CHAIRMAN’S STATEMENT
Introduction
There have been significant milestones in Econet Wireless Zimbabwe’s (Econet) strategic direction over the past year, recalibrating the company’s operating model. To improve our operational flexibility and enhance shareholder value, the Company voluntarily delisted from the Zimbabwe Stock Exchange (ZSE). The process was unanimously supported by more than 95% of the shareholders. This was a positive affirmation of this strategic decision, by our shareholders.
The business is now a fully integrated, vertically aligned technology company with communications at its core. Econet Infrastructure Company Limited (Econet InfraCo), an infrastructure spin-out was listed on the Victoria Falls Stock Exchange (VFEX), creating the largest integrated infrastructure company in Zimbabwe. At an initial market capitalization of US$1 billion, Econet InfraCo is the largest initial public offering (IPO) in Zimbabwe’s capital markets history. Econet InfraCo’s power, tower, and real estate portfolio will drive significant value through focused infrastructure investments, delivering strategic benefits.
Artificial intelligence (AI) is pivotal to our growth strategy. It is the most transformative technology of our time. We are embedding AI in our operating approach to enhance operational efficiency and improve scalability. The transition from a telecommunications company to an AI-enabled digital services provider is already underway and accelerating.
As the evolution of our business continues capitalizing on these strategies, it underpins our ability to enhance the services we provide to our customers. Our contribution to the digital services growth in Zimbabwe places us and our customers at the leading edge of the global technology evolution in our industry.
Corporate governance
The Econet shares now trade on an Over-the-Counter (OTC) platform provided by the VFEX, operating on principles similar to those of the VFEX. The VFEX OTC platform provides us operational flexibility and enables shareholders to crystallize the enhanced value the business continues to create as it innovates and scales. As a public company with over 10,000 shareholders, the Company adheres to the same governance principles and rigor that we have always followed as a listed company.
Regulatory environment
Engagement with regulatory and other authorities responsible for overseeing the various sectors of the economy in which the Group operates remains a key priority. The Group’s businesses interface with the relevant authorities to ensure compliance with prevailing regulatory frameworks. These engagements aim to achieve compliance while supporting long-term sustainability. We continue to work closely within this environment to make our contribution to the overall strategic technological goals of Zimbabwe.
Sector performance
The telecommunications sector recorded a 2.11% increase in active mobile subscriptions from 16,432,685 recorded in the third quarter of 2025 to 16,778,982 in the quarter under review. Resultantly, mobile penetration rate increased by 2.21 percentage points from 104.83% to record 107.04%. Econet’s subscriber base is now 73.75% of the total subscriptions, according to the last POTRAZ Sector Report.
Mobile and Fintech development
We commissioned 200 new base station sites, including 95 5G sites across the country. This is in support of the continued increase in data consumption and to prepare for further growth in digital services. We continue to leverage new technology to enhance our robust digital platforms and to transform from a communications provider to an AI and digital services business. In January 2026, the business also undertook a core network upgrade and implemented a new-generation converged customer billing system. These upgrades enhance our service capabilities through improved analytics and customer experiences as we introduce more sophisticated product features in our service catalogues.
We also revamped our EcoCash Fintech platform and plan to launch new services that will provide new experiences and reimagine financial inclusion to drive economic participation even for previously marginalized customers.
AI-enablement
The deployment of AI across all our operating platforms will enable greater capabilities that improve our efficiency, resilience, and ability to scale our service offerings. Through a partnership with Cassava Technologies, Econet has access to global partnerships that enable it to deliver AI and AI Compute services to enterprises in Zimbabwe at scale.
Our autonomous network initiative, leverages AI-powered automation, predictive intelligence, and self-optimizing network features to improve service quality, operational efficiency, and the resilience of our network. This innovation, developed by Cassava AI, brings significant improvements to our network capabilities.
Yamurai is truly a first in Africa for its capability in local languages. This voice-enabled chatbot has transformed our customer service process, enabling seamless 24-hour access with instant turnaround on service queries. Given it’s AI capabilities, it continues to learn and evolve, improving its functionality, accuracy and responsiveness.
Econet AI
Econet AI, our recently launched AI unit, brings world-class AI technologies and cloud-based compute power to the African market through partnerships with leading global companies. Econet AI is developing products and services that represent a significant growth opportunity for the business. Econet AI is starting to provide sector-specific AI solutions for the Zimbabwean market, as well as AI infusion across the Econet Zimbabwe Group.
Technology City (Tech City) and Victoria Falls luxury villas
Design and construction work has commenced on Tech City on 800 acres of land owned by Econet near the International Airport in Harare. This development will be the first of its kind in Zimbabwe, and it is positioned to be a strategically relevant technology centre for the Southern Africa region.
The luxury villas to be developed in Victoria Falls by our infrastructure company, Econet Infraco, will have amenities that include a private hospital, helicopter landing sites, gyms, and health and wellness facilities.
Financial performance
The business achieved a 23% revenue growth anchored by positive performances across all major segments. Volume growth in data and voice services was 100% and 35%, respectively. The Fintech segment also delivered solid growth in volume and customer base. The use of digital and AI tools to deepen customer engagement and enhance service quality was pivotal to this growth.
Impact and values
Our values-driven approach to impact investing focuses on how we can positively impact the communities where we operate. In collaboration with the Ministry of Higher and Tertiary Education, we have reached more than 2 million learners by providing access to the Akello Smart Learning Platform. This AI-enabled platform provides learners with access to the ZIMSEC curriculum and associated textbooks and engages them through AI-enabled features to enhance the learning experience.
Through Econet InfraCo, the Econet Zimbabwe Group has provided electricity to rural communities by developing mini grids powered by nearby base stations. To date, four mini grids have been deployed in underserved communities using this approach, with more planned in the near future. Twenty clinics have been equipped with solar power in collaboration with the Ministry of Health and Child Welfare.
Dividend
The Company declared and paid a final dividend of 0.61 US cents per share for the year ended 28 February 2026 with respect to all qualifying ordinary shares of the Company. The total dividends declared for the year amount to 2.44 US cents per share.
Outlook
The Board is confident that the Company is well-positioned to leverage AI and other emerging technologies, accelerating our transformation into a vertically integrated, agile and resilient digital services provider, that will deliver exceptional value to shareholders.
Looking ahead, what will differentiate the business is our relentless pursuit of innovative solutions to society’s problems, our pioneering approach to developing AI solutions, focus on Infrastructure development, and disciplined execution model, developed over the last two decades.
Appreciation
On behalf of the Board, I wish to express our sincere appreciation to our regulators, partners, and customers for their continued support. To our dedicated staff, I wish to express our appreciation for your commitment to the business. The valuable guidance and insights from my fellow Directors are greatly appreciated.
By order of the Board of Directors
Dr. J. Myers
Chairman of the Board
18 June 2026
