Business4.05.2026

Vodacom expects big increase in earnings

By Jan Vermeulen

Vodacom announced on Monday that it expected earnings per share to increase by between 20% and 25% for the year ended 31 March 2026.

“It is anticipated that the results will be consistent with Vodacom’s Vision 2030 double-digit EBITDA growth ambition,” the company stated.

The mobile operator published a trading statement on the JSE’s stock exchange news service after market close on 4 May 2026.

JSE rules require companies to publish a trading statement as soon as there is a reasonable degree of certainty that their next financial results will differ by at least 20% from the previous corresponding period.

Earnings per share (EPS) is expected to increase from 859 cents in the previous corresponding year to between 1,031 cents and 1,074 cents.

Headline earnings per share (HEPS) is expected to rise from 857 cents to between 1,028 cents and 1,071 cents for the financial year.

HEPS is a key South African profit measure that excludes certain once-off gains and losses, and is closely watched by investors and analysts.

Vodacom said it expected to release its results for the year ended 31 March 2026 on SENS on or about 11 May 2026.

The results will follow strong quarterly results, with Vodacom reporting in February that its revenue for the quarter ended 31 December 2025 grew by 11% to R43.9 billion.

Third-quarter group service revenue grew 12.7%, tracking favourably against the company’s medium-term target, buoyed by its operations in Egypt, where service revenue grew by 39% to R9.5 billion.

Egypt’s financial services revenue was up 59.4%. Vodacom acquired a 55% stake in Vodafone Egypt in December 2022, in a deal valued at R48.1 billion.

Vodacom Group CEO Shameel Joosub said the significant strategic progress during the quarter was marked by two milestones that strengthen the company’s long-term growth profile.

“In December, we announced an agreement to acquire an additional 20% stake in Safaricom, reinforcing our commitment to the high-growth East African markets of Kenya and Ethiopia,” said Joosub.

“In November, our acquisition of a strategic stake in South African fibre business Maziv received ICASA’s final approval.”

Joosub said the Maziv acquisition unlocked the opportunity to accelerate fibre deployment and expand access to high-quality connectivity, particularly in historically underserved communities.

The table below summarises the earnings per share growth ranges Vodacom announced in its trading statement on Monday.