In a testament to strategic foresight and operational excellence, Vodacom Group has delivered a stellar set of interim results for the six months ended September 30, 2025.
Amid a stabilising macroeconomic backdrop across Africa, the telecoms powerhouse reported service revenue surging 12.2% year-on-year to R65.8 billion ($3.8 billion), up from R58.6 billion ($3.4 billion) a year earlier.
This growth, well above Vodacom’s medium-term double-digit target, was driven by fintech innovation, booming data consumption, and standout performance in Egypt, its fastest-growing market.
The total customer base expanded 8.6% to 223.2 million, while headline earnings per share (HEPS) jumped 32.3% to 467 cents ($0.25). The strong performance prompted a 15.8% increase in the interim dividend to 330 cents ($0.18) per share.
The results underscore Vodacom’s success in diversifying beyond traditional mobile services into fintech and digital ecosystems, cementing its role as Africa’s connectivity and financial inclusion leader.
Key Growth Engines
Fintech: The New Growth Frontier
Vodacom’s financial services arm, anchored by M-Pesa, has become a central profit driver. Revenue from the segment rocketed 20.3% to R8 billion ($430 million), now contributing 12.2% of group service revenue up from below 10% last year.
Financial services users rose 13.1% to 93.7 million, driven by demand for payments, savings, lending, and merchant solutions.
In international markets, normalised M-Pesa revenue grew 22%, led by Egypt, where local-currency gains of 48.3% highlight the fintech platform’s scalability across emerging markets.
South Africa: Solid and Steady
Vodacom’s home market remains the group’s foundation, contributing R31.7 billion ($1.83 billion) in service revenue, up 2.2% year-on-year.
Post a March 2025 price adjustment; contract mobile revenue climbed 3.7% to R12.5 billion ($722 million), offsetting a 1.6% dip in prepaid mobile to R13.2 billion ($763 million) amid cost pressures on consumers.
Smartphone penetration continued to climb, with 34.3 million smart devices active and average monthly data usage rising to 5.9 GB per device, up 31.1% year-on-year.
These gains reflect Vodacom’s R54.1 billion network investment over five years, fuelling resilience despite South Africa’s economic headwinds.
Egypt: The Star Performer
Egypt was the undisputed standout, contributing R17.6 billion ($1.02 billion) in service revenue with 26.8% of group totals with local-currency growth of 42.3%.
Customer numbers climbed to 53.1 million, supported by the June 2025 launch of 5G, while ARPU surged 36.2% on pricing discipline and premium service adoption.
Operating profit from Egypt rose 66.5% to R7.8 billion, solidifying Vodacom’s 2022 acquisition of Vodafone Egypt as a defining strategic success.
READ ALSO:What Vodacom Lesotho’s M-Pesa Expansion Means for Digital Finance
International Markets: Rebound in Motion
Outside Egypt, Vodacom’s international operations maintained momentum.
- Tanzania: Service revenue rose to R6.1 billion ($353 million), powered by a $100 million investment in 4G/5G modernisation for the operator’s 25th anniversary.
- DRC: Revenue neared R7 billion ($405 million), with growth driven by coverage expansion and fintech uptake.
- Safaricom Group: Vodacom’s associate reported 11.1% service revenue growth, including an 83.7% surge in Ethiopian customers to 11.1 million, highlighting the East African giant’s early success in the new market.
Strategic Wins and Sustainability Milestones
Vodacom also cleared major strategic hurdles. On November 4, 2025, the group finally settled the 17-year “Please Call Me” dispute with inventor Nkosana Makate, with costs accounted for in the current results, closing a long-running legal dispute.
Meanwhile, regulatory approval for Vodacom’s 30% acquisition of fibre provider Maziv is in its final stages after a three-year process.
The deal is expected to turbocharge fixed broadband and enterprise services across South Africa, positioning Vodacom as a converged digital infrastructure leader.
Sustainability progress was equally notable: in September 2025, Vodacom launched virtual wheeling for renewable energy, pioneering corporate participation in South Africa’s green power market.
CapEx for the half totalled R9.4 billion, with R23 billion planned for FY2026 to drive 4G/5G rollouts and infrastructure sharing across the continent.
Leadership Vision: Resilience Meets Ambition
“The encouraging revenue trend has contributed to a strong set of interim results while underscoring the resilience and agility of our business,” said Shameel Joosub, Vodacom Group CEO.“As we deliver on our Vision 2030 ambitions, we’re off to an ideal start.”
Under Vision 2030, Vodacom aims to reach 260 million customers and 120 million financial services users and derive 30% of revenue from non-mobile services such as fintech, digital platforms, IoT, and fixed connectivity, currently at 21.8%.
The Bottom Line
With EBITDA up 14.7% to R30.5 billion, Vodacom is proving that scale and diversification can thrive even amid macro turbulence. Its cross-market strategy anchored in fintech, data, and infrastructure has turned regional expansion into record-breaking earnings.
Everything You Need to Know About Vodacom and the Makate Settlement
The Makate-Vodacom settlement has been a key topic for many, and the Vodacom-Nkosana-Makate settlement updates keep customers informed about their entitlements from the Vodacom payout.
For everyday needs, Vodacom 4U provides tailored services, while Vodacom customer Care is ready to assist with questions on Vodacom contract deals or service issues.
Customers can conveniently manage their accounts through Vodacom – login, browse the Vodacom catalogue, and explore options for a Vodacom upgrade.
Staying updated on the Makate vodacom developments alongside these tools makes accessing Vodacom’s services easier and more efficient than ever.
Ronnie Paul is a seasoned writer and analyst with a prolific portfolio of over 1,000 published articles, specialising in fintech, cryptocurrency, climate change, and digital finance at Africa Digest News.
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