In the 2025 financial year, Vodacom outspent its rivals with capital spending of R11.5-billion in its South African network. MTN South Africa was close behind with R9.8-billion in spending, with Telkom's capex in third place at R5.8-billion.
The figures exclude the cost of land leases for network sites and, in Telkom's case, include spending on fibre. Also, the numbers used are for Telkom and Vodacom's year-end of 31 March 2025 and MTN's for the financial year ended 31 December 2024.
Over a 15-year period from 2010, as shown in the chart below, Vodacom demonstrated a steady rise in its capex spending compared to its main two rivals, which have displayed intermittent periods of markedly increased and then decreased spending.
Speaking to TechCentral following the release of Vodacom Group's annual results to 31 March 2025 last month, group CEO Shameel Joosub said the operator wants to align its infrastructure spend within a guidance of between 13.5 and 14 of revenue. The chart below, which compares the three operators' capex, shows Vodacom's spending has closely followed its revenue curve in the past decade and a half.
In the years leading up to 2023, the worst year on record for load shedding, mobile operators were forced into directing more capex into network resilience. Batteries and diesel-burning generators were added to keep towers operational.