Vodacom Group earnings date
Vodacom Group (5VD0) Q2 2027 Earnings Report
DE:5VD0 Q2 2027 EPS Results
- Actual EPS
- EUR 0.98
- Consensus EPS
- ―
- Beat/Miss
- ―
- One Year Ago EPS
- EUR 0.24
DE:5VD0 Q2 2027 Revenue Results
- Actual Revenue
- EUR 5.60B
- Expected Revenue
- ―
- Beat/Miss
- ―
- YoY Revenue Growth
- +38.07%
Earnings Announcement Details
- Quarter
- Q2 2027
- Date
- 11/10/2026
- Time
- Before Open
- Conference Call
- Tuesday, November 10, 2026
Vodacom Group's next earnings date is estimated for February 3, 2027, based on past reporting schedules.
Q2 2027 Earnings Call Audio
Q2 2027 Earnings Slide Deck
Q2 2027 Earnings Call Summary
The call was strongly positive, characterized by broad-based first-half growth, improved earnings and cash generation, strong performances in Egypt and Safaricom, expanding financial services, and reaffirmed medium-term guidance. The principal challenges were the legal uncertainty surrounding the Safaricom transaction, higher leverage, South African prepaid voice declines, Egyptian foreign-exchange pressure, and regulatory uncertainty, but management expressed confidence in execution, cost savings, and continued growth.
Vodacom targets double-digit service revenue growth and early teens growth for EBITDA and operating cash flow, and reaffirmed medium-term guidance of double-digit service revenue growth and early teens growth in EBITDA and operating free cash flow, while maintaining disciplined capital intensity. For South Africa, it has a target of ZAR 1.9 billion of savings for the year and sees margins supported at levels of around 37%, while 38% will be a stretch. In Egypt, service revenue growth in Q3 should be more or less similar or slightly lower than Q2, with no other price increases expected and further price increases into next year at the earliest; Vodafone Cash should see strong growth continuing into the second half, investment should step down slightly, and margin improvement should start in the second half of the year. Safaricom is approaching EBITDA breakeven in Ethiopia and will break even in EBITDA this year. Vodacom also sees scope to grow its FY 2027 total dividend from FY 2026 under its revised dividend payout ratio of 65%.
- Strong First-Half Group PerformanceVodacom described the period as one of its strongest first-half performances, with broad-based growth across the group and above-target growth in service revenue, EBITDA, and operating free cash flow.
- Customer Base Reached 250 MillionThe customer base reached 250 million, described as a significant milestone across Vodacom's Africa footprint.
- Safaricom Increased Scale and DiversificationVodacom paid ZAR 35 billion to increase its Safaricom shareholding from 35% to a controlling 55% and began consolidating Safaricom results from the second quarter. On a pro forma basis, including Safaricom in the comparative period, service revenue grew 13.3%, EBITDA grew 18%, and operating free cash flow increased 34.3%.
- Larger and More Diversified Revenue BaseIncluding Safaricom, Vodacom is annualizing ZAR 231 billion of revenue, with 61% generated outside South Africa. The group operates across eight markets covering a population of more than 600 million people.
- Beyond Mobile and Financial Services GrowthBeyond Mobile products reached 27.4% of service revenue. Vodacom served 108 million financial services customers, up 15%, while financial services contributed 22.2% of service revenue including Safaricom. Over the last 12 months, fintech generated ZAR 43 billion, or $2.6 billion, of service revenue, and the platforms processed $575 billion of transaction value.
- Connectivity Platform Continued to ScaleVodacom invested ZAR 13.3 billion of CapEx during the period and reached more than 52,000 network sites and 4.1 million fiber homes passed through Maziv in South Africa and Safaricom in Kenya.
- Improved Earnings and ReturnsHeadline earnings per share grew 25.7%, while return on capital employed was 26.5%.
- Vodafone Egypt Delivered Strong GrowthVodafone Egypt's local-currency service revenue grew 39.6% in the second quarter and 36.3% for the first half, supported by investment in the network, spectrum, financial services, and other growth areas. EBITDA grew 31.3% despite the investment.
- Egypt Data Center and Sovereign AI InitiativeVodacom announced plans to build Egypt's largest data center and first sovereign AI data center in partnership with Cassava or Africa Data Centres and Elsewedy Cables. Vodacom expects to hold 30% of the data center, with the project funded off-balance sheet through approximately 30% equity and 70% debt and not included in Vodafone Egypt's CapEx.
- Safaricom Continued Double-Digit GrowthSafaricom delivered double-digit growth in Kenya, with M-Pesa growing 13.6% off a large base. Safaricom overall EBITDA grew 27.5% in shillings, supported by improvement in Ethiopia and continued growth in Kenya.
- Ethiopia Approaching EBITDA BreakevenSafaricom is approaching EBITDA breakeven in Ethiopia, and management stated that Ethiopia is expected to break even in EBITDA this year.
- International Markets Delivered Strong Operational LeverageVodacom's four international markets generated 13.7% service revenue growth, increased EBITDA margins by 1.7 percentage points to 35.6%, and increased operating profit by 54.4% to ZAR 3.2 billion.
- South Africa Maintained Resilient ProfitabilitySouth Africa delivered service revenue growth of 1.9% in a muted revenue environment. The EBITDA margin was 37.4%, the highest since FY 2023, reflecting disciplined cost management and efficiency gains.
- Prepaid Data and Traffic Momentum ImprovedSouth African prepaid traffic growth increased 41% and had grown sequentially over the previous three quarters. Prepaid data growth accelerated to 9.4% in Q1 and 9.9% in Q2, compared with approximately 7% previously. Q2 prepaid growth improved to 3.1%, while first-half prepaid growth was 1.7%.
- South African Cost Savings on TrackVodacom has a FY 2027 target of ZAR 1.9 billion in savings and stated that it is on track to deliver it. Savings initiatives include network-related costs, lease and supplier renegotiations, energy efficiency, automation, and AI applications in areas such as call centers and network management.
- Vodafone Cash Momentum ContinuedVodafone Cash revenue grew 74%, with momentum expected to continue into the second half. Vodafone Cash reached 16 million customers, while Vodafone Egypt's broader customer base reached 16.7 million, up 31%. Management expects the investment and distribution push to step down slightly and margin improvement to begin in the second half.
- Energy Cost Mitigation MeasuresEnergy costs represented 4% of revenue, with approximately 70% based on grid power and the balance on diesel. Vodacom used procurement relationships, wholesale pricing agreements, energy-efficiency measures, bulk buying, and capped diesel pricing in Tanzania to manage volatility.
- Financial Services and Beyond Mobile Outpaced Legacy TelecomBeyond Mobile grew 21% on a pro forma basis and contributed a mid-single-digit portion of the group's growth profile. Financial services represented 22% of service revenue and approximately one-third of profits. Management stated that Beyond Mobile is growing faster than the legacy telco business in both service revenue and earnings.
- Dividend Growth and Medium-Term Guidance ReaffirmedDividends per share increased 7.6%. Management reiterated medium-term targets of double-digit service revenue growth and early teens growth in EBITDA and operating free cash flow, while maintaining disciplined capital intensity. Vodacom still sees scope to grow the FY 2027 total dividend from FY 2026.
DE:5VD0 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 03, 2027 | 2027 (Q3) | ―- | 0.24 | ― | ― |
| Nov 10, 2026 | 2027 (Q2) | ―0.98 | 0.24 | 312.93% (+0.74) | |
| Jul 27, 2026 | 2027 (Q1) | ―- | 0.25 | ― | |
| May 11, 2026 | 2026 (Q4) | ―0.32 | 0.25 | 28.42% (+0.07) | |
| Feb 04, 2026 | 2026 (Q3) | ―- | 0.18 | ― | |
| Nov 10, 2025 | 2026 (Q2) | ―0.24 | 0.18 | 35.57% (+0.06) | |
| Jul 23, 2025 | 2026 (Q1) | ―- | 0.2 | ― | |
| May 19, 2025 | 2025 (Q4) | ―0.25 | 0.2 | 28.11% (+0.06) | |
| Nov 11, 2024 | 2025 (Q2) | ―0.18 | 0.21 | -16.38% (-0.03) | |
| Jul 19, 2024 | 2025 (Q1) | ―- | 0.22 | ― |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
