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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Vodacom Group
Vodacom Group (VOD) investor relations material
Vodacom Group H1 2027 (Q&A) earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2027 (Q&A) earnings summary10 Nov, 2026
Executive summary
Served 250 million customers, up 11.8% YoY; financial-services customers reached 108 million.
H1 performance exceeded medium-term growth targets: pro-forma service revenue rose 13.3%, EBITDA 18.0% and operating free cash flow 34.3%.
Safaricom became a consolidated subsidiary from 30 June 2026 after the effective holding rose to 55%, expanding geographic reach and financial-services exposure.
HEPS rose 25.7% to 587 cents, excluding a R23.1bn Safaricom remeasurement gain; interim dividend increased 7.6% to 355 cents per share.
Financial highlights
Revenue rose 25.6% to R102.5bn; service revenue increased 29.4% to R85.1bn, or 13.3% pro forma.
EBITDA increased 40.0% to R42.7bn; pro-forma growth was 18.0%.
Operating profit rose 156.9% to R52.0bn, including a one-off R23.1bn Safaricom fair value gain; net profit attributable to equity holders was R34.4bn.
Operating free cash flow grew 68.2% to R16.9bn reported and 34.3% to R20.2bn pro forma; free cash flow was R1.0bn, reflecting working-capital absorption and Safaricom dividend timing.
Financial-services revenue rose 99.0% to R15.9bn reported and 19.2% pro forma to R22.1bn; pro-forma LTM revenue was R43.1bn.
Outlook and guidance
Medium-term targets remain double-digit service revenue growth and early-teens EBITDA and operating free cash flow growth; capital intensity target is 13.5%–14.5%.
FY2027 savings target of R1.9bn is on track; South Africa margin around 37% is supported, while 38% would be a stretch.
FY2027 total dividend is expected to grow; policy is to distribute at least 65% of headline earnings, balancing deleveraging and investment.
Vision 2030 ambitions include revenue above R300bn, more than 275m customers, beyond-mobile services above 32% of service revenue and 130m financial-services customers.
Working-capital absorption is expected to unwind in H2; FY2027 capex expectations include R12.0bn in South Africa and R6.5bn in Egypt.
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Latest events from Vodacom Group
- Pro forma growth beat targets as Safaricom expanded scale; its acquisition remains under appeal.VOD
H1 2027 - FY1H27 EPS surge includes a non-recurring Safaricom remeasurement gain.VODQ2 2027 TU
- Safaricom consolidation and fintech growth drive upgraded guidance and robust results.VODQ1 2027 TU
- Double-digit growth in revenue, EBITDA, and financial services expansion delivered strong results.VODH2 2026 (Q&A)
- Record growth in revenue, EBITDA, and earnings, with upgraded long-term targets and strong expansion.VODH2 2026
- $2.1B deal lifts stake to 55%, consolidating control and boosting fintech scale in Africa.VODM&A Announcement
- Double-digit growth in revenue and profit, with financial services driving expansion.VODH1 2026
- Normalised service revenue rose 9.9% and EBITDA 8.5%, but headline EPS dropped 19.4%.VODH1 2025 Q&A
- FY2025 saw revenue and fintech growth, with a strong outlook but ongoing FX risks.VODH2 2025 Q&A
Vodacom Group
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Frequently asked questions
Vodacom Group Limited (Vodacom) is a prominent mobile communications company operating in several African countries, providing a comprehensive range of services that cater to both individual consumers and enterprise businesses. It offers voice, data, and messaging services to consumers, while its enterprise products include connectivity, managed mobility, cloud and hosting services, managed services, security, and unified communications. Additionally, Vodacom extends financial services, including M-Pesa, and provides low-cost handsets equipped with voice, messaging, and data services. The company is headquartered in Johannesburg, South Africa, and its shares are listed on the Johannesburg Stock Exchange.