Vodacom Group (VOD) Q3 2026 TU earnings summary

Executive summary

• Group revenue rose 11.0% year-over-year to R43.9 billion, with service revenue up 12.7% and strong contributions from Egypt and International operations.

• Strategic milestones included acquiring an additional 20% stake in Safaricom and final approval for the Maziv fibre business acquisition in South Africa.

• Financial services and mobile money platforms remain key growth drivers, with over US$500.7 billion transacted in the last twelve months.

Financial highlights

• Group service revenue increased 12.7% year-over-year, with normalised growth at 13.6%.

• Egypt service revenue surged 39.0% to R9.5 billion, now representing 27.5% of Group service revenue.

• International business service revenue grew 12.6% (15.4% normalised) to R8.8 billion.

• South Africa service revenue grew 1.4% to R16.4 billion, supported by financial services and fixed connectivity.

• Group financial services revenue increased 24.7% to R4.5 billion.

Outlook and guidance

• Management remains confident in achieving medium-term growth targets, supported by macroeconomic and currency stability.

• Focus remains on advancing financial inclusion, scaling digital and financial services, and executing Vision 2030.