Vodacom reported a 11% in group revenue for the quarter ended 31 December 2025, to R43,9-billion.
Shameel Joosub, Vodacom Group CEO, comments: “During the third quarter, Vodacom Group made significant strategic progress, marked by two milestones that strengthen our long-term growth profile and accelerates inclusive connectivity across our footprint.
“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.
“In November, our acquisition of a strategic stake in South African fibre business Maziv received ICASA’s final approval, unlocking the opportunity to accelerate fibre deployment and expand access to high-quality connectivity, particularly in historically underserved communities.”
He adds that the quarter benefited from sustained growth in Egypt and Vodacom’s 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.
“Including Safaricom, we passed the 100 million financial services customers mark during the quarter, illustrating our purpose-led impact on people and economies across our markets. We continue to invest in quality and resilience, modernising networks, scaling 4G and 5G where appropriate, and expanding fibre to bridge the digital divide.”
At a Group level, revenue increased 11% to R43,9-billion and Group service revenue up 12,7%. Financial services remains a key growth engine, producing a 24,7% increase to R4,5-billion, while mobile money platforms, including Safaricom, processed $500,7-billion in transaction value over the last twelve months.
In South Africa, service revenue grew by 1,4% to R16,4-billion, supported by robust growth in financial services, fixed connectivity, and IoT. The contract segment grew 2,6%, supported by ARPU growth.
“Prepaid revenue was under pressure as the result of a tougher consumer backdrop and promotional pricing,” says Joosub. “Data traffic surged by 32,3%, supported by sustained investment in network quality and a highly successful summer campaign driving strong engagement on smart devices.”
The International business reported service revenue up 12,6% to R8,8-billion. “The region benefited from strong commercial execution, network modernisation, and the scaling of advanced digital and financial services,” Joosub explains.
Data revenue grew by 21,1%, contributing 31,2% of International business service revenue, while M-Pesa revenue accelerated to 22,1% growth, driven by double-digit expansion across all markets. The customer base increased by 12,5% to 65,7-million.
“Egypt remains a standout performer, with service revenue rising by 39% to R9,5-billion, now accounting for 27,5% of Group service revenue in the quarter,” says Joosub. “This was driven by strong commercial momentum, enhancements to integrated connectivity and content packages, and continued traction of Vodafone Cash.”
Financial services revenue grew by 59,4%, supported by a 28,9% increase in active customers to 13,5-million. Data traffic expanded by 25,1%, with data customers up 8,9% to 33,9-million.
“Consistent network investment, including the roll-out of 5G services, underpinned healthy ARPU growth and reinforced Egypt’s leadership in customer experience and digital innovation.”
From a mergers and acquisitions perspective, the implementation of the Maziv transaction in South Africa began on 1 December 2025, including a significant capital injection that better positions the open‑access fibre ecosystem.
“Separately, on 4 December 2025, we announced a landmark transaction to increase Vodacom’s effective shareholding in Safaricom to 55% by acquiring 15% from the government of Kenya and 5% from Vodafone Group Plc for a total consideration of $2,1-billion,” Joosub says. “Subject to regulatory approvals, this transaction will result in the consolidation of Safaricom into Vodacom upon completion.
“Strategically, this aligns closely with Vision 2030 as it strengthens our pan‑African fintech and connectivity leadership, while unlocking significant opportunities to share best practice across Kenya, Ethiopia and our broader footprint as we drive sustainable value for customers, communities and shareholders.”