Airtel Africa’s H1’26 Profit Jumps 375% as Data and Mobile Money Lead Growth Momentum

Airtel Africa plc  delivered a strong performance for the half-year ended September 30, 2025 (H1’26), driven by sustained customer demand, continued network expansion, and effective execution of its strategic initiatives. The company recorded notable growth in both customer numbers and financial metrics, supported by currency appreciation in key markets which enhanced reported currency results. This performance underscores the group’s resilience and operational efficiency amid dynamic market conditions across Africa.

Operationally, Airtel Africa maintained momentum in customer acquisition and digital adoption. The total customer base grew by 11.0% to 173.8 million, up from 156.6 million in the prior year. Data customers increased by 18.4% to 78.1 million, while mobile money customers rose by 20.0% to 49.8 million, reflecting the success of its financial inclusion strategy. Smartphone penetration reached 46.8%, an improvement of 3.8 percentage points. Data traffic surged by 45.0%, and data ARPU grew by 14.8% in reported terms and 16.8% in constant currency. Mobile money total payment volume (TPV), annualized from Q2’26, exceeded $193 billion—a 35.9% increase.

The company made significant operational strides during the period. It rolled out over 2,350 new sites, bringing the total to more than 38,300 and achieving an overall population coverage of 81.5%. Notably, 98.5% of sites are now 4G-enabled, marking a key milestone in network modernization. Airtel also expanded its fibre network by approximately 4,000 km to exceed 81,000 km in total. Digital adoption continued to accelerate, particularly with Airtel Money’s rapid customer growth and the successful integration of the MyAirtel app, which anchors the company’s single-platform strategy for telecom and mobile money services.

Financially, the group reported robust growth across all key indicators. Revenue for the half-year increased by 25.8% to $2,982 million, while EBITDA rose by 33.2% to $1,447 million, driven by operational leverage and cost efficiencies. Operating profit increased by 35.9% to $959 million, and profit after tax reached $376 million compared to $79 million in the previous period, reflecting a 375.3% surge. Basic earnings per share grew to 8.3 cents, up from 0.8 cents, marking a remarkable 908.6% increase. The sharp rise in profitability was aided by a $90 million derivative and foreign exchange gain, reversing the losses experienced in the prior year due to the Nigerian naira devaluation.

In terms of revenue composition, data services overtook voice as the largest contributor, with data revenue rising by 37.0% in constant currency to $1,161 million. Voice revenue grew by 13.2% to $1,100 million, while mobile money revenue expanded by 30.2% to $623 million. EBITDA margin improved to 48.5%, up 268 basis points, with Q2’26 margins reaching 49.0%.

Airtel Africa also strengthened its balance sheet and maintained prudent capital management. Capital expenditure amounted to $318 million, consistent with the prior year, and full-year capex guidance was raised to between $875 million and $900 million. Leverage improved, with net debt to EBITDA falling from 2.3x to 2.1x. Debt localization continued to progress, with approximately 95% of OpCo debt now denominated in local currency, reducing exposure to foreign exchange volatility. The company declared an interim dividend of 2.84 cents per share, a 9.2% increase year-on-year, and confirmed that its $100 million share buy-back program remains on track for completion by March 31, 2026.

Chief Executive Officer Sunil Taldar expressed confidence in Airtel Africa’s growth trajectory, stating that the robust revenue performance—up 24.5% in constant currency—along with improved cost efficiency, has driven EBITDA margins to 49% in Q2’26. He emphasized that the company’s strong financial foundation provides the platform to accelerate investments and capture the full growth potential across its African markets.

“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 our MyAirtel app as we seek to deepen customer engagement and simplify the customer journey. Furthermore, our network continues to scale as we build additional capacity to facilitate the rise in both digital and financial inclusion. The increase in smartphone penetration to 46.8% reflects the substantial demand for data services across our markets but also highlights the scale of the opportunity to further develop the digital economy.”

— Sunil Taldar, CEO, Airtel Africa