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Vodafone Germany Job Cuts Headline; Spreads Unchanged

COMMUNICATIONS


  • Not seeing much else on the VOD job cuts/relocations aside from the DPA tweet that cites a company announcement and stated cost savings of EUR 400mn in the next two years. Equity ticking higher since the announcement; credit spreads unchanged.
  • Underperformance in the German market has been a point of weakness in recent reports; management don’t expect meaningful growth in the market until FY26 and the company faces both regulatory (MDU regs knocking EUR ~400mn off German revenue by Moody’s estimate) and competitive (1&1 entry) headwinds there.

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