Vodafone has raised its profit target for the full year after reducing its workforce across Europe. The telecommunications firm confirmed it cut 3,000 jobs in the region between April and September 2026, which helped generate savings of €200m (£167m).
The FTSE 100 group also announced plans for an additional 2,300 job cuts in Germany over two years, aiming to improve performance in a market where earnings fell by 2.4 per cent in the first half of the year. Group chief executive Margherita Della Valle stated that operations in Germany are "not yet where it needs to be".
Despite a statutory net loss of €3.6bn, Vodafone upgraded its full-year targets for earnings and cash flow. Group-wide income increased by 11.4 per cent to €21.9bn, driven by the consolidation of Safaricom, Vodafone Three, and Telekom Romania. The company now expects earnings before tax to be between €13.2bn and €13.4bn, up from a previous range of €13.0bn to €13.3bn, and cash flow to be between €2.8bn and €3bn.
In October, Vodafone increased its annual cost-saving target to £1bn by 2032, following its full acquisition of CK Hutchison’s remaining 49 per cent stake in the business for £4.3bn. This move gave Vodafone full control of Britain's largest mobile operator, Three UK, which merged in May 2025.