Fintech Soars: Revenue Jumps 17.5%, Margin Hits Decade High

The company announced robust financial results for the period ending August 24, 2026, with service revenue increasing by 17.5% on a constant currency basis. This growth falls within the medium-term guidance range. Notably, EBITDA expanded significantly, pushing the EBITDA margin to its strongest level since approximately 2012, indicating improved profitability.

Fintech service revenue grew by 13.3%, though normalized growth was closer to 19.3% after accounting for non-operating factors. Adjusted headline earnings per share rose by 21.3%, reflecting positive underlying earnings momentum. Return on capital employed expanded to 31.5% from 27.1% at the close of the previous year.

Equity free cash flow demonstrated strong performance, growing by 32.7%. Data revenue experienced a significant increase of 29.2%, now comprising nearly 50% of total service revenue. Group expenses grew at a slower pace of 13.3% compared to service revenue, leading to an improved cost-to-revenue ratio below 52%.

Capital expenditure for the period was approximately 16.6% of revenue, amounting to just under ZAR20 billion. Cash was upstreamed strongly at ZAR13.9 billion for the half. The subscriber base grew by just under 7% to nearly 318 million, with fintech monthly active users reaching almost 71 million. Fintech transaction value saw a substantial increase of almost one-third, reaching $330.5 billion equivalent.

Advanced services experienced accelerated growth exceeding 30%, with Ghana service revenue sustaining 32% growth and achieving the highest EBITDA margin at 61.8%. Nigeria service revenue reported 13% growth, with underlying growth in the high 20%s when adjusted for an airtime advance impact. An expense efficiency program yielded approximately ZAR1.2 billion in savings.