• Access to 206 million customers.
• ROCE of 23.1%, well above weighted average cost of capital.
• Strategic mindset to enhance value creation and leverage scale.

Vodacom’s decision to diversify our geographic exposure continues to pay dividends.

Our strategic investment in Safaricom in 2017 has proven to be value accretive. Following this, we announced two transformative acquisitions to further enhance the Group’s growth and return profile. This includes Vodafone Egypt, a clear market leader with a track record of strong growth and attractive returns, and CIVH’s fibre subsidiaries, which will enable us to accelerate fibre reach in South Africa and help bridge the digital divide. Additionally, our Safaricom-led consortium was awarded a licence to roll out mobile services in Ethiopia. Our consortium intends to transform lives and provide world-class services to Africa’s second most populous country, thereby providing the Group with an additional long-term growth vector.

• Data and smartphone penetration upside.
• Building Africa’s largest fintech, driven by the VodaPay and M-Pesa super-apps.
• Targeting mid-to-high single-digit Group EBITDA growth over the next three years, excluding proposed acquisitions (such as Vodafone Egypt).
• Opportunity to accelerate growth and returns through the Vodafone Egypt acquisition and South Africa fibre deal.

• Incentivised to create value and deliver on key ESG variables.
• Strong execution track record.

• Purpose-led model.
• Recognised as an ESG leader by Sustainalytics and MSCI.