Vodafone Group plans to cut over 1 billion euros from costs by the end of 2026, to alleviate macroeconomic issues.
According to the CEO Nick Read, the measures they have to take are an attempt to “mitigate the economic backdrop of high energy costs and rising inflation, as he said.
Despite price rises in its markets, specifically in 11 out of 12 of the markes it operates, the executive also noted Vodafone continued with policies to support its most vulnerable customers.
The Group recorded year-on-year service revenue declines in Germany, Spain and Italy, due to high levels of competition. In its largest market of Germany, which contributes 30 per cent of group revenue, figures were hit by falls from its fixed and TV businesses.
These declines were offset by increases in the UK, the rest of Europe and earnings from Africa subsidiary Vodacom Group, which booked a 9.4 per cent rise in revenue to 3.2 billion euros.
Vodafone continues to use as much energy as five years ago despite a sevenfold increase in data traffic on its networks, because of the increase in energy costs since fossil fuels are much more expensive due to the ongoing global crisis