Vodacom Group CEO Shameel Joosub’s total pre-tax remuneration rose 75.3 percent to R137.4 million ($8.5 million) for the financial year ended March 31, 2026, with most of the increase coming from long-term incentive awards that vested during the year.

Joosub’s total remuneration increased from R78.4 million ($4.85 million) in the previous financial year to R137.4 million ($8.5 million), according to Vodacom’s remuneration reports. His indicative post-tax remuneration also increased from R43.1 million ($2.6 million) to R75.6 million ($4.7 million), based on a 45 percent tax rate applied to the gross amount.

Long-term incentives drive Joosub’s pay

The largest increase was in long-term incentives, which rose 196.8 percent to R74.6 million ($4.62 million) from R25.1 million ($1.55 million) a year earlier. The figure included R61.3 million ($3.8 million) from Vodacom’s CSP and R13.3 million ($825,000) in Vodafone shares. The shares due to vest in June 2026 were valued as of May 31, 2026, the closest practicable date.

Joosub’s guaranteed pay increased 5.2 percent to R19.4 million ($1.2 million) from R18.4 million ($1.13 million). Other benefits, including security arrangements provided because of the risk profile of his role and a cellphone benefit, rose 5.8 percent to R7.7 million ($480,000).

His short-term incentive, or STI, increased 25.5 percent to R26.9 million ($1.66 million) from R21.5 million ($1.33 million). The STI payable in June 2026 was based on performance for the financial year ended March 31, 2026. Taken together, guaranteed pay, other benefits and the STI brought his remuneration subtotal to R54.1 million ($3.35 million).

Vodacom earnings rise as margins improve

The higher incentive payout came as Vodacom reported stronger financial results for the year. Group revenue rose 10.1 percent to R167.7 billion ($10.4 billion), with Egypt, Tanzania, the Democratic Republic of Congo and Lesotho among the strongest contributors, while South Africa and Mozambique also delivered resilient results.

Group EBITDA increased 12.8 percent to R62.6 billion ($3.9 billion), while normalized EBITDA rose 14.2 percent. The EBITDA margin improved to 37.4 percent, helped by stronger profitability in Egypt and Vodacom’s international operations. Headline earnings per share rose 22.9 percent to R10.53 ($0.65), supported by earnings from South Africa, stronger contributions from Egypt and the international business, as well as associates.

Customer growth was another source of strength for the group. Vodacom added 26 million customers during the financial year, more than twice its annual Vision 2030 target of 10 million. That took its customer base to 237.3 million across eight African markets. The stronger customer additions led Vodacom to raise its Vision 2030 target to 275 million customers.

Total assets increased to R276.43 billion ($17.1 billion) from R249.98 billion ($15.46 billion), while total equity rose to R107.2 billion ($6.63 billion). Retained earnings increased to R60.64 billion ($3.75 billion), giving the board room to declare a final dividend of R4.05 ($0.25) per share, in line with its policy of distributing at least 75 percent of headline earnings.

Joosub anchors Vodacom’s African leadership

Joosub has led Vodacom Group as CEO since 2012, after joining Vodafone in 1994. Born in Laudium, Transvaal, now part of Gauteng, South Africa, he has held senior positions across the group, including managing director and chief executive officer of Vodacom South Africa and chief executive officer of Vodafone Spain.

He serves on the boards of Vodacom Group, Safaricom Plc and Vodafone Egypt Telecommunications S.A.E. He is also a director of Business Leadership South Africa and the South African telecommunications industry association. In April 2020, he was appointed to the Vodafone Executive Committee, where he is responsible for the overall strategic direction and performance of its African operations across eight markets.