South African telecoms giant set to shoot the lights out

Vodacom expects its earnings to jump by as much as 45% in its upcoming interim results for the first half of its 2026 financial year, as a low base in the prior year and a boost in income benefited the telecoms giant.

Vodacom is South Africa’s largest telecommunications company by customers, boasting over 40 million clients.

It is also the second-most valuable telecom company listed on the JSE, with a market capitalisation of around R289 billion.

On Friday, 31 October, the telecoms giant released a trading statement outlining its earnings expectations for the six months through September 2025.

The company expects the following changes to its earnings compared to the first half of its 2025 financial year –

• Earnings per share – increase by between 40% and 45% to a range of 496 to 513 cents
• Headline earnings per share – increase by between 40% and 45% to a range of 494 to 512 cents

The company explained that its interim results will be consistent with Vodacom’s Vision 2030 double-digit EBITDA growth ambition. 

It said the results will be further supported by other favourable movements below the EBITDA line on the income statement, including the lapping of prior year one-off impacts. 

Vodacom’s one-off impacts related to the DRC and Ethiopia in its 2025 financial year amounted to 55 cents per share.

Vodacom’s full results for the first half of its 2026 financial year will be released on or about 10 November 2025.