Vodafone Lifts Savings Target for U.K. Unit -- WSJ

It also aims to more than triple operating free cash flow at VodafoneThree by fiscal 2032 By Adrià Calatayud Vodafone Group is dialing up its cost-savings target for its U.K. unit VodafoneThree, saying it expects the business to be a key driver of the group's midterm ambitions. The U.K. telecommunications group said Thursday that it now expects annual cost savings at VodafoneThree to reach 1 billion pounds ($1.32 billion) by the year ending in March 2032, up from a previous target of 700 million pounds by fiscal 2030. Vodafone also said it expects the unit's adjusted earnings before interest, taxes, depreciation and amortization after leases -- a key profitability metric in the telecom industry -- to grow by mid-to-high single percentage digits annually between fiscal 2025 and fiscal 2032. It also aims to more than triple operating free cash flow at VodafoneThree by fiscal 2032 relative to a fiscal 2025 baseline. The group took full ownership of VodafoneThree in July after completing the buyout of the 49% stake held by former partner CK Hutchison Group Telecom Holding for 4.3 billion.