Wrap Text
Telkom SA SOC Limited
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 2024
TELKOM DELIVERS STRONG THIRD QUARTER RESULTS REFLECTING CONTINUED OPERATIONAL
EFFICIENCIES
Group highlights for continuing operations2
' Group revenue up 0.9% to R10 995 million
o Mobile service revenue growth of 9.6% ' outperforming South African mobile market
o Fixed data revenue up 4.7%
o Information technology service revenue up 3.2%
o Year-to-date4 Group revenue up 1.6% to R32 377 million
' Group EBITDA up 28.0% to R2 986 million
o Continued operational efficiency gains from cost optimisation initiatives
o Group EBITDA margin up 5.8 percentage points (ppts) to 27.2%
o Year-to-date adjusted4 Group EBITDA of R8 592 million with EBITDA margin of 26.5%
' Strong operational drivers ' data-led strategy in action
o Mobile subscribers up 21.6% to 24 million, with 17.3% growth in mobile data subscribers
o Homes passed with fibre up 13.1% to 1.3 million with homes connected up 17.6%, leading to a
49.8% connectivity rate, up 1.9 ppts
o Mobile and fixed data traffic up 22.2% and 23.7% respectively
' Resilient financial position ' R621 million of cash proceeds from disposal of properties in the first nine
months
' Positive outlook ' continued profitability improvement expected from disciplined execution of data-led
strategy
Swiftnet2 disposal on track to close at end of 2025 financial year
Notes:
1. The information contained in this trading update has not been reviewed or reported on by Telkom's external auditor.
2. Financial measures presented are for continuing operations for the quarter and exclude the masts & towers business. Swiftnet is
classified as a discontinuing operation.
3. All numbers and growth rates quoted are year-on-year and refer to the quarter ended 31 December 2024 ("Q3 FY2025" or the "quarter")
compared to the quarter ended 31 December 2023 ("Q3 FY2024"), unless stated otherwise.
4. Year-to-date numbers and growth rates are year-on-year ("y-o-y") and refer to the nine months ended 31 December 2024 compared
to the nine months ended 31 December 2023. Adjusted financial measures for year-to-date performance reflect the underlying
performance of Telkom's operations excluding non-recurring items in the form of restructuring costs of R160 million plus the R618
million impact of the Telkom Retirement Fund conversion from a defined benefit to a defined contribution fund.
5. Medium term guidance for Group revenue and Group EBITDA is compound annual growth rate of low- to mid- single digits on a reported
basis for total operations.
1
Group Chief Executive Officer ' Serame Taukobong commented:
We are pleased to report strong results for the third quarter, reaffirming our position as the backbone of South Africa's
digital future. Our data-led strategy continued to deliver impressive performance across key metrics, underscoring
our competitive advantage in our diverse businesses working together to realise these results. With strong
momentum across our business units, we remain confident in achieving our medium-term objectives as we continue
to invest in our infrastructure, network and digital services delivering profitable growth.
The Group demonstrated continued operating gains with group EBITDA growing in strong double digits ahead of
group revenue. As a result, group EBITDA margin expanded by a pleasing 5.8 ppts to 27.2% for the quarter under
review, enhanced by non-core property sales.
Our data-led strategy continued to yield strong data service revenue growth across the group driven by the ongoing
demand for our compelling data propositions.
We continued to deploy capital expenditure ("capex") optimally, expanding our mobile network and fixed network.
Our smart-capex approach to network investments also contributed to top line growth while reducing direct costs and
improving overall profitability. This further advanced our agenda of creating a firm, strong cash-generating base from
which to grow in the medium term.
We are now in the final stages of closing the disposal of Swiftnet, having obtained all the required regulatory approvals
in December 2024. The proceeds from property disposals provided additional liquidity to the Group.
Telkom's strong financial results reflect our relentless commitment to executing our InfraCo strategy as OneTelkom.
These results provide clear evidence that we are on track, delivering profitable growth while reinforcing our role as
the backbone of South Africa's digital future.
By leveraging our unique capabilities, we continue to meet the growing demand for data-led services while driving
improved operational efficiencies across all our businesses. We remain confident in our strategic direction and our
ability to create sustainable value for our stakeholders.
OPERATIONAL EFFICIENCIES LEAD TO IMPROVED PROFITABILITY, EXECUTION OF DATA-LED
STRATEGY DRIVING DATA REVENUE GROWTH
Group financial information for the quarter ended: 31 December 31 December Y-o-Y %
R million 2024 2023 change
Group revenue 10 995 10 902 0.9%
Group EBITDA 2 986 2 333 28.0%
Group EBITDA margin 27.2% 21.4% 5.8 ppts
EBITDA growth tracking ahead of revenue and medium-term guidance
Group revenue increased in line with medium-term guidance5, primarily driven by the ongoing demand for data
propositions. Key contributors to this were higher prepaid recharges coupled with mobile data revenue growth of
10.8%, ongoing migrations to fibre-related services with fixed data revenue growing by 4.7% and information
technology ("IT") services revenue increasing by 3.2%. Overall mobile service revenue growth at 9.6% continued to
gain value share, outperforming South African mobile market growth rates. For the nine months to date, group
revenue advanced by 1.6% to R32 377 million.
The operational gains from cost optimisation initiatives were enhanced by property sales and led to Group EBITDA
increasing by R653 million. Excluding property sales, Group EBITDA improved by 3.8 ppts to 25.1%.
The Mobile business focused on acquiring customers, managing device and roaming costs, while expanding mobile
network coverage to migrate traffic onto our mobile network. These initiatives led to operational efficiency gains and
higher profitability. Openserve, our fixed connectivity business, achieved improved operating margin for the quarter,
reflecting an optimised footprint as they provided the most reliable fixed network throughout the country. Our ICT
business, BCX, executed well on streamlining its operating structures and improved its revenue mix by growing IT
services.
Data-led strategy in action
Our Mobile business continued to surpass new milestones with mobile subscribers now reaching a record 24 million,
growing by 21.6%. Mobile data users grew by 17.3% and now comprise 62.3% of total mobile subscribers. We
continued to prioritise fibre connections as we passed homes with an additional 100 115 homes connected, up by a
strong 17.6%. We saw continued substantial growth in data consumption with mobile and fixed traffic growing by
22.2% and 23.7% respectively y-o-y. Information technology service revenue, along with fibre data revenue for our
ICT business also grew pleasingly. Overall contribution by mobile data and fibre-related services towards total
revenue continued to advance in line with our strategy.
Resilient financial position
The financial position strength of the Group was sustained with interest-bearing debt reduced by 2.7% since 30
September 2024 from additional liquidity. The sale of the high-value property portfolio is largely complete with R417
million proceeds received during the quarter, bringing the year-to-date total proceeds received to R621 million.
Swiftnet disposal on track to close at end of 2025 financial year
We progressed the disposal of the masts and towers business housed in Swiftnet SOC Limited (the "disposal") to
the purchasing consortium comprising: (i) an infrastructure fund managed by a subsidiary of Actis LLP; and (ii) an
infrastructure vehicle 100% owned by Royal Bafokeng Holdings Limited.
On 13 December 2024, the Independent Communications Authority of South Africa approved the disposal resulting
in a change of control of Swiftnet's licences.
The progress made to date on the disposal along with the obtained shareholder and regulatory approvals, puts us
on-track to meet our target to close the transaction by the end of 2025 financial year. Swiftnet numbers are excluded
from Group disclosures as it is a discontinuing operation.
Outlook
We have continued to advance our business to focus on our core strength - data connectivity. Optimising our cost
structures has embedded a cost-conscious culture that will continue into the next financial year. We progressed our
data-led strategy, underpinned by growing mobile data subscribers, connected additional fibre in homes and
premises as we passed them and expanded our data-related IT service revenue, thereby advancing overall group
data revenue. We expect these trends to continue in the last quarter of our financial year.
Overall, we remain confident in our strategic direction and our ability to create sustainable value for our stakeholders.
OPERATIONAL REVIEWS
Continuing operations:
Telkom Consumer: Mobile data revenue a catalyst for sustained growth and improved profitability
Standalone summary financial information for the 31 December 31 December Y-o-Y %
quarter ended: R million 2024 2023 change
Revenue 7 152 6 875 4.0%
- Mobile service revenue 5 401 4 926 9.6%
o Mobile data revenue 4 089 3 689 10.8%
EBITDA 1 488 983 51.4%
EBITDA margin 20.8% 14.3% 6.5 ppts
Telkom Consumer reported a 4.0% increase in operating revenue, notwithstanding the intensifying competitive
pressures within the market.
The Mobile business delivered strong operating revenue growth of 6.5% to R6 346 million, marked by a 9.6%
increase in mobile service revenue to R5 401 million, fueled by the strategic execution of innovative value-accretive
offerings amidst intensifying competitive measures. Mobile data revenue, a subset of mobile service revenue,
benefitted from mobile data subscribers and data traffic expansion. Mo'Nice, our tailored pricing solution, now
accounts for 34.5% of service revenue, reflecting its pivotal role in driving revenue and consumer engagement.
The pre-paid segment grew strongly by 25.0% to 21.0 million subscribers at an ARPU of R61 (Q3 FY2024: R66).
The key driver to this strong growth is the utilisation of channel and consumer behavioural insights to find the optimal
spot and ensure relevance in targeting our offers. Furthermore, outside of the optimisation of Mo'Nice, we introduced
affordable 4G smartphones at attractive price points, pre-loaded with WhatsApp and Facebook (an attractive
drawcard to the mass market). This positions us well in converting 2G customers. The managed pre-paid ARPU
decrease is attributed to non-metro regions that attract lower ARPUs, but increased volumes.
The post-paid subscriber base was stable at 3.0 million with an improved ARPU of R185 (Q3 FY2024: R182). This
culminated in the total subscriber base expanding by 21.6% to 24.0 million mobile users, with a blended ARPU of
R79 (Q3 FY2024: R86). The post-paid segment is starting to show recovery, stimulated by several factors, including
but not limited to, portfolio rebalancing with regards to price plan device alignment, stringent credit vetting and
retention measures.
Mobile data subscribers expanded by 17.3% to 14.9 million, representing 62.3% of the total subscriber base, driving
mobile data traffic to grow by 22.2% to 452 petabytes.
The Consumer business unit reported a substantial increase in EBITDA supported by robust revenue growth and
ongoing cost-optimisation strategies. These factors contributed to a 6.5 ppts expansion in the EBITDA margin,
highlighting improved operational leverage.
Mobile EBITDA grew by 46.9% to R1 755 million, driven by strong revenue momentum, particularly within the pre-
paid segment, resulting in an EBITDA margin of 27.6%. The combination of revenue growth from higher recharges
and customer acquisitions, reduced handset device sales, improved roaming costs and a decline in impairment of
receivables, mainly contributed to the improved EBITDA margin.
Our airtime advance product, which is part of the beyond connectivity strategy, continues to serve as a key revenue
driver, delivering a 35.1% growth.
Capital expenditure has facilitated the significant enhancement of capacity and coverage across our base stations.
The Mobile business added 49 sites during the quarter and 142 sites year-to-date.
Openserve continued to drive fibre data growth, efficiency gains improved profitability
Standalone summary financial information for the 31 December 31 December Y-o-y %
quarter ended: R million 2024 2023 change
Revenue 3 107 3 120 (0.4%)
EBITDA 1 069 1 014 5.4%
EBITDA margin 34.4% 32.5% 1.9 ppts
Openserve's fibre data portfolio continued to maintain a positive momentum with steady gains in fibre data revenue,
which increased by 5.4%. External revenue grew by 9.2% to R1 236 million underpinned by the channel and product
diversification strategy. Fibre data services revenue grew by R121 million while voice and other data revenue
declined R167 million, leading to a marginal overall revenue decrease.
Homes passed by Openserve grew by 154 942 (13.1%) to 1 340 565, while homes connected increased by 100 115
(17.6%) to 667 465, sustaining the industry-leading connectivity rate of 49.8%. Consumer demand for high-speed
broadband pushed data consumption up 23.7% to 757 petabytes during the quarter. Our ongoing investment in
network modernisation continued to set industry standards, achieving uptime of 99.94%, 99.88%, and 99.99% across
access, transport and core network respectively.
Openserve's continued cost efficiency in network simplification (site consolidation and legacy systems
decommissioning) and renewable energy programmes (lithium-ion batteries and solar) yielded benefits. These
measures, combined with the strategic upgrade of technologies and infrastructure at key central office locations,
along with the improved stability of the electricity grid, reduced diesel costs by 87.8% (R78 million) for the quarter.
These efficiency gains enhanced EBITDA and EBITDA margin improved by 1.9 ppts.
BCX strategic shifts yield positive momentum
Standalone summary financial information for the 31 December 31 December Y-o-y %
quarter ended: R million 2024 2023 change
Revenue 2 913 3 225 (9.7%)
- Information technology service revenue 1 208 1 131 6.8%
EBITDA 438 322 36.0%
EBITDA margin 15.0% 10.0% 5.0 ppts
BCX's strategic initiatives to rebase its cost structure, pivot toward higher-margin IT services, and actively manage
and retain converged communications clients are beginning to deliver tangible results in Q3, positioning the business
for sustained resilience.
The IT segment declined 17.9% to R1 530 million, reflecting deliberate actions to moderate growth of lower-margin
product (hardware/software) revenue, which fell 23%. However, the higher-margin IT services grew by 6.8%, driven
by strong demand for Cloud Infrastructure as a Service (IaaS) and IT service management offerings. This
underscores BCX's successful shift toward scalable, annuity-based revenue streams.
The Converged Communications business grew 1.7% to R1 383 million, demonstrating traction in BCX's strategy to
extend client retention and carefully manage transitions to next-generation technologies. Growth was fuelled by data
services, up 5.9% to R677 million, driven by growth in next generation fibre services (which now constitutes over
85% of the business), and expansion in customer premises equipment sales. Voice revenue declined consistent with
sector trends, though mitigated by disciplined portfolio management.
BCX generated substantial EBITDA growth with margins expanding by 5.0 ppts. This improvement reflects a
deliberate strategic focus on higher-margin service offerings and proactive management of receivables, which
reduced impairments by R52 million. Ongoing cost optimisation programs, including facilities consolidation and
operational efficiency projects, are progressing and expected to deliver incremental savings in Q4. These initiatives
underscore BCX's commitment to sustaining margin resilience amid evolving market conditions.
R417 million proceeds received from disposals of non-core properties in the third quarter
Gyro accelerated the conveyancing process of non-core properties and 22 properties were transferred during the
quarter realising cash of R417 million, resulting in cash realised to date of R621 million for 52 properties. 14 properties
to the value of R289 million are expected to transfer during the last quarter of the financial year.
We conducted another auction in December 2024 where 28 properties, with a sale value of R126 million were sold.
These properties will complete the transfer process during the 2026 financial year.
Discontinued operation
Swiftnet continued to grow and commercialise the masts and towers portfolio
Standalone summary financial information for the 31 December 31 December Y-o-Y %
quarter ended: R million 2024 2023 change
Revenue 381 333 14.4%
EBITDA 279 246 13.4%
EBITDA margin 73.2% 73.9% (0.7ppts)
Swiftnet continued to organically grow the co-location business while scaling up the new Power-as-a-Service (PaaS)
offering. As at the end of Q3 FY2025, 14 towers have been built and completed, while nine towers are under
construction. We also continued to focus on the PaaS build and 499 solutions have been built and connected to
customers.
Swiftnet's revenue increased by 14.4% with revenue from customers with expanding tenancies increasing by 25.8%
to R324 million. PaaS contributed significantly to revenue growth during the quarter. In addition, revenue growth was
also driven by inflationary escalations, new tenancies, 5G expansion, antennae upgrades and In-Build-Solutions.
Swiftnet numbers are excluded from Group disclosures as it is a discontinuing operation.
REGULATORY AND LEGAL MATTERS
Licensing of radio frequency spectrum delayed
It is anticipated that ICASA will commence with preparing for the next high demand spectrum licensing process during
the current year. The first step in ICASA's project plan is to consider the competition issues relevant to the licensing
of additional high-demand spectrum, including the impact of direct and indirect access to spectrum. The outcome of
this first step will inform the licensing process to be followed by ICASA. It is anticipated that around 280 MHz of
additional spectrum, including spectrum in the sub 1 GHz and mid-range bands will be made available for licensing.
A mobile network operator launched a review application regarding ICASA's approval of spectrum sharing/pooling
arrangements between three mobile operators. The outcome of this application may also have a bearing on the
design of the spectrum licensing process. The application will be heard by the High Court on 13 and 14 February
2025. Most of the mobile operators are participating in the legal proceedings along with ICASA.
Review of call termination rates ongoing
Having begun its review of call termination rates in May 2021, ICASA published the final Call Termination Rate
Regulations on 9 December 2024 to come into effect on 1 July 2025. Telkom welcomes ICASA's decision to phase
in symmetrical mobile termination rates.
Amendments to end-user subscriber and service charter regulations
ICASA published draft amendments to the End-user and Subscriber Service Charter Regulations on 31 March 2023
("Draft EUSSC Regulations"). However, it deferred the amendment of sections 8A and 8B (relating to the transfer
and roll-over of services purchased by end-users) after receiving objections to the draft amendments from operators.
ICASA proposed additional amendments to these sections on 29 February 2024 and held public hearings in October
2024. Telkom maintains that the Draft EUSSC Regulations are overly prescriptive, undermine competition and
customer choice and interfere with commercial decision-making. Telkom trusts that ICASA will carefully consider the
concerns expressed by operators before publishing the regulations as proposed.
Special Investigating Unit ' appeal against High Court judgment setting aside Proclamation
On 19 July 2023, the Pretoria High Court handed down judgment setting aside the Presidential Proclamation 49 of
2022 (the "Proclamation"). The Proclamation gave the Special Investigating Unit ("SIU") authority to investigate
various historical matters, including Telkom's contracting for network and advisory services, and the disposal of
former Telkom subsidiaries. The High Court declared the Proclamation unconstitutional, invalid and of no force or
effect and awarded costs to Telkom.
On 11 December 2023, the High Court granted the President and the SIU leave to appeal to the Supreme Court of
Appeal. The appeal remains pending before the Supreme Court of Appeal, and Telkom will continue with steps to
uphold the High Court order in its favour. We expect the matter to be heard by the Supreme Court of Appeal in the
latter part of 2025.
TELKOM MANAGEMENT TO HOST MARKET UPDATE CONFERENCE CALL
Management will host a call for the investment community on Monday, 10 February 2025 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 website https://group.telkom.co.za/ir/overview.html.
Centurion
10 February 2025
Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
8
SUPPLEMENTARY FINANCIAL INFORMATION
The financial information in the table below has not been reviewed or reported on by Telkom's external auditor.
(R'm) Year-to-date Q3 FY2025 Q2 FY2025 Q1 FY2025 Q4 FY2024 Q3 FY2024 Year-to-date
December December September June March December December
Continuing operations FY2025 2024 2024 2024 2024 2023 FY2024
Group revenue 32 377 10 995 10 679 10 703 10 586 10 902 31 877
Group EBITDA ' reported 7 814 2 986 2 201 2 627 2 358 2 333 7 070
Group EBITDA ' adjusted 8 592 2 986 2 979 2 627 2 358 2 333 7 070
Group EBITDA margin ' reported (%) 24.1% 27.2% 20.6% 24.5% 22.3% 21.4% 22.2%
Group EBITDA margin ' adjusted (%) 26.5% 27.2% 27.9% 24.5% 22.3% 21.4% 22.2%
Group capex 3 883 1 138 1 034 1 711 1 795 1 196 4 339
Consumer 1 759 455 228 1 076 416 582 2 235
BCX 178 41 73 64 167 108 249
Openserve 1 652 578 586 488 839 439 1 708
Gyro 3 1 - 2 47 3 3
Corporate 55 21 25 9 101 26 60
Masts & towers (discontinued operation) 236 42 122 72 225 38 84
Revenue breakdown
Mobile 18 040 6 346 5 957 5 737 5 591 5 957 16 992
Mobile voice and subscriptions 3 274 1 157 1 073 1 044 1 026 1 092 3 174
Mobile interconnection 412 155 132 125 134 145 392
Mobile data 11 935 4 089 4 019 3 827 3 647 3 689 10 653
Handset and device sales 2 204 877 659 668 714 960 2 529
Significant financing component 215 68 74 73 70 71 244
Fixed 9 685 3 219 3 217 3 249 3 293 3 222 9 820
Voice 1 889 584 641 664 701 724 2 366
Interconnection 171 59 55 57 65 63 182
Data 6 440 2 176 2 153 2 111 2 090 2 078 6 200
Fibre-related services 5 559 1 905 1 863 1 791 1 581 1 661 4 980
Other data services 881 271 290 320 509 417 1 220
Handset and device sales 907 325 259 323 339 279 844
Sundry revenue 278 75 109 94 98 78 228
Information technology 4 177 1 249 1 356 1 572 1 528 1 575 4 612
Information technology service revenue 2 889 976 987 926 901 946 2 823
IT hardware and software 1 251 263 355 633 612 615 1 740
Interest revenue 37 10 14 13 15 14 49
Other 475 181 149 145 174 148 453
Digital media sales 112 37 41 34 53 46 148
Insurance revenue 217 73 72 72 72 74 209
Lease revenue 146 71 36 39 49 28 96
Gyro - - - - - -
Total 32 377 10 995 10 679 10 703 10 586 10 902 31 877
Business unit stand-alone information
Year-to-date Q3 FY2025 Q2 FY2025 Q1 FY2025 Q4 FY2024 Q3 FY2024 Year-to-date
(R'm) December December September June March December December
FY2025 2024 2024 2024 2024 2023 FY2024
Revenue
Telkom Consumer 20 548 7 152 6 807 6 589 6 470 6 875 19 859
BCX 9 048 2 913 2 960 3 175 3 287 3 225 9 628
Openserve 9 268 3 107 3 105 3 056 3 130 3 120 9 381
Swiftnet (discontinued operation) 1 094 381 370 343 336 333 985
EBITDA
Telkom Consumer 4 093 1 488 1 404 1 201 1 113 983 2 980
Telkom Mobile 4 958 1 755 1 660 1 543 1 384 1 195 3 652
BCX 991 438 300 253 239 322 1 055
Openserve 3 153 1 069 1 061 1 023 930 1 014 3 004
Swiftnet (discontinued operation) 806 279 274 253 256 246 734
EBITDA margin (%)
Telkom Consumer 19.9% 20.8% 20.6% 18.2% 17.2% 14.3% 15.0%
BCX 11.0% 15.0% 10.1% 8.0% 7.3% 10.0% 11.0%
Openserve 34.0% 34.4% 34.2% 33.5% 29.7% 32.5% 32.0%
Swiftnet (discontinued operation) 73.7% 73.2% 74.1% 73.8% 76.2% 73.9% 74.5%
Mobile service revenue (external) 15 621 5 401 5 224 4 996 4 807 4 926 14 219
Mobile EBITDA margin 27.4% 27.6% 27.7% 26.8% 24.6% 20.0% 21.4%
Quarterly operational information
Q3 FY2025 Q2 FY2025 Q1 FY2025 Q4 FY2024 Q3 FY2024
December September June March December
2024 2024 2024 2024 2023
Mobile subscribers
Active mobile subscribers 23 999 182 22 784 590 21 213 647 20 438 983 19 737 370
- Pre-paid 20 985 177 19 777 721 18 242 602 17 493 045 16 793 495
- Post-paid 3 014 005 3 006 869 2 971 045 2 945 938 2 943 875
ARPU blended (rand) 78.79 79.97 80.53 84.10 85.60
ARPU pre-paid (rand) 60.75 61.46 62.0 64.86 65.90
ARPU post-paid (rand) 185.35 185.62 183.1 180.48 181.75
Mobile data subscribers 14 946 694 14 582 031 13 466 730 12 740 658 12 743 406
Fixed subscribers
Fixed broadband lines 559 392 553 312 553 369 554 953 556 965
Fibre 523 299 509 617 499 100 489 994 479 383
xDSL 36 093 43 695 54 269 64 959 77 582
Network population coverage
Homes passed 1 340 565 1 290 462 1 256 603 1 217 110 1 185 623
Homes connected 667 465 640 730 615 430 590 527 567 350
Fibre connectivity rate (%) 49.8% 49.7% 49.0% 48.5% 47.9%
Mobile sites integrated 7 863 7 814 7 778 7 738 7 721
Traffic
Fixed broadband (petabytes) 757 708 681 614 612
Mobile broadband (petabytes) 452 436 414 371 370
Total fixed-line traffic (millions of
973 986 955 995 1 001
minutes)
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.
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 expectations.
Date: 10-02-2025 08:07:00
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