Vodafone's sales grew by 1.6% in the first half of the fiscal year, but this growth was impacted by regulatory challenges in Germany, which is its largest market.

UBS, an investment firm, has maintained a neutral stance on Vodafone's stock but has lowered its target price from 77 pence to 70 pence. UBS is concerned that the recovery in Germany may not be as strong as expected due to uncertainties affecting investment and competition in the region.

Despite these challenges, Vodafone is confident in achieving its full-year adjusted EBITDAaL target of approximately €11 billion. The company is working to navigate a complex regulatory landscape and meet its financial objectives in a competitive market.