Vodafone TV customers down 69,000 in 4Q 2024

Tuesday, February 4th, 2025 
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Vodafone Group has today announced its trading update for the quarter ended 31 December 2024.

“Group service revenue growth accelerated to 5.2% in the third quarter. This was driven by a step-up in the UK and strong performance in Türkiye and Africa, whilst Germany is impacted by the TV law change.” – Margherita Della Valle, Group Chief Executive.

Germany

Total revenue decreased by 7.6% to €3.1 billion as a result of lower service and equipment revenue. As anticipated, the service revenue reduction in Q3 remained broadly consistent with Q2, declining by 6.4% (Q2: -6.2%). The decline was primarily due to a -3.8 percentage point impact (Q2: -3.8 percentage points) from the end to bulk TV contracting in Multi Dwelling Units (‘MDU’), which came into full effect from July 2024, as well as a lower broadband customer base and lower mobile ARPU.

Fixed service revenue decreased by 10.7% in Q3 (Q2: -9.7%) due to the cumulative impact of TV and broadband customer losses. The MDU transition had a -6.8 percentage point impact (Q2: -6.9 percentage points) on fixed service revenue growth in Q3.

We have now largely completed the migration of our MDU TV customer base following the change in TV law that came into force in July 2024. By the end of December 2024, we had retained 4.1 million households (49% of affected customers), which is in line with our 50% expectation. We will continue to engage with the remaining households affected by the law change. Our total TV customer base declined by 66,000 during the quarter, primarily due to the MDU transition.

Europe

TV Customers (thousands):

          Q2 FY23  Q3 FY23  Q4 FY23  Q1 FY24  Q2 FY24  Q3 FY24  Q4 FY24  Q1 FY25  Q2 FY25  Q3 FY25
          -------  -------  -------  -------  -------  -------  -------  -------  -------  -------
Germany    13,007   12,895   12,760   12,640   12,547   12,411   11,758   11,103    8,900    8,834
Portugal      833      846      852      861      871      881      886      890      895      901
Other       1,747    1,737    1,733    1,728    1,720    1,714    1,706    1,688    1,672    1,663
          -------  -------  -------  -------  -------  -------  -------  -------  -------  ------- 
Europe*    15,587   15,478   15,345   15,229   15,138   15,006   14,350   13,681   11,467   11,398

Net additions (thousands):

          Q2 FY23  Q3 FY23  Q4 FY23  Q1 FY24  Q2 FY24  Q3 FY24  Q4 FY24  Q1 FY25  Q2 FY25  Q3 FY25
          -------  -------  -------  -------  -------  -------  -------  -------  -------  -------
Germany      (86)    (112)    (135)    (120)     (93)    (136)    (653)    (655)  (2,203)     (66)
Portugal       14       13        6        9       10       10        5        4        5        6
Other          14     (10)      (4)      (5)      (8)      (6)      (8)     (18)     (16)      (9)
          -------  -------  -------  -------  -------  -------  -------  -------  -------  ------- 
Europe*      (58)    (109)    (133)    (116)     (91)    (132)    (656)    (669)  (2,214)     (69)

Vodafone TV customers - Europe - 1Q 2022-4Q 2024

* Europe totals exclude TV customers from Italy, Spain, and Hungary.

Links: Vodafone