Vodacom Group Limited · JSE:VOD
Vodacom — Merger or Acquisition (December 2025)
16 slides from Vodacom's merger presentation, Dec 4, 2025
Slide 1: Acquisition of a controlling interest in Safaricom PLC
Vodacom Group Acquisition of a controlling interest in Safaricom PLC 4 December 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: Safaricom: a best-in-class asset that delivers outstanding returns
Safaricom | A best-in-class asset that delivers outstanding returns • Agreement to acquire a 20% shareholding in Safaricom PLC Transaction • 15% from the Government of Kenya and 5% from Vodafone Plc to increase Vodacom’s shareholding to 55% • Price of KES 34/share for 8.0 billion shares in Safaricom
Slide 4: Why Safaricom and why this deal? Safaricom key numbers
Safaricom | A best-in-class asset that delivers outstanding returns Why Safaricom and why this deal? Safaricom key numbers Market leader From associate to 190 million 10% 1 in Kenya, with subsidiary Population footprint Revenue CAGR >50% ROCE (FY21-25) • acquired a 35% stake in 2017 Differentiated •
Slide 5: Why Safaricom: a compelling investment case
Why Safaricom | A compelling investment case 1 Market leader in Kenya, with track record of execution Differentiated growth outlook supported by exposure to Fintech and green- 2 field Ethiopia roll-out Service revenue progression (KESbn) M-Pesa is the largest revenue component Ethiopia – building co
Slide 6: Deal mechanics: acquiring an additional 20% stake in Safaricom
Deal mechanics | Acquiring an additional 20% stake in Safaricom Key transaction terms Control Fully Complements Improved established at KES 34/share funded with debt Vision 2030 ambitions regulatory outlook • Acquiring a majority stake – Vodacom Group (Vodacom) intends to acquire a 15.0% stake in Sa
Slide 7: Deal mechanics: ownership structure
Deal mechanics | Ownership structure 1. Existing shareholder structure 2. Post 15% acquisition from GoK 3. Post 5% acquisition from Vodafone Vodafone Vodafone Group 65.1% 65.1% Vodafone Group Group Vodacom Vodacom 65.1% Vodacom 12.5% 87.5% 12.5% 87.5% Vodafone Kenya Vodafone 100% Ltd Kenya Ltd Vodaf
Slide 8: Impact on Vodacom: enhancing our geographic and fintech scale
Impact on Vodacom | Enhancing our geographic and fintech scale ZAR billions Ilustrative Egypt FY1H26 annualised Vodacom Safaricom VC + SF2 Revenue 163.2 56.9 220.0 Ethiopia Service revenue 131.6 55.5 187.1 Kenya A leader DRC Tanzania Financial services revenue 16.0 24.5 40.5 across our footprint1 EB
Slide 9: Impact on Vodacom: medium-term ambitions
Impact on Vodacom | Medium-term ambitions Leverage Earnings Returns (net debt:EBITDA) (EPS) (ROCE) Neutral to Towards 1.0x Accretive accretive Medium-term impact1 (3-5 years) 1. Provided for illustrative purposes only, and because of its nature, it may not fairly present the financial position of th
Slide 10: Impact on Vodacom: Vision 2030 priorities unchanged
Impact on Vodacom | Vision 2030 priorities unchanged Why? Lead with • Create a differentiated brand and reputation by empowering people, Our key ambitions to FY2030 purpose protecting the planet and maintaining trust • 260 million customers Differentiate with • Earn customer loyalty through delivery
Slide 11: Appendix
Appendix 11
Slide 12: Safaricom PLC: Vision 2030 ambitions
Safaricom PLC | Vision 2030 ambitions • 4G+ device acceleration • Digitisation partner of choice 1 • Always on safe secure 4 for public sector • Grow segmented/integrated offerings • 3-4 large sectors fully digitised • Scale content & digital platforms Consumer Public sector • Super-app acceleration
Slide 13: Safaricom PLC: medium-term targets complement Vodacom's growth ambitions
Safaricom PLC | Medium-term targets complement Vodacom’s growth ambitions Kenya Ethiopia Service revenue EBITDA: Breakeven in year 5 (FY27) •M-Pesa: •EBITDA margin: double-digit growth stable Commercial scale: 15-20 million customers •Mobile connectivity: •Capex: high single-digit growth stable cape
Slide 14: Kenya: a growing digital-first organisation
Safaricom Kenya | A growing digital-first organisation 98% 30% #1 Customer market share1 US$1.8 billion2 4G 5G 26 million Telecom operator in Kenya 65% EBITDA 4G+ devices population covered by our network 51.1 million 37.9 million 2.4 million 318k 799k Reaching customers M-Pesa M-Pesa Active homes p
Slide 15: Ethiopia: building towards operational scale
Safaricom Ethiopia | Building towards operational scale 11.1 million 9.6 million 8.9 million 3.4 million 6.7GB Customers 90-day total voice data M-Pesa data usage Of which 3 306 1 847 4G | 55% 3 sites own build data centers population coverage Network 97% Top employer 892 66% 34% • Africa (2025) sta
Slide 16: Forward-looking statement
These factors include, but are not limited to, the following: changes in economic Forward-looking 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
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