Vodafone Raises FY27 Outlook Despite €3.6B Loss

Vodafone raised its fiscal 2027 guidance after first-half organic service revenue grew 5.8% and adjusted earnings rose 6.4%, with strong contributions from Africa and Vodafone Business. It now expects adjusted earnings of €13.2 billion to €13.4 billion and free cash flow of €2.8 billion to €3 billion, citing improved operating performance and cost savings. The group nevertheless reported a €3.6 billion statutory loss, largely due to a non-cash impairment in Germany and UK deferred-tax write-downs. Germany remained the weakest market, with organic service revenue growth of just 0.4%; Vodafone has announced further restructuring there after cutting 3,000 roles across Europe and shared operations in the first half. Africa led regional growth, while the UK’s organic service revenue increased 0.9%.