Report Overview

Vodafone: Seeking shards of light in gathering clouds

Contents

Seeking shards of light in gathering clouds

Revenues soft, EBITDA messy

EBITDA prioritised and delivered

UK: growth on hold?

Germany: mobile disappoints, EBITDA pops up

Italy: mobile momentum solely boosted by MVNO

Spain: even worse as price increases land badly

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Tables and Figures

Figure 1: Organic service revenue growth

Figure 2: Organic service revenue growth

Figure 3: Mobile service revenue growth in the ‘top 4’ markets

Figure 4: Fixed service revenue growth in the ‘top 4’ markets

Figure 5: Organic EBITDA growth

Figure 6: Organic EBITDA growth

Figure 7: UK operational and financial metrics

Figure 8: UK fixed performance

Figure 9: UK contract net additions (000)

Figure 10: UK mobile service revenue growth by operator

Figure 11: ‘Sweet spot’ bundle with iPhone 6s/7/8/XR/11/12

Figure 12: SIM-only pricing by data allowance (GB)—November 2020 (£/month)

Figure 13: SIM-only pricing by data allowance (GB)—November 2021 (£/month)

Figure 14: 12-month, SIM-only unlimited data bundle pricing (£/month)

Figure 15: 18-24-month, SIM-only unlimited data pricing (£/month)

Figure 16: MNO price increases in 2022

Figure 17: Germany operational and financial metrics

Figure 18: German mobile service revenue growth by operator

Figure 19: Germany contract net additions

Figure 20: Germany fixed performance

Figure 21: Italy operational and financial metrics
Figure 22: Italy fixed performance

Figure 23: Italy mobile service revenue growth by operator

Figure 24: Italy total subscriber net additions (000)

Figure 25: Spain operational and financial metrics

Figure 26: Spain service revenue growth by operator

Figure 27: Spain contract net additions (000)

Figure 28: Spain fixed performance