mohamed Galal Dowidar
Egyptian · United Arab Emirates
|
1 | — | — | 2024-02-19 | — |
| Director · active |
MR Simon Anthony Segars
British · United States
|
1 | — | — | 2022-07-26 | — |
| Director · active |
Margherita Della Valle
Italian, British · United Kingdom
|
1 | — | — | 2018-07-27 | — |
| Director · active |
MR Simon Dingemans
British · United Kingdom
|
1 | — | — | 2025-01-01 | — |
Co-director network
People who share at least one other UK directorship with someone on this board. Sorted by overlap count. Click any shared boards chip to reveal the companies they overlap on.
Shared-board names aren't surfaced for this report yet — they live in the underlying network appointments but haven't been promoted to parse_meta. Email support and we'll add them on request.
Shared-board names aren't surfaced for this report yet — they live in the underlying network appointments but haven't been promoted to parse_meta. Email support and we'll add them on request.
Shared-board names aren't surfaced for this report yet — they live in the underlying network appointments but haven't been promoted to parse_meta. Email support and we'll add them on request.
Shared-board names aren't surfaced for this report yet — they live in the underlying network appointments but haven't been promoted to parse_meta. Email support and we'll add them on request.
Shared-board names aren't surfaced for this report yet — they live in the underlying network appointments but haven't been promoted to parse_meta. Email support and we'll add them on request.
Shared-board names aren't surfaced for this report yet — they live in the underlying network appointments but haven't been promoted to parse_meta. Email support and we'll add them on request.
Shared-board names aren't surfaced for this report yet — they live in the underlying network appointments but haven't been promoted to parse_meta. Email support and we'll add them on request.
Shared-board names aren't surfaced for this report yet — they live in the underlying network appointments but haven't been promoted to parse_meta. Email support and we'll add them on request.
Shared-board names aren't surfaced for this report yet — they live in the underlying network appointments but haven't been promoted to parse_meta. Email support and we'll add them on request.
Shared-board names aren't surfaced for this report yet — they live in the underlying network appointments but haven't been promoted to parse_meta. Email support and we'll add them on request.
Historical board
Every officer who has left the company, newest-resignation first. Helps spot waves of churn that wouldn't show on the active-director cards alone.
06 · AI Investigation
AI forensic pass across 100 Companies House filings. 33 page-cited signals from three specialist agents, 3 cross-signal correlations, and 4 verification questions for management — every claim traces back to a filing reference.
AI Analyst commentary
Narrator-written context blocks — what an analyst would read in 90 seconds and walk away with the picture.
Fixed assets fell to £99.9bn from £104.8bn as the disposal programme continues. Cash jumped to £11.0bn while long-term debt dropped to £51.9bn — the balance sheet is deleveraging, but the £7.1bn fall in net assets shows the losses are leaving a mark.
15 directors currently registered at Companies House — large board consistent with a listed global plc. CEO Margherita Della Valle also directs Centrica Plc and two Vodafone subsidiaries — cross-directorship worth noting for governance purposes.
Vodafone is a listed plc — no single controlling shareholder; institutional ownership typical of a London Stock Exchange-listed group. The group spans 77 countries with subsidiaries across telecoms and holding structures — ultimate ownership rests with public markets, not a single individual or family.
Case files · Chapter dossier
Each chapter resolves one signal cluster. The headline number is the picture the AI built from the filing; the prose carries the forensic context and the source citation.
Turnover barely moved; the bottom line fell off a cliff.
Operating profit
A 2% rise in turnover tells you almost nothing about what happened to this business in FY2025. Operating profit swung from a £3.67bn gain to a £411m loss — an £4.1bn reversal at the operating level alone, before financing costs or tax. Something structural changed, not just a bad trading quarter.
Source · Profit & Loss Account, FY2024 vs FY2025
A £50 million tax charge became £2.25 billion in twelve months.
In FY2024, Vodafone paid £50 million in tax against a £1.62 billion pre-tax profit. In FY2025, it paid £2.25 billion in tax against a £1.48 billion pre-tax loss. Tax charges running in the opposite direction to profits is the single most unusual feature of this filing and warrants direct scrutiny of the tax notes.
Source · Profit & Loss Account, FY2025 — tax line
Despite a £3.75bn after-tax loss, cash on the balance sheet jumped 78%.
Cash climbed from £6.18 billion to £11 billion even as the company posted its largest loss in this filing period. The investing cash flow line flipped from a £6.12 billion outflow to a £4.76 billion inflow — consistent with material asset disposals. The cash position and the loss are pulling in opposite directions.
Source · Balance Sheet and Cash Flow Statement, FY2025
Fixed assets fell £4.9 billion and net assets dropped 12% in a single year.
Fixed assets declined from £104.8 billion to £99.9 billion, and net assets fell from £61 billion to £53.9 billion. The investing cash flow reversal — from outflow to inflow — points squarely at disposals rather than organic deterioration. The balance sheet is materially smaller than it was twelve months ago.
Source · Balance Sheet FY2024 vs FY2025; Cash Flow Statement FY2025
Long-term liabilities fell slightly, but equity absorbed the full weight of the losses.
Long-term liabilities reduced modestly from £54.1 billion to £51.9 billion. Current liabilities were broadly flat at £22.8 billion. The £7.1 billion reduction in equity is not matched by equivalent debt repayment — the loss, not deleveraging, drove the equity decline. The financing cash outflow remained heavy at £15.3 billion.
Source · Balance Sheet FY2025; Cash Flow Statement FY2025
Four decades of name changes; no single shareholder holds 25% or more.
Vodafone traces back to Racal Strategic Radio Limited, incorporated in 1984, passing through six name changes before arriving at its current identity. No person of significant control is recorded at Companies House — meaning either no individual holds 25% or more, or the stake is held through a structure that does not trigger PSC registration.
Source · Companies House name history; PSC register
Cross-signal intelligence
Pairs of facts from different chapters that — taken together — tell a story neither half does alone. This is where investigation outperforms summary.
The £4.76 billion investing cash inflow in [chapter 3] is the most plausible explanation for the £4.89 billion drop in fixed assets visible in [chapter 4], pointing to deliberate asset disposal rather than write-down alone.
The £2.25 billion tax charge in [chapter 2] — larger than the pre-tax loss itself — directly amplifies the £3.75 billion after-tax loss that eroded the £7.1 billion of equity shown in [chapter 5].
The heavy financing cash outflow of £15.3 billion in [chapter 5] sits alongside the 78% cash rise in [chapter 3], raising the question of what inflows — most likely from disposals — were large enough to offset both the loss and the financing outflow simultaneously.
Deep signals
Specifics most readers would miss — surfaced by the AI for the analyst who wants to know.
Consistent with significant non-trading cash inflows — likely disposal proceeds from the ongoing portfolio rationalisation (e.g. market exits). Cash and profitability have decoupled, which is a typical pattern for a large group mid-restructuring. The cash figure reflects the group's treasury position, not its trading performance.
A spike of this magnitude, followed by an immediate normalisation, is consistent with a large one-off gain from a disposal or asset sale rather than a structural improvement in trading. Readers should not treat the FY2023 figure as a recurring earnings benchmark.
Appears consistent with either growing intercompany receivables (subsidiaries drawing on the parent's balance sheet) or modest deterioration in external customer collections. At this scale the amounts are manageable, but the divergence from revenue growth is worth noting.
Forensic investigation · 33 signals
Segmental revenue · capital structure · strategic KPIs. Each agent cites the exact filing page for every claim, with an AI confidence score derived from cross-citation strength.
Segmental Analysis
Germany revenue dropped from €12,585m in FY2024 to €12,180m in FY2025, a decline of €405m (-3.2%). Adjusted EBITDAaL also fell from €5,017m to €4,384m (-12.6%).
p.6 · 9 more from this specialist
Capital Structure & Borrowings
Operating loss was €411m and finance costs were €1,931m, giving an interest cover ratio of roughly -0.2x.
p.1, p.9 · 12 more from this specialist
Strategic KPIs
Organic service revenue growth was +5.1% in FY25, down from +6.3% in FY24. Reported service revenue was £30,758m vs £29,912m prior year.
p.3, p.6, p.8 · 9 more from this specialist
Germany revenue dropped from €12,585m in FY2024 to €12,180m in FY2025, a decline of €405m (-3.2%). Adjusted EBITDAaL also fell from €5,017m to €4,384m (-12.6%).
Why it matters: The largest segment is shrinking in both revenue and profit, which drags on the whole group and suggests competitive or market pressure in the core market.
p.6 critical conf 95%
Germany Adjusted EBITDAaL fell from €5,017m (FY2024) to €4,384m (FY2025), a fall of €633m or 12.6%. Germany is the single largest profit contributor.
Why it matters: A double-digit profit drop in the biggest segment means the group's earnings engine is under real stress, making the overall group profit outlook weaker.
p.6 critical conf 95%
Group operating (loss)/profit moved from a profit of €3,665m in FY2024 to a loss of €411m in FY2025. FY2023 was €14,451m profit (which included large disposal gains).
Why it matters: The group swung to an operating loss in FY2025 mainly due to impairment charges of €4,515m, meaning the business as a whole made no money from operations after write-downs.
p.6 critical conf 95%
Vodafone Spain was disposed of on 31 May 2024 and Vodafone Italy on 31 December 2024. Both ceased to be reportable segments in FY2025. FY2023 combined revenue was approximately €10,662m (Spain €6,331m + Italy €10,235m — noting Italy was in FY2023 comparatives only).
Why it matters: The group is now much smaller in European revenue terms, with two large markets gone. Investors need to compare like-for-like numbers carefully as the group structure has fundamentally changed.
p.6, p.7 critical conf 92%
Germany generated €12,180m revenue in FY2025 (FY2024: €12,585m), representing 32.5% of total group revenue of €37,448m. No single segment exceeds 70% of total.
Why it matters: Germany drives roughly one in three euros of group sales, so any slowdown there has an outsized impact on overall group performance.
p.6 important conf 95%
Africa revenue grew from €6,981m (FY2024) to €7,791m (FY2025), up €810m (+11.6%). Adjusted EBITDAaL grew from €2,539m to €2,593m (+2.1%).
Why it matters: Africa is one of the few segments showing solid revenue growth and is becoming a more important part of the group's future, offsetting weakness in Europe.
p.6 important conf 93%
Türkiye revenue grew from €2,362m (FY2024) to €3,086m (FY2025), up €724m (+30.7%). Adjusted EBITDAaL grew from €510m to €842m (+65.1%). FY2023 was €1,424m revenue.
Why it matters: Much of Türkiye's growth reflects hyperinflation accounting rather than real business growth, so these headline numbers overstate true underlying performance.
p.6, p.3 important conf 88%
Group total segment revenue was €37,448m in FY2025 versus €36,717m in FY2024 on a continuing operations basis (per segmental table). However FY2023 was €37,672m including Spain/Italy.
Why it matters: On a like-for-like basis (excluding disposed businesses) the group is slightly larger, but the absolute revenue base is smaller than two years ago due to major disposals.
p.6 important conf 85%
UK revenue rose from €6,837m (FY2024) to €6,996m (FY2025), up €159m (+2.3%). Adjusted EBITDAaL increased from €1,408m to €1,558m (+10.7%).
Why it matters: The UK is showing improving profitability on modest revenue growth, which is a positive sign for the second-largest European market.
p.6 useful conf 93%
Common Functions (central teams and business functions) had revenue of €1,817m in FY2025 (FY2024: €1,864m) but Adjusted EBITDAaL of only €45m (FY2024: €29m).
Why it matters: Central costs nearly wipe out central revenues, confirming this is a cost centre, not a profit driver — as expected for a head office function.
p.6 useful conf 90%
Operating loss was €411m and finance costs were €1,931m, giving an interest cover ratio of roughly -0.2x.
Why it matters: The company is not earning enough from operations to pay its interest bill, which means it relies on asset sales or reserves to service its debt.
p.1, p.9 critical conf 95%
Closing net debt was €22,397m at 31 March 2025, down from €33,242m a year earlier, a reduction of €10,845m.
Why it matters: The company paid down a huge chunk of debt this year, mainly by selling Vodafone Spain and Vodafone Italy, so it owes much less than it did.
p.2 important conf 98%
Gross borrowings were €53,143m (FY24: €56,987m) and cash was €11,001m (FY24: €6,183m), giving net borrowings of €42,142m before short-term investments.
Why it matters: The company has a lot of gross debt but also holds significant cash, so its true exposure is lower than the headline borrowings figure suggests.
p.3 important conf 97%
Equity dividends paid in FY25 were €1,787m versus €2,430m in FY24, a reduction of €643m.
Why it matters: The company cut its cash dividend outflow this year, which helps conserve cash but may concern income-focused investors.
p.2 important conf 95%
The company spent €1,868m on buying back its own shares in FY25 (FY24: nil). A new irrevocable non-discretionary buyback was announced in February 2025.
Why it matters: Spending almost €1.9bn on buybacks while also carrying €22bn of net debt shows the company believes it has enough cash, but it does increase total debt relative to equity.
p.2, p.7 important conf 95%
Adjusted EBITDAaL was €10,932m and closing net debt was €22,397m, giving a ratio of roughly 2.0x.
Why it matters: Banks and investors often worry when this ratio goes above 3-4x; at 2x the company is well within safe territory on this measure.
p.2, p.3 useful conf 90%
Bonds totalled €36,402m at 31 March 2025 (FY24: €40,743m), down due to €7,408m net bond repayments in the year.
Why it matters: Bond markets are the company's main lender, so any change in credit conditions or investor appetite could affect how cheaply it can refinance.
p.3 useful conf 96%
IFRS 16 lease liabilities were €10,826m at 31 March 2025 (FY24: €9,672m), with €2,765m due within one year and €3,868m due in more than five years.
Why it matters: These are real cash commitments for renting network sites, offices and other assets — they add to the company's total obligations.
p.12 useful conf 97%
Lease liabilities maturing within one year were €2,765m at 31 March 2025 versus €2,603m at 31 March 2024.
Why it matters: This is cash the company must pay to landlords and site owners in the next 12 months regardless of trading performance.
p.12 useful conf 97%
Borrowings fell from €56,987m to €53,143m, primarily due to repaying €1,794m of bank borrowings secured on Indian assets and a net reduction in bonds of €7,408m, partly offset by new bond issuances of €3,358m.
Why it matters: Active debt reduction lowers future interest costs and reduces the risk that lenders could demand early repayment.
p.3 useful conf 93%
The report does not disclose specific financial covenant tests, loan limits or any waivers in the pages reviewed.
Why it matters: Without knowing the loan limits, it is hard for outsiders to judge how close the company is to breaching any borrowing conditions.
p.3 useful conf 80%
Free cash flow for FY25 was €1,850m, up from €1,783m in FY24, an increase of €67m.
Why it matters: Positive free cash flow means the business generates enough cash from operations to cover capital spending, reducing reliance on new borrowing.
p.2 useful conf 97%
Non-current liabilities decreased by €2.2bn between 31 March 2024 and 31 March 2025 to €59.1bn, mainly due to a €3.2bn drop in borrowings offset by a €0.8bn rise in trade payables.
Why it matters: Lower long-term liabilities means the company's balance sheet obligations have reduced, though they remain very large in absolute terms.
p.1 useful conf 90%
Organic service revenue growth was +5.1% in FY25, down from +6.3% in FY24. Reported service revenue was £30,758m vs £29,912m prior year.
Why it matters: Service revenue is the core income from customers paying their bills — it growing at 5% shows the business is still winning and keeping customers, which is a good sign for anyone trading with Vodafone.
p.3, p.6, p.8 important conf 95%
Operating (loss)/profit swung from a profit of £3,665m in FY24 to a loss of £411m in FY25. Net loss for the year from continuing operations was £3,724m vs a profit of £1,570m in FY24.
Why it matters: A reported operating loss this large — largely driven by write-downs from selling Italy and Spain — means the headline profit figures look very bad, but the underlying trading business is still generating cash, so this is a one-off accounting impact rather than a trading collapse.
p.8 important conf 90%
Net debt dropped to £22,397m in FY25 from £33,242m in FY24, a reduction of over £10bn. Cash proceeds from Spain, Italy and Vantage disposals totalled £13.3bn.
Why it matters: A much lower debt pile means Vodafone is under far less pressure to pay interest, freeing up cash for investment and shareholder returns — this is a meaningful improvement in the financial safety of the business.
p.3, p.8 important conf 95%
Total dividend per share for FY25 is 4.5 eurocents, half the 9.0 eurocents paid in both FY24 and FY23.
Why it matters: Halving the dividend is a big cut for income investors — Vodafone says this reflects the smaller, reshaped business after selling Italy and Spain, but anyone relying on dividend income will receive significantly less.
p.3, p.6, p.8 important conf 97%
Adjusted EBITDAaL was £10,932m in FY25 vs £11,019m in FY24, a drop of about 0.8%. On a like-for-like basis it grew +2.5%.
Why it matters: EBITDA shows how much cash the business generates from running itself — staying nearly flat despite a tough German market means the cost-cutting programme is working, which is reassuring for suppliers and lenders.
p.3, p.6, p.8 useful conf 92%
Adjusted free cash flow fell to £2,548m in FY25 from £2,600m in FY24, a drop of about 2%.
Why it matters: Free cash flow is the actual cash left over after running the business and investing in networks — it falling slightly is not alarming but bears watching, especially as the company funds a £4bn share buyback programme.
p.3, p.6, p.8 useful conf 93%
Vodafone leads or co-leads on Net Promoter Score in 9 of its 15 markets as of FY25. Deep detractors fell by 6% across European markets.
Why it matters: NPS measures whether customers would recommend Vodafone — leading in more than half of markets means customers are happier, which reduces the risk of them leaving and lowers future revenue risk.
p.3, p.5, p.6 useful conf 85%
7,700 role reductions delivered up to FY25, against a 3-year plan of 10,000. Total employees and contractors now 92,000 vs 93,000 in FY24.
Why it matters: Cutting costs by reducing headcount is a key part of Vodafone's plan to become more profitable — being 77% of the way through its 3-year target shows the cost programme is running to plan.
p.3, p.5, p.6 useful conf 88%
Pre-tax ROCE was 7.0% in FY25, slightly down from 7.2% in FY24, partly affected by the MDU (multi-dwelling unit) impact in Germany (-0.8pp) and underlying Germany weakness (-0.3pp).
Why it matters: Return on capital tells you how efficiently the business uses the money invested in it — staying around 7% shows Vodafone is generating a steady but not outstanding return, which matters for investors deciding whether the stock is worth holding.
p.3, p.6 useful conf 87%
Europe opex savings of £0.4bn achieved from FY23 to FY25, driven by lower energy costs and productivity actions.
Why it matters: Cutting running costs while growing revenue is the key to improving profit margins — these savings show the simplification strategy is delivering real money, not just promises.
p.3, p.6 useful conf 85%
Specialist deep panels · Structured price capture
Below the prose findings, each agent publishes a structured numeric metrics block. Segmental revenue, named KPIs with YoY %, and capital-structure metrics — direct from the source filings.
Segmental analysis
Top-segment revenue concentration: 32.5% · Segment totals reconcile to the group P&L
Strategic KPIs
Capital structure
Management questions · Open inquiry
Generated by the AI from the disclosure gaps it detected. Hover or tap each card to surface the underlying evidence that triggered the question.
Verification gaps
High-trust analysis names its own blind spots. These are metrics the AI looked for and couldn't find — anything material to the verdict needs management or independent verification.
Currency labels are inconsistent across agent findings — some figures are cited in euros, others in pounds sterling, with no explicit reconciliation of exchange rate assumptions used; readers should verify all figures are drawn from the same base currency before comparing segments.
07 · Documents
Filing pattern + upcoming windows
Due at Companies House by 2026-09-30 for the period ending 2026-03-31.
Annual confirmation due by 2026-08-29 (made up to 2026-08-15).
Final chapter — The verdict
Moderate Risk
£11bn in the tank and £37bn of revenue, but a £1.5bn loss and shrinking equity mean the group is in repair mode, not growth mode.
FY2025 accounts
Signal Radar
Decisive findings
The hard-hit facts that drove the score. Full breakdown — chapters, between-the-lines, all specialist findings — sits on AI Insights.
Germany Adjusted EBITDAaL fell from €5,017m (FY2024) to €4,384m (FY2025), a fall of €633m or 12.6%. Germany is the single largest profit contributor.
Why it matters: A double-digit profit drop in the biggest segment means the group's earnings engine is under real stress, making the overall group profit outlook weaker.
p.6
Group operating (loss)/profit moved from a profit of €3,665m in FY2024 to a loss of €411m in FY2025. FY2023 was €14,451m profit (which included large disposal gains).
Why it matters: The group swung to an operating loss in FY2025 mainly due to impairment charges of €4,515m, meaning the business as a whole made no money from operations after write-downs.
p.6
Operating loss was €411m and finance costs were €1,931m, giving an interest cover ratio of roughly -0.2x.
Why it matters: The company is not earning enough from operations to pay its interest bill, which means it relies on asset sales or reserves to service its debt.
p.1, p.9
09 · Verification
What we read
Who we cross-checked
Screening status
Steps we ran
Each step in detail
Limits and caveats
No sector-cohort comparison was generated for this filing — the benchmarking pipeline either skipped this SIC code or this report predates that block.
No PSCs are recorded against this entity — typical for listed PLCs (widely held by institutional investors) and for dormant / micro-entity filings.
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