Vodacom Group headline earnings rise 26% as Safaricom joins results

Wednesday 11th November 2026

By inAfrika Newsroom

Vodacom Group said on 10 November that headline earnings rose 25.6% to R11.3 billion in the six months ended 30 September. Revenue increased 25.6% to R102.5 billion as the South African telecommunications group began consolidating Safaricom’s results.

The group told investors that Safaricom became a subsidiary on 30 June, when Vodacom completed the acquisition of an additional effective 20% stake. Its contribution to the statutory results therefore covers only part of the six-month period. Vodacom also published a comparison that treats Safaricom as part of the group for the full periods on both sides of the comparison.

Service revenue increased 29.4% to R85.1 billion on a reported basis and 13.3% on the comparable basis that includes Safaricom. Financial services revenue nearly doubled to R15.9 billion in the reported figures and rose 19.2% on that comparable basis.

Earnings before interest, tax, depreciation and amortisation rose 40% to R42.7 billion in the reported figures and 18% on the comparable basis. Capital expenditure rose 41% to R13.3 billion. The ratio of net debt to EBITDA increased to 1.6 times from 0.9 a year earlier.

Vodacom declared an interim dividend of 355 South African cents per share, up from 330 cents. Headline earnings per share rose to 587 cents from 467 cents.

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