Vodacom rakes in the cash
South African mobile group Vodacom has seen significant revenue growth in the third quarter ending 31 December 2025, bolstered by strong international operations.
In a quarterly update for the period, the group saw revenue increase 11% to R43.9 billion, with service revenue climbing 12.7% to R34.6 billion.
South Africa service revenue growth increased 1.4% to R16.4 billion, supported by beyond mobile.
However, the double-digit growth in service revenue was primarily driven by its Egypt operations, where service revenue rose 39.0% to R9.5 billion.
The quarter was also host to significant acquisitions.
In December, Vodacom announced an agreement to acquire an additional 20% stake in Safaricom for a total consideration of US$2.1 billion.
This reinforced the group’s strategic investments in high-growth markets in East Africa, particularly Kenya and Ethiopia.
In November, the group finalised its acquisition of a strategic stake in South African fibre business Maziv and received ICASA’s final approval.
Through the deal, Vodacom aims to accelerate fibre deployment and expand access to high-quality connectivity, particularly in historically underserved communities.
“From a financial performance perspective, the ideal start that we delivered in the first half of the year to our bold Vision 2030 ambitions continued into the third quarter,” the group said.
“This encouraging momentum underscores our confidence in the group’s medium-term growth trajectory in an operating environment shaped by macroeconomic and currency stability, which should bode well for the group’s performance for the full financial year.”
Vodacom said the quarter benefited from sustained growth in Egypt and its International business – including a strong performance in DRC – while South Africa delivered modest but satisfactory revenue growth against a particularly strong comparative quarter last year.
Looking ahead, the group said it is focused on delivering its medium‑term targets.
| Q3 Ended 31 December | 2025 (Rm) | 2024 (Rm) | YoY % Change Reported | YoY % Change Normalised* |
|---|---|---|---|---|
| Group Revenue | 43,898 | 39,531 | 11.0% | 11.7% |
| South Africa | 24,002 | 23,865 | 0.6% | 0.6% |
| Egypt | 11,108 | 7,767 | 43.0% | 43.7% |
| International | 9,359 | 8,179 | 14.4% | 17.4% |
| Group Service Revenue | 34,606 | 30,693 | 12.7% | 13.6% |
| South Africa | 16,418 | 16,192 | 1.4% | 1.4% |
| Egypt | 9,506 | 6,837 | 39.0% | 39.7% |
| International | 8,813 | 7,829 | 12.6% | 15.4% |
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