VodafoneThree targets yearly cost savings of GBP1 billion by 2032

Vodafone Group PLC on Thursday unveiled "new bolder financial targets" for its UK branch.

VodafoneThree, originally created as a joint venture between Vodafone UK and Three UK in June 2025, is fully owned by Vodafone since July 2026 and is valued at nearly £14.0 billion including debts.

VodafoneThree raised its annual cost saving target to £1.0 billion by 2032, from a previous goal of £700.0 million by 2030.

Cost cuts were driven by completing and simplifying the network infrastructure, as well as streamlining the business after Vodafone took full ownership.

The UK's largest mobile operator, which serves about 27 million customers, set its growth target for adjusted earnings before interest, tax, depreciation, and amortisation after leases in the mid-to-high single percentage digits annually between financial 2025 and 2032.

By 2032, free cash flow is expected to more than triple compared with 2025.

Vodafone's Chief Executive Margherita Della Valle said: "After a strong start, we now have even greater confidence in the opportunity ahead."

Vodafone Group shares were down 1.0% to 126.45 pence on Thursday morning in London. Over the past year, they have grown 49%.

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