Vodacom Profit Per Share Rises 25.7%

SOUTH AFRICA · COMPANIES

Vodacom, a South African mobile group, lifted its half-year HEPS by 25.7% to 587 cents (about US$0.36). The company published the figures in its interim results on Tuesday, 10 November 2026, for the six months to 30 September.

The results now include Safaricom, the Kenyan mobile operator, in which Vodacom holds 55%. A Kenyan court has declared the transaction behind that stake null and void, and an appeal is under way.

What Vodacom Reported

Rand (R) amounts are converted at R16.39 per US dollar, the rate on 10 November 2026. Dollar figures are rounded and are our conversions, not the company’s.

Vodacom’s results show group revenue of R102.5 billion (about US$6.3 billion), up 25.6%, and service revenue (income from customer services) of R85.1 billion (about US$5.2 billion), up 29.4%. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 40.0% to R42.7 billion (about US$2.6 billion).

Net profit attributable to shareholders was R34.4 billion (about US$2.1 billion), against R9.1 billion a year earlier, and includes a one-off accounting gain, not cash, of R23.1 billion (about US$1.4 billion) from taking control of Safaricom. HEPS excludes that gain, which is why it rose a smaller 25.7% from 467 cents.

The board declared an interim dividend of 355 cents per share (R3.55, about US$0.22), up 7.6% from 330 cents. Vodacom said the payout reflects a revised policy that balances paying shareholders with reducing debt, and its net debt (borrowings minus cash) stood at 1.6 times EBITDA, up from 0.9 times at the March 2026 year-end.

Why Safaricom Changes the Numbers

Vodacom’s stake in Safaricom rose from 35% to 55% effective 30 June 2026, so Safaricom is now accounted for as a subsidiary, and its results are added in full. That is why reported growth looks larger than underlying growth: service revenue grew 13.3% when Safaricom is counted in the earlier period too (a pro forma basis).

Pro forma EBITDA grew 18.0%, which Vodacom said is ahead of its guidance range and above its medium-term target of early-teens EBITDA growth. The company paid R25.8 billion (about US$1.6 billion) in cash for the 15% Safaricom stake it bought from the Kenyan government.

The High Court in Kenya declared the transaction null and void on 15 September 2026. On 13 October 2026 the Court of Appeal in Nairobi, Kenya, fast-tracked the appeal and ordered both sides to keep things as they are, and Vodacom says it remains the registered holder of the shares while the purchase price is preserved until the hearing (our earlier report on the stake).

Where the Growth Came From

In Egypt, Vodacom’s service revenue grew 36.3% in local currency and EBITDA grew 31.3%. At Safaricom, service revenue grew 13.1% and EBITDA 27.5%, and Ethiopia nears EBITDA break-even (operating profit covering running costs).

In South Africa, the prepaid (pay-as-you-go) business returned to growth, and the EBITDA margin (EBITDA as a share of revenue) widened to 37.4%, which Vodacom called the highest in several years. The International business, led by Tanzania, the Democratic Republic of the Congo and Lesotho, grew service revenue 13.7% on a comparable basis that leaves out Safaricom and currency swings, and Vodacom called the Tanzanian performance strong (our report on Vodacom Tanzania).

Customers of its financial services platforms, such as mobile money, rose 15.0% to 108 million, and pro forma financial services revenue over the last twelve months was R43.1 billion (about US$2.6 billion). Vodacom said its platforms handled US$575.5 billion in transaction value over those twelve months.

What It Means for You

For shareholders, the 355-cent dividend is payable on Monday, 7 December 2026, and shares bought by Tuesday, 1 December 2026 qualify for it. The Kenyan appeal remains the open risk around the Safaricom contribution.

For readers following African mobile money, the group’s 250 million customers and 108 million financial services users show the scale of the business. More on the country is in our South Africa coverage.

What Is Not Known

The outcome of the Court of Appeal case in Nairobi is not known, and neither is what would happen to the 15% stake if the appeal fails. Vodacom said its confidence in the strategic rationale of the transaction is unchanged.

Frequently Asked Questions

What Did Vodacom Report for the Half Year?

Vodacom said headline earnings per share rose 25.7% to 587 cents (about US$0.36) in the six months to 30 September 2026. Group revenue rose 25.6% to R102.5 billion (about US$6.3 billion).

Why Do Pro Forma Figures Matter?

Vodacom began adding Safaricom’s results to its own from the second quarter, which lifts the reported numbers. Pro forma figures include Safaricom in the earlier period too, so they show growth without that effect.

Does Vodacom Still Own Safaricom Shares After the Kenyan Ruling?

Yes, for now. Vodacom said Kenya’s Court of Appeal ordered both sides to keep things as they are, so it remains the registered holder of the shares while the appeal is heard.

Sources: Vodacom Group Limited, reviewed interim results for the six months ended 30 September 2026, 10 November 2026; exchange rate: rate of 10 November 2026 (R16.39 per US dollar).

This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error