Vodacom Reports Double-Digit Revenue Growth Driven by Egypt and Financial Services Expansion

Johannesburg — 4 February 2026 — Vodacom Group has reported strong financial and operational performance for the quarter ended 31 December 2025, with group revenue rising 11% year-on-year to approximately USD 2.37 billion.

Group service revenue increased 12.7%, exceeding the company’s medium-term growth targets, supported by robust performances across Egypt and Vodacom’s international operations.

Egypt Emerges as a Key Growth Engine

Vodacom’s Egyptian operations were a standout contributor during the quarter, with service revenue surging 39% to approximately USD 514 million. Financial services revenue in Egypt grew an impressive 59.4%, underlining the success of Vodafone Cash and digital payments adoption.

Vodacom acquired a 55% stake in Vodafone Egypt in December 2022, in a transaction valued at approximately USD 2.6 billion, positioning Egypt as a cornerstone of the Group’s long-term growth strategy.

Financial Services and Mobile Money Momentum

Group financial services revenue climbed 24.7% to approximately USD 243 million, driven by continued growth in mobile money and digital financial products.

Over the past 12 months, Vodacom processed transactions valued at approximately USD 27 billion through its mobile money platforms, highlighting the increasing role of financial services within the Group’s ecosystem.

Including Safaricom, Vodacom surpassed 100 million financial services customers during the quarter.

Strategic Investments Strengthen Long-Term Outlook

Vodacom Group CEO Shameel Joosub said the quarter marked significant strategic progress, highlighted by two major milestones.

“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 final regulatory approval, unlocking opportunities to accelerate fibre deployment and expand access to high-quality connectivity.”

South Africa: Resilient Performance in a Tough Environment

In South Africa, service revenue grew 1.4% to approximately USD 886 million, despite a challenging consumer environment and a strong comparative period in the previous year.

Growth was supported by financial services, fixed connectivity, and IoT solutions. Data traffic increased 32.3%, reflecting sustained network investment and strong customer engagement during a successful summer campaign.

International Business Delivers Consistent Growth

Vodacom’s international operations recorded service revenue growth of 12.6% to approximately USD 476 million, benefiting from network modernisation, strong commercial execution, and the expansion of advanced digital and financial services.

Data revenue across international markets rose 21.1%, while M-Pesa revenue grew 22.1%, driven by double-digit growth across all operating markets. The international customer base expanded 12.5% to 65.7 million.

Outlook

“Egypt remains a standout performer, now accounting for more than a quarter of Group service revenue,” said Joosub. “Looking ahead, we remain focused on delivering our medium-term targets, advancing financial inclusion, and executing with discipline across our markets.”

“Continued execution of our strategy has the potential to unlock significant economic value while helping to address inequality across the regions we serve.”