---
title: "沃达丰股价下跌，原因是德国业务表现不佳，调整后的收益未达到预期"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/286065570.md"
description: "沃达丰集团的股票在报告其最大市场德国的服务收入下降以及调整后的收益略微低于预期后下跌了 3.5%。该公司公布截至 3 月 31 日的财年调整后 EBITDA 为 113.5 亿欧元，低于 114.8 亿欧元的预测。集团收入增加至 404.6 亿欧元，但德国收入下降至 121.3 亿欧元，反映出竞争激烈的市场和监管变化。尽管年初至今股价上涨了 17%，分析师指出结果中缺乏立即的积极惊喜"
datetime: "2026-05-12T09:01:02.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/286065570.md)
  - [en](https://longbridge.com/en/news/286065570.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/286065570.md)
---

# 沃达丰股价下跌，原因是德国业务表现不佳，调整后的收益未达到预期

By Najat Kantouar

Shares in Vodafone Group fell after the company reported a decline in service revenue in Germany, its biggest market, and adjusted earnings slightly missed expectations.

The U.K. telecommunications company posted adjusted earnings before interest, taxes, depreciation and amortization and after lease expenses of 11.35 billion euros ($13.38 billion) for the year ended March 31, compared with 10.93 billion euros for the same period a year earlier.

Analysts had forecast adjusted Ebitdaal of 11.48 billion euros, according to a company-compiled consensus.

In early trading, London-listed shares were down 3.5% at 1.16 pounds. In the year to date, shares have risen slightly more than 17%.

The share slide reflects the stock's strong run and the lack of any immediate upside surprise in results for the year just ended, or the one just begun, AJ Bell's Russ Mould wrote in a note to clients.

"There may even be some slight disappointment. Growth looks to be stronger at the non-European operations and Vodafone is yet to fully convince that Germany is on track," Mould said.

For the period, group revenue rose to 40.46 billion euros from 37.45 billion euros.

In Germany--which accounts for roughly a third of total revenue--revenue fell to 12.13 billion euros from 12.18 billion euros and organic service revenue declined 0.2%, reflecting a competitive market and the impact of a television law change, the company said.

Write to Najat Kantouar at najat.kantouar@wsj.com

(END) Dow Jones Newswires

May 12, 2026 04:55 ET (08:55 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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