Vodafone to sell 50% stake in VodafoneZiggo for $1.18 billion | ReutersSkip to main content[Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv]People enter a Vodafone store in Sydney, Australia, September 29, 2025. REUTERS/Hollie Adams [Purchase Licensing Rights, opens new tab]Feb 18 (Reuters) - Vodafone [(VOD.L), opens new tab] said on Wednesday it will sell its 50% stake in Dutch joint venture VodafoneZiggo to Liberty Global [(LBTYA.O), opens new tab] for 1 bill ...

经济观察网沃达丰(VOD.US)近期发布了2026财年第三季度财报，并更新了资本回报政策与战略进展。 公司总营收达105亿欧元，同比增长6.5%，服务收入有机增长5.4%。然而，其最大市场德国的服务收入 仅增长0.7%，低于市场预期，导致股价单日下跌6.8%。公司重申了全年业绩指引，预计经调整的 EBITDAaL和自由现金流将处于指引区间上限。 首席执行官Margherita Della Valle推动的业务振兴计划已超两年，聚焦核心市场。公司已完成意大利和 西班牙业务的剥离，并持续推进英国市场与Three UK的合并整合，承诺未来十年投资约110亿英镑。 公司业务状况 尽管短期受付款时点变动等一次性因素影响，公司通过与1&1AG的合作逐步恢复批发业务收入。此前 德国监管政策变动(禁止电视套餐与房租捆绑)的负面影响已基本消退，但竞争加剧仍需关注。 以上内容基于公开资料整理，不构成投资建议。 资金动向 沃达丰继续执行渐进式股息政策，计划在2026财年将每股股息同比上调2.5%。同时，公司新启动5亿欧 元的股票回购计划，此前自2024年5月以来已完成35亿欧元的回购。 战略推进 业绩经营情况 公司于2026年2月 ...

Market Overview - Indian benchmark indices experienced declines, with Nifty closing at 25,807.20, down 146.65 points or 0.57%, and BSE Sensex falling by 558.72 points or 0.66% to 83,674.92, primarily due to heavy selling in IT stocks [13] - The volatility gauge India VIX ended at 11.73, down 1.53% from the last closing [13] Analyst Insights - Ajit Mishra from Religare Broking noted that market sentiment weakened due to significant selling in IT stocks and mixed global developments, with strong U.S. jobs data reducing expectations for imminent Federal Reserve rate cuts [2][13] - Mishra suggested that the downside risk may be limited due to strength in other sectors, with Nifty expected to hold the 25,600–25,700 zone, while the 26,000 level remains a key resistance [2][13] Technical Analysis - Bajaj Broking indicated that the index formed a bearish candle, signaling profit booking at higher levels around 26,000, and stock-specific movements are likely to remain in focus as the quarterly earnings season concludes [9][10] - The index is projected to consolidate in the range of 25,500-26,000, with a move above 26,000 potentially opening up upside towards the 26,200–26,300 resistance area [10][14] Stock Activity - Among the most active stocks by turnover were State Bank of India (SBI, Rs 842 crore), Bajaj Finance (Rs 434 crore), and ICICI Bank (Rs 357 crore) [14] - In terms of volume, Vodafone Idea (4.17 crore shares), SpiceJet (1.24 crore shares), and SBI (70.64 lakh shares) were among the most actively traded stocks [14] - 140 stocks reached their 52-week highs, while 111 stocks hit their 52-week lows, indicating mixed market performance [14]

Core Viewpoint - Vodafone (VOD.US) has reaffirmed its guidance for the fiscal year 2026, indicating a strong performance outlook based on its latest quarterly results and strategic initiatives [1] Financial Performance - Vodafone expects its adjusted EBITDAaL to reach between €11.3 billion and €11.6 billion, and adjusted free cash flow to be between €2.4 billion and €2.6 billion for the fiscal year 2026 [2] Capital Movements - The company plans to increase its dividend per share by 2.5% year-on-year for the fiscal year 2026 and has initiated a new €500 million share buyback program, following the completion of a previous €3.5 billion buyback [3] Business Progress - Service revenue growth in the German market was below expectations, with only a 0.7% increase in Q3 of fiscal year 2026, which has contributed to recent stock price volatility. Future performance will depend on the recovery of the German business post-regulatory impacts and continued growth in the African market, which has seen a 13.5% organic growth for consecutive quarters [4] Strategic Developments - The merger with Three UK is progressing as planned, and the divestiture of operations in Italy and Spain has been completed. The effectiveness of the integration and the focus on core markets will be important to monitor [5]

Core Insights - Vodafone reported a 6.5% year-on-year increase in total revenue for Q3 FY2026, reaching €10.5 billion, but faced weak growth in the German market, leading to a 6.8% drop in share price, the largest decline in a year [1][2] - The company reaffirmed its full-year guidance, expecting adjusted EBITDAaL to be between €11.3 billion and €11.6 billion and free cash flow to be between €2.4 billion and €2.6 billion, at the upper end of the range [2] Financial Performance - Total revenue for Q3 FY2026 was €10.5 billion, with a year-on-year growth of 6.5%. However, service revenue in Germany grew only 0.7%, which was below market expectations [2] - Vodafone continues to implement a "progressive" dividend policy, planning to increase the dividend per share by approximately 2.5% in FY2026. Additionally, a new €5 billion share buyback program has been initiated, following the completion of a €3.5 billion buyback since May 2024 [3] Business Developments - In the UK market, Vodafone's merger with Three UK has been completed, reducing the number of telecom operators from four to three. Both companies have committed to investing approximately £11 billion over the next decade, with integration efforts proceeding as planned [4] - The African market continues to be a growth engine, with organic service revenue growth of 13.5% in Q3. Despite competitive pressures in Germany, wholesale business improved due to collaboration with 1&1 AG. The company is focusing on core markets and has divested its operations in Italy and Spain [5] Strategic Initiatives - The business revitalization plan led by CEO Margherita Della Valle has been in place for over two years, focusing on streamlining operations and asset restructuring, with recent emphasis on addressing changes in German regulatory policies [6]

Core Viewpoint - The article discusses the investment position in VOD, highlighting a beneficial long position held by the author through various means such as stock ownership and derivatives [1]. Group 1 - The author expresses a personal opinion on VOD shares without receiving compensation for the article, indicating a potential bias towards a positive outlook on the stock [1]. - The article emphasizes the importance of conducting due diligence and research before making any investment decisions, particularly in the context of short-term trading and options trading [2]. - It is noted that past performance does not guarantee future results, and the views expressed may not reflect those of the broader platform, Seeking Alpha [3].

Core Insights - The company reported a 5.4% growth in group service revenue for Q3, driven by strong performance in Europe and Africa, particularly in Germany, Africa, and Turkey [2] - Group EBITDAaL increased by 2.3% in Q3 and 5.3% year-to-date, aligning with expectations and supporting the trajectory towards the upper end of FY '26 guidance [3] Financial Performance - Group service revenue growth of 5.4% in Q3 indicates robust top-line momentum [2] - EBITDAaL growth of 2.3% in Q3 and 5.3% year-to-date reflects consistent profitability [3] Strategic Progress - The company is making significant advancements in strategic priorities, particularly in enhancing customer experience in Germany [3]

Core Viewpoint - European stock markets faced significant declines due to disappointing earnings reports from major companies across various sectors, leading to a negative market sentiment [1] Shipping Industry - Global shipping giant Maersk's stock plummeted by 7% after the company warned of deteriorating freight rates as the Red Sea routes reopen, with profit expectations for this year being slashed to between $4.5 billion and $7 billion, significantly lower than the $9.53 billion recorded in 2025 and below analysts' average estimate of $5.76 billion [4] - Maersk plans to focus on cost discipline, including cutting 1,000 jobs, which represents 15% of its corporate functions but less than 1% of total employees, with expected annual cost savings of $180 million [4] - The global container trade growth rate is projected to be between 2% and 4% this year, amidst a backdrop of significant supply pressure with nearly 7 million TEUs of capacity scheduled for delivery in the coming years, accounting for about 20% of the current global fleet [4] Automotive Industry - Volvo's stock fell by 14% after reporting disappointing fourth-quarter earnings, with an EBIT margin of only 2%, impacted by tariffs, increased discounts, and a strong Swedish Krona [5] - The CEO of Volvo highlighted the challenges posed by the cancellation of electric vehicle incentives in the U.S. and the need to adjust production to comply with EU tariffs on electric vehicle manufacturing [5] - Despite last year's poor performance, Volvo aims for higher sales and free cash flow by 2026, with new models like the EX60 electric SUV seen as crucial to its turnaround efforts [5] Telecommunications Industry - Vodafone's organic service revenue growth of 5.4% fell short of analysts' expectations of 6.03%, with the German market showing only a 0.7% increase, below the anticipated 1.02% [6] - The competitive landscape continues to pressure Vodafone's performance, with the UK market experiencing a 0.5% decline in organic service revenue, contrasting with the expected growth of 1.59% [6] - The CEO's ambitious transformation plan, which includes simplifying operations and divesting assets, has yet to yield significant recovery in core market growth [6]

Financial Data and Key Metrics Changes - Group service revenue grew by 5.4% in Q3 2026, supported by growth in Europe and Africa, particularly in Germany, Africa, and Turkey [4] - Group EBITDA increased by 2.3% in Q3 and 5.3% year-to-date, aligning with expectations to meet the upper end of FY 2026 guidance [5] Business Line Data and Key Metrics Changes - In Germany, mobile customer numbers increased, with new customer ARPUs up 21% year-on-year, stabilizing consumer broadband revenues [6] - Fixed broadband churn in Germany is now below the majority of European markets, indicating improved customer retention [24] Market Data and Key Metrics Changes - The U.K. market is undergoing network upgrades ahead of schedule, enhancing mobile coverage and data speeds [7] - In Africa, the acquisition of a controlling stake in Safaricom is expected to strengthen Vodacom's position, capitalizing on structural growth opportunities [9] Company Strategy and Development Direction - Vodafone is focused on enhancing customer experience and value strategy, particularly in Germany, while also investing GBP 11 billion over ten years to build a leading 5G network in the U.K. [8] - The company aims to leverage its scale and digital platforms in Africa, with a focus on B2B and digital services growth [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the performance trajectory, indicating that the company is on track to meet FY 2026 guidance [10] - There is a recognition of ongoing competitive pressures, particularly in the U.K. and Germany, but management remains confident in the strategic direction and growth potential [5][16] Other Important Information - The company has completed the acquisition of Skaylink to support growth in digital services [10] - Management highlighted the importance of focusing on value over volume in the competitive landscape, particularly in the broadband market [78] Q&A Session Summary Question: Insights on Germany's EBITDA trajectory - Management indicated that EBITDA in Germany is expected to improve in the second half of the year, although it may not return to positive growth this year [14][15] Question: Clarification on broadband strategy and pricing - Management confirmed that the focus is on value, with fixed broadband churn improving and ARPU levels at their highest in three years [24][27] Question: Group-wide outlook for 2027 and beyond - Management remains confident in multi-year growth trajectory, expecting continued good growth in EBITDA and adjusted free cash flow [33][34] Question: Opportunities in Africa post-Safaricom acquisition - Management sees significant growth opportunities in Africa, particularly in digital services and financial services, with potential for further B2B acquisitions [40][41] Question: Impact of potential consolidation in the U.K. broadband market - Management believes consolidation could be beneficial but emphasizes their strong position through multi-partner wholesaling [46][47] Question: Future of Fixed Wireless Access (FWA) in the U.K. and Germany - Management expects FWA to grow in the U.K. but notes that the market in Germany is less dynamic due to existing fiber penetration [51][53] Question: Thoughts on tower market and Vantage - Management is satisfied with their position in Vantage and is open to considering strategic opportunities as the tower market evolves [59][60] Question: Comments on EU Digital Networks Act and Cybersecurity Act - Management views the potential for spectrum license reforms positively but expresses concerns about the draft Cybersecurity Act introducing uncertainty [84][86]

Financial Data and Key Metrics Changes - Group service revenue grew by 5.4% in Q3 2026, supported by growth in Europe and Africa, particularly in Germany, Africa, and Turkey [4][6] - Group EBITDA increased by 2.3% in Q3 and 5.3% year-to-date, aligning with expectations and guidance for FY26 [4][8] Business Line Data and Key Metrics Changes - In Germany, mobile customer numbers increased, with new customer ARPUs up 21% year-on-year, stabilizing consumer broadband revenues [5][6] - The U.K. integration and network investment plan is progressing well, with initial upgrades delivered ahead of schedule [5][6] - The acquisition of Skaylink was completed, supporting growth in digital services across cloud and security [7] Market Data and Key Metrics Changes - The company is acquiring a controlling stake in Safaricom, enhancing its position in Africa amid growing demand for digital services [6][7] - Emerging markets continue to show double-digit growth, while the U.K. faces a challenging competitive environment [30][32] Company Strategy and Development Direction - Vodafone is focused on enhancing customer experience and value strategy, particularly in Germany, where it aims to improve EBITDA through cost simplification and B2B growth [14][15] - The company is committed to a 10-year plan to invest GBP 11 billion in building the U.K.'s leading 5G network [6][7] - The strategy emphasizes value over volume, encouraging a shift in how telecom performance is evaluated [75][76] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the upper end of FY26 guidance, with a positive outlook for multi-year growth trajectory [8][32] - The competitive landscape in Germany remains challenging, but improvements in fixed broadband and customer experience are expected to support future performance [16][24] Other Important Information - The company is optimistic about the potential for consolidation in the U.K. broadband market, which could enhance pricing power [45][46] - The EU Digital Networks Act and Cybersecurity Act are seen as potential catalysts for investment and innovation, though they also introduce uncertainties [81][84] Q&A Session Summary Question: Insights on Germany's EBITDA trajectory - Management indicated that EBITDA in Germany is expected to improve in the second half of the year, but not return to positive growth [12][14] Question: Value versus volume strategy in broadband - Management confirmed a focus on value, with fixed broadband churn below many European markets and improvements in customer satisfaction [23][24] Question: Group-wide growth prospects for 2027 - Management remains confident in multi-year growth for adjusted free cash flow and EBITDA, with expectations for cost synergies in the U.K. [32][33] Question: Opportunities in Africa post-Safaricom acquisition - The acquisition is expected to strengthen Vodafone's position in Africa, leveraging growth in population and demand for digital services [38][39] Question: Impact of potential consolidation in the U.K. broadband market - Management is pleased with Vodafone's current position and believes that consolidation could enhance market dynamics without negatively impacting their strategy [45][46] Question: Future of Fixed Wireless Access (FWA) - Management expects FWA to grow in the U.K. and sees potential for deployment in rural areas of Germany, though fiber remains the primary focus [50][52] Question: Thoughts on tower market and Vantage - Management is satisfied with Vantage's performance and is open to evaluating future opportunities in the tower market as it evolves [58][59] Question: Insights on the EU Digital Networks Act - Management views the proposed reforms as a potential positive for investment certainty, though there are concerns regarding the Cybersecurity Act [81][84]