For the fiscal third quarter, Vodafone Germany reported service revenues of €2.7bn, down by 6.4% year on year. And there are no stars in the operation’s portfolio. Mobile service revenues dipped slightly year on year (by just 1%) to €1.26bn, but fixed service revenues slumped by 10.7% to €1.45bn due to a combination of lower pay-TV revenues and a shrinking fixed broadband customer base. The biggest impact came from the lower pay-TV revenues following the new regulations (in effect since July 2024) related to TV service provision in multi-dwelling units (MDUs). Vodafone Germany previously had a captive market but the regulation change now allows consumers to select whichever provider they want and, subsequently, Vodafone Germany has lost more than half of its previous MDU pay-TV customers, leaving it with 4.1 million, a decline that will cut about €400m in revenues from Vodafone Germany’s annual turnover.