Vodacom Expects HEPS up 22% to 27% for FY1H27

In Short

Vodacom expects strong headline earnings per share growth for its interim results for the six-month period ended 30 September 2026.

What Happened

Vodacom said it is finalising its interim results for the six-month period ended 30 September 2026 (FY1H27) and expects to report strong growth.

The company expects headline earnings per share (HEPS), which is an earnings measure that strips out certain one-off items to show underlying performance, to increase by between 22% and 27% compared to the prior corresponding period. Vodacom reported HEPS of 467 cents in the prior corresponding period. The company said this implies an HEPS range of 570 cents to 593 cents for the period.

Vodacom also expects earnings per share (EPS), a standard profit-per-share measure, to increase by between 272% and 279% compared to the prior corresponding period. Vodacom reported EPS of 472 cents in the prior corresponding period. The company said this implies an EPS range of 1,756 cents to 1,789 cents for the period.

Vodacom said companies listed on the JSE must publish a trading statement when there is a reasonable degree of certainty that results will differ by at least 20% from the previous corresponding period.

Additional context provided with the announcement said the EPS increase includes a non-recurring R23.2 billion fair-value gain from remeasuring Vodacom’s previously held Safaricom interest. The same context said the interim results were expected around 10 November 2026.

Why It Matters

Vodacom’s HEPS guidance signals higher underlying profitability for the period, while the much larger EPS jump highlights the impact that one-off accounting gains can have on reported earnings. For investors, the split between HEPS and EPS matters because it separates core operating performance from non-recurring items.