Eskom has reported a profit after tax of R24,3 billion for the six months ended September 30 – a 37% increase from the R17,8 billion recorded in the same period last year. The unaudited results reflect progress under the utility’s turnaround plan and follow the announcement in September that Eskom achieved full-year profit for the first time in eight years during FY2025.
Profit before tax rose 41% to R32,5 billion while earnings before interest, tax, depreciation and amortisation increased 11% to R68,5 billion. Revenue grew by 4% to R191,3 billion, supported by the 12,74% tariff increase implemented on April 1. Total sales volumes declined by 3% to 92,8 TWh with local sales at 86 TWh and international sales rising to 6,8 TWh.
According to Eskom, operational stability continued to improve with load shedding limited to 26 hours across four evenings and none since May 15. The period saw the commercial operation of Kusile Unit 6 (799 MW) and the return to service of Medupi Unit 4 (720 MW). Non-technical losses remain a major concern – amounting to 7,9 TWh and an estimated R17,5 billion in lost revenue.
Eskom Chair Mteto Nyati said the results demonstrate that FY2025’s performance “was not a once-off achievement” – improving morale and operational discipline. Eskom’s Group Chief Executive Dan Marokane noted that profitability is essential to funding Eskom’s R320 billion capex programme over the next five years to maintain generation assets and expand the transmission network. The expansion aims to support projected growth in national generation capacity from 66 GW in 2024 to 107 GW by 2034, enabling greater renewable energy integration.
Municipal arrears debt continues to escalate, reaching R105 billion despite 71 municipalities participating in the debt relief programme. Cabinet has endorsed transitioning defaulting municipalities to distribution agency agreements under which Eskom temporarily assumes operational responsibility, assists with collections, reduces losses and implements smart meter rollouts.
Eskom is targeting the elimination of load reduction by March 2027 through widespread deployment of advanced smart meters and distributed energy resources for approximately 1,69 million customers.
While Eskom traditionally performs better in the first half of the year, the utility expects FY2026 profit after tax to align with FY2025’s R16 billion alongside an improved cash position. Marokane said financial stability is critical to maintaining investment in generation, maintenance, emissions-reduction work and grid expansion to support the energy transition and long-term security of supply.
