Notes to the financial statements | Note 12.1

12. Group composition
12.1 Group interest in subsidiaries and associates
 

Set out below is a list of the significant subsidiaries and associates of the Group at 31 March 2025, held directly by Telkom SA SOC Ltd. Unless otherwise stated, the entities as listed below have share capital consisting solely of ordinary shares, which are held directly by the Group and the proportion of ownership interest held equals to the voting rights held by the Group.

  Country of
incorporation		 Issued share
capital
2025
R		 Interest in
issued ordinary
share capital
2025
%		 Ownership
interest held by
non-controlling
interest
2025
%		 Issued share
capital
2024
 R		 Interest in
issued ordinary
share capital
2024
 %		 Ownership
interest held by
non-controlling
interest
2024
 %
Business Connexion Group Ltd RSA 2 280 500 100 — 2 280 500 100 —
Openserve (Pty) Ltd RSA 11 212 194 372 100 — 11 212 194 372 100 —
Trudon (Pty) Ltd RSA 100 000 100 — 100 000 100 —
Rossal No 65 (Pty) Ltd RSA 100 100 — 100 100 —
Acajou Investments (Pty) Ltd t/a VS Gaming  RSA  100  100  —  100  100  —
Swiftnet SOC Ltd1 RSA — — — 5 000 000 100 —
Number Portability Company2 RSA 100 20 — 100 20 —
Gyro Properties (Pty) Ltd RSA 100 100 — 100 100 —
Gyro Group (Pty) Ltd RSA 100 100 — 100 100 —
1 Telkom sold its 100% shareholding in Swiftnet. Refer to note 12.2 for details.
2 There are no significant restrictions on the ability of the associate to transfer funds to the Group in the form of cash dividends, or to repay loans or advances made by the Group.
The disclosure of the interest in Number Portability Company is as follows: 31 March
2025
Rm		 31 March
2024
Rm
Closing carrying value 12 12

The total non-controlling interest for the year is R16 million (31 March 2024: R21 million) and relates to Business Connexion and Trudon and is not considered material to the Group.

Interest in operating profits, before eliminations, from subsidiaries
2025 		 Revenue
Rm 		 EBITDA
Rm 		 EBIT
Rm 		 Net profit/
(loss)
Rm 
Business Connexion Group Ltd  12 345  1 189  599  406 
Openserve (Pty) Ltd  12 349  4 005  1 525  363 
Swiftnet SOC Ltd1  1 221  912  819  576 
Telkom Foundation2  74  5  5  7 
Gyro Properties (Pty) Ltd  8  544  534  453 
Gyro Group (Pty) Ltd  161  (12) (24) (19)
2024             
Business Connexion Group Ltd  12 915  1 348  849  532 
Openserve (Pty) Ltd  12 511  3 952  1 428  160 
Swiftnet SOC Ltd1  1 321  990  919  659 
Telkom Foundation2  64  (9) (9) (7)
Gyro Properties (Pty) Ltd  59  8  —  3 
Gyro Group (Pty) Ltd  274  76  66  54 
1 Telkom sold its 100% shareholding in Swiftnet effective 31 January 2025. The above interest in operating profits, before eliminations, is for a period of 10 months up until 31 January 2025. Refer to note 12.2.
2 Non-profit making trust.

None of the Group's equity-accounted investees are publicly listed entities and consequently do not have published price quotations.