Highlights

  • Airtel Africa revenue grew 24.6% in constant currency to USD 4.67 billion in nine-month period ended 31 December 2025.
  • Total customer base increased 10% to 179.4 million; Airtel Money subscribers reached 52 million, with TPV surpassing USD 210 billion.
  • Capital expenditure of USD 603 million expanded network coverage and fibre infrastructure, while leverage improved to 1.9x.

Airtel Africa plc (LSE: AAF) delivered robust results for the nine-month period ending 31 December 2025, reporting revenue of USD 4.67 billion, up 24.6% in constant currency and 28.3% in reported currency. Profit after tax more than doubled to USD 586 million, supported by mobile data growth, increased Airtel Money adoption, and network expansion.

Shares were trading at GBX 353.00 per share on 30 January 2026, marking a 143% gain over the past year.

Customer Growth and Digital Adoption Drive Performance

The company’s total customer base increased 10% to 179.4 million, with 81.8 million data users, up 14.6%. Smartphone penetration rose to 48.1%, while average data usage per customer jumped to 8.6GB per month from 6.9GB.

Airtel Money achieved key milestones, surpassing 50 million subscribers to reach 52 million, a 17.3% increase. Total processed value (TPV) exceeded USD 210 billion, up 36%, while ARPU in constant currency grew 9.8%. These gains were driven by broader digital adoption and partnerships that expanded the company’s mobile ecosystem.

Revenue and Profit Growth

Group revenues of USD 4,667 million were supported by mobile services, which grew 23.3% in constant currency. Data revenues rose 36.5%, while voice revenue increased 13.5%. Mobile money revenue expanded 29.4% in constant currency, reflecting strong operating momentum.

EBITDA reached USD 2,283 million, up 35.9% in reported currency, with margins rising to 48.9% from 46.2%. Q3’26 EBITDA margins further increased to 49.6%, driven by cost efficiency programs and revenue growth. Basic EPS grew to 13.1 cents from 4.4 cents in the prior period, while EPS before exceptional items more than doubled to 13.1 cents from 6.2 cents.

Network Expansion and Capital Allocation

Airtel Africa invested USD 603 million in capital expenditure, a 32.2% increase, rolling out 2,500 new sites and expanding its fibre network by 4,000 km to over 81,500 km. Population coverage rose to 81.7%.

Leverage improved from 2.4x to 1.9x, and lease-adjusted leverage decreased from 1.1x to 0.7x, reflecting stronger EBITDA and financial flexibility for continued investment across its markets.