Vodacom Group reported a 25.6% increase in revenue to R102.5 billion for the six months ended 30 September 2026, supported by growth across its markets and the consolidation of Safaricom. Service revenue rose 29.4% to R85.1 billion, representing pro forma growth of 13.3%, while EBITDA increased 40% to R42.7 billion, or 18% on a pro forma basis.
The Group said it was tracking ahead of its medium-term EBITDA target and maintained an early-teens growth outlook. Headline earnings per share increased 25.7% to 587 cents, while the Board declared an interim dividend of 355 cents per share, up 7.6%.
Vodacom now serves 250 million customers, an increase of 11.8%, including 108 million financial services customers. Over the past 12 months, the Group added 26 million customers, bringing it closer to its Vision 2030 ambition of reaching 275 million customers.
“We continue to make good progress against our Vision 2030 strategy. The momentum we are seeing across customer growth, smartphone adoption, financial services and beyond mobile services reinforces our confidence in the significant opportunity ahead,” said Shameel Joosub, Group CEO of Vodacom.
Financial services was one of the Group’s major growth areas, with revenue increasing 99% to R15.9 billion. On a pro forma basis, growth stood at 19.2%. Across Vodacom and Safaricom, transaction value reached US$575.5 billion, representing a 20.7% increase.
During a joint media roundtable, Akim Benamara, Founder of TechAfrica News, asked Joosub about the Group’s next phase of financial services expansion, including cross-border payments, lending and investments.
Joosub said Vodacom plans to expand beyond core financial services by growing lending, investment platforms and merchant services across its markets. The strategy also includes merchant lending and invoice financing, while extending successful products and practices from more mature markets.
Kenya and Tanzania were identified as the Group’s leading financial services markets. Joosub also highlighted the opportunity to extend insurance services developed in South Africa to additional markets.
Growth was recorded across several of Vodacom’s operations. In Egypt, service revenue increased 36.3% in local currency, while EBITDA rose 31.3%. Safaricom recorded 13.1% growth in service revenue and a 27.5% increase in EBITDA. Its Ethiopian operation continued progressing towards EBITDA break-even.
The International portfolio recorded 13.7% growth in normalised service revenue and 15.9% growth in EBITDA. In South Africa, revenue increased 2.1% to R45.8 billion, with the EBITDA margin reaching 37.4%.
The roundtable also addressed smartphone adoption, artificial intelligence and digital inclusion. Benamara asked how AI and locally relevant content and services could help connect more people, particularly in a region where affordability, access and more than 2,000 languages present challenges.
Joosub linked further digital adoption to increased smartphone penetration and the transition away from older network technologies. He said governments could support this shift by accelerating the retirement of 2G and 3G networks, allowing operators and customers to benefit more fully from newer technologies.
He also identified AI as a major area of opportunity, particularly in creating learning opportunities and changing how businesses operate.
Vodacom added 19 million smartphones to its network over the past year, bringing smartphone penetration to 69.8%. The Group invested R13.3 billion in its networks during the half-year and added 3,388 4G sites and 4,328 5G sites over the past 12 months.
Beyond connectivity, financial services, digital platforms and other technology-led offerings now account for 27.4% of Group service revenue. Vodacom has increased its 2030 ambition for these services from 30% to more than 32%.
With its expanded position in Safaricom, a growing financial services customer base and continued investment in network infrastructure, Vodacom is pursuing further growth across Africa’s digital economy.
