Financial Highlights:
Chairman’s statement
INTRODUCTION
In the first six months following its listing on the Victoria Falls Stock Exchange (VFEX), Econet Infrastructure Company Limited (InfraCo) established itself as a focused infrastructure platform built around three complementary pillars: Tower, Power and Real Estate. Management prioritised operational resilience, asset utilisation and infrastructure expansion to support Zimbabwe’s digital economy and create sustainable long-term value for shareholders and other stakeholders.
OPERATING AND REGULATORY ENVIRONMENT
The operating environment during the period was influenced by heightened geopolitical tensions in the Middle East, which contributed to volatility in global oil prices and increased pressure on the cost of diesel and other energy inputs. For InfraCo, where reliable power remains critical to the operation of its Tower portfolio, the elevated cost of diesel placed continued pressure on operating costs. Notwithstanding these global pressures, the Company did not experience material disruption to fuel supply chains during the period under review, enabling the business to maintain continuity of operations and service availability.
In response to the prevailing energy-cost environment, InfraCo is accelerating initiatives to improve energy efficiency and reduce its reliance on diesel-generated power. A key thrust is the increased solarisation of sites, supported by the deployment of AI-enabled fuel management solutions to optimise diesel consumption, identify inefficiencies and strengthen monitoring and control. These initiatives are expected to improve the resilience and efficiency of the Tower portfolio, while progressively lowering energy-related operating costs and supporting InfraCo’s broader sustainability objectives.
AI Enablement
Technology and innovation remain central to InfraCo’s operating model. During the period, the Company expanded the use of artificial intelligence in predictive generator maintenance, fuel optimisation and infrastructure reliability management, focusing deployment on applications that can improve operating efficiency and service continuity.
The phased rollout of the AI Fuel Manager is expected to deliver lower energy consumption and improved site uptime. At the same time, development continued on the Company’s AI-enabled Remote Monitoring System (RMS) and Digital Twin initiatives, which are intended to strengthen operational visibility, enhance asset performance, and improve infrastructure reliability across the network.
STRATEGIC BUSINESS SEGMENTS
Through its TowerCo segment, InfraCo deployed new base station sites for the period under review. These investments were driven by increasing demand for network capacity and coverage, based on customer requirements identified by the Company’s anchor customer, Econet, which provides connectivity services across Zimbabwe.
PowerCo continued to implement initiatives aimed at optimising energy consumption and improving operational efficiency. Through a combination of site solarisation, AI-enabled fuel management, advanced battery cycling technologies, and periods of improved national grid availability, the business achieved a 30% reduction in fuel consumption during the period under review.
Construction of Phase One of the planned 100MW solar farm at Tech City commenced during the reporting period, with initial power generation expected in the fourth quarter.
The property arm of InfraCo continued advancing the planning and development of the Company’s flagship real estate projects, including Tech City and the Victoria Falls Lifestyle Villas. Preparatory work remains on track, with groundbreaking activities expected to commence during the fourth quarter of the financial year.
Financial Performance
For the six months under review, the Company generated revenue of US$70.1 million and delivered an EBITDA margin of 41.4%, reflecting the resilience of its infrastructure-led business model and the benefits of ongoing operational efficiency.
These results provide a strong financial foundation for the Company to execute the investment priorities outlined in its growth strategy.
The current-period results are not meaningfully comparable with the prior period. From 1 March 2026, the Company adopted the USD as its functional currency. In addition, the Scheme of Reconstruction changed the scope of the Company’s operations. Further information is provided in Notes 2 and 4.
Dividend
The Board has resolved not to declare an interim dividend for the period under review. The decision reflects the Company’s commitment to reinvesting available capital into its strategic growth initiatives, particularly the expansion of tower infrastructure, acceleration of renewable energy projects, and the advancement of its property development pipeline.
OUTLOOK
Looking ahead, the Company’s priorities remain clear. InfraCo will continue to expand its tower infrastructure footprint, accelerate the solarisation programme, and commence development activities at both Tech City and the Victoria Falls Lifestyle Villas during the fourth quarter of the financial year.
The Company will also continue extending the application of artificial intelligence across its tower networks to enhance efficiency, reliability, and long-term competitiveness. The Board remains confident that InfraCo is well positioned to deliver sustainable growth and increasing shareholder value as the business scales.
APPRECIATION
On behalf of the Board, I would like to express my sincere appreciation to our shareholders and the investing community for the confidence they have shown in the Company. I also extend my gratitude to our customers, partners, management and employees for their continued commitment and support during InfraCo’s first reporting period as a listed Company.
I further thank my fellow directors for their guidance, counsel and stewardship as we continue to build a business positioned to play a critical role in Zimbabwe’s digital and economic transformation.
G. Gomwe
Chairman of the Board
30 September 2026
