Vodacom points to fintech and international momentum for growth

Details: Manny Pham; Category: Operators; 12 May 2026; 204 views

Vodacom Group reported strong results for its 2025 financial year (ending March 31, 2026) with growth driven by its international operations, financial services business and continued customer expansion across Africa.

Group revenue increased 10.1% to ZAR167.7 billion (US$10.1 billion), while service revenue rose 10.6% in rand terms and 12.9% on a normalised basis. EBITDA climbed 12.8% to ZAR62.6 billion, with margins improving to 37.4%.

The operator’s customer base grew 12.3% to 237.3 million users across its markets, including Safaricom on a 100% basis. Financial services customers increased 17.4% to 103 million.

Financial services revenue rose 19.6% to ZAR16.8 billion, contributing 12.6% of group service revenue, while transaction value across the fintech platform increased 16.6% to $525.6 billion.

Vodacom said strong performances in Egypt, Tanzania, the Democratic Republic of Congo and Lesotho helped underpin growth, alongside stable momentum in South Africa and Mozambique. Egypt was a standout market, with local currency service revenue growth of 36.2% and EBITDA growth of 44.5%.

Safaricom also delivered strong results, contributing ZAR4.6 billion to group operating profit, up 38.3%, supported by continued growth in Kenya and improving scale in Ethiopia.

Vodacom invested ZAR23.6 billion in capital expenditure during the year, rolling out more than 3,000 new 4G sites and over 6,000 new 5G sites across its footprint. Smartphone penetration across the group rose to 68.6%.

CEO Shameel Joosub said the company had made a strong start to its Vision 2030 strategy, adding that Vodacom remains focused on expanding digital and financial inclusion while strengthening its position across African markets.

During the year, Vodacom also announced plans to acquire an additional 20% stake in Safaricom and completed the acquisition of a strategic stake in South African fibre operator Maziv to expand fibre connectivity infrastructure.