Author: Dr Bandile Hadebe

Telkom released its interim results for the six-month period ending September 30, 2025. On the surface, the headline number is extremely strong. According to the report, Telkom’s headline earnings per share (HEPS) from continuing operations reached 305.6 cents, while group revenue rose to R22.1 billion. HEPS is South Africa’s main profit gauge. For a company that has spent years in a difficult turnaround, this triple-digit growth feels like a vindication. But for seasoned investors, the very metric that makes the headlines may be exactly what deserves the least attention. The market seems to have already priced in much of this…