Spain: Vodafone posts losses but wins customers
July 16, 2025
From David Del Valle in Madrid
Vodafone Spain, now under the control of UK-based fund Zegona since June 2024, closed its most recent fiscal year (ending March 31st) with losses of €82.12 million. Despite the red figures, the company’s EBITDA rose by 2.8 per cent to €1.24 billion, while operating cash flow jumped 54.7 per cent to €625 million.
Total revenues fell to €3.62 billion, marking a 5.64 per cent drop compared to the previous fiscal year, when the company was still part of the Vodafone Group and not yet managed by Zegona.
The financial report also includes data for the first quarter of the current fiscal year, from April 1st to June 30th 2025. In that period, Vodafone Spain posted revenues of €895 million, down 2.29 per cent. However, EBITDA climbed 7.02 per cent to €442 million, and operating cash flow surged 42.55 per cent to €201 million.
In terms of customers, Vodafone Spain has recorded its first full-year net customer gain in a decade — the last one being in 2014 following the acquisition of Ono’s customer base. According to the report, the operator now boasts over 15.1 million connections: 12.5 million mobile and 2.6 million fixed.
Over the past year, the company added 36,000 net fixed broadband lines and 65,000 mobile lines. In the first quarter alone, it reported net gains of 7,000 broadband and 39,000 mobile lines.
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