Vodacom Group, South Africa’s leading telecommunications company, has announced a strong set of interim results for the six months ended 30 September 2025, demonstrating remarkable resilience and agility amidst a challenging macroeconomic environment. The company reported a significant 32.3% rise in headline earnings per share (HEPS), reaching 467 cents ($0.25). In line with its policy of paying out at least 75% of HEPS, Vodacom also increased its interim dividend by 15.8% to 330 cents per share ($0.18).

The group’s robust financial performance was underpinned by strong revenue growth and stringent cost discipline. Group revenue escalated by 10.9% to R81.6 billion ($4.4 billion), with normalised growth at 12.1% when adjusting for currency effects. Earnings before interest, tax, depreciation, and amortisation (EBITDA) saw a 14.7% increase, reaching R30.5 billion ($1.6 billion), reflecting consistent margin improvement across most operations. Vodacom Group CEO Shameel Joosub highlighted that the encouraging revenue trend contributed significantly to these strong interim results, underscoring the business's adaptability.

A key indicator of Vodacom’s core operations, service revenue, surged by 12.2% in reported terms and 13.6% on a normalised basis, amounting to R65.8 billion ($3.6 billion). This performance notably surpassed Vodacom’s medium-term target of achieving low double-digit growth. This substantial growth in service revenue for FY2025 compares favorably to R58.6 billion ($3.4 billion) during the same period in FY2024.

Vodacom’s financial services business emerged as a standout contributor, posting an impressive 20.3% surge to R8 billion ($430 million). Financial services now account for over 12% of the total service revenue, driven by the increasing adoption of platforms like M-Pesa and the company’s super-app strategy. The company also expanded its customer base by 8.6% to 223.2 million, which includes 93.7 million users of financial services, solidifying its position as one of Africa’s largest fintech ecosystems. Vodacom remains committed to its Vision 2030 strategy, aiming for 260 million customers and 120 million financial services users within the next five years.

Regional performance also showcased solid growth. In South Africa, Vodacom's largest market, service revenue rose 2.2% to R31.7 billion ($1.7 billion). This growth was propelled by steady data consumption, robust demand for digital services, and increased adoption of fibre and fixed-wireless broadband. Contract-mobile customer revenue in South Africa increased by 3.7% to R12.5 billion ($722 million), influenced by a price hike implemented in March 2025. Conversely, prepaid mobile revenue experienced a slight dip of 1.6% to R13.2 billion ($763 million), attributed to heightened competition and pressure on consumer wallets. Data usage saw a general climb, with smart devices increasing to 34.3 million and average monthly data usage per device growing to 5.9 GB.

Egypt recorded exceptional local currency service revenue growth of 42.3%, with its service revenue reaching R17.6 billion ($1.02 billion), representing 26.8% of the group’s total revenue. The customer base in Egypt expanded to 53.1 million, and average revenue per user (ARPU) jumped by a notable 36.2%. The international operations, encompassing the Democratic Republic of Congo (DRC), Lesotho, Mozambique, and Tanzania, performed strongly, delivering 13.3% local currency growth to R16.7 billion ($900 million). These markets collectively expanded their customer base by 13.6% to 63.7 million subscribers, driven by strong uptake of mobile money and 4G connectivity. Specifically, Tanzania's service revenue climbed to R6.1 billion ($353 million), and the DRC's revenue grew to nearly R7 billion ($405 million). Vodacom has also announced plans to invest US$100 million in Tanzania.

The group continued its significant investment in 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 strategically focused on network expansion, spectrum efficiency, and enhancing rural coverage to bridge the digital divide. Beyond its financial achievements, the company also marked significant non-financial milestones, including the settlement of the 17-year dispute over the 'Please Call Me' service and securing regulatory approval to acquire Maziv after a three-year battle, which is expected to increase its infrastructure investment in South Africa.

Vodacom’s overall performance underscores its strategic resilience and adaptability within the rapidly evolving telecommunications industry. By effectively blending connectivity with digital and financial innovation, the company is well-positioned for sustained long-term growth across Africa.