Vodacom Group Limited · JSE:VOD
Vodacom — Vodacom Group Ltd Ord — FY2026 Earnings Presentation
39 slides from Vodacom's earnings presentation, May 11, 2026
Slide 1: Vodacom Group Annual results for the year ended 31 March 2026
Vodacom Group Annual results For the year ended 31 March 2026
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 the planet people trust Inclusion starts with opportunity Seeing people thrive Acting responsibly Hero • Code Like a Girl: Empowering girls in • m-mama: Emergency transport • 100% grid electricity matched with pro
Slide 4: FY2026 snapshot | Strong start to Vision 2030
FY2026 snapshot | Strong start to Vision 2030 We are benefiting from revenue & geographic diversification While, focused on sustainable returns and growth Net adds Beyond ROCE • Well-positioned to withstand macroeconomic volatility 2x annual 10m target, mobile of 27.5% reaching 237m contribution up
Slide 5: Group results snapshot | Double-digit rand growth
Group results snapshot | Double-digit rand growth Net profit attributable Revenue Service revenue EBITDA to equity holders R167.7 billion R133.6 billion R62.6 billion R20.6 billion Reported 10.1% 10.6% 12.8% 24.4% Growth Normalised* 12.2% 12.9% 14.2% 237m 103m 1 053cps 735cps R23.6bn Customers1 Fina
Slide 6: Vision 2030 | Upgrading customer ambitions and confirming growth outlook
Vision 2030 | Upgrading customer ambitions and confirming growth outlook Vision 2030 FY2026 evidenced clear FY26 Existing Revised progress on our key Vision 2030 ambitions Differentiate with • Leading market share • 6 of 8 • NPS leadership customer experience • Number of customers • 237 million • 26
Slide 7: Group diversification | Geographic split combining growth and profitability
Group diversification | Geographic split combining growth and profitability Customer mix Revenue Operating profit Millions R billion R billion Growth Growth 44.11 23.2% / 21.8%* 4.3% 38.3%* 35.81 167.71 10.1% / 12.2%* 152.21 237.3 34.5% 48.9% 67.2% 8.4% 2.1% -0.2% South Africa IB Egypt SF (100%)2 So
Slide 8: Group diversification | Service revenue by product
Group diversification | Service revenue by product Beyond mobile – high growth (+18.9%*) Contract – good growth (+9.5%*) • Fibre footprint across our markets • Enhance customer experience with loyalty and • Growing cloud, hosting and security services content partnerships • Scaling IoT in partnershi
Slide 9: Beyond mobile | Strong growth drivers in each geographic segment
Beyond mobile | Strong growth drivers in each geographic segment South Africa Egypt International Safaricom 18.7% 18.3% 33.9% 49.0% Beyond mobile R12.0bn R6.6bn R11.4bn R27.2bn Financial services Digital services IoT Fixed Beyond mobile services revenue as % of service revenue 81.3% 81.7% 66.1% 51.0
Slide 10: Financial services | Scaling our dual-sided financial services ecosystem
Financial services | Scaling our dual-sided financial services ecosystem FY26 merchant highlights FY26 consumer highlights FY27 growth drivers Merchants M-Pesa app users Advanced financial services M-Pesa 3.9m 9.4m supporting M-Pesa contribution from new up 63.1% higher ARPU services (e.g. merchants
Slide 11: 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 103 million up 17.4% US$1.4 billion a day Driven by user and product adoption to Gro
Slide 12: South Africa highlights | Resilient performance, improved second half
South Africa highlights | Resilient performance, improved second half FY26 Key indicator % change Key drivers (Rm) Revenue 92 622 2.1 Key growth drivers • Data traffic up 32.1% • Fixed revenue up 8.1%, excl. transit Service revenue 64 369 2.1 • Financial services grew 8.1% Beyond mobile revenue 12 0
Slide 13: Egypt highlights | Commercial momentum supports strong year
Egypt highlights | Commercial momentum supports strong year FY26 EGP FY26 Rand Key indicator (EGPm) % change (Rm) % change Key drivers Revenue 116 585 40.9 41 358 34.5 Strong commercial traction • Successful campaigns • Data usage growth 25.9% Service revenue 101 715 36.2 36 085 30.2 • Smartphones u
Slide 14: International highlights | Good operational leverage
International highlights | Good operational leverage FY26 Rand Normalised* Key drivers Key indicator (Rm) % change % change Revenue 34 984 8.4 13.2 Strong data adoption Service revenue 33 672 9.9 14.4 • Data revenue exceeded voice revenue for the first time Beyond mobile revenue 11 403 15.0 19.3 • D
Slide 15: Safaricom highlights | Kenya excellent, Ethiopia scaling well
Safaricom highlights | Kenya excellent, Ethiopia scaling well FY26 KES FY26 Rand Key drivers Key indicator1 (KESm) % change (Rm) % change Revenue 427 559 10.0 56 975 4.3 Ethiopia scaling • Customers increased 54.2% Service revenue 414 137 11.5 55 514 6.4 • EBITDA losses narrow 54.4% in shillings M-P
Slide 16: Financial Review
Financial Review Further together
Slide 17: Group snapshot | Double-digit growth and strong shareholder returns
Group snapshot | Double-digit growth and strong shareholder returns Growth Earnings Balance sheet and returns Service revenue EBITDA Net debt / EBITDA Dividend per share ↑ 10.6% R133.6bn ↑ 12.8% R62.6bn Increased to 1.0x Final: ↑ 20.9% to 405 cents (12.9% normalised*) (14.2% normalised*) from 0.9x i
Slide 18: Group income statement | Excellent growth on a reported & normalised basis
Group income statement | Excellent growth on a reported & normalised basis FY26 FY25 Reported Normalised* R million % change % change Revenue 167 652 152 227 10.1 12.2 Service revenue 133 561 120 734 10.6 12.9 EBITDA 62 626 55 511 12.8 14.2 Depreciation and amortisation (24 285) (21 934) 10.7 Net pr
Slide 19: Service revenue | Strong underlying growth; 4Q impacted by strong rand
Service revenue | Strong underlying growth; 4Q reported result impacted by strong rand Group South Africa R billion / % R billion / % 11.4% 13.1% 12.7% 5.6% Reported growth 3.0% 1.4% 1.4% 2.8% International business Egypt R billion / % R billion / % 9.7% 14.7% 12.6% 3.0% Reported growth 33.7% 38.1%
Slide 20: Cash flow | EBITDA growth supports excellent free cash flow generation
Cash flow | EBITDA growth supports excellent free cash flow generation Group free cash flow R billion 12.8% Free cash flow represents 105.8% of net income 10.3% attributable to equity holders 20.1% Working Capital Lease Operating free Net Tax Net Free EBITDA capital expenditure liability Other cash
Slide 21: Free cash flow | Strong track record through economic cycles
Free cash flow | Strong track record through economic cycles FCF FCF growth drivers YoY R billion RRbillion billion Macro context between FY22-25: • Devaluation of Egyptian pound and Ethiopia birr • Sharp increase in South African interest rates 20.1% 21
Slide 22: Net profit | Growth reflects operational leverage
Net profit | Growth reflects operational leverage FY26 net profit bridge Net profit R billion reconciliation, YoY R million 12.8% FY25 Net profit 19 891 23.2% EBITDA 7 115 D&A (2 351) 34.4% Associates excl. Ethiopia 1 284 Ethiopia 251 Other1 2 005 Net finance costs 84 Tax (1 542) FY26 Net profit 26
Slide 23: HEPS | Strong commercial result translates into >20% earnings growth
HEPS | Strong commercial result translates into >20% earnings growth Headline earnings per share cents Earnings split by period Earnings bridge 22.9% 1 053 15.3% 22.9% 857 16.1% 32.3% Prior year one-offs 23
Slide 24: Shareholder returns | Committed to attractive and sustainable returns
Shareholder returns | Committed to attractive and sustainable returns % R cents Capital discipline driving ROCE expansion Dividend per share 75% 78% 75% 735 18.5% 590 620 20.9% 15.8% Payout ratio Investing for growth: FY26 capex of R23.6 billion, up 16.5% Dividend aligned to policy of at least 75% o
Slide 25: South Africa fibre | Transaction rationale and impact
South Africa fibre | Transaction rationale and impact Unlocking expansion opportunities to bridge the digital divide Transaction terms FY261 • Our investment has strengthened Maziv’s balance sheet, unlocking For the 30% stake, Vodacom injected: Revenue R7.6bn accelerated fibre roll-out • R5 billion
Slide 26: Safaricom | Transaction rationale and impact
Safaricom | Transaction rationale and impact Transaction terms Why Safaricom and why this deal? • Acquiring a majority stake – Vodacom announced From associate to subsidiary the acquisition of a 15% stake in Safaricom from the 1 Market leader Government of Kenya (GOK) and Vodafone's residual in Keny
Slide 27: Capital structure | Modest leverage increase reflects Maziv investment
Capital structure | Modest leverage increase reflects Maziv investment Maturity profile Gross debt by type Group net debt R billion R billion R billion 87.1 87.1 77.8 77.8 Currency mix Debt mix % % Incl. leases Excl. leases Incl. leases Excl. leases (average cost 9.6%) (average cost 8.7%) Safaricom
Slide 28: Outlook | We have a clear ambition to grow beyond mobile services
Outlook | We have a clear ambition to grow beyond mobile services FY25 FY26 Vision 2030 21.4% 22.3% 30.0% of which financial of which financial services is 11.4% services is 12.6% Beyond mobile of which: • South Africa 5.6% of which: • South Africa 5.9% CAGR: 15 - 20% for Financial services • Egypt
Slide 29: Targets | Double-digit outlook reflects strong momentum
Targets | Double-digit outlook reflects strong momentum Metric FY2026 Medium-term targets R R Group service revenue 12.9%* Double-digit growth Unchanged R Group EBITDA 14.2%* Double-digit growth Unchanged R Group operating free cash flow 13.3%* Double-digit growth New 13.5% - 14.5% of Group R Group
Slide 30: Wrap-up
Wrap-up Further together
Slide 31: Vision 2030 | Targeting improved shareholder returns
Vision 2030 | Targeting improved shareholder returns Vodacom is Strategic imperative Key ambitions structurally well positioned for growth Customer • NPS leadership in all markets experience • 275 million customers Upgraded Market leadership • Market leader in connectivity, smartphone penetration >7
Slide 32: Appendix
Appendix Further together
Slide 33: Impact of exchange rates
Impact of exchange rates YoY% growth Revenue Average YTD exchange rates Reported Normalised* FY26 FY25 % changed South Africa 2.1 2.1 USD/ZAR 17.35 18.24 (4.9) Egypt 34.5 40.9 EUR/ZAR 20.10 19.58 2.7 International 8.4 13.2 ZAR/TZS 147.48 143.94 2.5 Group 10.1 12.2 ZAR/MZN 3.69 3.50 5.4 ZAR/KES 7.46
Slide 34: Safaricom | Market guidance for FY2027
Safaricom | Market guidance for FY2027 KES billions Kenya Ethiopia Safaricom and excluding hyperinflationary impact Kenya Ethiopia Safaricom Group (IAS 29) EBIT 195 – 199 (15) – (12) 180 – 187 FY26 actual 182.3 (30.1) 153.9 Capex 58 – 61 6–9 64 – 70 FY26 actual 55.8 18.7 74.5 34
Slide 35: Country data
Country data Egypt Lesotho Safaricom Safaricom South Africa Tanzania DRC Mozambique Kenya Ethiopia PopulationŦ (million) 63.1 118.4 70.5 112.8 35.6 2.4 57.5 135.5 GDP per capitaŦ (USD) 6 631 3 113 1 231 806 661 1 152 2 389 739 GDP growth estimateŦ (%) 1.1 4.4 6.1 5.8 -0.3 1.0 5.0 8.1 Ownership (%) 1
Slide 36: More information
More information Visit our website for more information http://www.vodacom.com Upcoming Dates Integrated report 12 June 2026 FY25 Integrated report AGM 21 July 2026 AGM 1Q27 24 July 2026 1Q26 results 1H27 1H26 results 9 November 2026 Contact us Follow us on @Vodacom VodacomIR@vodacom.co.za social me
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