Vodacom Posts Double-Digit Revenue Growth as Customer Base Hits 237 Million

Vodacom Group  has reported a strong set of financial results for FY2026, highlighting accelerated growth across its African markets, major strategic acquisitions, and expanding financial services operations as part of its Vision 2030 strategy.

Group CEO Shameel Joosub said the company delivered “a strong start” to its long-term Vision 2030 plan, driven by geographic diversification, customer growth, and increased investment in digital connectivity.

“We have delivered a strong start to our Vision 2030 strategy. This was a year that reflected both continuity and acceleration: staying true to the strengths that have served us well, while confidently stepping into the next phase of our growth journey. With headline earnings and free cash each growing by more than 20%, the benefits of our revenue and geographic diversification are apparent, even amid a complex and dynamic macroeconomic environment. Pleasingly, our strong commercial momentum has positioned us to upgrade our Vision 2030 customer aspirations and confirm our medium-term targets. Throughout FY2026 and our Vision 2030 strategy, our purpose – connecting people for a better future – remains a decisive driver of strategy and execution, shaping how we invest, scale and deliver sustainable impact across our markets.”

– Shameel Joosub, Group CEO, Vodacom Group

The telecoms giant posted headline earnings and free cash flow growth of more than 20%, while group service revenue rose 10.6% to R133.6 billion. EBITDA increased 12.8% to R62.6 billion, with margins expanding to 37.4%.

Vodacom added 26 million customers during the financial year — more than double its annual Vision 2030 target — bringing its total customer base across eight markets to 237.3 million. Following the strong performance, the company raised its Vision 2030 customer target from 260 million to 275 million.

A major highlight of the year was Vodacom’s agreement to acquire an additional 20% stake in Safaricom, strengthening its position in East Africa, particularly in Kenya and Ethiopia. The deal remains subject to an ongoing court process in Kenya.

Vodacom also finalised the acquisition of a strategic stake in Maziv, a South African fibre business, aimed at accelerating fibre rollout and improving digital access in underserved communities.

International operations continued to drive growth, with Egypt emerging as one of the strongest performers. Vodacom’s Egyptian business recorded local-currency service revenue growth of 36.2% and EBITDA growth of 44.5%, contributing nearly 30% of group EBITDA.

The company’s South African business remained resilient despite economic pressures, delivering 2.1% service revenue growth supported by stronger prepaid trends, rising data demand, and growth in digital and fixed services.

Financial services also remained a key growth engine. Vodacom’s financial services customer base expanded 17.4% to 103 million users, including Safaricom customers. The company processed US$525.6 billion in fintech transaction value during the year, up 16.6%.

Vodacom increased its Vision 2030 financial services customer ambition from 120 million to 130 million users, citing strong demand for payments, savings, insurance, and lending products across African markets.

The group invested R23.6 billion in network infrastructure during FY2026, rolling out more than 3,000 new 4G sites and over 6,000 new 5G sites across its markets. Smartphone penetration across the group rose to 68.6%.

Looking ahead, Joosub acknowledged ongoing macroeconomic uncertainty and rising energy costs but said Vodacom’s diversified portfolio and risk management capabilities position the company well for sustained growth.

He added that the completion of the Safaricom transaction would significantly strengthen Vodacom’s scale, diversification, and long-term growth profile while supporting broader access to connectivity and digital services across Africa.