Vodacom nearly doubles customer base as African expansion fuels revenue surge
Looking ahead, Vodacom plans to integrate Vision 2030 into its operations, aiming for double-digit Ebitda growth.
Vodacom has expanded its footprint across Africa as part of its Vision 2025 strategy, acquiring Vodafone Egypt and extending network connectivity into Ethiopia through a Safaricom-led consortium, CEO Shameel Joosub said in the group's annual report released on Friday.
The move has helped Vodacom nearly double its customer base, from 115.5 million in 2020 to 211.3 million in 2025, including Safaricom. Revenue rose from R91 billion to R152.2 billion over the same period, while the company's profit and revenue profile increasingly reflects its broader, more diversified operations.
To meet growing data demand, Vodacom invested R20.3 billion in network infrastructure during the 2025 financial year, down slightly from R20.4 billion the year before. Improved energy availability reduced the need for resilience investments, enabling the group to focus more on network expansion.
Vodacom's 4G sites increased by 7.2% in 2025, bringing total network sites – including Safaricom – to nearly 48000, up from 31 000 in 2020. The company now ranks among Africa's largest tower owners.
Smartphone penetration across the group reached 64% in 2025, including Safaricom customers, supporting Vodacom's broader digital inclusion efforts. The group also acquired a 5G licence in Egypt, adding to spectrum acquisitions in Mozambique, Democratic Republic of Congo, and Tanzania in 2024, and in South Africa the year before.
'This, alongside our focus on handset financing, rural coverage and digital inclusion, unlocks growth opportunities beyond mobile,' Joosub said.
Looking ahead, Vodacom plans to integrate Vision 2030 into its operations, aiming for double-digit Ebitda growth. The strategy will be driven by expanding fixed and mobile connectivity, deeper smartphone and data penetration, and acceleration of digital and financial services.
'Africa's strong population growth, urbanisation trends, a more favourable GDP outlook, and a youthful population all support long-term demand for digital services,' Joosub said, while cautioning that the group remains pragmatic in managing risks.
Joosub said while the group was well equipped to manage challenges within its control, it recognises the need to partner with like-minded stakeholders and participate in industry-wide cooperation and infrastructure sharing asthe sector matures.
Vodacom will also continue working with partners to expand infrastructure sharing, particularly in rural and fibre networks, while scaling its "Tech for Good" platforms to support broader access and shareholder value.
Executive pay and legal updates
Joosub earned R39.1 million in 2025, up from R34m in 2024. Chief financial officer Raisibe Morathi received R17.3m, compared to R16.56 million a year earlier.
On legal matters, Vodacom said it awaits the Constitutional Court's decision after applying for leave to appeal a February 2024 ruling by the Supreme Court of Appeal in the long-running 'Please Call Me' case. The hearing was held on November 21, 2024.
Separately, the company has appealed an October 2024 decision by the Competition Tribunal blocking its proposed investment in fibre operator Maziv, part of Community Investment Ventures Holdings (CIVH). The appeal is scheduled to be heard on July 22, 2025.
"Our goal is to resolve the matter amicably and reach a timely conclusion," Vodacom said.
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