Vodacom Group has posted stellar results, with group revenue soaring 10.9% to R81.6 billion (over $4.7 billion)—12.1% on an organic basis—driven by a powerful 12.2% surge in service revenue , a performance the company’s Chief Financial Officer, Raisibe Morathi, attributes to a resilient financial strategy and robust growth across its African markets.
For the six months ended 30 September 2025, the telecommunications giant reported revenue of R81.6 billion, up 10.9%, and service revenue of R65.8 billion, up 12.2%. Earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 14.7% to R30.5 billion, underscoring strong operational performance.
Morathi emphasized the critical role of the company’s financial health in driving this growth. “A company needs a fortress balance sheet to allow space for growth,” Morathi stated. “What I mean by that is your equity is growing, your debt remains healthy, you can service the debt, and you are investing.”
She pointed to the company’s ability to reward shareholders while still funding ambitious expansion plans. “So not only do we have a very healthy balance sheet, but we are also paying a decent dividend – which has grown at 16%,” Morathi added. The board declared an interim dividend of 330 cents per share, a 15.8% increase, in line with its policy.
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The results benefited from a more stable macroeconomic and currency environment, which supported strong rand and hard currency growth. Vodacom’s international operations saw a notable recovery, with service revenue growing 12.2%, driven by double-digit improvements in Tanzania, Lesotho, the Democratic Republic of Congo, and Mozambique.
The Group’s strategic investment in Egypt continued to pay off, with service revenue there growing 42.3% in local currency, supported by 5G rollout and a 32.5% surge in customers for its digital financial services.
Morathi highlighted the ongoing transformation of Vodacom’s financial services, such as M-Pesa, from simple peer-to-peer platforms into comprehensive financial ecosystems. In Tanzania, for example, the reliance on basic transfers and cash-outs has plummeted from 83% to 38% of financial revenue as new products in lending, savings, and merchant payments gain traction. The company now boasts over 1.5 million merchants across its footprint
