South African telecoms giant expects earnings to grow by 25%

Vodacom is set to report bumper results for the 2026 financial year, with earnings expected to increase by as much as 25%.

Vodacom is South Africa’s largest telecommunications company by subscribers, with a market cap of R294 billion on the JSE.

The telecoms giant released a trading statement after market close on Monday, 4 May 2026, outlining its earnings expectations for the 2026 financial year. This covers the year through March 2026 and shows that Vodacom expects to report strong results.

The company expects its earnings per share to increase by 20% to 25% to between 1,031 and 1,074 cents.

Vodacom’s headline earnings per share are expected to grow by 20% to 25% to between 1,028 cents and 1,071 cents.

This strong growth comes off the back of a strong end to 2025 for Vodacom, marked by solid financial growth and two notable milestones. 

In the quarter ended 31 December 2025, the group reported that its revenue grew by 11% to R43.90 billion, while service revenue surged by 12.7% to R34.61 billion.

The company’s largest segment, South Africa, grew revenue and service revenue by 0.6% and 1.4%, respectively, contributing R24 billion and R16.42 billion to the total.

The telecoms giant’s international businesses performed better, with 14.4% revenue growth to R9.36 billion and 12.6% service revenue growth to R8.81 billion.

Egypt emerged as the standout performer in this quarter, having grown revenue by 43% to R11.11 billion and service revenue by 39% to R9.51 billion.

CEO Shameel Joosub said the last two months of 2025 saw two notable milestones that are set to strengthen Vodacom’s long-term growth profile and accelerate inclusive connectivity across the company’s footprint.

In December 2025, the company announced an agreement to acquire an additional 20% stake in Safaricom, reinforcing its commitment to the high-growth East African markets of Kenya and Ethiopia.

A month prior, in November 2025, Vodacom’s acquisition of a strategic stake in South African fibre business Maziv also received ICASA’s final approval.

This deal is set to unlock the opportunity to accelerate fibre deployment and expand access to high-quality connectivity in South Africa.

Vodacom’s results for the year ended 31 March 2026 are expected to be released on 11 May 2026.