Vodacom Group, South Africa’s leading telecommunications company, has reported a strong set of interim results for the six months ended 30 September 2025. The company delivered a 32.3% rise in headline earnings per share (HEPS) to 467 cents ($0.25). The group lifted its interim dividend by 15.8% to 330 cents per share ($0.18), in line with its policy of paying out at least 75% of HEPS.
The solid performance underscores Vodacom’s success in expanding both its connectivity and financial services businesses across its key markets in Africa. Despite a challenging macroeconomic environment, the group managed to maintain strong revenue growth, cost discipline, and continued investment in network resilience.
Vodacom’s group revenue rose 10.9% to R81.6 billion ($4.4 billion), with normalised growth at 12.1% after adjusting for currency effects. Earnings before interest, tax, depreciation, and amortisation (EBITDA) climbed 14.7% to R30.5 billion ($1.6 billion), showing a consistent margin improvement across most of its operations.
Vodacom Group CEO Shameel Joosub acknowledged that the encouraging revenue trend highlighted in the company’s performance during the period has contributed to a strong set of interim results while at the same time “underscoring the resilience and agility of our business.”
Vodacom Records Solid Growth Across Regions and Services
The company’s service revenue, a key indicator of its core operations, increased 12.2% in reported terms and 13.6% on a normalised basis to R65.8 billion ($3.6 billion). This performance was well ahead of Vodacom’s medium-term target of achieving low double-digit growth.
One of the standout contributors was the financial services business, which posted a 20.3% surge to R8 billion ($430 million). Financial services now contribute over 12% of total service revenue, reflecting the growing adoption of platforms such as M-Pesa and Vodacom’s super-app strategy.
Vodacom’s customer base grew 8.6% to 223.2 million, including 93.7 million users of financial services, underscoring its position as one of Africa’s largest fintech ecosystems. The company continues to execute on its Vision 2030 strategy, which targets 260 million customers and 120 million financial services users within the next five years.
Regional highlights for this period include Egypt’s exceptional 42.3% local currency service revenue growth, a stable performance in South Africa and a strong recovery from its international business.
In South Africa, Vodacom’s largest market, service revenue rose 2.2% to R31.7 billion ($1.7 billion). This growth was supported by steady data consumption, robust demand for digital services, and increased take-up of fibre and fixed-wireless broadband.
The international operations, spanning the Democratic Republic of Congo, Lesotho, Mozambique, and Tanzania, performed strongly, delivering 13.3% local currency growth to R16.7 billion ($900 million). These markets also expanded their customer base by 13.6% to 63.7 million subscribers, reflecting strong uptake of mobile money and 4G connectivity.
Vodacom continued to invest heavily in its infrastructure, spending R9.4 billion ($510 million) during the half-year and planning a full-year capital expenditure of R23 billion ($1.25 billion). These investments are focused on network expansion, spectrum efficiency, and enhancing rural coverage to bridge the digital divide.
The group’s performance highlights its strategic resilience and adaptability in a rapidly evolving telecommunications industry. By blending connectivity with digital and financial innovation, Vodacom has positioned itself for long-term growth across Africa.