Vodacom going after 275 million customers

Vodacom has increased its medium-term target to 275 million customers by 2030, with the telecoms giant having added 26 million in just the 2026 financial year.

Alongside this solid customer growth, Vodacom has also reported strong financial results, largely driven by its operations in Egypt, Tanzania, the Democratic Republic of Congo and Lesotho.

On Monday, 11 May, Vodacom released its results for the year through March 2026, which revealed a strong performance for the company.

The group’s customer base increased by 12.3% to reach 237.3 million clients, helped by Vodacom’s acquisition of Safaricom in December 2025.

The company reported revenue of R167.7 billion, up 10.1%, with service revenue up 10.6% to R133.56 billion and financial services revenue up 19.6%.

Vodacom’s EBITDA grew by 12.8% to R62.6 billion, while its headline earnings per share increased by nearly 23% to 1,053 cents.

The group’s free cash flow was also up by 20.1% to R21.84 billion, which CEO Shameel Joosub ascribed to the benefits of Vodacom’s revenue and geographic diversification.

However, the company’s operations did not all contribute equally, with Vodacom taking a hit in both South Africa and Mozambique.

The South African segment saw its service revenue grow by a modest 2.1% to R64.37 billion, while its EBITDA and operating profit declined.

The group attributed this to a one-off cost incurred in the first half of the financial year, saying the second half of the year saw positive EBITDA growth.

South Africa remains the largest contributor to group service revenue, followed by Egypt.

Egypt was a standout performer in these results, with service revenue up 30.2% to R36.09 billion and EBITDA growth of 38.5%.

On the back of these strong results, Vodacom has decided to up its customer targets under its Vision 2030 strategy.

This strategy is intended to accelerate the company’s growth, deepen its impact across Africa, and deliver value for shareholders.

The group is now chasing a target of 275 million customers, up from 260 million previously, including 130 million financial services customers.

On the back of its strong results, Vodacom declared a final dividend of 405 cents per share, up 20.9% from 2025 and bringing the total dividend for 2026 to 735 cents.