Vodafone Group Public Limited Company (VOD): Business Model Canvas [Dec-2025 Updated]

You're looking at a telecom giant in the middle of a massive overhaul, and honestly, understanding the core mechanics of Vodafone Group Public Limited Company right now is key to seeing where the value is hiding. Having spent years mapping out complex balance sheets, I see their current Business Model Canvas as a clear pivot: they are aggressively simplifying operations-think €4.5 billion in non-cash impairment charges and 7.7k role reductions-while doubling down on high-margin B2B digital services and the massive African M-Pesa platform, all while navigating the complex Three UK merger. With total FY25 revenue hitting €37.4 billion but requiring €6.9 billion in capital additions just to keep the 5G race going, you need to see exactly how their Key Activities and Revenue Streams are being rewired to deliver returns; dive into the full nine blocks below to see the strategy in defintely detail.

Vodafone Group Public Limited Company (VOD) - Canvas Business Model: Key Partnerships

You're looking at the hard numbers behind Vodafone Group Public Limited Company's critical alliances as of late 2025. Here's the quick math on the structure of these relationships.

Google Cloud for AI/Gen AI and cloud-native security services

The expanded strategic partnership with Google is a ten-year commitment, valued at over a billion dollars. Vodafone plans to enable the offering of Google One AI Premium subscription plans, which include Gemini Advanced, in select territories by 2025. This involves leveraging Google Cloud's Vertex AI platform to scale machine learning models.

Microsoft (2025 Telco Innovation Partner of the Year) for B2B solutions

Vodafone Business secured the 2025 Microsoft Telco Innovation Partner of the Year Award, chosen from more than 4,600 nominations across over 100 countries. This recognition follows a previous 10-year strategic partnership where Vodafone committed to investing $1.5 billion over 10 years in cloud and customer-focused AI services developed with Microsoft. As of September 2025, the company expanded its Microsoft certifications from 150 to over 400, achieving 25 Solution Partner Designations and the Azure Specialization for Infrastructure and Database Migration.

Key deliverables from this partnership include:

• Seamless Microsoft 365 onboarding for SMBs across Germany, Ireland, and Romania.
• Launch of a new Cyber Security Centre in Germany and Romania.
• Rollout of Teams Phone Mobile in the UK and Germany.

Vodacom/Safaricom for African mobile money and data

Vodacom Group agreed to acquire a total of 20% of Safaricom, lifting its stake to 55%, giving it effective control. The total deal value is $2.1 billion (or €1.81 billion). This involves acquiring 15% from the Kenyan Government for €1.36 billion (KES 204 billion) and 5% from Vodafone for a cash consideration of €450 million (KES 68 billion). Post-acquisition, the Kenyan Government retains 20%, with public investors holding the remaining 25% on the Nairobi Securities Exchange listing. Safaricom had over 50 million customers in Kenya as of July 2025. For the six-month period ended 30 September 2025, Safaricom's EBITDA margin in Kenya was 57.3%. Its M-Pesa revenue in FY2024 was KES 140.9 billion (approximately USD 1.1 billion). Safaricom Ethiopia has attracted over 10 million customers by mid-2025.

Here are the ownership stakes post-transaction:

Shareholder	Stake Percentage
Vodacom	55%
Government of Kenya (GOK)	20%
Public Investors (NSE)	25%

Inter.link for European network interconnectivity and traffic aggregation

Vodafone selected Inter.link to enable streamlined access through an automated paid-peering platform, as part of a move to discontinue public peering. Vodafone plans to leave all Internet Exchanges (IXPs) and disconnect all ports by the end of 2025. The initial launch of the new service is in Germany, where Vodafone currently manages over 4,000 interconnections with other providers. Inter.link delivers carrier-grade backbone infrastructure at speeds of 100 gigabits per second (Gbps) or 400 Gbps. The service is planned for extension to additional European countries in 2026.

CK Hutchison for the Three UK merger, creating a larger UK mobile entity

The merger of Vodafone UK and Three UK completed on May 31, 2025, creating VodafoneThree. Vodafone Group holds a 51% stake, and CK Hutchison owns 49% through CKHGT. The combined entity plans to invest £11 billion over the next 10 years, with £1.3 billion in capital expenditure planned for the first year. Expected cost and capex synergies are targeted at £700 million per annum by the fifth year after completion. The transaction is expected to be accretive to Vodafone's Adjusted free cash flow from FY29 onwards. CK Hutchison is set to unlock approximately £1.3 billion in net cash from the deal.

The immediate financial structure of the new entity includes:

• Vodafone Group stake: 51%
• CKHGT stake: 49%
• First-year capex investment: £1.3 billion
• Net cash unlocked for CK Hutchison: £1.3 billion

Vodafone Group Public Limited Company (VOD) - Canvas Business Model: Key Activities

When you look at the core engine of Vodafone Group Public Limited Company, the Key Activities section of the Business Model Canvas is all about massive, continuous infrastructure management and strategic portfolio reshaping. It's a heavy lift, requiring constant capital deployment just to keep the lights on and stay competitive.

Operating and maintaining extensive mobile and fixed network infrastructure

This is the bedrock, honestly. Vodafone Group Public Limited Company is constantly running and upgrading its vast network assets across multiple continents. The sheer scale of the operation is best shown by the numbers around global connectivity.

Globally, approximately 4.6 billion people access the internet daily through mobile broadband networks, which is around 57% of the world's population. On the infrastructure side, the Group's 5G network coverage in Europe reached 75% of the population as of the reporting period. To give you a local example of that maintenance and expansion, Vodafone Greece's 5G network already covered over 91% of the population.

Driving digital transformation and operational simplification

You can't run a massive telco without aggressively simplifying operations to claw back margin, especially in competitive European markets. Vodafone Group Public Limited Company has been laser-focused on this productivity drive.

The company achieved 7.7k role reductions by the end of FY25, part of a larger three-year plan targeting 10k efficiencies. This simplification effort also included creating a leaner Headquarters structure and delegating commercial decisions to the local markets. The Group also reported achieving €0.4 billion in Europe operating expense savings across the FY23-FY25 period.

Developing and selling advanced B2B digital services

Moving beyond just connectivity fees, growing the digital services portfolio is a key activity for future revenue quality. This is where they pivot to being a technology partner.

Digital services now represent approximately 10% of the Group's total service revenue. Specifically, the B2B digital segment has seen significant growth, up 26.1% over the last two years. For FY25, Vodafone Business organic service revenue growth landed at 4.0%. Furthermore, the financial services customer base grew to reach 88 million customers.

Managing portfolio changes, including the Three UK merger and exits from Spain/Italy

This activity involves major corporate restructuring to focus on markets with local scale. The biggest recent moves were the European divestments and the creation of the UK joint venture.

The sale of Vodafone Spain was completed on 31 May 2024, and the sale of Vodafone Italy finalized on 31 December 2024. The final cash proceeds from the Italy sale alone were €7.9 billion. In total, the disposals of Spain, Italy, and a partial Vantage Towers stake generated €13.3 billion in cash proceeds. The merger with Three UK completed on 31 May 2025, creating VodafoneThree, which Vodafone Group Public Limited Company fully consolidates and owns 51% of. This new entity immediately served 28.8 million customers.

Investing in 5G and fiber rollout

You can't manage a portfolio without reinvesting heavily in the remaining core assets, especially network buildout. This is where the capital expenditure focus lies.

For the fiscal year ending March 31, 2025 (FY24-25), the Group's capital additions reached €6.9 billion (or £5.8 billion). However, looking at the more recent half-year to September 30, 2025 (H1 FY25-26), total capital expenditure was down more than 6% to €2.8 billion at the Group level. The newly scaled UK operation, VodafoneThree, is a major spender, accounting for 20% of the Group's total capex in that first half, exceeding €500 million (or £440 million). In the UK, VodafoneThree committed to investing £1.3 billion in capex in its inaugural year.

Here's a quick look at how some of that investment translates regionally:

Region/Activity	Metric/Amount	Period/Context
Vodafone Greece	€1 billion investment plan	For fibre and 5G expansion through 2029
Vodafone Ukraine	UAH 6.2 billion in capital investments	For network development in 2024
Vodafone Egypt	US$150 million paid	For 5G licence acquisition
VodafoneThree (UK)	£11 billion investment planned	Over the next 10 years in UK mobile infrastructure

The Group is definitely maintaining capital intensity levels, with Germany remaining the biggest spender, taking 35% of capex in H1 FY25-26.

Vodafone Group Public Limited Company (VOD) - Canvas Business Model: Key Resources

Extensive mobile and fixed network infrastructure across Europe and Africa

Vodafone Group operates mobile and fixed networks in 21 countries and partners with mobile networks in 47 more.

The Group serves over 355 million mobile and broadband customers across its footprint.

In Germany, Vodafone operates a leading next generation broadband network, currently offering up to 1Gbps connections to over 24 million homes.

Vodafone Germany is undertaking a frequency restructuring across its cable network, which covers approximately 25 million fiber optic cable connections.

Spectrum licenses and cable assets (e.g., Germany's cable network)

In October 2025, Vodafone Türkiye acquired 100 MHz of 5G spectrum for a total cost of US$627 million (€539 million).

In the UK, Vodafone Group PLC acquired 5.4 gigahertz of spectrum in the mmWave auction for £13 million.

VodafoneZiggo successfully acquired a 100 MHz spectrum license in the 3.5 GHz band during the year ended March 31, 2025.

Vodafone Germany is rolling out a frequency switchover affecting 8.6 million TV connections, expected to complete by mid-2026.

The total UK spectrum Annual Licence Fees (ALFs) for Mobile Network Operators were reduced by a combined £58.5m starting in late 2025.

Global brand recognition and a large customer base

Vodafone serves over 355 million mobile and broadband customers.

The Group's reported service revenue for FY25 was €30.8 billion.

The Group's total revenue for FY25 increased by 2.0% to €37.4 billion.

The Group's FY25 Adjusted EBITDAaL was €11.0 billion on a guidance basis.

The Group completed a share buyback program of 2.4 billion shares for €2.0 billion since March 2024.

The total capital returned to shareholders in FY25 was €3.7 billion.

Digital platforms and AI tools for customer experience and operations

Vodafone Technology's Tech 2025 strategy commits to having more than 50% of all employees within Vodafone Technology working in software engineering by 2025.

The Group's IoT platform can be scaled to support one billion devices in 180 markets and handle 1.7 billion API calls or sessions per month.

AI deployment in Italy provided a 20% lift in procurement efficiency.

GenAI availability for customer queries in Italy supports more than ten million customers.

Using a Customer Data Platform (CDP) with personalization led to a 10-30% uplift in conversions for one use case.

M-Pesa financial services platform in Africa

Vodafone provides financial services to around 92 million customers across seven African countries.

In Vodacom's international markets, M-Pesa revenue grew by 10.0% to €427.9 million.

M-Pesa revenue represents 27.6% of service revenue in Vodacom's international markets.

In Egypt, the 'Vodafone Cash' financial service reached 11.4 million active users, adding 3.2 million users during the year.

Vodacom's 'VodaPay' super-app continued to gain traction with 11.9 million registered users.

Key Resource Metric	Value/Amount	Unit/Context
Total Mobile & Broadband Customers	355 million	Group Total
FY25 Reported Service Revenue	€30.8 billion	Group FY25
M-Pesa Revenue (International Markets)	€427.9 million	FY25
Vodafone Türkiye 5G Spectrum Cost	US$627 million	October 2025 Auction
UK mmWave Spectrum Cost	£13 million	Per Operator
AI Efficiency Lift (Procurement)	20%	Internal Metric

You should review the capital expenditure guidance for FY26 to see how these resource investments are being funded going forward. Finance: draft 13-week cash view by Friday.

Vodafone Group Public Limited Company (VOD) - Canvas Business Model: Value Propositions

You're looking at the core offerings that Vodafone Group Public Limited Company (VOD) is delivering to its customers as of late 2025. These value propositions center on bundling services, pushing digital transformation for businesses, ensuring network quality, and driving financial access in key regions.

The foundation of the consumer and business offering is converged connectivity, blending mobile, fixed broadband, and TV services. For fiscal year 2025 (FY25), Vodafone reported total revenue of €37.4 billion, with service revenue reaching €30.8 billion, reflecting a reported growth of 2.8% or an organic increase of 5.1%. This scale supports a massive customer base, serving approximately 536 million mobile customers and 20 million fixed broadband customers globally.

For the business segment, the value proposition leans heavily into B2B digital services, which now account for approximately 10% of the Group's total service revenue. This area is seeing strong internal growth; B2B digital services revenue grew by 26.1% over the last two years. Specifically, Cloud services within this segment saw robust demand, growing by 15.1% in FY25. Vodafone Business organic service revenue growth was 4.0% for FY25.

Network quality is a key differentiator, focusing on reliable 5G and gigabit-capable fixed network performance. For instance, in Ireland, Vodafone's 5G network achieved 78% population coverage, and the company was recognized for best Mobile Internet and 5G Provider in 2024. In Germany, the company emphasizes offering the largest gigabit footprint in the country. Looking at specific performance metrics from late 2024 in Spain, Vodafone was the outright winner for the 5G Voice App Experience with a score of 82.1 points and for Reliability Experience with a score of 906 points on a 1000-point scale.

A significant social and market-specific value proposition is financial inclusion and mobile money services in African markets, primarily through its associate, Vodacom. Mobile money is a critical entry point to the formal financial system in Sub-Saharan Africa, where 40% of adults had a mobile money account in 2024. Vodacom's M-Pesa platform, for example, serves over 62 million customers, encompassing both consumer and enterprise users.

Finally, Vodafone is actively improving the customer experience, which is tracked via Net Promoter Score (NPS). The company reports having leading or co-leading Consumer NPS in 9 out of 15 controlled markets. The UK market, in particular, showed strong results, achieving its best-ever performance and leading in the market, alongside a 30% drop in Ofcom mobile complaints.

Here's a quick look at some of the key numbers underpinning these value propositions:

Value Proposition Metric	Financial/Statistical Figure	Context/Period
Group Service Revenue	€30.8 billion	FY25 Reported Value
Organic Service Revenue Growth	5.1%	FY25
Digital Services Contribution to Service Revenue	c. 10%	FY25
B2B Digital Services Growth (2-Year)	26.1%	Over last two years
Cloud Services Revenue Growth	15.1%	FY25
Total Mobile Customers	Approx. 536 million	As of late 2025
Total Fixed Broadband Customers	Approx. 20 million	As of late 2025
Markets with Leading/Co-leading Consumer NPS	9 of 15	As of late 2025
UK Mobile Complaints Reduction (Ofcom)	30% drop	FY25
African Mobile Money Account Ownership (Adults)	40%	Sub-Saharan Africa, 2024
M-Pesa Customers (Consumer & Enterprise)	Over 62 million	As of late 2025

The focus on converged offerings means you get the full suite, from high-speed data to home internet. For businesses, the growth in digital services like Cloud is a clear indicator of where Vodafone sees its future revenue lift. Still, network quality remains a local battle, with specific awards like the 5G Voice App Experience in Spain showing where they are winning on performance metrics.

You'll want to track the continued expansion of the mobile money ecosystem, as that represents a unique, high-growth, high-impact value stream outside of the core European telco markets. Finance: draft 13-week cash view by Friday.

Vodafone Group Public Limited Company (VOD) - Canvas Business Model: Customer Relationships

You're looking at how Vodafone Group Public Limited Company (VOD) manages its relationships with hundreds of millions of customers, spanning from individual consumers to large multinationals across its footprint. The focus is clearly shifting toward digital efficiency and demonstrable customer satisfaction improvements.

Digital self-service and AI-powered customer support

Vodafone Group Public Limited Company (VOD) is embedding generative Artificial Intelligence (Gen AI) to make digital self-service interactions more personalized and comprehensive. This technology is also used to enhance frontline digital experiences. For instance, in Italy, Gen AI chatbots are available to support over ten million customers with queries covering roaming and billing. The focus for these chatbots is evolving; key metrics now measure the satisfaction of customers with the interaction itself, moving beyond just the number of contacts handled. Furthermore, the internal use of AI shows tangible results, with developer teams accepting 30% of code suggestions from solutions like GitHub Copilot. This digital push is underpinned by a strategic decision to process customer insights using real-time AI models, which feed into weekly action plans across all markets, a process that began with investment in FY24.

Dedicated account management for large Vodafone Business enterprise clients

For your largest Vodafone Business enterprise clients, the relationship model involves dedicated, high-touch support. This includes deploying account managers, solution specialists, and, for the biggest accounts, executive-level engagement. Vodafone Business saw its organic service revenue grow by 4.0% in the Fiscal Year 2025 (FY25). This growth was supported by strong demand for digital offerings. Over the last two years leading up to FY25, the segment's digital services, which include IoT, Cloud & Security, grew by 26.1%. These digital services now represent approximately 10% of Group service revenue. In specific markets like the US, Vodafone exclusively serves global enterprises with international footprints, leveraging its compliance expertise for local contracting needs.

Here's a snapshot of the scale and focus areas for Vodafone Business:

Metric	Value/Context	Reporting Period
Vodafone Business Organic Service Revenue Growth	4.0%	FY25
B2B Digital Services Growth (Cumulative)	26.1% increase	Last 2 years (to FY25)
Digital Services Share of Group Service Revenue	Circa 10%	FY25
Global Customer Base (Total)	Hundreds of millions	FY25
Enterprise Client Engagement Level	Account Managers, Solution Specialists, Executive Level	Ongoing

Customer Experience (CX) transformation to reduce detractors

Customer Experience (CX) transformation has been held as the top priority. The rollout of the 'Ask Once' program aims to deliver a seamless service guarantee and easier access to help for customers. To drive this, CX boards were established to review customer pain points regularly and implement action plans supported by dedicated investment and senior management oversight. The results of this focus in FY25 were significant: Vodafone Group Public Limited Company (VOD) achieved a market-leading Net Promoter Score (NPS) position and its lowest ever share of detractors across its base. This improvement is reflected in regulatory data, where Ofcom mobile complaints were down by 30% year-on-year in FY25. In the UK specifically, CX improvements supported an increase in the mobile Consumer contract customer base of 117,000 in FY25. The investment supporting this transformation included a reallocated €140 million in FY24.

Retention focus through converged product bundles and loyalty programs

Retention efforts are directly tied to loyalty programs and the appeal of converged offerings. The record-level customer loyalty achieved in FY25 helped drive the 117,000 increase in the mobile Consumer contract customer base. For fixed services in the UK, the customer base grew by 227,000 during FY25, a result supported by the launch of the new 'One Touch Switching' service in September 2024, which simplifies the process of joining Vodafone. While Vodafone's specific retention rate isn't provided, industry context suggests the focus is critical: a 5% increase in retention can boost profits by 25% to 95%, and retaining customers is generally five times less expensive than acquiring new ones. The strategy involves bundling core connectivity with growth areas like digital services to enhance customer stickiness.

Key customer retention and loyalty indicators from FY25 include:

• Mobile Consumer Contract Customer Base Increase: 117,000 customers.
• UK Broadband Customer Base Increase: 227,000 customers.
• Ofcom Mobile Complaints Reduction: 30% year-on-year.
• CX Investment (FY24): €140 million reallocated.

Vodafone Group Public Limited Company (VOD) - Canvas Business Model: Channels

You're looking at how Vodafone Group Public Limited Company (VOD) gets its products and services into the hands of customers as of late 2025. The channel strategy is clearly multi-faceted, balancing physical presence with digital reach, especially as the company continues its portfolio reshaping.

Vodafone-branded retail stores and physical distribution points

The physical footprint remains a core part of the customer interaction strategy, though there's a clear move toward partner-led growth in some areas. Vodafone operates as an owner in 27 countries and maintains partner networks in roughly 60 more countries globally. In the UK, the franchise model shows continued investment, with the launch of the 200th UK franchise partnered store noted as a milestone reflecting investment in in-person support blended with digital services. This physical presence is essential for consumer segments, even as digital adoption rises.

Online sales channels and e-commerce platforms

The shift to digital channels is evident in the performance of digital services, which now account for approximately 10% of Group service revenue. Within Vodafone Business, digital services revenue growth has been a bright spot, with Cloud services specifically growing by 15.1% in FY25. This segment has seen B2B digital services increase by 26.1% over the last two years, showing where digital sales efforts are concentrated and succeeding.

Direct sales force for Vodafone Business enterprise contracts

The direct sales force targets the enterprise segment, which is a significant focus area for Vodafone Business. For the fiscal year ended March 31, 2025 (FY25), Vodafone Business service revenue saw a reported decline of 2.3%, impacted by price competition and lower roaming revenue. However, the organic service revenue growth for Vodafone Business was reported at 4.0% for FY25, indicating underlying operational strength despite headline pressures. The total contract customer base for this segment still managed to increase by 7,000 in FY25, showing customer acquisition efforts are still yielding results.

Third-party distributors and resellers

Third-party channels are crucial for global reach, particularly for the enterprise segment outside of Vodafone's core owned markets. Vodafone US, for instance, focuses exclusively on serving global multinational enterprises and has heavily invested in its channel ecosystem, signing agreements with the largest Technology Service Distributors (TSDs) and resellers in the region. This strategy allows Vodafone to leverage partner expertise to deliver solutions globally, especially for US-headquartered companies expanding internationally. The Partner Markets program also invites regional and rural service providers to collaborate on co-branded services and roaming agreements.

Here's a quick look at some key financial metrics from FY25 that underpin the channel performance:

Metric	Value (FY25)	Comparison/Context
Total Group Revenue	€37.4 billion	Up 2.0% from FY24 (€36.7 billion)
Group Organic Service Revenue Growth	5.1%	Reflects strong underlying demand across markets
Adjusted Free Cash Flow	€2.5 billion	Slightly down from FY24 (€2.6 billion)
Total Dividends Per Share	4.5 eurocents	Down from FY24 (9.0 eurocents)
Capital Returned to Shareholders	€3.7 billion	Includes share buybacks completion and new program launch
Digital Services as % of Group Service Revenue	c. 10%	Key growth area complementing core connectivity

The company's overall channel strategy involves a mix of direct control and partner leverage across its global footprint.

• Vodafone operates in 27 own-operator countries.
• Partner networks exist in roughly 60 more countries.
• UK franchise program reached 200 partnered stores.
• Vodafone US relies on TSDs and Resellers for enterprise reach.
• Cloud services revenue grew 15.1% in FY25.

Vodafone Group Public Limited Company (VOD) - Canvas Business Model: Customer Segments

You're looking at the core of Vodafone Group Public Limited Company's strategy, which is how they divide and serve their vast customer base across Europe and Africa as of late 2025. This segmentation drives everything from network investment to product development.

Mass-market Consumers (Mobile, Fixed, TV) in core European markets (e.g., Germany, UK)

The European Consumer segment remains the largest, though it's undergoing significant transformation, particularly in Germany following regulatory changes. In fiscal year 2025, Vodafone Group reported total mobile customers across its footprint at 256,642 thousand and fixed broadband customers at 18,251 thousand.

In Germany, the largest single market, service revenue declined by 5.0% in FY25, largely due to the change in multi-dwelling unit (MDU) TV law. Vodafone Germany retained 4.2 million households under new commercial terms following the MDU TV migration, which was about 50% of the original 8.5 million MDU TV households. Still, in Q2 FY25, Germany service revenue showed stabilization, growing by 0.5%.

The UK market showed positive momentum, with organic service revenue increasing by 1.9% in FY25. The mobile Consumer contract customer base saw an increase of 117,000 in FY25. However, the UK mobile base fell to 18.175 million by the end of Q4 FY25. Fixed broadband in the UK grew by 227,000 customers across the year, reaching 1.61 million by Q4 FY25.

Key metrics for the core European Consumer segment in FY25 include:

• Total Group Mobile Customers: 256.642 million
• UK Mobile Consumer Contract Additions (FY25): 117,000
• Germany MDU TV Households Retained: 4.2 million
• UK Fixed Broadband Customer Additions (FY25): 227,000

Vodafone Business (B2B) customers, from SMBs to large multinational corporations

Vodafone Business is positioned as a key growth engine, leveraging global scale in connectivity, IoT, cloud, and security. The addressable market for this segment is estimated at €140+ billion. For the full fiscal year 2025, the organic service revenue growth for Vodafone Business was 4.0%. This growth was supported by digital services, which grew 26.1% over the last two years.

The segment's performance showed sequential improvement, with Q2 FY25 organic service revenue growth accelerating to 4.0%. However, the reported service revenue growth for Vodafone Business in FY25 was 1.6%. The total contract customer base saw a net loss, partially due to large low-value contract disconnections, but the focus remains on high-value digital services.

African Consumers focused on mobile data and financial services (M-Pesa)

The Africa Consumer segment, primarily through Vodacom, delivered consistent organic growth, with a 9.7% increase in Q2 FY25. Across Vodacom's international markets, the mobile customer base reached 60.0 million after adding 5.9 million new customers in FY25.

M-Pesa is a critical component here. The M-Pesa customer base grew to 25.2 million active users in FY25. M-Pesa revenue grew by 10.0% to €427.9 million, making up 27.6% of Vodacom's service revenue. In Egypt specifically, Vodafone Cash reached 11.4 million active users.

Here is a snapshot of the African footprint growth in FY25:

Metric	Vodacom International Markets	Egypt Total Mobile Customers
New Mobile Customers Added (FY25)	5.9 million	3.156 million (656k contract + 2.5m prepaid)
Total Mobile Customers (End FY25)	60.0 million	51.5 million
M-Pesa/Vodafone Cash Active Users	25.2 million (M-Pesa)	11.4 million (Vodafone Cash)

Wholesale customers (e.g., national roaming partners like 1&1 in Germany)

Wholesale services contribute to Vodafone's European operations, notably through the fibre joint venture OXG Glasfaser and national roaming agreements. Vodafone Germany's wholesale revenue saw an acceleration, which helped stabilize service revenue in Q2 FY25.

The national roaming partnership with 1&1 in Germany is a key wholesale relationship, with the migration of 1&1's existing customers expected to be completed by autumn 2025. 1&1's total broadband user base, which includes those using the Vodafone network via roaming or OXG fibre, stood at 3.9 million at the end of June 2025. OXG Glasfaser, the fibre JV between Altice and Vodafone, is set to begin onboarding 1&1 services over its network starting in the first quarter of 2026.

The wholesale segment's importance is underscored by the scale of the infrastructure partnerships:

• 1&1 Broadband Base (June 2025): 3.9 million users
• OXG Fibre JV Investment: Set aside €7 billion with Altice
• Expected OXG Premises Covered by March 2026: Over 500,000

Finance: draft 13-week cash view by Friday.

Vodafone Group Public Limited Company (VOD) - Canvas Business Model: Cost Structure

The Cost Structure for Vodafone Group Public Limited Company is heavily weighted towards maintaining and upgrading its extensive network infrastructure, alongside significant costs associated with its ongoing simplification and restructuring programs across its portfolio markets.

Significant capital expenditure (Capex) on network upgrades remains a top cost driver. For the fiscal year ended March 31, 2025 (FY25), total Group capital additions reached approximately €6.9 billion, reflecting a return to investment growth after recent portfolio changes. This spend is directed to support 5G rollout, capacity expansion, and network quality improvements in key markets. The allocation across major segments for these capital additions was detailed as follows:

Segment	FY25 Capital Additions (€ million)	Proportion of Total Group Capex (%)
Germany	2,482	36.2
Africa	2,593	37.8
UK	897	13.1
Other Europe 2	856	12.5
Common Functions 3	45	0.7
Group Total (Excluding Eliminations)	6,873	100.3
Reported Group Total Capital Additions	6,862	N/A

Note that the sum of the segment capital additions in the table above is slightly different from the reported Group total due to rounding or specific treatment of Common Functions/Eliminations in the source data. The reported total Group Capital Additions for FY25 was €6,862 million.

Network operating costs, which comprise network and IT related expenditure, are substantial. While specific total network operating costs are not explicitly isolated, the Group has been focused on efficiency. Vodafone targeted Europe opex savings of €0.4 billion across the period FY23-FY25. However, operating expenditure at the Group level saw an increase in the first half of the subsequent fiscal year (H1 FY25-26), climbing more than 10% to €6.0 billion, driven by post-merger UK costs and other investments.

Personnel and restructuring costs are a direct result of the simplification program. Vodafone has completed or actioned 7,700 role efficiencies as part of its simplification efforts by the end of FY25. The reported restructuring expenses for the year were around €250 million.

Interconnect and roaming costs with other operators are embedded within the operating costs and revenue calculations. Interconnect charges for incoming calls are explicitly included in the definition of Service revenue. Lower roaming revenue was noted as a factor impacting service revenue performance in Germany.

The cost structure was significantly impacted by non-cash impairment charges. Vodafone reported a loss before tax of €1.48 billion for FY25, compared to a profit of €1.62 billion in the prior year, primarily due to non-cash impairment charges totalling €4.5 billion related to its German and Romanian operations. This charge led to a Basic loss per share from continuing operations of 15.86 eurocents in FY25, down from earnings per share of 4.45 eurocents in FY24.

Key components of the FY25 Cost Structure:

• Non-cash impairment charges: €4.5 billion.
• Total Group Capital Additions (Capex): €6.862 billion.
• Role efficiencies completed/actioned: 7,700.
• Reported Restructuring Expenses: approximately €250 million.
• Depreciation on leased assets: €3,205 million.

Vodafone Group Public Limited Company (VOD) - Canvas Business Model: Revenue Streams

You're looking at the core ways Vodafone Group Public Limited Company brings in cash as of late 2025. It's a story of core connectivity services, bolstered by digital growth and a significant financial services arm in Africa. Honestly, the numbers show a business actively reshaping itself through disposals while pushing organic growth in its remaining footprint.

The Total Revenue for the fiscal year ending March 2025 was reported at €37.4 billion. This represented a 2.0% increase over the prior year, even with adverse foreign exchange movements weighing on the final reported figure.

The largest component remains Service Revenue, which grew organically by 5.1% to reach €30.8 billion in FY25. This growth was broad-based across Europe, Africa, and Türkiye, successfully offsetting the anticipated slowdown in Germany.

Here's a quick look at the main revenue categories based on the reported figures:

Revenue Stream Category	FY25 Reported Amount
Total Revenue	€37.4 billion
Service Revenue	€30.8 billion
Other Revenue (Includes Equipment Revenue)	€6.6 billion

Drilling down into the Service Revenue, which covers your Mobile Service Revenue and Fixed Service Revenue, you see where the core business strength lies:

• Organic service revenue growth across the Group for FY25 was 5.1%.
• Vodafone Business, which includes B2B connectivity and digital services, saw organic service revenue growth of 4.0%.
• The UK market delivered organic service revenue growth of 1.9%.
• Türkiye showed exceptionally strong organic service revenue growth at 83.4%.
• Germany service revenue declined by 5.0%, largely due to the MDU TV law change impact.

Digital and IT Services Revenue, which complements the core connectivity, is scaling up. You can see this in the growth of Vodafone Business and the overall digital contribution:

• Digital services now represent approximately 10% of the Group's total service revenue.
• Vodafone Business, a key driver for digital and IT services like Cloud, IoT, and Security, grew its service revenue by 4.0%.

Equipment Revenue is captured within the 'Other Revenue' figure, which is the difference between Total Revenue and Service Revenue. For FY25, this residual category amounted to approximately €6.6 billion (€37.4 billion Total Revenue minus €30.8 billion Service Revenue). This stream is typically driven by handset and device sales supporting the mobile and fixed customer bases.

The Financial Services Revenue stream is heavily concentrated in Africa through M-Pesa. This is a distinct and high-growth area for Vodafone Group, primarily via its stake in Vodacom:

• Financial services customers across the footprint reached 88 million.
• Financial services revenue within Vodacom for FY25 was €0.7 billion.
• Specifically in Vodacom's international markets, M-Pesa revenue grew by 10.0% to reach €427.9 million.

Finance: draft 13-week cash view by Friday.