Highlights

  • AAF’s revenue rose 25.8% YoY to USD 2,982m in half year FY26, driven by data and mobile money growth.
  • EBITDA margin expanded to 48.5%, supported by operational efficiency and cost management.
  • Interim dividend of 2.84 cents per share declared, up 9.2% YoY.

Airtel Africa Plc (LSE:AAF) announced its results for the half year ended 30 September 2025, reporting consistent progress across its business segments. The company’s total customer base rose 11% year-on-year to 173.8 million, supported by continued investment in customer experience, network expansion, and digital innovation.

Data customers grew by 18.4% to 78.1 million, reflecting a 45% rise in data traffic across the network. Smartphone penetration increased 3.8% to 46.8%, while data ARPU rose 16.8% in constant currency.

Airtel Money also recorded notable growth, with its customer base expanding 20% to 49.8 million. The annualised total processed value (TPV) for Q2 FY26 reached USD 193bn, up 35.9%, supported by enhanced customer engagement and innovation.

Financial Performance

Revenue for the period was USD 2,982m, representing a 24.5% increase in constant currency and 25.8% in reported currency. The growth was driven by data and mobile money performance, with the latter benefiting from higher engagement levels.

Mobile services revenue increased 23.1% in constant currency, led by 13.2% growth in voice and 37% growth in data. Data revenues of USD 1,161m have now overtaken voice as the largest contributor to total revenue. Mobile money revenue increased by 30.2% in constant currency.

EBITDA rose 33.2% in reported currency to USD 1,447m, with EBITDA margins improving to 48.5% from 45.8% a year earlier. Profit after tax increased to USD 376m from USD 79m, reflecting improved operating performance and foreign exchange gains in Nigeria and Central Africa. Basic EPS rose to 8.3 cents from 0.8 cents in the prior period.

Capital Allocation and Balance Sheet

Capital expenditure during the period stood at USD 318m, in line with the previous year. Airtel Africa increased its FY26 capex guidance to between USD 875m and USD 900m to accelerate market opportunities.

The company continued to progress with its debt localisation programme, with 95% of operating company debt now in local currency. Leverage improved to 2.1x from 2.3x, while lease-adjusted leverage declined to 0.8x.

The Board declared an interim dividend of 2.84 cents per share, reflecting a 9.2% increase year-on-year. The USD 100m share buy-back programme remains on track for completion by 31 March 2026.

CEO Commentary

Sunil Taldar, Chief Executive Officer, said:
"Our strategy has been focussed on providing a superior customer experience and the strength of these results is testament to the initiatives that we have been implementing across the business. Digital innovation is a core focus, and we're pleased to see the growing adoption of MyAirtel app as we seek to deepen customer engagement and simplify the customer journey... The preparation for the IPO remains on course for a listing in the first half of 2026."

Share Performance

AAF shares are currently trading at GBX 245.40, up 6.42% from its previous close of GBX 230.