Performance overview

Openserve recorded a solid financial performance for the year, supported by a well-diversified revenue profile and multiple channels to market. Overall revenue grew by 2.3% to R12 632 million. The increase in demand for high‑capacity connectivity, backhaul and data‑led solutions, particularly in the enterprise and carrier segments, resulted in strong enterprise growth of 9.7%, while the carrier segment grew by 3.6%. Broadband revenue increased by 6.9%, driven by customer migration to higher-value services and wider channel penetration. This was further enabled by focused upselling, improved utilisation of network capacity, and the introduction of differentiated offerings aligned to evolving customer needs. Fibre-related data revenue rose by 8.2% to R10 113 million, and external revenue increased by 10.7% to R5 395 million.

Cost discipline remained a key focus. Network simplification, decommissioning of legacy infrastructure, and energy transformation continued to support sustainability objectives and long‑term value creation. The cost‑efficiency measures were coupled with ongoing execution of revenue growth initiatives. As a result, EBITDA increased by 5.6% to R4 230 million and the EBITDA margin expanded by 1.1 ppts to 33.5%, demonstrating continued operational resilience.

Commercialising the network

Our drive to expand connectivity resulted in a 17.7% increase in homes connected. This translated to 122 910 new connections during the year, bringing the total to 817 540 homes. Our industry‑leading connectivity rate of 53.1% underscores the effectiveness of our commercialisation approach. Our targeted infrastructure investment positions the network to meet current and future demand for high‑speed broadband services.

We continued to monetise our fibre network and enhance the Fibre Connect portfolio, reinforcing our commitment to flexible, competitive broadband solutions that support ISPs amid ongoing affordability pressures. Pre‑paid fibre services continued to grow, in line with our objective to extend coverage in lower‑income communities. Expansion of the pre-paid portfolio included the introduction of an entry‑level symmetrical 30 Mbps offering, and flexible recharge bundles that enable customers to adjust speeds.

Scalable network

We deployed capital to support long-term network capability while exercising cost discipline. We invested R2 719 million in infrastructure build and upgrade programmes, digital enablement initiatives and customer-focused improvements. Fibre rollout remained a priority within this spend. We increased the number of homes and businesses passed with fibre to 1 539 209, representing year-on-year growth of 11.6%, or 160 279 additional homes during the year.