Telkom (TKG) Q3 2026 TU earnings summary

Executive summary

• Achieved top employer certification for the fourth consecutive year, reflecting strong organizational culture and talent management.

• Data-led strategy drove robust data revenue growth, with group data revenue up 9.6% for the quarter and 8.5% year-to-date, now contributing 60% of total revenue.

• Group revenue increased 1.3% year-over-year for the quarter and 2.7% year-to-date, with EBITDA up 8.4% for the quarter and 7.8% year-to-date, and margin expanding to 29.1% due to cost optimisation.

• Mobile subscribers surpassed 25 million, with mobile data subscribers up 29.3% to 19.3 million, and fibre connectivity rate at 52.4%.

• Capex investment focused on mobile and fibre, totaling R4.17 billion year-to-date at a 12.6% intensity ratio.

Financial highlights

• Group revenue for the quarter was R11.13 billion, up 1.3% year-over-year; year-to-date revenue reached R33.24 billion, up 2.7%.

• Group EBITDA (adjusted) for the quarter was R3.24 billion, up 8.4%, with a margin of 29.1%. Year-to-date EBITDA was R9.26 billion, up 7.8%, with a 27.9% margin.

• Mobile service revenue grew 7.2% for the quarter and 7.6% year-to-date; mobile data revenue up 12.9% for the quarter and 11.2% year-to-date.

• Openserve revenue up 2.2% for the quarter and 2.5% year-to-date, with fibre-related data revenue up 9.6% year-to-date and 8.7% for the quarter.

• BCX revenue declined 9.3% for the quarter and 5.9% year-to-date, with EBITDA margin at 10.4%.

Outlook and guidance

• EBITDA margin exceeded the upper end of 25%-27% guidance; capex intensity within 12%-15% guidance.

• Continued focus on cost optimisation and investment in mobile and fibre to drive growth.

• Openserve to maintain fibre-led revenue growth and high connectivity rates; BCX to focus on operational stabilisation and margin discipline amid leadership transition.

• Mobile business to drive further service revenue growth, especially in prepaid and non-metro regions.