Wrap Text
Telkom SA SOC Limited
(Incorporated in the Republic of South Africa)
Registration number 1991/005476/30
JSE share code: TKG
JSE bond code: BITEL
ISIN: ZAE000044897
("Telkom" or the "Group")
Trading update for the third quarter ended 31 December 2025
TELKOM SUSTAINS DATA-LED GROWTH MOMENTUM IN THE THIRD QUARTER AND THROUGH THE
FIRST NINE MONTHS
HIGHLIGHTS
' Group data revenue up 9.6% to R6 864 million, increased 8.5% year-to-date contributing 60.0% to total
revenue.
o Mobile data revenue grew 12.9%
o Fibre-related data revenue increased by 8.9%
' Mobile service revenue up 7.2% (7.6% year-to-date), supported by sustained mobile data growth and solid
prepaid performance.
' Openserve overall revenue was up 2.2% (2.5% year-to-date) supported by continued fibre monetisation,
marking the third consecutive quarter of growth.
' Group EBITDA grew 8.4% to R3 237 million, with the EBITDA margin expanding to 29.1%, reflecting
ongoing cost optimisation.
o Year-to-date EBITDA up 7.8%, resulting in EBITDA margin of 27.9%.
' Mobile subscribers exceeded 25 million.
o Mobile data subscribers increased by 29.3% to 19.3 million, due to tailored value-focused plans.
' Fibre connectivity rate robust at 52.4% and homes connected increased to 786 490.
' Capex investment of R4 174 million year-to-date, at an intensity ratio of 12.6%, remained focused on
growth-supporting investments.
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Group financial information Quarter ended 31 December Year-to-date ended 31 December
Y-o-Y % Y-o-Y %
2025 2024 2025 2024
R million change change
Group revenue 11 134 10 995 1.3 % 33 238 32 377 2.7 %
Group data revenue 6 864 6 265 9.6 % 19 936 18 375 8.5 %
Group EBITDA ' adjusted 3 237 2 986 8.4 % 9 260 8 592 7.8 %
Group EBITDA margin 'adjusted 29.1 % 27.2 % 1.9 ppts 27.9 % 26.5 % 1.4 ppts
Capex 1 304 1 096 19.0 % 4 174 3 647 14.5 %
Capex intensity 11.7 % 10.0 % 1.7 ppts 13 % 11.3 % 1.3 ppts
Notes:
1. The information contained in this trading update has not been audited or reviewed by Telkom's external auditor.
2. Year-to-date (YTD) refers to nine-months ended 31 December 2025 ("YTD FY2026") and 31 December 2024 ("YTD FY2025").
3. Financial measures for the quarter ended 31 December 2024 ("Q3 FY2025") and YTD FY2025, exclude Swiftnet which was disposed of effective 31
January 2025.
4. The percentage movements quoted are year-on-year ("Y-o-Y"), referring to the quarter ended 31 December 2025 ("Q3 FY2026") compared to Q3
FY2025, while for YTD it is nine-months ended 31 December 2025 relative to YTD FY2025, unless stated otherwise.
5. The Group EBITDA, Group EBITDA margin and total costs for the YTD FY2025 period, have been adjusted to exclude the impact of the Telkom
Retirement Fund derecognition loss of R618 million and restructuring costs of R160 million.
6. Percentage points has been abbreviated to ppts.
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Group Chief Executive Officer ' Serame Taukobong commented:
The disciplined execution of our data-led strategy delivered quality data revenue growth in the third quarter and
year-to-date. This demonstrates our strength as South Africa's digital backbone and our competitive edge of the
OneTelkom approach. Our cost optimisation initiatives continued to yield results, as EBITDA margin expanded.
We have been certified as a Top Employer for 2026, making it the fourth consecutive year of receiving this
prestigious recognition. This is a powerful affirmation regarding our culture, our people and our commitment to
excellence.
Group data revenue continues robust growth
Group revenue increased by 1.3% in the third quarter and Group data revenue grew by 9.6%. On a year-to-date
basis, revenue grew by 2.7%. The growth in data revenue resulted in its contribution improving to 61.6% (Q3
FY2025: 57.0%) towards total Group revenue for the quarter and 60.0% year-to-date (YTD FY2025: 56.8%).
Fibre-related data revenue for the Group rose by 8.9% to R2 074 million and 11.1% to R6 176 million year-to-date.
Mobile data revenue grew by 12.9% for the quarter and 11.2% YTD, on the back of strong growth in mobile data
subscribers and traffic. The Group revenue growth was offset by the revenue decline in BCX.
Group EBITDA margin expands on cost optimisation initiatives
Group EBITDA increased by 8.4% for the quarter, resulting in the Group EBITDA margin expanding by 1.9 ppts to
29.1%. (29.0% excluding property sales). EBITDA also showed good growth year-to-date, increasing by 7.8%, with
an EBITDA margin of 27.9% (27.3% excluding property sales). This was due to the cost optimisation initiatives we
continue to drive across our business units. Our total adjusted costs declined for the period and were flat YTD. We
also experienced a decrease of impairment of receivables due to rigorous credit vetting in Consumer and the
continuing proactive receivables management by BCX.
Smart capex deployment
We invested R1 304 million in capex during the quarter, with a significant portion directed to our growth areas of
Mobile and fibre, in line with our data-led strategy. This led to capex intensity of 11.7% for the quarter.
The Mobile business invested R676 million primarily for capacity expansion and to upgrade base stations, resulting
in 150 sites being added during the quarter. At Openserve, we allocated R557 million to capex to expand and
modernise the network, leading to passing 47 596 homes and connecting 30 081 in the third quarter alone.
Performance of business units
Our Mobile business recorded service revenue growth of 7.2%, driven by pre-paid service revenue, which grew by
11.6%. Mobile data subscribers grew and now represents 76.5% of total subscribers. This resulted in mobile data
traffic growing by 20.4%. Pre-paid subscribers increased by 5.8% to 22.2 million, at a stable pre-paid ARPU of R61.
Overall revenue growth for Openserve continued, underpinned by 8.7% growth in fibre-related data revenue. The
EBITDA margin of the business remained resilient at 34.4%. Openserve exceeded 1.5 million homes passed with
fibre and the industry-leading connectivity rate remained strong at 52.4% for the quarter.
BCX revenue declined by 9.3% in Q3 FY2026 and by 5.9% year-to-date, reflecting continued tough market
conditions and revenue strain in Converged Communications. The EBITDA margin of the business was stable at
10.4% for third quarter and 10.1% YTD FY2026, compared to the first-half of the financial year. Cybersecurity
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showed good growth. Similarly, IT hardware and software revenue increased by 19.6%, due to the timing of project
executions and deal closures relative to the prior period.
Property disposals
We received R6 million in proceeds from the transfer of six properties during the quarter. As a result, 21 properties
have now been transferred YTD, receiving R214 million in proceeds. Nine properties, with a sales value of R66
million, are still in the conveyancing process.
Outlook
We remain committed to delivering on our medium-term guidance objectives. Revenue continues to receive
focused attention, and we are encouraged by the solid performance of data revenue, which aligns with our data-led
strategy and remains a key driver of growth. Group EBITDA margin was above the upper-end of the 25%-27%
guidance. We will sustain the focus on our cost optimisation efforts. Capex intensity is within our 12%-15%
guidance and we will continue to invest largely in mobile and fibre.
Our Mobile business will continue to drive service revenue growth, particularly in pre-paid, supported by continued
network investment, and executing on the regional strategy to further increase its market share in non-metro
regions. Openserve will maintain its focus on growing overall revenue, led by fibre data revenue, while continuing
to improve performance across broadband, enterprise, and carrier segments. Through its connect-led strategy, and
while continuing to pass homes, it will continue extending fibre connectivity to homes, to sustain its industry-leading
connectivity rate. To support EBITDA margin enhancement, Openserve will continue with network simplification and
energy transformation initiatives to optimise costs.
At BCX, focused management actions remain in place to support operational stabilisation and margin discipline as
we navigate a managed process of change. The business continues to navigate cautious enterprise spending, as
clients contain costs, while progressing its planned portfolio and revenue transition. This transition coincides with
the retirement of the BCX CEO, Mr Jonas Bogoshi, who was instrumental in laying the foundation for the next
phase of our strategic review. An incoming leadership will be responsible for accelerating the transformation
initiatives that define our path forward. Mr Hasnain Motlekar, who has been with the Telkom Group for over 28
years, with experience spanning both commercial and financial roles across the business will act in the Chief
Executive role of BCX with effect from 1 March 2026.
Executing on our Infraco strategy acting as OneTelkom, we will continue to reinforce our position as South Africa's
digital backbone.
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Business unit reviews ' standalone
TELKOM
Mobile service revenue growth driven by sustained data growth and solid pre-paid performance
Quarter ended 31 December Year-to-date ended 31 December
Y-o-Y % Y-o-Y %
2025 2024 2024 2025
R million change change
Telkom Consumer revenue 7 476 7 152 4.5 % 21 726 20 548 5.7 %
Mobile service revenue 5 816 5 423 7.2 % 16 886 15 692 7.6 %
Mobile data revenue 4 620 4 092 12.9 % 13 285 11 945 11.2 %
Mobile EBITDA 1 994 1 755 13.6 % 5 500 4 958 10.9 %
Mobile EBITDA margin 29.7 % 27.6 % 2.1 ppts 28.3 % 27.4 % 0.9 ppts
The increase in Telkom Consumer operating revenue is attributable to growth recorded in mobile and fibre. Total
revenue for the Mobile business grew by 5.5% to R6 716 million, driven by mobile service revenue expanding by
7.2%. Pre-paid service revenue was the driver of service revenue growth, and it improved by 11.6%, powered by
Customer Value Management (CVM). Our CVM platforms, Mo'Nice and Mo'Town (tailored, area specific value
propositions), which offer favourable pricing and value compelling packages, contributed 53.1% to pre-paid service
revenue. The under-indexed regions improved, contributing to a 5.6% increase in our share of acquisitions in these
regions. The growth was driven by focused regional activation efforts and our Mo'Town CVM initiative. Mobile data
revenue increased, driven by the ongoing growth in mobile data subscribers and data traffic.
Total mobile subscribers increased by 5.3% to 25.3 million, with a blended ARPU of R77. Pre-paid subscribers
grew 5.8% to 22.2 million at a stable ARPU of R61. The post-paid subscriber base increased marginally by 1.2% to
3.1 million, with ARPU improving to R187 compared to the prior period.
Mobile data subscribers expanded by 29.3% to 19.3 million and now represents 76.5% of the total subscriber base.
This resulted in mobile data traffic growing by 20.4% to 544 petabytes. On the fibre side, we experienced a 9.2%
increase in subscribers, supported by a 2.7% ARPU growth resulting in revenue from fibre growing by 11.1%.
Consumer EBITDA improved by 21.4% to R1 806 million, leading to EBITDA margin expanding by 3.4 ppts to
24.2%. Mobile EBITDA growth of 13.6% was due to service revenue growth, particularly in pre-paid, while
impairment of receivables declined, resulting in an EBITDA margin of 29.7%.
The beyond connectivity services recorded revenue of R436 million, an increase of 13.7%. Airtime lending
increased by 15.9% and represented 25.8% of pre-paid recharges.
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OPENSERVE
Overall revenue grew for the third consecutive quarter, supported by fibre monetisation
Quarter ended 31 December Year-to-date ended 31 December
Y-o-Y % Y-o-Y %
2025 2024 2024 2025
R million change change
Revenue 3 173 3 106 2.2 % 9 500 9 268 2.5 %
Fibre-related data
2 557 2 353 8.7 % 7 621 6 951 9.6 %
revenue
EBITDA 1 090 1068 2.1 % 3 198 3153 1.4 %
EBITDA margin 34.4 % 34.4 % 0 ppts 33.7 % 34.0 % (0.3) ppts
Openserve's overall revenue grew by 2.2%, driven by fibre-related data revenue, which grew by 8.7% (or R204
million). Fibre-related revenue now contributes 87% of our operating revenue. The broadband segment recorded
growth of 6.5%, while the enterprise and carrier segment revenue rose by 16.8% and 1.5%, respectively. External
revenue increased by 13.8% to R1 406 million, reflecting growth in fibre-based products and services, as well as
higher revenue from scrap copper disposals during the quarter.
Homes passed increased by 12.0% to 1 501 406, while homes connected increased by 17.8% to 786 490. Our
industry-leading connectivity rate expanded to 52.4%. Our exceptional network reliability resulted in uptime of
99.84%, 99.92% and 100.00% across access, transport and core network, respectively. Our Net Promoter Score
(NPS) was 79.2 for the quarter (Q3 FY2025: 76.5).
EBITDA increased by 2.1% largely driven by revenue upliftment, while EBITDA margin remained resilient at 34.4%.
We continue with the optimisation of costs through network simplification and energy transformation programme.
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BCX
Revenue performance highlights prevailing market conditions, EBITDA margin resilient
Quarter ended 31 December Year-to-date ended 31 December
Y-o-Y % Y-o-Y %
2025 2024 2 024 2025
R million change change
Revenue 2 642 2 913 (9.3)% 8 510 9 048 (5.9)%
Information technology service
1 119 1 250 (10.5)% 3 385 3 555 (4.8)%
revenue
Converged Communications 1 138 1 384 (17.8)% 3 559 4 114 (13.5)%
EBITDA 275 437 (37.1)% 856 991 (13.6)%
EBITDA margin 10.4 % 15.0 % (4.6) ppts 10.1 % 11.0 % (0.9) ppts
The market pressure and revenue strain in Converged Communications in the quarter continued to impact
performance, with revenue declining by 9.3%. Performance in enterprise remained variable and timing-dependent,
consistent with systems integration and managed services models, where deal closures, project execution and
customer investment decisions often span across reporting periods. These trends were further impacted by the
current macroeconomic environment, characterised by heightened customer cost scrutiny rather than execution-
related factors.
In the IT Business, hardware and software revenue increased by 19.6%, driven mainly by the timing of project
execution and deal closures relative to the prior period. Furthermore, a higher proportion of revenue was realised
as hardware compared to software sales, which are seen as agent revenue and only the margin is recognised. The
strategy to curtail low-margin revenue in this segment continues. Pressure continued in IT Services, where revenue
declined by 10.5%, reflecting constrained enterprise spend, lengthy sales cycles and delays in project
implementation. Cybersecurity services continued to perform resiliently, growing by 18.4%, supported by sustained
customer focus on risk and resilience. Cloud performance remained under pressure, reflecting heightened global
competition, cost containment by customers that restricts their funding for public cloud journeys, and slower-than-
expected enterprise migration.
Converged Communications revenue decline was due to the ongoing managed migration to fibre-based platforms,
reduced usage and line rental revenue. Fibre-related data revenue continues to represent a significant portion of
total data revenue, at 68.7% for the quarter. Overall demand pressure during the period, however, resulted in a
19.0% decline in fibre-related data revenue.
Disciplined cost management from the cost transformation programme and proactive receivables management,
resulted in operational expenditure declining by 5.8%, mainly due to a decrease in impairment of receivables and
maintenance. Employee costs increased in line with approved salary increases for the quarter, while they
decreased year-to-date and continue to be managed as per the restructuring of the prior financial year. The
management of costs partly offset lower performance in higher-margin services, notably IT Services and
Converged Communications, resulting in an EBITDA margin of 10.4%.
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Telkom management to host conference call
Management will host a call for the investment community on Monday, 16 February 2026 at 16h00 South African
Standard Time (UTC+2,) to discuss the trading update and conduct a Q&A session. Dial-in details will be made
available on the Group's website https://group.telkom.co.za/ir/overview.html.
Centurion
16 February 2026
Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
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SUPPLEMENTARY FINANCIAL INFORMATION
The financial information in the tables below has not been audited or reviewed by Telkom's external
auditor.
YTD FY2026 Q3 FY2026 Q2 FY2026 Q1 FY2026 Q4 FY2025 Q3 FY2025 YTD FY2025
December December September December December
June 2025 March 2025
2025 2025 2025 2024 2024
Continuing operations
Group revenue 33 238 11 134 11 287 10 817 11 503 10 995 32 377
Group data 19 936 6 864 6 711 6 361 6 353 6 265 18 375
Other 13 302 4 270 4 576 4 456 5 150 4 730 14 002
Group EBITDA ' reported 9 260 3 237 3 225 2 798 3 200 2 986 7 814
Group EBITDA ' adjusted 9 260 3 237 3 225 2 798 3 200 2 986 8 592
Group EBITDA margin '
reported (%) 27.9% 29.1% 28.6% 25.9% 27.8% 27.2% 24.1%
Group EBITDA margin '
adjusted (%) 27.9% 29.1% 28.6% 25.9% 27.8% 27.2% 26.5%
Group capex 4 174 1 304 1 768 1 102 2 180 1 096 3 647
Consumer 2 061 676 912 473 1 038 455 1 759
BCX 211 45 102 61 214 41 178
Openserve 1 814 557 700 557 883 578 1 652
Other 88 26 51 11 45 22 58
Revenue breakdown
Mobile 19 338 6 687 6 504 6 148 6 408 6 346 18 040
Mobile voice and
subscriptions 3 157 1 061 1 060 1 036 1 048 1 157 3 274
Mobile interconnection 391 118 116 157 166 155 412
Mobile data 13 275 4 617 4 465 4 193 4 130 4 089 11 935
Handset and device sales 2 238 797 773 668 946 877 2 204
Significant financing
component 275 94 89 92 84 68 215
Other 2 1 1 2 34
Fixed 9 383 3 120 3 164 3 100 3 402 3 219 9 685
Voice 1 457 443 510 504 551 584 1 889
Interconnection 137 43 43 51 49 59 171
Data 6 661 2 247 2 246 2 168 2 223 2 176 6 440
Fibre-related services 6 176 2 074 2 088 2 014 2 201 1 905 5 559
Other data services 485 173 158 154 22 271 881
Handset and device sales 799 271 254 274 453 325 907
Sundry revenue 328 115 111 103 126 75 278
Information technology 4 027 1 145 1 481 1 421 1 532 1 249 4 177
Information technology
service revenue 2 729 859 997 893 995 976 2 889
IT hardware and software 1 256 273 469 514 513 263 1 251
Interest revenue 42 13 15 14 24 10 37
Other 490 182 160 148 161 181 475
Digital media sales 95 32 36 27 33 37 112
Insurance revenue 216 70 68 78 75 73 217
Lease revenue 179 80 56 43 28 71 146
Gyro management fee ' ' ' ' 25 '
Total 33 238 11 134 11 309 10 817 11 503 10 995 32 377
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Business unit stand-alone information
YTD YTD
FY2026 Q3 FY2026 Q2 FY2026 Q1 FY2026 Q4 FY2025 Q3 FY2025 FY2025
December December September December December
June 2025 March 2025
2025 2025 2025 2024 2024
Revenue
Telkom Consumer 21 726 7 476 7 296 6 954 7 256 7 152 20 548
Telkom Mobile 19 431 6 716 6 538 6 177 6 447 6 367 18 122
Mobile service
revenue (external) 16 886 5 753 5 684 5 386 5 344 5 401 15 621
BCX 8 510 2 642 2 958 2 910 3 299 2 913 9 048
Openserve 9 500 3 173 3 184 3 143 3 081 3 106 9 268
EBITDA
Telkom Consumer 4 906 1 807 1 676 1 423 1 474 1 488 4 093
Telkom Mobile 5 500 1 994 1 874 1 632 1 606 1 755 4 958
BCX 856 275 392 189 385 438 991
Openserve 3 198 1 090 1 076 1 032 853 1 068 3 153
EBITDA margin (%)
Telkom Consumer 22.6% 24.2% 22.7% 20.5% 20.3% 20.8% 19.9%
Telkom Mobile 28.3% 29.7% 28.7% 26.4% 24.9% 27.6% 27.4%
BCX 10.1% 10.4% 13.3% 6.5% 11.7% 15.0% 11.0%
Openserve 33.7% 34.4% 33.8% 32.8% 27.7% 34.4% 34.0%
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Quarterly operational information
Q3 FY2026 Q2 FY2026 Q1 FY2026 Q4 FY2025 Q3 FY2025
December September June March December
2025 2025 2025 2025 2024
Mobile subscribers
Active mobile subscribers 25 259 920 24 542 533 23 818 683 23 175 835 23 999 182
Pre-paid 22 208 917 21 553 227 20 795 811 20 193 260 20 985 177
Post-paid 3 051 003 2 989 306 3 022 872 2 982 575 3 014 005
ARPU blended (rand) 77.24 77.27 75.40 77.98 78.79
ARPU pre-paid (rand) 60.68 60.07 58.49 60.08 60.75
ARPU post-paid (rand) 187.41 190.18 187.13 186.15 185.35
Mobile data subscribers 19 318 975 18 479 491 17 165 079 15 226 291 14 946 694
Fixed subscribers
Fixed broadband lines 602 379 577 318 577 318 565 322 559 392
Fibre 585 302 568 217 552 012 535 552 523 299
xDSL 17 077 20 922 25 306 29 770 36 093
Network population coverage
Homes passed 1 501 406 1 453 810 1 414 927 1 378 930 1 340 565
Homes connected 786 490 756 409 723 337 694 630 667 465
Fibre connectivity rate (%) 52.4% 52.0% 51.1% 50.4% 49.8%
Mobile sites integrated 8 265 8 115 7 965 7 909 7 863
Traffic
Mobile broadband (petabytes) 544 513 480 457 452
Total fixed-line traffic (millions of minutes) 779 820 817 887 973
Forward looking statements
Certain financial information presented in this trading update announcement may constitute forward
looking statements.
All statements, other than statements of historical facts, including, among others, statements regarding
our strategy; future financial position and plans; objectives; capital expenditures ("capex"); projected
costs and anticipated cost savings and financing plans; as well as projected levels of growth in the
communications market, are forward-looking statements. Forward-looking statements can generally be
identified by terminology such as "may", "will", "should", "expect", "envisage", "intend", "plan", "project",
"estimate", "anticipate", "believe", "hope", "can", "is designed to" or similar phrases. However, the
absence of such words does not necessarily mean a statement is not forward looking.
Forward-looking statements involve several known and unknown risks, uncertainties and other factors
that could cause our actual results and outcomes to be materially different from historical results or from
any future results expressed or implied by such forward-looking statements. Factors that could cause
our actual results or outcomes to differ materially from our expectations include, but are not limited to,
those risks identified in Telkom's most recent integrated report which is available at
https://group.telkom.co.za/ir/overview.html.
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Telkom cautions readers not to place undue reliance on these forward-looking statements. All written and
verbal forward-looking statements attributable to Telkom, or persons acting on Telkom's behalf, are
qualified in their entirety by these cautionary statements. Moreover, unless we are required by law to
update these statements, we will not necessarily update any of these statements after the date of this
document, so that they conform either to the actual results or to changes in our expectation
12
ADMINISTRATION
Directors Auditor
MG Qhena (Chairman), S Taukobong (Group CEO), PricewaterhouseCoopers Inc.
NS Dlamini (Group CFO), O Ighodaro, B Kennedy,
4 Lisbon Lane, Waterfall City
KP Lebina, PCS Luthuli, EG Matenge-Sebesho, KA
Rayner, SP Sibisi, H Singh, IO Selele, SH Yoon, M Jukskei View, 2090
Booi, MLB Msimang.
Tel: +27 11 797 4000
Head office
Transfer secretaries
61 Oak Avenue
Computershare Investor Services (Pty) Ltd
Centurion, 0157
Rosebank Towers
Postal address 15 Biermann Avenue
Telkom SA SOC Ltd Rosebank, 2196
Private Bag X881 Private Bag X9000,
Pretoria, 0001 Saxonwold, 2132
Telkom register helpline
Sponsor
0861 100 948
Nedbank Corporate and Investment Banking
Telkom register helpline a division of Nedbank Ltd
0861 100 948 135 Rivonia Road
Sandown
Group Company Secretary
Sandton, 2196
Ephy Motlhamme
secretariat@telkom.co.za United States ADR depository
Investor relations The Bank of New York Mellon
Kamohelo Selepe Shareholder Relations Department
telkomir@telkom.co.za PO Box 11258
New York
Media
NV 10286-1258
Batlile Phaladi
Tel: +1 888 643 4269
media@telkom.co.za
Shareowner-svcs@bankofny.com
13
Date: 16-02-2026 08:00:00
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