Vodacom Group Limited · JSE:VOD
Vodacom — Vodacom Group Ltd Ord — Q2 2026 Earnings Presentation
39 slides from Vodacom's earnings presentation, Nov 10, 2025
Slide 1: Vodacom Group Interim results
Vodacom Group Interim results For the six months ended 30 September 2025 Further together
Slide 2: Disclaimer
Disclaimer The following presentation is being made only to, and is only directed at, persons to whom such presentations may lawfully be communicated (‘relevant persons’). Any person who is not a relevant person should not act or rely on this presentation or any of its contents. Information in the f
Slide 3: Our purpose | Connecting for a better future
Our purpose | Connecting for a better future Empowering Protecting Maintaining Pillars people the planet trust Inclusion starts with Seeing Acting opportunity people thrive responsibly Hero • Code Like a Girl: Empowering girls in • m-mama: Emergency transport • 100% grid electricity matched with pro
Slide 4: Vision 2030 | Positioned for accelerated growth and returns
Vision 2030 | Positioned for accelerated growth and returns Why? 1H26 evidenced clear Lead with • Create a differentiated brand and reputation by empowering progress on our key purpose people, protecting the planet and maintaining trust Vision 2030 ambitions • Earn customer loyalty through delivery
Slide 5: Vodacom Group | Our footprint unlocks the demographic dividend
Vodacom Group | Our footprint unlocks the demographic dividend 1H26 Revenue - R82 billion A leader across Operating profit split (%) our footprint1 10.1 R20 billion 42.3 Vodacom-led markets Safaricom-led markets 10.1 37.5 Group metrics (including Safaricom, 100% basis)2 South Africa Egypt Internatio
Slide 6: Service revenue by product
Vodacom Group | Service revenue by product Beyond mobile – high growth (+16.2%*) Contract – good growth (+10.1%*) • Fibre footprint across our markets 21.8% • Enhance customer experience with loyalty and • Growing cloud, hosting and security services content partnerships • Scaling IoT in partnership
Slide 7: Group results snapshot | Double-digit growth
Group results snapshot | Double-digit growth Net profit attributable Revenue Service revenue EBITDA to equity holders R81.6 billion R65.8 billion R30.5 billion R9.1 billion Reported 10.9% 12.2% 14.7% 33.1% Growth Normalised* 12.1% 13.6% 14.8% 223m 94m 467cps 330cps R9.4bn Customers1 Financial servic
Slide 8: Group composition | Diversified portfolio combining growth and profitability
Group composition | Diversified portfolio combining growth and profitability Customer mix Revenue Operating profit Millions R billion R billion Growth Growth 20.21 25.5% / 24.6%* 46.1 7.0% 28.4 2.1 62.3 26.6 65.3%* 16.11 15.0 1 81.6 10.9% / 12.1%* 15.0 1 1.3 73.5 7.8 66.5% 19.9 39.6% 14.3 4.7 223.2
Slide 9: Beyond mobile | Diversifying growth drivers in each segment
Beyond mobile | Diversifying growth drivers in each segment South Africa Egypt International Safaricom 18.3% 17.4% 33.3% 48.9% Beyond R5.8bn R3.1bn mobile R5.6bn R13.6bn Financial services Digital services IoT Fixed Beyond mobile services revenue as % of service revenue 81.7% 82.6% 66.7% 51.1% R25.9
Slide 10: Vision 2030 | Deepening financial inclusion to help economies grow
Vision 2030 | Deepening financial inclusion to help economies grow Drive financial inclusion Deepen financial inclusion Unlocking economic growth Outcomes Basic services Consumer financial services Consumer wealth Positively influence our operating context and society • Cash-in cash-out (CICO) • Mic
Slide 11: Financial services | Scaling our dual-sided financial services ecosystem
Financial services | Scaling our dual-sided financial services ecosystem 1H26 merchant highlights 1H26 consumer highlights FY26 growth drivers Merchants M-Pesa app users Advanced financial services M-Pesa 1.5m 8.0m supporting M-Pesa contribution from new up 29.7% higher ARPU services (e.g. merchants
Slide 12: Financial services | Africa's leading fintech platform
Financial services | Africa’s leading fintech platform 100% basis (incl. Safaricom) Financial services contribution Mobile money Financial services customers Financial services revenue transaction value Contribution 94 million up 13.1% $1.3 billion a day Driven by user and product adoption to Group
Slide 13: South Africa highlights | A stable underlying performance
South Africa highlights | A stable underlying performance Key indicator 1H26 % change Key drivers Revenue (Rm) 44 893 1.3 Customer service revenue • Mobile contract revenue 3.7% • Mobile prepaid revenue -1.6% Service revenue (Rm) 31 736 2.2 • Prepaid data revenue 5.8% Beyond mobile revenue (Rm) 5 80
Slide 14: Egypt highlights | Excellent real growth
Egypt highlights | Excellent real growth 1H26 EGP 1H26 Rand Key indicator (EGPm) % change (Rm) % change Key drivers Revenue 54 996 46.1 19 945 39.6 Strong commercial traction Service revenue 48 608 42.3 17 628 35.9 • Successful summer campaign • Data usage growth 21.9% • Smartphones up 8.4% Beyond m
Slide 15: International highlights | Back to growth
International highlights | Back to growth 1H26 Rand Normalised* Key indicator (Rm) % change % change Key drivers Revenue 17 320 12.6 13.7 Strong data traction • Data traffic growth 32.1% • Smartphone growth 18.1% Service revenue 16 734 12.2 13.3 M-Pesa delivers strong growth Beyond mobile revenue 5
Slide 16: Safaricom highlights | Kenya strong, Ethiopia scaling
Safaricom highlights | Kenya strong, Ethiopia scaling 1H26 KES 1H26 Rand Key indicator1 (KESm) % change (Rm) % change Key drivers Revenue 204 708 8.1 28 427 7.0 M-Pesa • Contribution increased to 44.1% of Service revenue 199 865 11.1 27 762 10.1 service revenue from 42.6% in PY Beyond mobile revenue
Slide 17: Financial Review
Financial Review Further together
Slide 18: Group snapshot | Strong P&L, balance sheet and returns
Group snapshot | Strong P&L, balance sheet and returns Growth Earnings Balance sheet Returns Revenue EBITDA FCF R2.7bn inflow ↑ 10.9% R81.6bn ↑ 14.7% R30.5bn Net debt / EBITDA from an outflow of R1.1 billion (12.1% normalised*) (14.8% normalised*) in prior year period reduced to 0.9x from 1.1x in pr
Slide 19: Group income statement | Double-digit growth
Group income statement | Double-digit growth 1H26 1H25 Reported Normalised* R million % change % change Revenue 81 585 73 538 10.9 12.1 Service revenue 65 806 58 637 12.2 13.6 EBITDA 30 462 26 562 14.7 14.8 Depreciation and amortisation (12 030) (10 929) 10.1 Net profit from associates and joint ven
Slide 20: Service revenue | Sustained momentum supporting rand growth
Service revenue | Sustained momentum supporting rand growth Group South Africa R billion / % R billion / % -1.4% 3.2% 11.4% 13.1% Reported growth 3.2% 3.4% 3.0% 1.4% 11.6 13.5 13.8 13.4 30.7 31.4 32.3 33.5 16.2 15.8 15.8 15.9 3Q25 4Q25 1Q26 2Q26 3Q25 4Q25 1Q26 2Q26 Service revenue Normalised growth*
Slide 21: Cash flow | EBITDA growth supports improved FCF delivery
Cash flow | EBITDA growth supports improved FCF delivery Group free cash flow R billion Key considerations • The working capital absorption reflects seasonal timing and is expected to unwind into the second half of the financial year, supporting a significant improvement in free cash flow metrics 14
Slide 22: FCF | Seasonally low FCF, but clear improvement from recent years
FCF | Seasonally low FCF, but clear improvement from recent years FCF split FCF growth drivers YoY R billion R billion 1.1 3.9 (0.6) 0.2 2.7 (0.3) 0.2 (0.8) 16.5 18.4 19.3 2.0 2.7 (0.2) (1.1) (1.1) FY23 FY24 FY25 FY26 1H25 EBITDA Working Capex Lease Tax Finance Net 1H26 FCF 1H FCF 2H FCF cap payment
Slide 23: Net profit | Growth reflects operational leverage
Net profit | Growth reflects operational leverage 1H26 net profit bridge Net profit R billion reconciliation, YoY R million 1H25 Net profit 7 862 14.7% EBITDA 3 900 D&A (1 101) 2.9 25.5% Associates excl. Ethiopia 681 (1.1) (12.0) Ethiopia 319 (3.3) 54.8% (4.8) Other 309 Net finance costs 95 30.5 20.
Slide 24: HEPS | Significant improvement in first half
HEPS | Significant improvement in first half Headline earnings per share cents Earnings split by period Earnings bridge 32.3% 857 27 467 75 25 408 30 353 (43) 504 353 467 FY25 FY26 1H25 DRC Ethiopia 1H25 ex SA Egypt & Associates 1H26 one-offs IB 1H 2H Prior year one-offs 24
Slide 25: Shareholder returns | Attractive and sustainable pay-out ratio
Shareholder returns | Attractive and sustainable pay-out ratio Dividend declared Dividend aligned to policy R billion 12.9 7.0 At least 75% of Group headline earnings 5.9 6.9 FY25 FY26 Interim dividend Interim dividend Final dividend per share 330 cents Dividend per share declared Rand cents YoY 620
Slide 26: Capital structure | Funding growth and returns from a position of strength
Capital structure | Funding growth and returns from a position of strength Maturity profile Debt type Net debt / EBITDA R billion R billion R billion / times 74.2 72.9 74.2 72.9 1.1 60.8 61.2 58.9 55.4 0.9 13.4 11.7 15.3 17.5 1H25 1H26 1H25 1H26 Current Non-current Leases Financial Currency mix Debt
Slide 27: South Africa fibre | Transaction rationale and impact
South Africa fibre | Transaction rationale and impact Transaction terms Unlocking expansion opportunities to bridge the digital divide • Our investment will strengthen Maziv’s balance sheet and accelerate For the 30% stake, Vodacom will inject: • R4.9 billion of fibre assets fibre roll-out • R7.9 bi
Slide 28: Outlook | We have a clear ambition to grow beyond mobile services
Outlook | We have a clear ambition to grow beyond mobile services 1H25 1H26 Vision 2030 21.1% 21.8% 30.0% Beyond Of which: 12.2% • Financial services • Financial services mobile 11.4% 1.8% CAGR: 15 - 20% for • Digital services 1.9% • Digital services beyond mobile: • IoT 1.4% • IoT 1.3% • Financial
Slide 29: Targets | Capital allocation priorities
Targets | Capital allocation priorities Big data-led smart capex planning Investment into organic growth R Supported by stable capital intensity with an ambition of flat Commercial to improving ROCE optimisation Dividend pay-out of at least 75% of Network Network R headline earnings build optimisati
Slide 30: Targets | Medium-term targets
Targets | Medium-term targets Targets Considerations Group service revenue growth Improved inflation and FX outlook, supporting reported currency growth R Double-digit Anticipating an improved EBITDA performance from R Group EBITDA growth South Africa, with strong EBITDA growth from Egypt Double-dig
Slide 31: Wrap-up
Wrap-up Further together
Slide 32: Vodacom is Vision 2030 | Targeting improved shareholder returns
Vodacom is Vision 2030 | Targeting improved shareholder returns structurally well positioned Strategic imperative Key ambitions for growth Customer • NPS leadership in all markets experience • 260 million customers Market leadership • Market leader in connectivity, smartphone penetration >75% Innova
Slide 33: Appendix
Appendix Further together
Slide 34: Impact of exchange rates
Impact of exchange rates YoY% growth Revenue Average YTD exchange rates Reported Normalised* 1H26 1H25 % changed South Africa 1.3 1.3 USD/ZAR 17.96 18.27 (1.7) Egypt 39.6 46.1 EUR/ZAR 20.68 19.87 4.1 International 12.6 13.7 ZAR/TZS 144.92 145.16 (0.2) Group 10.9 12.1 ZAR/MZN 3.56 3.50 1.7 ZAR/KES 7.
Slide 35: Country data
Country data Egypt Lesotho Safaricom Safaricom South Africa Tanzania DRC Mozambique Kenya Ethiopia PopulationŦ (million) 63.1 116.3 71.4 109.1 35.8 2.4 57.3 132.9 GDP per capitaŦ (USD) 6 800 3 134 1 241 777 656 1 019 2 392 707 GDP growth estimateŦ (%) 0.8 4.0 6.1 5.5 2.5 -0.2 5.1 7.0 Ownership (%) 1
Slide 36: More information
More information Visit our website for more information http://www.vodacom.com Upcoming Dates 3Q26 results FY25 Integrated report 4 February 2026 FY26 results AGM 11 May 2026 AGM 1Q26 results 21 July 2026 1Q27 1H26 results 24 July 2026 Contact us Follow us on @Vodacom VodacomIR@vodacom.co.za social
Slide 37: Definitions
Definitions Customers Data customers M-Pesa customers ARPU Customers are based on the total number of Data customers are based on the number of M-Pesa customers are based on the number Total ARPU is calculated by dividing the sum mobile customers using any service during unique users generating bill
Slide 38: Financial services products
Financial services products Deposit and withdrawal Transfer Payment Bill payments Service delivery Users can easily deposit and Users can seamlessly transfer Our payment solutions enable Our services facilitate utility bill Our solutions streamline service withdraw money at designated funds between
Slide 39: Forward-looking statement
Forward-looking These factors include, but are not limited to, the following: changes in economic or political conditions in markets served by operations of the Group; greater than statement anticipated competitive activity; higher than expected costs or capital expenditures; slower than expected cu
Vodacom Group Ltd Ord — Q2 2026 Earnings Presentation on 6ix